Big Bill Fights Back! Clinton Blames Housing & Credit Crisis on Bush Administration

As we noted in an earlier post, analysts have started looking for someone to blame for the housing and economic crisis. And topping that list for many economists is Bill Clinton, for extending home loans and ownership programs to those who were a bad credit risk.

Perhaps seeking to protect his legacy, former President Bill Clinton blamed George W. Bush's administration for the collapse of the housing market and the credit crisis. In an interview with ABC News, Clinton blamed the Republican for the current fiscal crisis by not moving sooner to help struggling homeowners avoid foreclosure.

"I personally believe, based on my experience over the years with the economy, that if we moved aggressively on this home problem a year and a half ago, even a year ago, as much as 90 percent of the current crisis could have been avoided," he told ABC News.

Though Clinton largely defended his own economic record, he admitted fault for lack of regulation on derivatives during his eight years as president, a problem some economists believe helped contribute to the nation's economic woes.

"I think we should have moved a little more aggressively on these derivatives," he said. "Alan Greenspan and others thought we shouldn't regulate, didn't need to regulate derivatives, 'cause they would only be bought by very large, very wealthy, very sophisticated institutional buyers."

Read the full ABC News story here.