Who's at fault for the 2008 Recession?

[BuckToothMoron]

Bush triggered it. Obama nourished and, indeed, cherished it.

How could Former President Obama (the Scourge of the CRC) have cherished it since he wasn't in office until 2009? And, remember, in my OP, I pointed out that I've been told it was the Democrat's running Congress that caused the Recession.

You’ve been told? Why don’t you show who “told” you it was caused by democrats? I smell a STRAWMAN!

 

[Nosmo King]

When banking regulation we’re slashed and permitted commercial banks to act as investment house.

Deregulation! Oh what many sins we allow when small government Conservatives get their way!

 

[Marion Morrison]

Dodd-Frank was passed in Obama days, so it wasn't that.

This one's on the Bushes and Clinton.

The internet sucks for info on this. Much appears to have been scrubbed.

 

[WTH_Progs?]

It began by reducing lending standards, which fell under the Clinton admin. That was continued by Bush. Lenders took advantage of ignorant people and frenzy. Interest rates were reduced, which was a direct result of 9-11, and that helped to inflate the market.

Our government under Bush, which was primarily Democrat take some responsibility. Doesn't matter what they enacted or not, lack of action counts too. So to answer your question, Clinton, Bush, Dems., Reps, lenders and consumers. WTF else would the crash belong to?

 

[MarathonMike]

Bush triggered it. Obama nourished and, indeed, cherished it.

How could Former President Obama (the Scourge of the CRC) have cherished it since he wasn't in office until 2009? And, remember, in my OP, I pointed out that I've been told it was the Democrat's running Congress that caused the Recession.

Neither Obama nor Bush caused the recession. Carter, Clinton, Barney Frank and the banks that created junk level derivatives are the main perpetrators. Read this it's fairly accurate.
Uh, Hillary, Your Hubby Caused the 2008 Recession

 

[TemplarKormac]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Curious, why is this an issue now? Angry that Trump is helping the economy?

What's not a dodge but one asking who was responsible for a decade old economic failure?

At any rate, both parties and both presidents were responsible for the recession. One party through sheer ignorance and the other out of sheer inaction.

Typical partisan, trying to pin the blame on one singular person or group. That isn't how it works.

There might be two sides to every coin, but it's the same coin! If you shave one side off the coin, it loses all of its value. Same with our politics. If we spend time blaming only one political party for every failure or disaster, rational and civil discourse has lost all meaning.

 

[McRocket]

In order?

The Fed (without too low interest rates for too long - it never could have started), GWB (and his well-intentioned but moronic low income housing plan), Congress (for passing it - unanimously, I believe), Freddie and Fannie, the banks (for selling goofy mortgages), Wall Street and consumers (who were dumb enough to buy the mortgages with the bizarre terms that they knew they never would be able to pay off).

BTW - as per usual - most people completely underestimate the impact the Federal Reserve has had since 2001.
It amazes me how little perhaps 95% of Americans seem to know about this institution...and just how INCREDIBLY powerful it is.
It is FAR more powerful (economically) then Congress and the POTUS put together. And Wall Street cowers when the Fed Head speaks.
The Fed can buy ANY corporation (if enough shares are available), finance ANY government debt, print ANY amount of money, bail out any/all corporations/banks and it could buy every, available stock in America if it wanted to. And it is a for-profit, privately owned institution.
Other then consumers as a whole - the Fed IS the number one driving force of the economy...has been since 2008.

And yet almost all Americans - and apparently most of you here - have not a clue how much influence/power it has.

Obama did not 'save' the economy. The Fed did. And Trump is not 'powering' the economy...the Fed is.

 

[leftwinger]

CRA, Glass-Stegall set it in motion.


Chancy took Congress in 2007 and ignored it all. As Ray posted, it is what they did not do....they did nothing but spend Tax dollars. See the debt explosion. Obama was useless in the Senate at that time, voting present.

The recession exploded in advance of Oblameo taking office. EVERYBODY un- loaded all they could befor it all would be lost including employees.

 

[JWBooth]

Who's at fault for the 2008 Recession?
The Federal Reserve

 

[Marion Morrison]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Curious, why is this an issue now? Angry that Trump is helping the economy?

What's not a dodge but one asking who was responsible for a decade old economic failure?

At any rate, both parties and both presidents were responsible for the recession. One party through sheer ignorance and the other out of sheer inaction.

Typical partisan, trying to pin the blame on one singular person or group. That isn't how it works.

There might be two sides to every coin, but it's the same coin! If you shave one side off the coin, it loses all of its value. Same with our politics. If we spend time blaming only one political party for every failure or disaster, rational and civil discourse has lost all meaning.

Like I said, it was Clinton and Bush and about 5 Congresses.

Watch Bodey have some wackitty link to a blog that pins it all on "muh Republicans".

This thread was shit from the jump.

 

[Ray From Cleveland]

There were many factors that lead up to the crash. Nobody one party was responsible

Bullshit it was caused by deregulation, poor oversight, and greed

Deregulation? That was done by Clinton's order when he ordered HUD to lower standards for minorities. Then, Andrew Cuomo was the youngest and most inexperienced director of HUD and he did as Clinton asked.

Poor oversight? Republicans wanted to create that oversight. Democrats stopped them. See my video on the first page.

Greed? If you throw a hungry stray dog a hamburger, don't be surprised when he gulps it down in two bites. Investors seen an opportunity of a lifetime; the ability to flip houses within a weeks time making tens of thousands of dollars in the process.

 

[sparky]

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Clinton's rescinding of Glass Stegal
Aftermath of the repeal of the Glass–Steagall Act - Wikipedia
~S~

 

[Papageorgio]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The Commodities Future Modernization Act of 2000, it was passed with just four dissenting votes and signed by the President helped seal the fate of the nation.

Lots of reasons and lots of blame to spread for the 2008 recession. Neither party can escape blame for the recession.

 

[IM2]

Bush triggered it. Obama nourished and, indeed, cherished it.

Obama was not sworn in until 1-20-2009.

 

[IM2]

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Clinton's rescinding of Glass Stegal
Aftermath of the repeal of the Glass–Steagall Act - Wikipedia
~S~

That legislation was crafted and sponsored by 3 republicans named Gramm, Leech, and Bliley.

 

[IM2]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The Commodities Future Modernization Act of 2000, it was passed with just four dissenting votes and signed by the President helped seal the fate of the nation.

Lots of reasons and lots of blame to spread for the 2008 recession. Neither party can escape blame for the recession.

Actually since republicans controlled everything, they can be blamed.

 

[Bruce_T_Laney]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The 2007 crash of the Housing Market and Banks like BOA that floated bad loans were the main reason.

United States housing bubble - Wikipedia

Now please explain how George W. Bush was at fault for the market crash and the poor lending practices of the Banks at that time and please show which bills he signed into law that allowed banks to float junk loans like they did during that period!?!

 

[Bruce_T_Laney]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The Commodities Future Modernization Act of 2000, it was passed with just four dissenting votes and signed by the President helped seal the fate of the nation.

Lots of reasons and lots of blame to spread for the 2008 recession. Neither party can escape blame for the recession.

Actually since republicans controlled everything, they can be blamed.

In 2008 the Republicans only controlled the White House.

In 2008 Nancy Pelosi was Speaker of the House and Harry Reid was Senate Majority Leader and in 2000 Bill Clinton was still President.

And you claimed you were in the top ten percent of something?

 

[sparky]

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Clinton's rescinding of Glass Stegal
Aftermath of the repeal of the Glass–Steagall Act - Wikipedia
~S~

That legislation was crafted and sponsored by 3 republicans named Gramm, Leech, and Bliley.

As well as advocated by bankster insiders like Barney Frank w/in the Clinton administration, who was seated as banking commish chair after the '08 crash

But the bigger pix looms ala fiscal sword of damocles....

~S~

 

[Kondor3]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

I cannot cite the specific legislation because I do not have the time to research it this morning.

However...

Earlier reading informs me that it was Democratic legislative 'tampering' with the mortgage-lending business...

Insisting that lenders provide loans to bad-risk types during a period of steadily increasing housing costs...

Eventually accumulating hundreds of thousands of mortgage loans with little hope of keeping pace with such costs...

And that when those chickens began coming home to roost, the whole bubble collapsed...

Again... all because Democrats pushed-through "reforms" that forced bad lending practices upon the industry...

Did I get it right?