Who Really Wrecked the Economy?

[California Girl]

HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)


So I've set this goal for the country. We want 5.5 million more homeowners by 2010 -- million more minority homeowners by 2010. (Applause.) Five-and-a-half million families by 2010 will own a home. That is our goal. It is a realistic goal. But it's going to mean we're going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well.

Your problem, as I see it, is that you don't look at context. You look only at the bad from the GOP and only at the good from the Dems. You use one piece of information to 'justify' your silly gibberish but you never look at the whole picture of what happened and why.

Personally, I think playing politics with the economy is a disgraceful - even treasonous - thing to do... and you know who did that?

Clinton.

 

[kiwiman127]

This shouldn't be a partisan issue as it took a bi-partisan effort to bring down the economy.

 

[California Girl]

This shouldn't be a partisan issue as it took a bi-partisan effort to bring down the economy.

Yes, it did. But.... when the left are continually lying about it, it is reasonable to outline exactly what the Democrats did that brought us here.

Fact is that the Dems do carry a significant portion of the blame here.

 

[iamwhatiseem]

People like Truthmatters are a hopeless cause unfortunately.
And to think - it is people like this that vote every year - point and game as to why the same idiots are voted in year after year.
In this economic mess, there is a caravan of blame to go around. Only simple-minded, blind partisan know-it-alls blame one party for this.

 

[CrusaderFrank]

Obama's Crack Ho Spending got us downgraded by the Germans, warned by Moody's and PIMCO purged their portfolio of US Treasuries, so this is clearly Bush's fault

 

[Bern80]

I did nothing to cause this mess and warned of it before it happened.

The right pretended everything was great.

And yet it's the left that wants to raise the debt ceiling.

 

[iamwhatiseem]

I did nothing to cause this mess and warned of it before it happened.

The right pretended everything was great.

And yet it's the left that wants to raise the debt ceiling.

The debt ceiling is going to be raised.

 

[PoliticalChic]

The blame for the loins share of this lies on the republican side.

Its their lack of inforcement of the laws that did this.

This book, just one more piece of the current research, is by "...Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times,..." (from the OP).

As more and more of such research becomes available, it will become more and more difficult for you folks who are on the Left, and apologists for same, to deny.

While I would never expect a mea culpa from you folks, I would hope that at some point you accept the truth of the proximal cause of the crisis....Democrats going back to the inception of the GSE's, 1938, but the distal cause as well, and that is big government and the designs of progressives.

 

[Trajan]

I did nothing to cause this mess and warned of it before it happened.

The right pretended everything was great.

And yet it's the left that wants to raise the debt ceiling.

The debt ceiling is going to be raised.

yes it will, but, it has to come with a bill, encompassing a plan, balanced budget whatever....

I'd like to say that if the house & senate adjourn for their 2 weeks off for july 4th recess, with no real discussion of a REAL plan to chew on , well, a pox on their houses.....

"And I wish you plague! May all
your children breech and die!."

 

[boedicca]

Didn't you know? The NYT is a well known NEOCON, Bible Belt Propaganda Mill.

 

[Yoda]

How does Ben Bernanke get off? You really want to know? Corporations outsourcing jobs for cheap labor and banks allowed to give people loans that they know that they know they cannot afford and people who keep voting for politicians who have an (R) or a (D) next to their names. As long as people keep thinking that a Republican or a Democrat will somehow fix things and make everything better, America will continue to fall.

 

[Toro]

All asset bubbles are a function of excess credit creation. All of them. You can have too much liquidity sloshing around in the system and not have bubbles, but you can't have bubbles without too much credit.

When looking for answers, we must look at cause and effect. Given that the GSEs were 40% of the mortgage market before the financial crisis, its difficult to say that the GSEs would not have at least some influence on the pricing and availability of credit in this country.

Americans are great people. Unfortunately, Americans are also a very self-absorbed people. Americans don't pay much attention to the world around them unless it involves themselves. Hey, don't take it personally. It's true of any great center, be it the world, a country, a state, a county, etc. So when Americans look for answers to the Financial Crisis, they look inward. And that is correct, but only to some extent.

The effect is a global housing bubble, not just a US bubble. In fact, the US lagged many countries in terms of housing appreciation. Other countries had big housing bubbles too, including Canada, the UK, Ireland, Spain, Portugal, Holland, Norway, South Africa, China, Singapore, Australia, New Zealand, etc. The problem with "the GSEs as the prime culprit for the Financial Crisis" meme is that it is difficult to reconcile a global housing bubble with the actions of Fannie and Freddie. For example, how does increasing credit availability by the GSEs affect housing prices in Dublin, Oslo or Sydney? I have no idea, and I haven't heard anyone give a good explanation for this. Or a bad one for that matter. It's tough to reconcile.

So since the effect was a global housing bubble, the cause, too, must be global. Of course, the GSEs are weaved into the fabric of the global financial system, and they will have an effect, but credit abroad is not priced off the actions the GSEs.

 

[Truthmatters]

The blame for the loins share of this lies on the republican side.

Its their lack of inforcement of the laws that did this.

This book, just one more piece of the current research, is by "...Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times,..." (from the OP).

As more and more of such research becomes available, it will become more and more difficult for you folks who are on the Left, and apologists for same, to deny.

While I would never expect a mea culpa from you folks, I would hope that at some point you accept the truth of the proximal cause of the crisis....Democrats going back to the inception of the GSE's, 1938, but the distal cause as well, and that is big government and the designs of progressives.

Shes worked on Forbes campaign for President.

She is a neocon

 

[PoliticalChic]

The blame for the loins share of this lies on the republican side.

Its their lack of inforcement of the laws that did this.

This book, just one more piece of the current research, is by "...Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times,..." (from the OP).

As more and more of such research becomes available, it will become more and more difficult for you folks who are on the Left, and apologists for same, to deny.

While I would never expect a mea culpa from you folks, I would hope that at some point you accept the truth of the proximal cause of the crisis....Democrats going back to the inception of the GSE's, 1938, but the distal cause as well, and that is big government and the designs of progressives.

Shes worked on Forbes campaign for President.

She is a neocon

...another brick in the wall....

 

[kiwiman127]

This thread is GREAT,,,,for finding who the obvious partisans are.
The right blames the left and the left blames the right. Now if you put both partisan answers together, well you got it almost right. But you have to throw in the Federal Reserve w/Greenspan and Bernanke to have a much more complete list.

 

[Richard-H]

The right blames the left and the left blames the right...But you have to throw in the Federal Reserve w/Greenspan and Bernanke to have a much more complete list.

Yup...it's the entire American financial and political system....not to mention all of us nobodys that just sat by and let it all happen like a bunch of sheep.

This country is run by a bunch of free liberatarian mega-millionaires. They'd as soon destroy the federal & state governments and exterminate the majority of the world's population.

The Republican's unabashedly represent their interests while recruiting legions of morons to gain the balance of the electorate thru non-sense social issues.

Meanwhile, the Democrats, who are wholly owned by the same, exist just to let the American people blow off steam. When we're unhappy we vote for the Dems...who never do much to change anything and, once again, use marginal social issues to distract us.

The BIG problem that we all have is that the balance of military power has finally shifted back into the hands of the powerful minority. The days of majority rule are quickly coming to an end.

The Mega-Millionaires are driving a total world wide economic and political collapse. What comes after that will be pure hell for the majority of us.

 

[Kevin_Kennedy]

The right blames the left and the left blames the right...But you have to throw in the Federal Reserve w/Greenspan and Bernanke to have a much more complete list.

Yup...it's the entire American financial and political system....not to mention all of us nobodys that just sat by and let it all happen like a bunch of sheep.

This country is run by a bunch of free liberatarian mega-millionaires. They'd as soon destroy the federal & state governments and exterminate the majority of the world's population.

The Republican's unabashedly represent their interests while recruiting legions of morons to gain the balance of the electorate thru non-sense social issues.

Meanwhile, the Democrats, who are wholly owned by the same, exist just to let the American people blow off steam. When we're unhappy we vote for the Dems...who never do much to change anything and, once again, use marginal social issues to distract us.

The BIG problem that we all have is that the balance of military power has finally shifted back into the hands of the powerful minority. The days of majority rule are quickly coming to an end.

The Mega-Millionaires are driving a total world wide economic and political collapse. What comes after that will be pure hell for the majority of us.

If you think that then I feel confident in stating that you know less about libertarianism than you would have us all believe.

 

[GWV5903]

CRA was the seed to this, planted by Carter, enhanced by Clinton....

You do not give anyone a mortgage when all they have in the game is $500....

It really is that simple....

 

[Kevin_Kennedy]

CRA was the seed to this, planted by Carter, enhanced by Clinton....

You do not give anyone a mortgage when all they have in the game is $500....

It really is that simple....

Not really that simple. None of that would have been possible without the Federal Reserve. Certainly what you said is true, but at the heart of the matter is the Fed.

 

[jeffrockit]

According to Conservatives..it's sorta wrecked a little now..because of President Obama's milquetoast attempts at regulation. But the massive tax cuts are still there. There is still a huge amount of taxpayer money being funneled into the American Military Industrial complex. Corporations are swimming in huge oceans on taxpayer money and they are still rewarding their executives with huge piles of compensation while the standing of labor crumbles.

Thus the building of a new Conservative Aristocracy in this country..continues against the weakest opposition imaginable.

I know it plays well with the wealth envy crowd especially with an election around the corner but factually it has been proven that you could tax the "rich" (according to Obama that's all making over 250k, though he calls them millionaires and billionaires) at 100% and you would not be able to even cover the interest payments on the deficit. Until politicians are willing to take on the big 3, Medicaid, Medicare and SS, we will not be able to put a dent in the Trillions owed.