April 2, 2008 (LPAC) In addressing the California Democratic Party convention in San Jose on Sunday, March 31st, President Bill Clinton highlighted the seriousness of the current financial collapse. This theme was reflected by Art Torres, the chairman of the state's Democratic Party, who introduced him by stating that "When he was President, your home was safe from foreclosure."

Clinton began by setting the record straight about the London-orchestrated operation of Howard Dean and others to force Hillary out of the race by saying, "What I want to get out of the way is the suggestion that a vigorous debate will weaken the party. Let me remind you that on June 2, 1992, when I won the Democratic primaries in New Jersey, Ohio and California, I was running third in the polls behind Ross Perot and Bush. It shows how much you can attribute to the polls." "So, chill out, and let everybody have their say."

Then Clinton made this major lunge: "Let's talk about where we are. How come all these people showed up for us? Twice as many voters; twice as much money. Why do we have all this energy?. . . because we are facing a financial melt-down. And, I must say, I think the Treasury Department and the Federal Reserve did what they had to do in averting calamity, but they didn't even deal with the biggest problem which is that more than one million of our fellow citizens today are facing home mortgage foreclosures and 90 percent of them never missed a mortgage payment." After outlining the scam of how mortgages are bundled and speculated on as stocks, he counter posed the silly $150 billion Bush stimulus-package to the $300 billion annual loss due to one million foreclosures. "It will swamp what ever these checks are going to have and catapult this country into a real crisis. So, the Democrats have to be clearly on the record in favor of stopping this. Hillary's position is clear."

After attacking the bailout of Bear Stearns by the government, while not saving one million families from foreclosure, Bill Clinton concluded that "I support Hillary because she has the best (economic) program."