Bush Admin Blamed for Economic Crises Blame the DEM Congress ..Esp Barney Frank

Discussion in 'Politics' started by rh287, Jul 16, 2009.

  1. rh287
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    rh287 BANNED

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    And as far as the economic crises..The bottom line is that the crisis is mainly the result of the Democraticly LEAD Congress mandating and pressuring lenders into home loans to people who could not afford them...Bush could get nothing done without bi-partisian support..so he let the Democrates continue to drive unqualified home buyers into HUGE mortgages relative to their income via Freddy and Fanny...You can thank (D) BARNEY FRANK and (D)NANCY PELOSI as the main creators of the economic collapse..I'm not saying Bush is not partly to blame, but Congress had strong control over most the triggers that caused the collapse...Barney Frank with his inluence over and very tight ties to Freddie and Fanny and unbridaled WALL STREET GREED in the sub-prime lending is what caused this collapse. Bush's main failure is that he did not put his full Prez powers in effect to try to reign in these irresponsable lending practices, that was going on to targeted demographic groups, many who should have never qualified for homes less than 1/3 the price of the homes they were being qualified for. Bush was way to sensative to minoritys and the poor's equal rights to the American Dream..to their detriment and eventually to the detriment all of Americans of all economic statuses...

    A housing burst was comming..everyone knew it...hell I even knew it..I knew places like Phoenix could not continue to have home prices appreciate at nearly 50% per year..that's a no brainer...housing busts are nothing new and generaly correct themselves within a few years at most and never have caused a US financial meltdown...its just that nobody but a handful of top economists saw the magnatude it was going to be....

    Now having said that...WALL STREET GREED is a GOOD thing..without the greed ,(or desire to make more money like everyone else), that drives investors into the markets..this economy and indeed the World economy would collapse..it takes a certain amount of greed to invest your liquid assets into emerging technologies and high risk IPOs...even Blue Chips as well...investors come from all walks of life...from the poor, middle class and of course the rich and wealthy...from direct cash investments to 401Ks
     
  2. KittenKoder
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    KittenKoder Senior Member

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    Bah! Everyone just wants to blame someone and no one wants to do anything to fix it ... same old shit.
     
  3. Alan Partridge
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    Alan Partridge Not an Obamatron

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    it's everyone's fault that has been in government for the past 25 years.

    To try to blame one party over another is dumb, especially when one was in power in congress for 2 years, or when one has controlled congress for the prior 6
     
  4. rh287
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    rh287 BANNED

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    Im just sick of the Obama Administration blaming Bush for the full financial collapse last September...it was, IMHO, the Democraticly controlled Congress and a few powerful Democrates that are mainly to blame...to be sure Bush fumbled the ball and should have stopped that lending madness way before it hit critical mass...its time for Obama to admit his mistakes and quit blaming the prior Administration...but he will get as much milage out of it as he can
     
  5. KittenKoder
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    KittenKoder Senior Member

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    It's all publicity, the two parties are not really against each other they are just trying to keep the public split so they can get away with more. By blaming each other the public is easily fooled into the distraction while they make more policies that decrease our freedom.
     
  6. get_involved
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    get_involved Gold Member

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    Recessions happen every 6 to 8 years. They are just part of a normal business cycle. They happen under Republicans and Democrats.
     
  7. Bfgrn
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    Bfgrn Gold Member

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    So the whole world economy collapsed because more minorities were offered home ownership with a 20% default rate?

    WOW...
     
  8. garyd
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    garyd Senior Member

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    Close but not quite, you forgot to add in derivatives based upon faulty paper and a US housing industry that has built far more 300k homes than there are people to buy them. And minorities weren't the only people getting subprime loans.
     
  9. Lumpy 1
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    Lumpy 1 Diamond Member Supporting Member

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    You have to wonder why the liberal media always seem to forget about the Democratic control of the House and Senate over Bush's last two years. Yet the Democrats trust them like lemmings. I suppose it calms them!
     
  10. DiveCon
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    DiveCon gone

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    or that the dems had control of the senate for the first two years
    and that the GOP's majorities the other 4 years were razor thin
     

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