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Old 01-27-2016, 09:07 PM
Vector1
 
9,859 posts, read 4,473,028 times
Reputation: 11278
Quote:
Originally Posted by pknopp View Post
Did you blame Bush for the mess he made or did you blame it on the few months of a (D) Congress?

I was channeling a liberal koolaid drinker and thought that came across.


As to where the blame is, there is plenty to go around. Bush, though trying to be fiscally conservative, also had his share of unfunded mandates like the prescription drug plan.


Regardless both parties left oversight and reasonable regulations to the wrong people. Barney Frank and Chuck Schumer, both (D's) dismissed Bush and others when they warned of the shenanigans and forced coercion to mandate banks lend to people (via Fannie & Freddie) who were not qualified. This helped to directly lead to the housing bubble bursting.



https://www.youtube.com/watch?v=cMnSp4qEXNM




So call innovative "securities" touted as being backed by insurance like credit default swaps were worthless and unsecured paper. This also led to the fleecing of taxpayers when everything went to hell.


So yes, Bush's administration had their finger prints on the mess, but so did plenty of Democrats.
Yet all the (D) koolaid drinkers remember is that everything was Bush's fault.


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