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→Mexican Peso bailout: a start on this section; needs more work
===Mexican Peso bailout===
===Mexican Peso bailout===
[[Image:ClintonPresident.jpg|right|thumb|275px|Bill Clinton's Presidential cabinet]]
[[Image:ClintonPresident.jpg|right|thumb|275px|Bill Clinton's Presidential cabinet]]
Clinton refered to the Mexican [[bailout]] in his memoirs as, "one of the biggest crisis of my first term", and quote Tom Friedman of the ''New York Times'' saying it was the "least popular, least understood, most important foreign policy decision of the Clinton presidency."<ref>''My Life'', Bill Clinton, Knopf, 2004, pp. 641-645. It was brainchild of Treasury Secretary Bob Rubin and chief economic adviser [[Larry Summers]] who later served President Barack Obama in the same position. Clinton claims it took him 10 minutes to decide on the $20 billion bailout.
Critics cite the modern bailout culture of the [[Recession of 2008]] as originating with Clinton's Mexican bailout. the modern bailout culture took off under President Bill Clinton. It was allegedly designed to help Mexico. It was $20 billion bailout from the U.S. Treasury Dept.s [[Exchange Stabilization Fund]] by [[Executive Order]] that was used. And it was done, not for the Mexican banks sake, but for the big [[Wall Street]] banks, Citibank, Bankers Trust, the others that were over-exposed to risk for loans they made in Mexico. PBS's [[Bill Moyers calls it "[[Crony capitalism]]", "And so the idea got started that Washington would be there with a prop, with a bailout, with a helping hand. And then the balls start rolling down the hill." <ref>[Crony Capitalism,] Moyers and Company, PBS, January 20, 2012. </ref>
=== Budget and tax increases ===
=== Budget and tax increases ===