DEARBORN, Mich. - Democrat Bill Clinton on Friday blamed the Bush administration's regulatory policy for the economic slowdown and banking crisis, and he vowed to end the "credit crunch" if elected.
At a town meeting at the University of Michigan campus in Dearborn, the presidential candidate discussed what he depicted as a two-pronged banking crisis - banks that were profitable but not lending.
Failure in Policy Seen
"The government's regulatory policy is responsible for a real slowdown in economic activity," he said.
The candidate also said, "There are some banks [that] may have to be closed, and I want to make sure you don't have to pay for it the way you did the S&L crisis."
Another problem, he said, stems from profitable banks that are investing deposits in government securities rather than business.