It wasn't the budget that caused the recession. It was the Democrat initiated CRA nd the piss poor oversight of the Finance Committee from Barney Queerboy and the Democrat Leadership. Everything was going fine for six years under Bush and then the filthy Democrats took over Congress and everything crashed. .
Actually the tipping point was in 2004-2006 when Bush enacted his 'ownership society' where he promised to put millions more people into their on homes. And three years after fully enacting his policy, Bush plunged the country into recession when the bottom dropped out of the housing market
Subprime mortgage crisis - Wikipedia
A proximate cause was the rise in subprime lending. The percentage of lower-quality
subprime mortgages originated during a given year rose from the historical 8% or lower range to approximately 20% from 2004 to 2006, with much higher ratios in some parts of the U.S. A high percentage of these subprime mortgages, over 90% in 2006 for example, were
adjustable-rate mortgages.
[4] These two changes were part of a broader trend of lowered lending standards and higher-risk mortgage products
The problem happened 2004-2006 before the democrats took over congress in 2007. So blaming the democrats is as stupid an argument as i've ever heard.
In 2004, the
Federal Bureau of Investigation warned of an "epidemic" in mortgage fraud, an important credit risk of nonprime mortgage lending, which, they said, could lead to "a problem that could have as much impact as the S&L crisis".
[123][124][125][126] Despite this,
the Bush administration prevented states from investigating and prosecuting predatory lenders by invoking a banking law from 1863 "to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative
Actually the tipping point was in 2004-2006 when Bush enacted his 'ownership society'
Subprime mortgage crisis - Wikipedia
A proximate cause was the rise in subprime lending. The percentage of lower-quality
subprime mortgages originated during a given year rose from the historical 8% or lower range to approximately 20% from 2004 to 2006,
The problem happened 2004-2006 before the democrats took over congress in 2007. So blaming the democrats is as stupid an argument as i've ever heard.
The filthy ass CRA Democrat bill to put government pressure on the lenders to give credit to people that normally would not qualify was the root cause of the disaster. Then in 2007 we had Barney
Queerboy as chairman of the Finance committee, which provided oversight. What could possibly go wrong? On top of that the government gave assurances that if anything did go wrong then they would cover the lenders with bailouts, which is exactly what happen..
The economics of 2004-2006 is what cause it. The Bush administration blocking predatory lending laws enacted by the states let it flourish. Yet you blame the 2007 recession on the Democrats who didn't run things during the 2004-2006 period that caused the financial crisis.
People like you deserve to be called stupid.
Ignoring your opinion.... everything you said here, is true.
The only problem is, you are ignoring specific facts, that would change the conclusion.
The housing bubble started in 1997. Period.
Before Bush got involved..... the housing bubble started in 1997, and the largest increase in prices, happened between 1997 and 2004. Not after 2004 to 2007.
This is an unavoidable fact, that you can't explain away with "Republicans this, and Bush that" type of logic.
Moreover, the entire government, not just Bush, was involved in protecting the "goal of more home ownership".
Barney Frank was chairman of the House Financial Services Committee, and openly proclaimed that they intended to continue to push for home ownership.
Now, if you could point to democrats all warning, and opposing Bush, and pushing for tighter controls on so-called predatory lending..... ok. You would have a point.
In reality, it was the Democrats who started off saying they wanted to lower the standards for people to get mortgages. Which is exactly why they opposed clamping down on so-called "predatory" lending. They openly said, if they stopped those lenders from giving out these loans, it would deny credit to exactly the group of people they wanted to "protect" (aka get credit to).
Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect.
Eliot Spitzer - Predatory Lenders' Partner in Crime
You tell banks to make loans to people who did not qualify for traditional prime rate loans.
Then you try and file lawsuits against banks to make those loans, calling them "predatory".
Then you are shocked the government opposes those lawsuits, and supports the banks making those loans.
Are you schizophrenic?
Oh and by the way......... did you read your own link? Let me help you out....
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.
The OCC. That is the Office of the Comptroller of the Currency. 2003 is when this happened.
Do you know who was the controller of currency in 2003?
John D. Hawke, Jr.
Do you know who appointed John D Hawke Jr? Bill Clinton in 1998. Not only that, but he was a recces appointment. The Republicans didn't even get to debate him.
SO EVERYTHING YOU JUST POSTED WAS DONE BY A GUY THAT WAS RECESS APPOINTED BY BILL CLINTON.
.... fail.... failtastic..... You lose. Not even a Bush guy.