edthecynic
Censored for Cynicism
- Oct 20, 2008
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Just more complete bullshit. Bush's reform bill passed the GOP controlled House, but the GOP controlled Senate would not bring it up for a vote!Gee, weren't Bush's tax cuts in effect for more than 4 years, and wouldn't an honest appraisal of their effect include all years they were in effect. BTW, that is a rhetorical question, the answer is an undeniable "yes."When people don't want to admit to themselves they elected an affirmative action moron....well you get it.
Here is from the article:
At a campaign rally, Obama said Romney is "just churning out the same ideas that we saw in the decade before I took office . . . the same tax cuts and deregulation agenda that helped get us into this mess in the first place."
It's a standard Obama talking point. But it's not true. Bush's tax cuts did not cause the last recession.
In fact, once they were fully in effect in 2003, they sparked stronger growth generating more than 8 million new jobs over the next four years, and GDP growth averaging close to 3%.
Those tax cuts didn't explode the deficit, either, as Obama frequently claims. Deficits steadily declined after 2003, until the recession hit.
Nor was Bush a deregulator. Conservative Heritage Foundation's regulation expert James Gattuso concluded, after reviewing Bush's record, that "regulation grew substantially during the Bush years."
Even the Washington Post's fact-checker, Glenn Kessler, gave Obama's claim three out of four "Pinocchios," saying "it is time for the Obama campaign to retire this talking point, no matter how much it seems to resonate with voters."
What did cause the economic crisis? The housing bubble. And that, in turn, was the result of a determined federal effort to boost homeownership by, among other things, pressuring banks to lower lending standards.
Read More At IBD: Obama's Re-Election Case Rests On 5 Phony Claims - Investors.com
So deficits declined by borrowing from SS until the BUSH Depression hit. How could anyone possibly blame the BUSH Depression on Bush???
And the Bush economic crisis/Bush Depression was a result of a determined federal/Bush effort to boost home ownership, the very heart of the Bush 2004 presidential election campaign, so how could anyone possibly blame Bush for his own campaign.
USATODAY.com - Bush seeks to increase minority homeownership
USATODAY.com - Bush seeks to increase minority homeownership
Bush seeks to increase minority homeownership
By Thomas A. Fogarty, USA TODAY
In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans.
In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.
Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.
Good grief. Bush went to Congress over and over and over again to get reforms for Freddy and Fannie, and was rebuffed each time.
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
It was Pelosi who got a the reform bill passed and signed into law, as you well know.