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Tuesday, January 31, 2006

Open Thread for Tuesday

On this day in 1995, President Bill Clinton authorizes a $20 billion loan to Mexico.

As the value of the peso hit an all-time low, Clinton sidestepped Congress’ rejection of an earlier $50 billion loan proposal and exercised his executive power. Claiming that he was acting in the national interest and that national security was at stake, he authorized the Treasury Department to issue a loan through the Exchange Stabilization Fund. This was the first time the fund had been used to help stabilize a foreign currency. Clinton justified his decision by arguing that if the peso continued to fall, Mexico’s economy would crash and in turn negatively impact the United States. He warned that an insolvent Mexico might result in an influx of illegal immigration into the U.S., threatening American jobs and border security. Furthermore, he predicted that U.S. exports to Mexico would dwindle, disrupting the U.S. economy.


Blogger Walter Moore said:

Villaraigosa is going to give the Spanish-language response to the State of the Union Address. Excuse me for asking, but why do people who don't speak English need to hear a response in Spanish? And, assuming there is some reason, why don't they just get a translation of the English-language response? What's next? The Arabic-language response?

January 31, 2006 10:08 AM  

Blogger Archie Bunker said:

Because the Spanish Speaking population is getting bigger and George W and his Republican buddies want to get those votes in '08.

Plus AV is doing it to gain national exposure for when he runs for Governor.

January 31, 2006 10:34 AM  

Anonymous Anonymous said:

Ditto that! I have been writing here for months that he will run this time for Governor!

January 31, 2006 11:37 AM  

Anonymous Anonymous said:

Which is also why GWB worries less than Bill Clinton did about illegal immmigrants.

January 31, 2006 11:38 AM  

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