Bill Clinton after signing the Financial Services Modernization Act in 1999. Photo: Justin Lane/The New York Times/Redux
THE CONVENTIONAL wisdom has held that economic policy was a great success under Bill Clinton in the 1990s and a failure ever since. Hillary Clinton has made the comparison often, promising to end “the seven year detour” and “attack poverty by making the economy work again.” In January, in response to the president’s State of the Union Address, Barack Obama stated that it was “George Bush’s Washington that let the banks and financial institutions run amok and take our economy down this dangerous road.”Perhaps this reading of history makes for good politics in an election year, and it is certainly better for the Clintons than for anyone else. The only problem is that the story line is flawed. One could even say that it’s a bit of a fairy t...
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