In An Uncertain World (2003)
“As it turned out, two events prevented me from doing that. The first was the yearlong impeachment battle that began in January 1998. I didn’t want to make the President’s position any more difficult—and whatever I might have said to explain my departure, people would have read my resignation in 1998 in ways harmful to Clinton. My leaving could also have increased the general sense of uncertainty, which might have had adverse economic effects.
The other obstacle to my departure was the Asian fin...ancial crisis, an event that began several months before the impeachment conflict with a devaluation of an obscure currency, the Thai baht, in July 1997. From this seemingly unremarkable event in a country few Americans had thought much about since the Vietnam War, there unfolded a major financial crisis. Much of the practical work of handling the crisis fell to the Treasury Department. As Secretary, I was the public face of the U.S. response, and my leaving could affect confidence. With all of Larry’s capabilities, the situation clearly called for both of us to remain fully engaged, and we were better off avoiding a change in leadership.MoreLess
The other obstacle to my departure was the Asian fin...ancial crisis, an event that began several months before the impeachment conflict with a devaluation of an obscure currency, the Thai baht, in July 1997. From this seemingly unremarkable event in a country few Americans had thought much about since the Vietnam War, there unfolded a major financial crisis. Much of the practical work of handling the crisis fell to the Treasury Department. As Secretary, I was the public face of the U.S. response, and my leaving could affect confidence. With all of Larry’s capabilities, the situation clearly called for both of us to remain fully engaged, and we were better off avoiding a change in leadership.MoreLess
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