Wednesday, February 18, 2009

German paper long transcription: Bill Clinton talks to Larry King

[ Long interview with Bill Clinton on many subjects ]

KING: Do you resent it when the Bush people say that this problem started with you, it started in your administration?

CLINTON: Well, they don't have much evidence for that. I always answer, does anyone seriously believe if the team I had in place had been in place for the last eight years that this would have happened?

And the answer to that is no. We had a much more vigorous regulatory environment with the Securities and Exchange Commission. We were watching these derivatives. I do think we should have done more on derivatives.

But the suggestion they have that because we required banks, for the first time, to live up to the requirements of the Community Reinvestment Law, which says you're supposed to loan money back to the people who deposit money in your bank, contributed to this, I just think is factually wrong.

If you look all over America, the community banks -- the ones that reinvested in their communities -- were not the people that caused this problem. They did well.

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