The Democrats don’t want to admit that what they did for the most part in the two Clinton administrations was for the most part a continuation of the Reagan and first Bush administration — and then was continued and built upon by the second Bush administration. You had a lot of financial deregulation under the Clinton administrations. They repealed Glass-Stiegel, they deregulated credit cards, lots of stuff. They stepped on the gas in terms of private debt. The increase is extraordinary. So I can’t separate out the Clinton years from what preceded them and what came after them. And of course the Democrats need to be able to tell America in this election that … they have the answer. I understand that. But I don’t agree with it.
And I predict that an Obama Administration would continue the Bush/Clinton/Bush trajectory to a greater degree than either Obama fans or detractors are willing to admit at the moment.