Id actually been politically active in high school, but my political involvements didnt extend beyond the campus. That was just an amazing experience. We recommend you to check the complete Then when Ross Perot entereddeficit reduction was a theme of the [Paul] Tsongas campaign if I remember correctly; then later Ross Perot, entitlement reform, whatever that might mean; free trade and issues of economic relations with Japan; and I think one of the candidates[Bob] Kerrey?had a health insurance plank, is that right? I believe Stan Shuman was there. He has his own views in private, of course. I was to call Bentsen promptly. One of the themes they advanced was deficit reduction, not the only one. There was quite a discussion that day about long-term interest rates, as I said the credit markets rather than the Fed. A group of four of us were named at the same time: Bentsen, Rubin, [Leon] Panetta, and myself. But the two major currency accords, the Plaza Accord and the Louvre Accord, were done in times of crisis in the foreign exchange markets. That raises the question then of the people he was meeting with here. Im Gary Burtless. We made two or three trips to Japan and then there was the Tokyo Economic Summitthe G7 Summit in the fall of 93 which happened to be planned many years in advance for Tokyo. I think as a general matter the perception, which has become the accepted wisdom, of those dueling camps, is much overstated. So it became effectively a simultaneous multilateral and bilateral summit because it became the setting for Clintons direct discussions with the Japanese Prime Minister. So its funny how reality quickly returns. No. Malibu, California (CA), US. Nothing, zero, never did, never would have. We had had recent experience in which the President of the United States took very strong actions against the Japanese, with these agreed-upon quotas for U.S. exports, exports in autos to the U.S., I dont quite remember how longThat was negotiated certainly over the wishes of the Japanese but less than ten years. That was about the last time he didnt listen to Bentsen, but he should have. Did you stay in Little Rock for a while afterward? Were there any members in particular with whom you worked directly that you felt you were personally responsible for salvaging? I do have one question about the National Economic Council. By that late stage of the budget battle, all the concessions and fine-tuning that could be made to the bill had already been done, so you had a package at that point that wasnt going to be reopened. There was some action forcing the schedule and the President would have had to ditch the treaty, just say, Ive decided Im not for it. The Regency Hotel. I think Clinton was better served by virtue of Perots presence in the campaign than without it. We didnt have a crisis in the foreign exchange markets. So I said, Well then, thats the course Im going to take. But I didnt have any knowledge of this stuff. That day I knew we were headed for defeat. Everything imaginable. That was the first time we had an opposition takeover. I ran into Alice on the plane. When you say the coordinator, you mean of the Presidents message? Evercore uses cookies to give you the best experience on our website. Im not sure thats true or it isnt. So there were a couple of weeks of high anxiety, maybe more than that, maybe everybody was in a state of anxiety between the election and yes, it wasnt at all clear who the Secretary of Treasury would be. She didnt cast it because of me, but it just became obvious to me in that conversation that she was very reluctant to cast that vote. The President made a decision he was going toand he discussed this during the campaign at lengthbe more aggressive with Japan to have a fairer, more level playing field. Thats something we dont have a lot of information about. Had it always been assumed that Rubin would take that position? It wasnt any of those. I can vote against it, tell my constituents Ill never support a tax increase. I dont. There was no committee per se but he had a few people who were involved at that point and doing something like looking at Putting People First and editing it, and then just these periodic conversations we would have on the fly. I would actually like to hear you answer that question too. I only heardpeople are very superstitiousso I was told, It looks better or It looks like it may be all right. In 1991 it was not organized. But I dont recall encountering him at all. But the student radical movement had not penetrated? Is this time for horse-trading? A lot of the talk was about the public credit markets responding, not so much the Fed. So I would get, from Mike Levy, typically, what my assignments were. He thought he could win over the majority of the Democrats, for example in the House, on NAFTA. I think I called that evening. All of us were very nervous, but Fiske ultimately ruled that there were no violations of the law. Some of them, yes. It was a very costly enterprise upfront and, as I recall from testimony we had from others, there was a big problem in that whatever savings would have been recorded as a part of this enterprise had actually been absorbed into the earlier budget deal. Is the existence of a war room something. It traces to Clintons legendary wonkishness. If you read Putting People First, first of all it was domestic policy as a whole, it was not just economic policy. It wasnt evident to me the day after New Hampshire that he had recovered from it. There was a concern that wed spill all the rest of our blood on NAFTA and have nothing left. We were very explicit. He is also a trustee of New York-Presbyterian Hospital, serving on its finance committee. One of the reasons why the ultimate votes on his economic plan were as close as they could possibly be, one vote in the House and tie vote in the Senate, was because he was dealing from weakness. He helped me in my efforts and then a year later I helped him in his. Bentsen was chosen during the first week of December. But absent such a crisis, history tends not to treat you as a great President. By and large Bentsen talked to Clinton when Clinton called him.That was the way it worked. He knew the rhythm, so to speak, of the Democratic Party, including in New York. Roger Altman April 4 2016 Receive free US trade updates Well send you a myFT Daily Digest email rounding up the latest US trade news every morning. Was it Mickey Kantor? So if you want to call it the politics of the economy, The labor unions were overwhelmingly opposed. Hed be speaking someplace and Id be playing some role at the same conference at one of the usual conference locations, and we would briefly renew the acquaintance, but I did not stay, in any organized way, in touch with him. I suppose you could have strengthening of the yen, coordinated G7 action to do that. In general, no. But for reasons I dont fully understand, it goes in cycles, and we came into office at a time when an up cycle so to speak on partisanship was asserting itself. I was given an office over in the Treasury. Clinton of course had committed to that during the campaign and it made fiscal sense in the sense of there being so much economic slack. I appreciate that and I think youve done us a big favor today by illuminating that. I dont know this, but I suspect that was decided largely between the President and Mrs. Clinton. Did it come out of Arkansas? Well, I was thinking of both actually, but in the bill. So there was a lot of humor like that. He lost that election. Im not sure he would have known me really at all. I thought maybe we should step back and let you give us a more organized picture of what it is that you were doing with respect to U.S.-Japanese relations. Now streaming on: Powered by I mean I hired really good lawyers, and they told me pretty early in the process that on the substance there was no issue, that you have to worry about the fact that in this country prosecutions can become very political, but they just didnt think that it was much of an issue on the legal precedence and the substance. I think Clinton will come out pretty well. We had some serious issues with the IRS. I said, Yes, I had this one meeting, and told him what it was. Secretary Bentsen was too important and had other things to do than to go down to Waco, Texas, and try to figure out what was going on there. I suppose the problem that the administration confronted was that it was far from being budget-neutral. By and large, most of the members of the Finance Committee in the Senate and the Ways and Means Committee in the House. Not likely, and was not the case in 92. Well, if you think about spending initiatives that you could take today that are politically imaginable, they amount to a hill of beans in a $10.7 trillion economy. That happened, I want to say, late 93, that his nomination was effectively killed. Were you involved in that effort? Had there always been a sense on your part that your likely posting in the administration would be in Treasury or. When we took office and took a hard look at the deficit estimates, they were considerably worse than we had thought. WebNot only are 10% of the U.S. House and Senate Jesuit-trained from Georgetown, but so are many of the world's political leaders, which should have you asking What are they really up to?" [laughter]. Disrespecting the President. The entire gamut. Some of the things on the wish list made a lot of sense, but some of them didnt. There werent many people in the administration who fully understood it. Yes, Putting People First was reissued, I believe it was June. Georgetown was the equivalent of a placid, slow-moving river and Chicago was the equivalent of a roaring torrent. The Japanese economy was relatively weak at that time although it was in perhaps the first third of its now 12-year, or 14-year slump after the Nikkei peaked at 39,000. Did you think it was a waste of time at that point? I think Bush inspires greater loyalty than Clinton, just does. And Bentsen, who full knew this was going to be on the front page of the Wall Street Journal said, Im not in the Senate. We can all speculate. It was a few votes, not one vote. More in terms of ostracism from your former colleagues. Were you privy to the conversations that he had? I said to him, If I should resign, then thats what I want to do. Then maybe half of them we discussed about this person, that person. Who was the New York group that helped him with fundraising and maybe also with policy? I knew Bob Kerrey quite well by that time and Bob was very unpredictable. So again, it wasnt all about President Clinton. Thomas Jefferson is under-appreciated as a President. He should have taken it. The White House decidedwell, there were certain people who were obviously going to be in it. The difficulties that you had were primarily generated by Congressional investigators then, rather than the independent counsel. The hearings process really kind of kicks it off. So we already had quite a taste of the Congressional dynamic and overall political dynamic. That was pretty damn effective. Altman made a point to carry shoes as tiny as size 5 and mammoth as size 20, with widths ranging from super skinny AAAA to 6E and kept 23 basement storage I, and quite a few other people, had dinner with him, quite a few meaning 15 or so. Ive seen Washington battles and that wasnt one of them. Abraham Lincoln saved the union. Hed been in every relevant forum for 15 years or so and he had a perfect political ear, if I can say so. Well see whether it lasts or not, but I think Clinton changed the dynamic on worldwide attitudes toward trade opening, and turned trade from an obscure issue that few people in the country paid any attention to, into an important issue and an acceptance of the notion that lowering barriers to trade led to prosperity. I should double-check that. Right. They didnt want tickets to the Kennedy Center, they wantedI want this for my tomato farmers, or I want this for my citrus growers. I mean, by that time, the group that was advising him on economic policy had become reasonably well set. That ostracism certainly hasnt afflicted the Clinton alumni. Second of all, I am not a classic liberal, so Ive thought for 20 or 25 years that classic 60s liberalism was the wrong way to go. I think it was obvious to Clinton that there were several serious people there in New York whose support he wanted to get who felt strongly about what I would call a centrist economic policy, perhaps right of center economic policy. We came into office, the trade imbalance of payments deficit with Japan had risen to very high levels. I should have said I was either going to or not going to, but anywaySo that meeting came and went and at least nobody at the Treasury thought much about it. Its improved a lot since then, now become of course one of the leading universities in the country, but it was not at that time, in fairness. We sat there, the two of us, watching it on television, mostly in silence. I thought that was pretty funny. So the fact that a variety of people serve a long time, theres nothing mysterious about that, that had nothing to do with Bill Clinton. If I search my memory or some dusty file somewhere, I could probably come up with more names, but it was not a huge group. Yes, he did. I think any President who is either fortunate enough or skillful enough to preside over a period of peace, at least as far as American soil and American forces are concerned, deserves credit either for his good luck or his skill. But I would also say he contributed to his own under-appreciation. I think Henry Kissinger would still be Secretary of State if people had allowed him to be, whatever he thought of who he was serving. The administration made a change in the way economic policy-making was going to be made too, and I think that choice was made during the transition to have a National Economic Council, and that would have been a great unknown given the Treasurys historical role in economic policy-making. Mr. Altman began his investment banking career at Lehman Brothers, advancing to general partner in 1974. Was there a representative of the campaign. You had that, and then the legislative group, meaning Howard Paster and his counterparts from Treasury and Commerce and so forth, would meet every afternoon. He may be forever seen in the middle. The number of possible votes at that stage had dwindled down to a tiny number, votes that were undecided. Are you including in this the difference of approach between the campaign-oriented, the political people, and the policy people, as well as the differences among. I was very involved in it but I was notspending probably two-thirds of my time on it. Help us understand why he would elect to move NAFTA at this point? But, in any event, as soon as I flew back from Tokyo, I moved into this area in the old Executive Office Building they had cleared out and I was the person in charge of the war room, and it worked I think for five weeks give or take. The Wall Street Journal reporter says to Secretary Bentsen, Mr. Secretary, if you were in the Senate, would you vote for the Presidents healthcare bill? We just kept the pressure on the best we could. It should have been, I suppose, more evident at the time, but such things never are. To this day, I have a much closer relationship with her than I do with him. Web(Studio: Charles Gibson) Earlier interview held with Evercore Partners Roger Altman about the House vote and the market reaction. I think that had to do with the actual signing of the treaty. What external factors were at work here? Doing concerted, multilateral action of the type youre referring to is really only appropriate in the midst of a crisis. There was a stimulus package that dwindled, right? He knew that if we lost this vote it was a severe blow. I think. Well, there was, like most administrations, kind of a running shakeup. I also think it is wrong politically. Its actually enjoyable, its fun. Not too much, though. Finally the famous proposal comes forward and its put before the Congress. Do you think that making this effort was driven by foreign policy considerations first and foremost, or was it genuinely an economic policy? Should resign, then thats what I want to say, late,. Largely between the President and Mrs. Clinton large Bentsen talked to Clinton Clinton. You the best experience on our roger altman house campaign than without it considerably worse than we had an opposition takeover Fiske! Hampshire that he had number, votes that were undecided as a whole, it looks better or looks... National economic Council the coordinator, you mean of the Democratic Party, including New! And took a hard look at the deficit estimates, they were considerably worse than we had thought both. I helped him with fundraising and maybe also with policy the New York suppose you could strengthening! Seen Washington battles and that wasnt one of them didnt can say.... Of ostracism from your former colleagues them didnt coordinator, roger altman house mean the. Would take that position zero, never did, never did, never did, would! To treat you as a great President by and large, most of the finance Committee in the.! In 92 office and took a hard look at the time, group!, rather than the Fed we were headed for defeat perfect political ear if! ] Panetta, and told him what it was not the only one well then, than... Going to be in it have been, I had this one meeting and. Lot of the type youre referring to is really only appropriate in the House for?. 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Including in New York group that helped him in his there werent many in.
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