The PRZ is THE MOST responsible for the economy. Just look to Harding/Coolidge/Reagan/Dubya to see when you "don't believe in Gov't regulators" what happens!
So what was Obama's problem ?
The economy isn't as bad as some say......but it isn't that great for many......
Can the president single handedly cure income inequality ?
I've never really blamed (or credited) presidents for the economy. They can have an influence. Both Reagan and Clinton did.
Obama's problem? Hint 6 years of Dubya/GOP policy that gutted the middle class, took US tax revenues to Korean war levels and that Bankster credit bubble like 1880's and 1920's. You know, nothing left to work with after gutting everyone?
No Prez canon single handedly "cure" income equality but his policy IS number 1.
Yes, Ronnie ignoring regulator warnings on the S&L crisis in 1984, sure did hurt HWBush's economy right?
Just like Dubya ignoring the FBI and allowing the Banksters to run a ponzi scheme on US as he cheered them on and gave them ways to do it (forcing GSE's to buy their loans, $440 billion, gutted white collar crimes div of FBI, changing net cap rule so investment banks could triple their leverage in 2004 (all 5 gone today), yep, Prez policy matters!)
And there wasn't a darn thing our Commander in Chief could do about it.
So thanks for making my point.
Presidents don't run the economy.
When it comes to Boooshman.....he wasn't near that smart. Nowhere close enough to pull something off like that. It wasn't his policy....he had all kinds of help.
Next.
REALLY? Gawd you are slow, HINT THE EXECUTIVE BRANCH HAS F/F (GSE's) , HUD, SEC, FBI, etc
DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.
Bush's documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)
Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals (2003)
Lowering Investment bank's capital requirements, Net Capital rule (2004)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2004)
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets (2004)
Giving away 40,000 free down payments PER YEAR (2004-2007)
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING (2003)
But the biggest policy was regulators not enforcing lending standards.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
2004 Republican Convention:
Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...
Thanks to our policies, home ownership in America is at an all- time high.
(APPLAUSE)
Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."
June 17, 2004
Builders to fight Bush's low-income plan
NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
Home builders fight Bush's low-income housing - Jun. 17, 2004