the Clinton years. Bill Clinton and I are really quite similar,

actually. We were both brought up in the South. We both come from broken families … well,

no, not actually. Also, I did not attended any Ivy League University. Yeah, I’m actually

nothing like Bill Clinton. Well, except for the southern thing, and also

both of us are married to women who are smarter than we are.

Mr. Green, Mr. Green? But he was president. Whatever, I’m still young Me From the Past!

Clinton wasn’t even governor of Arkansas until he was like (looks at computer)....oh,

crap, he was 32, I’m finished! INTRO

So Clinton’s presidency was focused on Domestic Policy and a sex scandal – in fact his campaign

war room famously featured a sign that read “It’s the Economy, stupid.” His domestic

legacy is pretty complex, though, so we’re going to start with his foreign policy.

The Clinton years didn’t feature as many major foreign policy successes as Bush 41,

but Clinton did have his moments. Like his administration achieved a partial success

with the 1993 Oslo Accords when Israel recognized the legitimacy of the Palestinian Liberation

Organisation. However, that eventually resulted in the PLO

becoming progressively less powerful and as you may have noticed, it didn’t ultimately

achieve peace in the Middle East. Clinton was more successful in Yugoslavia

where he pushed NATO to actually do something for once in this case bombing, sending troops,

kinda something. Now there had been widespread ethnic cleansing

of Bosnian Muslims before the NATO intervention but the fighting ended with the Dayton Accords.

And then there’s the Rwandan genocide, which the Clinton administration did absolutely

nothing to prevent and where 800,000 people died in less than a month.

The Rwandan genocide is probably the international community's greatest failure in the 2nd half

of the 20th century and while certainly Clinton was among many people who were complicit to

that including like, me, yeah… you know... so far it’s not such a great foreign policy

record. Terrorism also became a bigger issue during

Clinton’s presidency. The World Trade Center was bombed for the 1st time, the U.S.S. Cole

was attacked. But the most destructive terrorist act during

Clinton’s presidency was of course committed by Americans - Timothy McVeigh and Terry Nichols

who blew up the Murrah Federal building in Oklahoma City.

Which brings us to an awkward transition from domestic terrorism to domestic policy.

So Bill Clinton was from Hope Arkansas and he ran as a centrist democrat who wanted to

do things differently. He wasn’t going to be inside the Washington beltway.

And he wasn’t going to be some old-fashioned liberal who was all about raising taxes funneling

billions of dollars to Snuffleupagus. That centrism made him very electable but

his first few domestic agenda items faltered, like he tried to end the ban on gay people

entering in the military but opposition led him to compromise with the famous Don’t

Ask Don’t Tell policy. Essentially you were allowed to be homosexual,

if you were in the military, you just weren’t allowed to acknowledge it.

And then there was the 1993 Health Care initiative led by Clinton’s wife, Hillary, which was

also a failure. By the 90’s the United States was the last

industrialized nation not to have universal health care and while Hillary Clinton’s

plan would have resulted in Americans having universal health care it was too complicated

to sell to us. Also, it faced very powerful opposition from

like drug companies, and insurers, and medical device makers… lots of people.

But at least it had a working website. What’s that, Stan? There was no web? What did they

use, like a mobile app or something? There was no apps? I thought we were in modern history!

So on the heels of these failed policy initiatives in 1994 Democrats were swept out of Congress

and Republicans took control of both the Senate and the House.

The new speaker of the House, whose real name was Newt Gingrich, and who would later run

for president despite being named Newt Gingrich issued something called the Contract with

America. It promised to cut government, cut taxes,

cut regulation, overhaul welfare and end affirmative action -- and this led to a Government shutdown

in 1995 over an inability to reach a budget agreement between the Congress and the president.

Which in turn made all these new Congressional Republicans very unpopular with the American

people as a whole and played into Clinton’s political strategy of “triangulation.”

His strategy was to campaign against radical republicans while co-opting some of their

ideas. The most obvious example was his declaration

in January 1996 that “The era of big government is over”.

Spoiler alert: It wasn’t. There has been no president since WWII who decreased the

size of the government. And that will change when never because all

of the things that actually cost the government a lot of money like Social Security and Medicare

are very popular and both of those programs benefit old people who vote disproportionately

because they have nothing to do since Murder She Wrote was cancelled.

However, Clinton did actually shrink parts of the government with policies like the Telecommunications

Act of 1996, which deregulated broadcasting. But Clinton’s signature economic policy

was Welfare Reform – aka the Personal Responsibility and Work Opportunity Act – of 1996.

This law replaced the Aid to Families with Dependent Children program, which had given

money directly to poor mothers. But with Clinton’s welfare reform states

received block grants that came with strings attached including work requirements and time

limits for total benefits. Welfare rolls plummeted and many economists

see this as the rare bipartisan victory in the 1990’s but it’s still controversial

and many liberal people felt like Bill Clinton had betrayed them.

But Clinton still remained popular through much of his presidency largely because it

really is the economy stupid - and the economy got better.

In fact by the time Clinton left office unemployment was below 4% which hadn’t happened since

the 1960s. That meant there should have been inflation

but somehow there wasn’t, possibly because of increased global competition that kept

wages down and also energy prices that were remarkably low as worldwide oil production

increased. Microchips made it possible to develop loads

of new products, like personal computers and DVD players, and video games, and cell phones,

and Crash Course. And computers completely transformed the American

workplace. I mean until the 90’s people would go to

work, and they would sit in their offices at their desks, and they would… I don’t

know what did because they didn’t have computers! How did anything get done before computers,

I mean how were books written, how was the Godfather edited, how was this globe made,

I mean did some individual’s human hand sculpt it from clay?

So no wonder the economy got better we had stumbled on the biggest innovation since like

wheels. And during the Clinton administration we didn’t

just have computers we had computers that began to connect to each other.

I’m referring of course to the Internet which might have remained like a military

communications network if computer scientists and entrepreneurs hadn’t worked out how

to use it to sell things. This was the beginning of the e-commerce boom,

which would be followed by an e-commerce bust, but then another e-commerce boom, which would

eventually give us websites where you can buy Crash Course DVD’s, like DFTBA.com,

and also lesser known e-commerce sites like Ebay and Amazon.

Oh, it’s time for the mystery document? The rules here are simple.

I read the mystery document, I either get the author correct, or I get shocked. Okay

here we go. “The information highway will extend the

electronic marketplace and make it the ultimate go-between, the universal middleman. Often

the only humans involved in a transaction will be the actual buyer and the seller. All

the goods for sale in the world will be available for you to examine, compare, and often customize.

When you want to buy something you’ll be able to tell your computer to find if for

you at the best price offered by any acceptable source or ask your computer to “haggle”

with the computers of various sellers. Information about vendors and their products and services

will be available to any computer connected to the highway. Servers distributed worldwide

will accept bids, resolve offers into completed transactions, control authentication and security,

and handle all other aspects of the marketplace, including the transfer of funds. This will

carry us into a new world of low-friction, low-overhead capitalism, in which market information

will be plentiful and transaction costs low. It will be a shopper’s heaven.”

Stan, that sounds like something that Amazon founder Jeff Bezos would say. No? Dangit,

Bill Gates. Let me tell you how much I enjoy this, none.

Oh, the information super highway it made all of this possible including my shock pen.

Ahhh! Now one of the lessons of history is that

good news for someone is almost always bad news for someone else and that was certainly

the case with the longest period of economic expansion in American history.

Increased use of Information Technology facilitated the globalization of manufacturing and the

pressure to manufacture cheaply pushed wages down and encouraged companies to locate factories

in countries with lower environmental regulations and also lower wages.

That’s great for companies, it’s good for prices, arguably good for workers in the

developing world, not so great for the environment or for American workers.

The deregulation of finance also contributed to global growth. Capital could flow more

easily anywhere in the world but this also meant that it could flow out easily, making

financial crises more likely and more widespread. The growth of free flowing capital in the

1990’s created a world in which the crash of 2008 was more or less inevitable.

But before that we had the crash of 2000. As money flowed into the stock market, bubbles

developed. And in some ways this was more problematic than it used to be because a much

greater percentage of Americans had become investors in stocks - an actual majority of

them by the year 2000. And many of these investors were buying into

these hot new dot-com stocks, in fact the tech-heavy NASDAQ exchange soared in 1998

and 1999. And then it lost 80% of its value in 2000

when the bubble burst. It turns out that the Pets.com business model

of selling you dog food at a loss is not a sustainable business model.

Although to be fair Amazon has been selling stuff at a loss now for 20 years and they’re

still at it. So… you know… maybe I’m wrong.

So during this period real wages grew but the gains were very unequal like when you

adjust for inflation, wages of nonsupervisory workers remained below what they were in the

1970s. And for the poor it was even worse. Our old

friend Eric Foner reports that “Average after-tax income of the poorest 1/5 of Americans

fell 12 percent, and that of the middle 1/5 decreased by 3 percent.”[1] Meanwhile, the

income of the top fifth increased 38%. Now of course this trend towards inequality

and the majority of jobs being created in low wage, insecure, service industries would

continue into the 21st century. But the economic and political pictures that

we’ve sought to paint only tell half of the story of the 1990s, because it was also

a decade characterized by what has been called the Culture Wars.

A big part of this was immigration, which rose enormously after immigration reform in

1965. Between 1965 and 2000 the US saw almost 24 million immigrants arrive, compared with

27 million during the peak immigration period between 1880 and 1924.

Fully half of new immigrants came from Latin America and the Caribbean, 35% came from Asia,

only 10% came from Europe and most of them were from the former USSR and the Balkans.

As had always been the case, most immigrants were attracted by labor opportunities, but

now more were highly educated. In fact, 40% had college educations. Let’s go to the

thoughtbubble. Latinos were the largest immigrant group by

far, with Mexicans making up the largest contingent and by 2007 Latinos would replace African

Americans as the second largest ethnic group. Latinos suffered disproportionate poverty,

and, despite significant economic gains during the 1990s, African Americans still found their

economic opportunities limited. According to Eric Foner, “In 2007, the total assets

of the median white family […] stood at $87,000. For black families, the figure was