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View Diary: Politico already losing head over Hillary, and it's still 2014 (264 comments)

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  •  Facts are still facts. (4+ / 0-)

    The Clintons were in debt when President Clinton left office.  That is a fact.

    Of course, their prospects for a wealthy future were far greater than the average person and they each capitalized on those opportunities.

    Hillary made a living in public service when she became a Senator.  Of course, she could have lost to Rudy Giuliani had he not had to withdraw due to prostate cancer.  Still, Hillary could have lost to Rick Lazio in a state that had a republican Governor Pataki.

    President Clinton, on the other hand, was always likely to have a lucrative career giving speeches.  He likes talking about himself, after all.

    But neither of these success stories diminish the fact that the Clintons were, in fact, in debt when President Clinton left office.  They had debts of $5million and assets of $1million.  These are public records easily obtained with a short on-line search.

    •  Bullshit. She had an $8 Million advance in 2000 (6+ / 0-)

      for her book from Simon & Schuster while they were still in the White House.

      NYT - December 2000 - Hillary Clinton Book Advance, $8 Million, Is Near Record

      I don't call that "broke".  People have debts.  Everyone has debts.  

      But even if your debts are greater than your assets, you wouldn't call someone with an $8 million dollar advance in their hand "dead broke".

      I have a mortgage.  So do millions of other people.  And that exceeds my assets.  But those folks don't call themselves "dead broke".

      And as far as their legal fees go.. their defense fund had $4.5 million in Feb 1999.

      It's ludicrous, and that is why she made emergency visits to the morning shows this morning to do damage control.

      She grew up in a wealthy suburb of Chicago, went to expensive schools, etc. etc.. she has never known what it was like to be poor, though she desperately wants to rewrite history for her political future.

      •  Broke and poor are two different things (4+ / 0-)
        Recommended by:
        Dr Swig Mcjigger, Wisper, Lysis, cpresley

        You just said it yourself.

        Broke is having no immediate liquid capital but having the assets and the income to accrue liquid capital pretty quickly.  Husband and I ran out of money last month due to all the travel we did.  (Some work, some fun.)  We're sticklers to our budget, and did not dip into our savings to compensate for the overspending we did.  We were broke at the end of the month.

        Poor is having little to no immediate liquid capital, and also not having the assets or the expected income to replace that capital.

        Broke is a temporary state.  Poor is much more permanent.  Broke is easy to fix and often fixes itself.  Poverty is much more difficult to escape.

        The Cake is a lie. In Pie there is Truth. ~ Fordmandalay

        by catwho on Tue Jun 10, 2014 at 02:28:53 PM PDT

        [ Parent ]

      •  Last time I checkec... (1+ / 0-)
        Recommended by:

        Eleven and twelve were still more than eight. Sorry to get all technical and stuff.

        As for your mortgage, sorry if you are one of the many that are "underwater", I hope things improve for you soon, but that is hardly common. Millions of people can be 1% of Americans, btw.

        I ride the wild horse .

        by BelgianBastard on Tue Jun 10, 2014 at 02:31:34 PM PDT

        [ Parent ]

        •  3.1 million people are in the 1% (0+ / 0-)

          with a threshold income of $370,000 per year (as an individual, not a couple).

          The average income for the 1% was $1.12M.

          (those are 2012 numbers... I haven't seen numbers for 2013 yet)

          Красота спасет мир --F. Dostoevsky

          by Wisper on Tue Jun 10, 2014 at 02:58:09 PM PDT

          [ Parent ]

          •  Ummm... not sure we're not talking past each other (0+ / 0-)

            I was just trying to point out that a small percentage of people amounts to "millions" in a huge country like the US. I certainly wasn't defending or even talking about THE 1%. But I can see where HRC getting 8 mil might cause confusion.

            I ride the wild horse .

            by BelgianBastard on Tue Jun 10, 2014 at 04:34:23 PM PDT

            [ Parent ]

      •  Liabilities exceeding assets (3+ / 0-)
        Recommended by:
        Lysis, cpresley, catwho

        is the generally accepted definition of being broke.

      •  Did you read the articles? (2+ / 0-)
        Recommended by:
        catwho, Dr Swig Mcjigger

        2000 was the last time President Clinton had to file a financial disclosure for his financial position of 1999.

        According to the article you provided, the Clinton defense fund was still in the red in 1999.

        Hillary signed her book deal after we all knew there was a President-elect Bush.  And signing a book deal is not cash in hand.  Her book deal was not a taxable financial event until President Clinton had left office and likely not a taxable event until it was published in 2003.

        When 2000 came to a close, the Clinton's were on their way to financial success, but they were still in debt.  That's why they had to borrow money to purchase their NY residence.

        Matter of FACT, Hillary had to provide a financial disclosure when she became a Senator.  In 2000, she listed assets as high as $1.8million, but debt as low as $2.3million.  That means the Clintons were in debt at the time leading up to Hillary becoming a Senator.

        As to the wealth you suggest the Clintons had before President Clinton took office - look at their finical disclosures, they had relatively few financial assets when President Clinton took office.

        Were they poor, no.  But they had few financial assets beyond her salary from the Rose law firm and Walmart Board of Direction position prior to President Clinton taking office; Governor Clinton earned far less than his wife.  Of course, Hillary had no income as First Lady until she wrote her book - It Takes a Village.

        And while PolitiFact has rated Hillary's comment 'Mostly False', PolitiFact made a leap of faith regarding the equity in the NY residence - that it was Clinton equity used as the down payment.  PolitiFact forgot that the Clinton's borrowed the cash from Terry McCauliffe.  So once again, just as Rachell Maddow discussed last evening, PolitiFact makes up their own rules when deciding fact from fiction.

        No matter how you slice it, the fact remains that the Clintons were in debt when President Clinton left office and when Hillary became a Senator.

        •  Most Americans would call her (0+ / 0-)

          statement that they were "dead broke" as bullshit.

          Spin it any way you want it.. she was trying to make out she was just "regular folks" who had seen hard times and were down on their luck.

          Most Americans laugh at that.. an $8 million dollar advance, if not "in hand" is an asset.. it ain't "broke" in anyone's book - except for Hillary apologists.

          •  I have a degree in business (3+ / 0-)

            If I went to the Bank showing liabilities in excess of assets, they would say I was broke.

            Spin it any way you want, broke is broke.

            Even the articles you cited say the same thing.

            As to having a book deal - can you show that Hillary received money prior to the publication of this book in 2003?

            I'll bet you as much as you like that the financial disclosure of Senator Clinton would have included any advance.  In other words, had Hillary not handed in a manuscript, because, lets say she died suddenly after falling down and cracking open her skull, Bill would not have received a dime and would have had to return any advance.  Book deals require manuscripts and there was none until 2003.

            In other words, a book deal is not a real asset until there is a manuscript.  Keep grasping.

            The facts remain the same, upon their departure from the White House, the Clintons were broke….albeit with excellent prospects for financial success beyond a Presidential pension and salary of a Senator.

            •  Your "facts" are bogus. (0+ / 0-)

              but go ahead and live in whatever fantasy universe you like.

              An $8 million dollar contract is an asset, Mr. Business Degree. Too bad your degree isn't in accounting.

              •  Really? (1+ / 0-)
                Recommended by:
                Dr Swig Mcjigger

                Wow, you could not be any more wrong.

                In what year was the $8million taxable event?

                When she received the cash.

                Did the Clintons pay taxes on $8million when the contract was signed in 2000?

                Did they pay taxes while Hillary was writing the book?

                Similarly, does, lets say a baseball player, pay taxes on a multi-year deal before they round the bases or make their pitch towards home plate?

                The answers are the same - no.

                I went to a good business school.

                A signed contract is only considered a current asset when it becomes cash.  That is basic accounting at the college level.  I have an MBA.

                Unless you can show that Hillary Clinton received $8million cash, she did not have a current asset nor taxable event equivalent to $8million unless she received $8million cash.

                Until Hillary submitted her manuscript, I highly doubt she received anything close to $8million.  Matter of fact, until Hillary handed in her manuscript, any proceeds she received in advance could be accounted as a liability (to offset the prepayment she received) if she received the funds through her own personal corporation.

                In other words, double-sided accounting would book any advance as a prepayment with an offsetting liability that would not be reversed until she handed in a manuscript.

                A good business school I tell ya', with accounting being a requirement.

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