Bush Crashed the Economy and other lame excuses

[CrusaderFrank]

Democrats can you please tell us in your own words how it is still possible that the Obama economy continues to suck because of Boooooooooosh?

Let's review:

Lehman Brother collapsed first, they're gone these 4 Christmases past

Bear Stearns was a weak sister, they're gone these 4 Christmases past

Merrill Lynch: a subsidiary of BofA these 4 Christmases past

Fannie? Freddie? Sucked up $200B of Capital and totally dominate the residential mortgage market

Banks are profitable, so what exactly are you talking about when you mindless parrot Obama's talking points?

 

[Plasmaball]

i just want to watch this thread fail and Frank drag out old talking points.

 

[Mac1958]

.

The Meltdown was decades in the making and cultural in its DNA.

I haven't posted that one in at least a couple of weeks, love to drag it out now and then.

.

 

[Mad Scientist]

If you wanna' blame any one person for the Economic Crash of 2008, blame Hank Paulson.

 

[Toro]

If you wanna' blame any one person for the Economic Crash of 2008, blame Hank Paulson.

Why? What did Paulson do?

If anything, he saved us from Great Depression 2.0. Bush and Paulson along with Bernanke get more credit for saving us from going over the abyss than anyone, including the Obama administration.

There is no one single person responsible for the Financial Crisis, but the man most culpable is almost certainly Greenspan.

 

[neomalthusian]

If you wanna' blame any one person for the Economic Crash of 2008, blame Hank Paulson.

Why? What did Paulson do?

If anything, he saved us from Great Depression 2.0.

Using our money, yeah? Gee, thanks Hank! Seriously, that borders on a broken window fallacy. If someone damages my property and then takes it upon themselves to debit my bank account to repair it, did they save me any money? No, they still caused me to lose property.

There is no one single person responsible for the Financial Crisis, but the man most culpable is almost certainly Greenspan.

That I agree with. The housing bubble pretty much was our hangover cure from the stock bust. Except it didn't cure the hangover, it deferred it and made it worse. Greenspan was essentially the ringleader for that. Bush and various others helped too.

 

[Toro]

If you wanna' blame any one person for the Economic Crash of 2008, blame Hank Paulson.

Why? What did Paulson do?

If anything, he saved us from Great Depression 2.0.

Using our money, yeah? Gee, thanks Hank! Seriously, that borders on a broken window fallacy. If someone damages my property and then takes it upon themselves to debit my bank account to repair it, did they save me any money? No, they still caused me to lose property.

There is no one single person responsible for the Financial Crisis, but the man most culpable is almost certainly Greenspan.

That I agree with. The housing bubble pretty much was our hangover cure from the stock bust. Except it didn't cure the hangover, it deferred it and made it worse. Greenspan was essentially the ringleader for that. Bush and various others helped too.

The Broken Window Fallacy is a fallacy as applied to the Financial Crisis. Bush, Paulson and Bernanke stopped a giant run on the financial system, plugging enormous funding gaps and halted a repeat of the 1930s. History will vindicate them.

History will be much less kind to Greenspan and, I imagine, Bernanke for his repeated monetary experiments. But he gets full credit for the first QE, which created a market for mortgages and money funds when there were no bids.

 

[The Infidel]

Just to be fair.... Boosh did do his part to kick our economy in the nads.

 

[Billo_Really]

Democrats can you please tell us in your own words how it is still possible that the Obama economy continues to suck because of Boooooooooosh?

Let's review:

Lehman Brother collapsed first, they're gone these 4 Christmases past

Bear Stearns was a weak sister, they're gone these 4 Christmases past

Merrill Lynch: a subsidiary of BofA these 4 Christmases past

Fannie? Freddie? Sucked up $200B of Capital and totally dominate the residential mortgage market

Banks are profitable, so what exactly are you talking about when you mindless parrot Obama's talking points?

The ones guilty of financial fraud have not been prosecuted and held accountable and therefore, the economy will not recover until the rule of law has been re-established in that industry, like we did with the S&L scandal.

That, plus the Bush tax cuts for the rich and the two wars he started, make up the rock from which the economy cannot get out from under. Obama throwing the middle class under the bus by cutting entitlements, is the nail in the coffin.

 

[neomalthusian]

That, plus the Bush tax cuts for the rich and the two wars he started, make up the rock from which the economy cannot get out from under.

Preposition fail.

Obama throwing the middle class under the bus by cutting entitlements, is the nail in the coffin.

I think you're looking at this a little too simply. You seem to be identifying single policies and deciding if they made the economy "good," or if they made the economy "bad." There's no linear causality with this stuff. Tax cuts are temporarily stimulative. Increasing federal spending can also be temporarily stimulative. If you overdo it with either of these, you will eventually run into fiscal problems. So on and so forth, the point is this is all very dynamic and complex.

 

[GoneBezerk]

The Bush Admin was only called racists by Maxine Waters, Barney Frank, etc a couple times when they wanted to make the homeloan standards a bit tougher for the ghetto trash lining up to steal homes from taxpayers.....

 

[Toronado3800]

Democrats can you please tell us in your own words how it is still possible that the Obama economy continues to suck because of Boooooooooosh?

Let's review:

Lehman Brother collapsed first, they're gone these 4 Christmases past

Bear Stearns was a weak sister, they're gone these 4 Christmases past

Merrill Lynch: a subsidiary of BofA these 4 Christmases past

Fannie? Freddie? Sucked up $200B of Capital and totally dominate the residential mortgage market

Banks are profitable, so what exactly are you talking about when you mindless parrot Obama's talking points?

To borrow a talking point from others, I think there are numerous forces at play. No WWII means we are not the only industrial power left. Globalization means we have to compete with workers in Third world cess pools for cheapest products. The failure to launch generation is not exactly setting the world on fire, blame entitlements, blame wasp culture, whatever.

 

[Freewill]

Just to be fair.... Boosh did do his part to kick our economy in the nads.

What exactly did Bush do?

 

[healthmyths]

Just to be fair.... Boosh did do his part to kick our economy in the nads.

YOU MEAN these EVENTS HAPPEN THAT Bush HAD NOTHING to do with???
Dot.com bust/9/11 OH.. Yeah I remember BUSH CAUSED ALL those worst hurricane SEASONS cause he is a GOD!! Oh wait... That's Obama!!!

WOULD idiots that BLAME Bush... PLEASE EXPLAIN HOW these events DIDN'T happen and and if they DID why they would NOT have ANY affect on the economy???

A) Didn't the marvelous dot.com ( that Clinton phony surplus bubble)* bust occur? YES! What did it cost?
1) $5 trillion in market losses which meant the taxpayers who had tax liabilities of $60 billion from 2002 and beyond GONE!
2) 300,000 jobs lost due to dot.com busts....billions in payroll taxes!!!

Do YOU think those people that had $5 trillion in losses DIDN"T report those losses in their ADJUSTED TAX INCOME over the next 30 years which is what IRS allows?
For example if a Dot.com investor loss $1 million of that $5 trillion that means the investor has 30 years to write off against taxable income $33,000.
So Instead of having a tax on $1 million or at 35% $350,000 by subtracting $33,000 from $1 million that means taxes of 35% on $966,000 or $338,000 a loss to the US treasury of $12,000 from just this $1 million of the $5 trillion!
Or for every $1 million in losses $12,000 loss in tax revenue or on the $5 trillion nearly $60 billion in tax revenue for each year from 2003 and 30 years forward.

B) Did 9/11 happen??? YES what did that cost?
1) Then we had 9/11 which cost $2 trillion or at the above example another $24 billion in loss tax revenue from 2004 and next 30 years.
2)145,00 jobs lost in NYC alone due to 9/11... what did that cost? Billions in payroll taxes!

and regarding hurricanes... THE WORST SEASONS not hurricanes like Sandy SEASONS!!!
C) DID the worst hurricane SEASONS not hurricanes SEASONS occur? YES what did that cost?
Hurricanes cost $1 trillion.. at the above another $12 billion in loss tax revenue.
Collectively Federal tax revenue Loss due to the $8 trillion in losses nearly $100 billion a year from 2003 and next 30 years!

Then payroll taxes
Assuming 300,000 jobs lost due to dot.com bust -- 145,000 lost due to 9/11 (remember airlines didn't fly for 3 days!) 400,000 jobs lost due to hurricanes..
850,000 jobs lost.
So at say an average of $30,000 per job and Social Security and Medicare EMPLOYEE pays 7.65% or $2,295 paid by employee.. BUT I imagine you and many like you forget the EMPLOYER matches that and also pays $2,295 or a total of $4,590 paid in by Employee and Employer!
$4,590 times 850,000 jobs or near $4 billion a year due to those LOST jobs in Federal REVENUE!

So between these two tax revenue generators losing over $100 billion a year all due to what... EVENTS beyond ANYONE's control!!!

A) NO ONE IS TALKING AbOUT LOWERING TAXES do you understand!!! The question is should taxes go BACK UP instead of staying the same??

B) PRETTY FU<<K ING SIMPLE ... IF you understand the market economy ,GDP and tax revenue sources...which obviously you don't!!!

 

[francoHFW]

Obviously, Bush cronies took over the market from F+F and wrecked the world, and "No compromise, un-American Tea Party GOP" (TIME) have mindlessly obstructed ALL real jobs bills and fear mongered EVERYTHING. The whole world but Pub dupes know it....

There's also the small matter of the wrecked rest of the world fer chrissake. Only the USA can lead us out of this mess...which may happen whenever the GOP stfu, the GD a-holes and silly dupes.

 

[The Infidel]

Just to be fair.... Boosh did do his part to kick our economy in the nads.

What exactly did Bush do?

For one thing there was this...

Troubled Asset Relief Program

G. W. Bush:
"I&#8217;ve abandoned free market principles to save the free market system"

 

[Duped]

Bush was fiscally irresponsible, but Obama ran for his job, and won it, and made things a whole lot worse!

 

[francoHFW]

So gd dumb. So the economy retracted 9% and was hemorraging 800 k jobs/month when Obama came in- then after ten months it gained jobs every month since and the Dow doubled. You're out of your tiny brainwashed minds, despite 3 1/2 years of mindless obstruction (didn't happen according to Pubs and the PPM-Dems had total control!! LOL A DISGRACE).

Fox has every other report on how amazing huge the debt is....fecking a-hole gazers, for dupes/haters ONLY.Only care about the debt when Dems are in...

 

[Duped]

So gd dumb. So the economy retracted 9% and was hemorraging 800 k jobs/month when Obama came in- then after ten months it gained jobs every month since and the Dow doubled. You're out of your tiny brainwashed minds, despite 3 1/2 years of mindless obstruction (didn't happen according to Pubs and the PPM-Dems had total control!! LOL A DISGRACE).

Fox has every other report on how amazing huge the debt is....fecking a-hole gazers, for dupes/haters ONLY.Only care about the debt when Dems are in...

Whatever you think Obama did that was economically positive, make sure you counter weight it with 6,
trillion in new debt. Tell me how great he is once we pay it back - with interest!

 

[neomalthusian]

So gd dumb. So the economy retracted 9% and was hemorraging 800 k jobs/month when Obama came in- then after ten months it gained jobs every month since and the Dow doubled. You're out of your tiny brainwashed minds, despite 3 1/2 years of mindless obstruction (didn't happen according to Pubs and the PPM-Dems had total control!! LOL A DISGRACE).

Are you attributing this stuff to the President?