Changes

Critics cite the modern bailout culture of the [[Recession of 2008]] as originating with Clinton's Mexican bailout. It was allegedly designed to help Mexico using $20 billion from the U.S. Treasury Department's [[Exchange Stabilization Fund]] by [[Executive Order]]. Congress did not authorize it. And it was done, not for the Mexican banks sake, but for the big [[Wall Street]] banks, Citibank, Bankers Trust, and others that were over-exposed to risk for bad 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." <ref>[http://billmoyers.com/episode/crony-capitalism/ Crony Capitalism,] Moyers and Company, PBS, January 20, 2012. </ref>

Critics cite the modern bailout culture of the [[Recession of 2008]] as originating with Clinton's Mexican bailout. It was allegedly designed to help Mexico using $20 billion from the U.S. Treasury Department's [[Exchange Stabilization Fund]] by [[Executive Order]]. Congress did not authorize it. And it was done, not for the Mexican banks sake, but for the big [[Wall Street]] banks, Citibank, Bankers Trust, and others that were over-exposed to risk for bad 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." <ref>[http://billmoyers.com/episode/crony-capitalism/ Crony Capitalism,] Moyers and Company, PBS, January 20, 2012. </ref>

=== National Homeownership Strategy ===

=== Expanded use of sub-prime mortgages ===

Bill Clinton addressed a letter to HUD Secretary [[Henry Cisneros]] on November 3, 1994. In it he instructed Cisneros to  

Bill Clinton addressed a letter to HUD Secretary [[Henry Cisneros]] on November 3, 1994. In it he instructed Cisneros to  

{{Cquote|dramatically increase homeownership in our nation over the next six years. I request that you report back to me within six months, with a concrete strategy involving the private and public sectors, and all levels of government, that builds on the base of the more than 1.5 million additional families who have been able to buy their own homes...to ensure that families currently underrepresented among homeowners - particularly minority families, young families, and [[low-income]] families - can partake of the American Dream."<ref>[http://economy.typepad.com/the_economy/2011/10/rate-watch-795-the-national-homeownership-strategy-october-7-2011by-dick-lepre-dickleprerpm-mtgcom-wwwloanminecom.html The National Homeownership Strategy,] Dick LePre, October 7, 2011. See also [http://www.globalurban.org/housing_us.htm globalurban.org]</ref>}}

{{Cquote|dramatically increase homeownership in our nation over the next six years. I request that you report back to me within six months, with a concrete strategy involving the private and public sectors, and all levels of government, that builds on the base of the more than 1.5 million additional families who have been able to buy their own homes...to ensure that families currently underrepresented among homeowners - particularly minority families, young families, and [[low-income]] families - can partake of the American Dream."<ref>[http://economy.typepad.com/the_economy/2011/10/rate-watch-795-the-national-homeownership-strategy-october-7-2011by-dick-lepre-dickleprerpm-mtgcom-wwwloanminecom.html The National Homeownership Strategy,] Dick LePre, October 7, 2011. See also [http://www.globalurban.org/housing_us.htm globalurban.org]</ref>}}