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Periscope by Niall O'Dowd

Bill Clinton's warning about Irish economic prospects -- says country needs to forgive mortgage debt much quicker

Posted on Friday, November 18, 2011 at 02:26 AM

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Bill Clinton

Former president Bill Clinton worries that Ireland will take too long to recover from its economic difficulties and that it needs to institute emergency measures such as mortgage relief far quicker.

I met the former president at a small midtown charity event last night in New York and Ireland was very much on his mind.

As always he stopped to chat when he meets a small Irish group and his affection and indeed love for the country is very evident.

He had to be dragged away as always when speaking to Irish issues which clearly energize him.

He remarked that Prime Minister Enda Kenny may not have been completely pleased with his advice during his recent visit to Ireland where he was the keynote speaker at the Irish Diaspora conference.

He pointed out that historically, the best way to move on from a recession was to start over and forgive debt as quickly as possible.

That was not the formula being followed in Europe at the present time and he believes that Ireland as well needed to learn that lesson.

Studying the history of previous recessions is the great teacher in these circumstances he suggested.

And that history was clear, that where debt relief was allowed, the recovery comes far quicker he pointed out.

It was sage advice from a former president who most Americans would pick in heartbeat to re-occupy the Oval Office if they got the chance.

Clinton is continuing to help Ireland.

In 2012 he will host an economic summit to bring together multinational business leaders to talk about investment there.

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Bill Clinton says Ireland ‘doing an unbelievable job’
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His message will be clear. If companies are locating subsidiaries overseas, Ireland should be on top of the list

The Clinton era is looking better and better in the rear view mirror as we survey the economic morass today.

Little wonder his new book 'Back to Work' is getting rave reviews.

Here is what The New York Times said.

"It’s a lucid one-man rebuttal of the Tea Party’s anti-government agenda. A series of shrewd talking points for Democrats trying to hold on to the White House and battling for control of Congress in the midst of a sour economy and growing voter discontent. A self-serving reminder of the prosperity the country enjoyed during Mr. Clinton’s tenure in the White House, meant to burnish his legacy. And a practical set of proposals — some borrowed and some new, some innovative and some highly sketchy — for restoring economic growth and creating jobs."

As usual in a crisis it seems Bill Clinton is talking the most sense.

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McNamara31 | Nov 23, 2011, 07:15 PM EST

Clinton made a major error when as president he repealed the Glass-Steagall Act which had prevented the coupling of investment banking and lending. In 1999, Clinton signed into law the Gramm-Leach-Bliley Act, which repealed the Glass-Steagall Act of 1933. One of the effects of the repeal is it allowed commercial and investment banks to consolidate.This action along with Bush allowing the changes to the SEC debt ratio's were essentially the foundation for the economic crash of 2008.

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PatriciaMarya | Nov 23, 2011, 11:30 AM EST

Towngate: Alan Greenspan created the ARM, the adjustable rate mortgate and Newt Gingrich took $1.6 million from the "Macs" to "teach" them how to talk to Congress in order to get what they wanted. As the late, great Sen. Daniel Moynihan put it "You are entitled to your own opinion; you are not, however, entitled to your own facts."

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gobdawpaddy | Nov 21, 2011, 07:05 AM EST

Bill Clinton is a very smart man and Ireland should appreciate and consider the advice he offers. Most Americans enjoyed unprecedented prosperity during his presidency. He handed "W" an enormous budget surplus at the end of his term, which that moron turned into a ten trillion dollar deficit before he left office.

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jamthecat | Nov 18, 2011, 11:04 PM EST

When banks and mortgage companies lie and cheat to get people into houses, then they SHOULD take a hit. The whole housing debacle was started by Countrywide, exacerbated by supposedly sound institutions like Washington Mutual and Bank of America and turned into fraud by companies like Morgan Stanley and Citibank. And now we have many of these same institutions stealing back those homes by fraudulent means. So I say wipe it all off and start from scratch. After all, nobody forced those banks to lend money to people they knew could not pay. It takes two to tango.

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Murph46 | Nov 18, 2011, 10:53 PM EST

Thank you Towngate,I'm glad some of us see the real!

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Towngate | Nov 18, 2011, 02:55 PM EST

Niall, a chara: Do us a favour: the next time you bump into this person, kindly tell him to keep his bulbous nose (and anything else you care to mention!) out of other peoples affairs! He personally created the 'Sub-Prime Monster' which infected the banking systems as @ Murph46 correctly states. ~~~ and @Brennanirish: because someone holds an opposing opinion to yours does not mean they have a closed mind. They have probably reached their negative and honest opinion of Clinton by having a very healthy open and educated mind.

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sirpeter | Nov 18, 2011, 01:01 PM EST

The fact of the matter is it's makes sense what he says.Joining the Euro gave the Irish banks access to cheap money which in turn fueled the property bubble and vastly over inflated house prices.They never took into account the frenzy this would cause young Irish couples who have been drilled since birth that rent was dead money and how important it is to own your own property.Those couples were conned.The debt should be brought down because the less disposable income people have the more the economy will contract and less tax for the government to pay the foreign debt.

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simplesandy | Nov 18, 2011, 12:10 PM EST

Is this a-hole going to ever retire and take his sorry wife with him? Like said here he is for himself. I will never understand how people can be so gullible. To those that believe him and hang on his every word==I have some swamp land in Florida for sale give me a call..lol..he makes me sick to look at him and I can still see him shaking his finger saying I DID NOT HAVE SEXUAL RELATIONS WITH THAT WOMAN. What a joke.

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LoyalCitizen | Nov 18, 2011, 10:43 AM EST

This enemy of the Irish People wants Irish Politicians to get more money from the Troika to finance pretentious American Corporations...........Bill Clinton is for Bill Clinton only and screw the rest of the world.........If we start taxing American Corporations they are going to leave Ireland.

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Murph46 | Nov 18, 2011, 10:00 AM EST

Enough is enough.This is the guy who set off the mortgage collapse in the US when in his oval office meeting he decided that everyone should be a homeowner which led to Fannie Mae and Freddymac loosening restrictions.Then he bragged about it as an accomplishment.(look it up)Now he is giving advice!

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brennanirish | Nov 18, 2011, 09:59 AM EST

Clinton has been the best friend Ireland has ever had but the irish truly hate their own.....more than they hate anyone else. And this website has plenty of Clinton haters; but for the remaining open-minded Irish out there....get this book its great, as was Bill.

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MotherIrish | Nov 18, 2011, 09:53 AM EST

Why is it when people enter - hopefully with an educated mind - into a contract - i.e. mortgage in this instance - that when troubles hit, they think that the lending institution should take the hit for personal bad decisions or the fact that counties/people get caught up in a resession. Maybe a lower interest rate, yet but to forgive debt? NO! This is again an extreme liberal position that is economically unsound in the long run. Short term benefit only.

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gobdawpaddy | Nov 18, 2011, 08:55 AM EST

I hope president O'Bama picks up a copy of his book, I know I will. I also hope Enda Kenny has regular conversations with him. I am sure this article will garner a lot of negative, some stupid, comments regarding president Clinton but there no question that during his presidency most Americans had some extra dollars in their pockets and most of the world loved us. Clinton's continued interest in Ireland (and his wife's) demonstrates that he is genuine, this man has nothing to gain from it.

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