Today, my daughter and I took a 2-1/2 hour drive east from Saint John to Moncton, New Brunswick. We were both VERY EXCITED!!! We both took the time to go see our former U.S. President William Jefferson Clinton speak in Moncton.  The former New Brunswick Premier Frank McKenna (now a hot shot for TD Financial Bank) introduced my former president to 6,000 people by the time the Moncton Coliseum was full.

He stated a few comments that I think are note worthy.  He said, "The financial crisis proves we are living in an interdependent world." That the current U.S. administration should have taken steps on the mortgage crisis at least a year ago.  That the signs were there that the housing industry was in trouble, due to deregulation of the banks.  That the Hedge Funds were too much in the housing industry and many "short term sellers" were betting against many U.S. companies, so the 10% richer Americans were getting even richer.  That consumers were losing confidence with the U.S. economy and were starting to not buy.  He believes in a capitalism society, we shouldn't have bailed out Lehman Brothers, they should have been allowed to fall.

He said that he spoke to the Wal-Mart officials and when the banks started having problems in September & October, Wal-Mart saw the largest drop in consumer spending, except for one item; home safes.  Wal-Mart saw a 30% increase in home safes!!  Basically, Consumer confidence had hit an all time low.  People were willing to buy their own safes, even though the banks had most of their money insured.

He thinks that O'Bama did the right thing by hiring Larry Summers.  He believe, Larry Summers is the smartest man on the planet, because he understands the fundamental differences between the 1930's, 1980's & the current 2008 financial crisis.

He thinks that what should be done with the incoming O'Bama administration is: 1st, a stimulus program to liquify the economy.  2nd, a tax cut for the middle class.  3rd, a public works on the infrastructure investment of our towns, cities and states.  With projects in building the better water facilities, modernizing the roads and the bridges.  Also, he believes that we need a train system that can get us around more effectively throughout the states and he has been told that the electrical grid is in dire need of revamping, it's extremely outdated.  He's an advocate for having all the people in the U.S. to have increased broadband internet access throughtout all of the rural areas, that still don't have access to the internet.

In Health Care, he believes we need an electronic medical care, or as he called it an "intelligenct medical system" similar to Canada's or Great Britains system.  He indicated that we (as a U.S. country) spend $200 BILLION more just in Administrative pay, and we need to tackle this problem, which is crippling our health care system.

For the private sector, he says they need to think short & long-term goals.  He says that the automobile industry is outdated on technology.  We need either a different fuel or more economically efficient on the current fuel (gasoline) or a little of both.  He gave an example on the new car coming out called the "VOLT" THAT WILL GET 40-50 miles per gallon.  Most people in the U.S. don't travel that far and since the technology is new, the country or private sector could coordinate a response with $10,000 credit as an incentive to buy these cars between Canada & the U.S.  He also indicated that since the auto industry is having problems, that Canada would be hit with job losses in the manufacturing sector.  He gave a call to the private sector, and said that "they need to lead" to bring our fianancial crisis out of its hole. 

He did joke a little and actually agreed with the current President Bush on one item only!  Food Aid for other countries, he thought that Congress should have passed a bill to send the knowledge on "How to farm on your own soil and give them money based on that" instead of sending them food only.  He believes that we have to give Food Aid to countries, by teaching them how to successfully grow their own food and that would begin the cycle for self dependency.  The money sent would go to the seeding, and knowledge base given to the local farmers within that country.  Self-discipline & self dependency within your own country is a wonderful thing to pass on to your own culture.

As a country, we need to shorten the period of distress with this financial crisis.  He feels we will get out of it within a year or two and it depends on how quickly the next administration & Congress moves on it.  He was strong on the fact that as leaders , if we put our heads together, we will get out of this crisis stronger than before! 

On another front, he said that we (U.S. and Canada) need to do our personal civic duty to our own countries, by helping our own.  That seems to feed on people who give their time, money or knowledge.  On this, I (myself) think Canadians in general, usually give more than other countries.  Many average Canadians give money, time and knowledge.  I've seen the differences between the two countries.

He thinks that Democracy should go worldwide and that by helping other countries through global trade, orderly transitions into Democracy, improving environmental standards and improving wages worldwide we can all live peacefully in tranquil.  We will have less Afghanistans if we help them survive financially, economically and with less turmoils as a country.  We would make more friends and less enemies if we were willing to share our wealth instead of being greedy about it.

Frank McKenna did ask him a few questions at the end about Canada's concerns.  One of them was that with the financial crisis, Canadians think that the U.S. will create job protectionism and that could hurt Canada.  Mckenna went on the tell him that Canadians loved his policy and embraced  Clinton's philosophy on balanced budgets, which he did during his presidency years.  McKenna also asked him, why it takes so long for a new elected president to take the office over.  Clinton explained that before the "Great Depression" in the 1930's the transition of a new president would take over in March of the next year, but due to the "Great Depression" the inaugural dates were moved to January.  I never knew this before, so I had a little history education taught to me today.  I believe this is Why I majored in Math & Science...

He ended the conversation with Afghanistan, which many Canadians are fighting in the forefronts there.  Clinton said that the U.S. became distraughted by Iraq and forgot Afghanistan.  That we are starting to shift our military policy more towards Afghanistan and less with Iraq.  He believes that Petresis is a GREAT GENERAL and will help work to do this in the next administration.

In conclusion, my daughter and I were very enlightened and had a wonderful time.  Ironically, it took me to move to Canada to see an actual president in person.  The whole time in the U.S. I never had the opportunity to meet one in person.  I left with his one comment on my mind on learning to fix this economic crisis; "Don't be like a cat, once they sit on a hot stove, they'll never sit on a cold stove."  We need to learn from our financial mistakes and not be afraid to evolve to the next level by trying something new.