Bush Crashed the Economy and other lame excuses

[Toronado3800]

Bush was put behind the 8-ball by day 1 because of Clinton.

First the economy was going downhill when Bill Clinton left the White House....the dot.com bubble burst and the higher tax rates were slowing the rate of growth in the economy.

Second, Bill Clinton left the 9-11 surprise for Bush.....which helped harm the airline and tourism industries. It took months for Americans to feel safe flying and people coming from overseas to visit a country under attack.

Third, the CRA was looming out there with its pending impact on the banking and mortgage industries in a ticking timebomb.

The Bush tax cuts helped bring in RECORD REVENUES to the US Treasury in light of the Clinton recession and 9-11, but then the implosions happened in the banking and mortgage industries because of laws and policies put in place BEFORE Buuuuuuuuush got into office, but conveniently in place to blow up in Bush's face.

Bush was too nice, too naive....he let the media and Democraps spin the story and blame him. He should've taken off the gloves and gone after them for the shitstorm they caused on his watch. He helped Obamination get elected by not standing up for himself.

Now this country is in deep trouble because the fucking morons have put their black messiah in charge to drive the bus off the cliff.

Good points on the slow moving econony.

So you just said Obama's economy is a drag because of the events of the last decade?

Lord. Imagine it w/o all that Reagan like deficit spending we have done to maintain a standard of living.

 

[Truthmatters]

SEC Charges Goldman Sachs With Fraud in Structuring and Marketing of CDO Tied to Subprime Mortgages; 2010-59; April 16, 2010

 

[CrusaderFrank]

Who from Fannie and Freddie were ever charged?

 

[Truthmatters]

pretending what I have shown you is not true is jsut silly

 

[Truthmatters]

why will NO ONE ever give me ANY facts to disprove my theory?

 

[Truthmatters]

Because it plainly true

 

[Moonglow]

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 rich have effectively killed the American dream.

 

[Truthmatters]

Its NOT dead yet.


they still dont have the bath tub filled and they are dying of self inflicted wounds

 

[CrusaderFrank]

Employees at Bear and Lehmann got wiped out, what happened with Fannie and Freddie?

 

[bitterlyclingin]

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?

Fannie and Freddie's executive ranks were dominated by Leftists. Part of the generous salaries paid out to the execs inevitably and inexorably found their way back into the Democratic Party's coffers. One hand washes the other. Lehman was fed to the sharks while we the people bailed out Fannie and Freddie. Franklin Raines took a bath in sewage and came out smelling like a rose. Bernie Madoff was on the list of the SEC's list of untouchables by virtue of his relationship with lil Chuckie Schumer (D-NY) and as a result of the size of the political contributions skimmed from his Ponzi scheme he was running until Bernie threw in the towel himself because things had gotten so bad his consciensce wouldn't let him go on any longer. There apparently is some vague semblance of honor among thieves. Lil Chucky said he was sorry to see him end like that. He was going to miss the donations. Democratic politicians, unlike thieves, have no honor.
John Boehner: "I gave you 800 billion in new revenues. What do I get for that?"
Barack Obama: "You get nothing! I get that for free!"

 

[Truthmatters]

this is why your party is dying.

you lap up lies from any right wing source and ignore cold hard facts.

 

[Billo_Really]

You want to prosecute Fannie and Freddie?

Of coarse I do! But to spend the majority of time talking about them, without any discussion on prosecuting the "casino capitolism" crimes of the major banks, exacerbates the problem even more from the perspective of magnitude. The cost of Fannie and Freddie's impact on the economy, was a drop in the bucket compared to the derrivitives market that ran up to 180 times the collective GNP of all the nations on the planet. That's some serious cash and impacts the worlds economy, not just ours.

Prosecuting Fannie and Freddie is on the "to do" list, but it's not higher (or more important) than breaking up the big banks, prosecuting their CEO's and repealing the Gramm-Bliley Bill.

What about Jon Corzine?

If we could find a way to make him the president of al Qaeda, we would win the war on terror within 18 months.

He won the Charles Keating award in 2008, for the most corrupt CEO of the year.

Bush tax cuts went into effect in 2001, how did the collapse the economy 7 years later?

The primary driver of a capitolist society is spending. Spending increases demand. Demand creates jobs. Jobs create more money for Americans. Which, in turn, creates more spending. Thus feeding the money back into the system.

The tax cuts reduced the governments revenue; which reduced its ability to pay its bills; which drove up its deficit; which compromised its ability to jump start the economy (via infrastructure projects), when the private sector was just sitting on their profits waiting for demand to return. Thus reducing American's ability to spend, which is 70% of the economy.

All the economy really cares about is spending. Doesn't matter whether its a private dollar, or a public dollar, as long as spending occurs, the economy will grow.

If the economy is not growing, it's collapsing.

 

[Rocko]

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

Hank Paulson saved the country.

 

[JoeB131]

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?

Okay, obviously, you don't understand the problem, but I don't think you'll understand it if we explain it to you again.

The problem wasn't that these banks are now gone (having made hundreds of billions vanish with them... where did that money go?) it is that in the process, the value of most people's assets went with them.

Because these banks aggressively marketted mortgages on overpriced homes, most Americans are locked into underwater mortgages that they can't even sell out of at a loss.

 

[Katzndogz]

why did the banks who didnt even have to comply with CRA write a shit load of them and then roll them into securities and sell them?

If they wanted to expand, open new ATMs, merge, acquire, they had to comply with the CRA. The banks that did not, and remained healthy, were the small banks that continued to red line and deny loans to minority borrowers. They did survive. They survived as healthy banks still able to do business. UNTIL, obama started his wash of regulators who declared these banking practices illegal and took them over. Small banks no matter how healthy were closed and sold off to larger banks that were CRA compliant., As an added special attraction for the government, depositors who had in excess of $100,000 lost their money down to that amount to the federal regulators. Was there ever an accounting of how much money the government got by taking over these small banks? No. Democrats didn't find it worthwhile to mention.

 

[uscitizen]

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 rich have effectively killed the American dream.

No they have not!

The "American Dream" is only for the rich.

 

[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?

The rich have effectively killed the American dream.

Really?

Did Steve Jobs make you spend all your money on ipads?

Can you explain this to me and more importantly what that has to do with the OP?

 

[healthmyths]

Discount the Hurricane one. There seem to be huge Hurricanes or droughts or floods for every President.

How about this: Bush W made the mistake of being President during normal times and not understanding the market of economy.

Reagan was a New Dealer who loved the positive effects of deficit spending.

Bush H well, was a company man who was President and um....did little besides a war in the sand and watch the economy.

Clinton ended up with a balanced budget and accidently let a program for poor folks get created which could then be applied by short sighted bankers to EVERYONE. Idiot Americans and their quarterly profit reports.

There. I said something niceish about everyone.

WRONG!! Discount the Hurricane one. There seem to be huge Hurricanes or droughts or floods for every President.
FACTS dumb f...k!!
The years 2001 to 2008 WERE THE WORST SEASONs in history! FACT!
Of the top 36 hurricanes since 1926 13 occurred from 2001 to 2008.
Of the total of $316 billion in damages these 13 cost 58% of that or $156 billion.
# 1Katrina (LA/MS/AL/SE FL) 2005 3 $81,000,000,000
# 3 through 7 hurricanes occurred from 2001 to 2008!
Costliest U.S. Hurricanes | Weather Underground
a) There were 26 named storms in 2005, surpassing the record of 21 set in 1933
b) Three of the hurricanes in the 2005 season reached Category 5 status, meaning they had wind speeds
greater than 155 mph at some point during the arc of the storm.
but we've never had three," said Steve Kiser, a tropical cyclone program manger at the National Weather Service.

How about this: "Bush W made the mistake of being President during normal times and not understanding the market of economy."
what an absolutely STUPID dumb f...k comment!
The Dot.com bust cost $5 trillion in market losses and 300,000 jobs ! Do you understand what means?? TAX REVENUE DECLINE by $60 billion a year for 30 years you idiot as people take capital losses against their TAX LIABILITY!!!
300,000 people NO LONGER paying and employers no longer paying SS/Medicare !

NOT ONE MENTION of 9/11 you dummy! Cost $2 trillion in losses nearly $24 billion a year in tax revenue decline! 150,000 people out of work and you totally ignore it!

WHY is it SO f...king HaRD to admit those events Happened?
AND when they did there were Economic consequences! That are costing Federal revenue $100 billion a year for next 30 years!
Seismic events! Cataclysmic events! History changing events... the likes that have never been seen in American history by any President!

See this is why more and more people are refuting idiots like YOU! Because the FACTS are against you!
People do remember the dot.com bust and the money lost and the jobs lost!
They DO remember 9/11 and the anthrax attacks and the hurricanes EVEN if YOU try to ignore them ... these EVENTS happened and nothing like this convergence of earth shattering events has ever occurred in an 8 year period in all of history!

And you have amnesia???

Ah, nothing like calling folks names to help make sure your side gets fewer votes.

You do have a valid point about hurricane losses. Here in the Midwest I am pretty detached from the routine southeast weather events.

Lets think about market losses. You buy $100 in stock in my company. It goes under. Is the money gone? Nope. My company spent it on whores or steel or advertising or SOMETHING.

None the less if banks are leveraged off these stocks it can have a tumbling effect.

Also interesting is the way your post is if your natural disaster effect on the whole economy can be applied to the dust bowl era.

Finally we can not allow it to become too big a rallying point for Team Obama. Elsewise they will claim the bank collapse ruined the economy for their whole two terms. Now THAT was a cluster which affected the middle class's buying power and slowed the economy.

But the overall write off against TAXABLE income affected ALL of us because less revenue means more borrowing which affects YOU!
So regardless of what your example is about "market losses" IT IS A FACT!
HERE read WHAT THE IRS sasy as to why the $100 billion a year has been NOT paid because of market losses written off against tax liability!
The IRS well here read the ruling:
Net Operating Loss NOL..
Eligible losses, farming losses, qualified disaster losses, and specified liability losses, defined next, qualify for longer carryback periods. Publication 536 (2011), Net Operating Losses (NOLs) for Individuals, Estates, and Trusts

NOW when more people recognize that the $8 trillion in market,businesses,farming losses due to dot.com bust , 9/11 destroyed businesses airlines didn't fly,etc. and worst hurricane SEASONS SEASONS.... meant $100 billion a year is NOT paid in taxes!

 

[Papageorgio]

This is why the institutions wanted this change.

they had before this been BANNED from selling securities because shit had been done in the past by them to distory the markets for a quick profit.


all of the sudden banks could do what ever they wanted.

and they did

If this had not occurred, 2008 would have occurred in 2001 right after 9/11. Banks were in trouble way back then and they found a way to keep the bubble going.

2008 was the result of government policies from the 30's all the way to 2008, you might want to look into the issue beyond the Bush years.

 

[Mac1958]

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Oh, if life were only as simple as partisan ideologues think it is.

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then please explain the impact of this refusal to impliment these rules?

Because Bush was a simplistic, knee-jerk politician who behaved according to his narrow agenda.

But that's not my point.

You're taking one (1) of dozens of reasons for the Meltdown and, because the perpetrator has an (R) after his name, blaming the most complex financial disaster in the history of the freakin' planet on that one freakin' thing.

The Meltdown had myriad causes, spread out over decades. But you're choosing to put the blame on one (1) person. So you're either incredibly naive, terribly misinformed or (most likely) playing an intellectually dishonest partisan game. And I'm under no obligation to play along.

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