Former President Bill Clinton's Advice to President Barack Obama: Lighten Up About Economy

By David Saltonstall
DAILY NEWS SENIOR CORRESPONDENT

President Barack Obama gets an "A" for his first month in office, but he needs to put a happy face on his often dire economic warnings if he really wants to get a gold star.

So said former President Bill Clinton during a wide-ranging interview with ABC that was equal parts advice and equal parts admiration from No. 42 to No. 44.

"I like the fact that he didn't come in and give us a bunch of happy talk. I'm glad he shot straight with us," he told "Good Morning America," referring to Obama's oft-stated worry that "the economy could get worse before it gets better."

But he added, "I just want the American people to know that he's confident that we are gonna get out of this and he feels good about the long run."

The interview was unusual, in that most former presidents refrain from commenting at length on those that follow them into the Oval Office. But the always garrulous Clinton apparently can't resist.

The Democratic Clinton, who left the White House having created a hefty surplus, was less charitable towards former President George W. Bush, blaming the Republican for the current economic 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 said.

But he advised Obama to keep reaching out to Republicans, even if they don't support his legislation, as was the case on the recent $787 billion stimulus package. Only three Republicans in the Senate and none in the House supported the massive spending package.

"Look, the American people, I think, know the president has tried to reach out to Republicans," Clinton said. "And it takes two to tango. I think there are some of them who really believe that just-say-no politics is good politics."

"I think if he [Obama] just keeps chugging along, just keeps the door open, invite ‘em to every economic conference, invite 'em to every meeting, eventually, he'll start getting some votes" in Congress, Bubba added.

The former president did admit to one mistake in his presidency — a failure to push for more regulation of derivatives, the complicated financial tools that many believe planted the seeds of the current crisis.

"I think I should have done more on that," he conceded.

But he also admitted to a bit of bias in judging Obama, given that he chose Clinton's wife, former First Lady Hillary Clinton, to be his secretary of state.

"You know, you have to discount for the fact that ... I give him a high rate for his choice of secretary of state," Clinton said. "That's an A-plus-plus."

As for his overall grade, it's an "A", Clinton said.

"They've gotten their stimulus through in record time, and I think in pretty good shape. Like I said, it may be a little ragged around the edges, but they'll be able to continue."

"You hire presidents to keep big bad things from happening," Clinton said, "or when something big and bad has happened, to fix it, and to seize big opportunities, and to push the country in the right direction, to keep working toward the more perfect union."

"And so, he comes in," Clinton continued, "he's got an economic crisis at home, and a crisis in America's role in the world. He has to pick people to deal with this. I think he picked excellent economic and national security teams."

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