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Sure, the ECONOMY was "fine" during 2007... just as a building can be considered fine, strong, and well-built, despite the fact that it's got a ticking time bomb attached to the foundation. The bomb simply hasn't gone off yet.
Ditto for the nation's economy in 2007. It was in pretty good shape... if you ignore the ticking time bomb Democrats had planted in the form of billions of dollars' worth of toxic loans they forced lenders to make to people who would have great difficulty paying them back... against all normal, careful business practices, and against all warnings that Bush and other Republicans kept sounding (documented in the OP), in 2007 and earlier.
Watch the video again. Bush sounded no warnings! Bush defended the economy and his economic policies all the way until the ship was sinking!
Wierd how the Republican's are now claiming the successes of the Obama administration eg Bin Laden, Troops out of Iraq etc etc, BUT do not take responsibilty for the disasters during Bush's administration.......... "cherry picking" again.
I've heard this whopper several times now, most recently during the Dem convention this last week. What's most surprising (Democrat lies in general aren't surprising) is that they seem to be building their entire agenda around this particular fib - "The best reason to vote for us, is so that we don't go back to the Republican policies that DIDN'T WORK in the past!"
But in fact, the unworkable policies that led to the present finacial crisis, were born and bred in Democrat-dominated committees, planning sessions, courts, and community-organizing groups.
As has been pointed out in this forum (see A reminder of what caused the economic crisis we've been in for four years: Democrat policies ) , the current economic crisis, which manifested itself four years ago with panic over crashing financial institutions, "toxic mortgage loans", and frantic bailouts, was caused primarily by court decisions penalizing banks for not making loans in a pattern somebody thought was "fair" - basically a quota system that measured how many mortgage loans were made to minorities, poor people, etc.
These quotas were mandated, in so many words, by the courts with no rgard for the unpleasant but accurate fact that those groups frequently had higher numbers of people financially incapable of paying the loans back. With unfavorable outcomes staring them in the face, banks and other lenders started making more and more such risky loans rather than risk long, costly lawsuits over ill-defined standards that they might lose. See the link above for corroboration.
The imbalance was then exacerbated by large government institutions such as FNMA and FLHMC announcing they would buy up most "sub-prime" mortgages from the lenders, thus absolving the lenders from the risks of making loans that might not get paid back, and freeing them up to make huge numbers of such loans. It was Democrats' "workable" scheme for providing home loans to people who could not otherwise afford them... albeit for grimly good reason. These govt institutions bought up literally billions of dollars worth of those risky loans, while large lenders such as Lehman Brothers, Countrywide Financial etc. kept many more in their own portfolios.
In fact, Republicans started sounding warnings over these practices shortly after they began, and made them stronger and stronger as Democrats laughed them off, ignored them, made excuses, and kept right on doing what they had been doing. Republicans then started writing legislation to oversee and control those government institutions, only to see the bills buried in committee by Democrat majorities, or filibustered to death in the Senate when Democrats were in the minority.
Todays shouts by Democrats that "We don't want to go back to REPUBLICAN policies that caused the problems we've been having!" are astoundingly, brazenly false... similar to a proven arsonist blaming the firefighters for the conflagration of a building the arsonist just torched, even as the blaze spread to more and more nearby structures. To put it bluntly, the Democrats are lying through their teeth, again. As usual. It was Democrat policies (fought at every step by Republicans) that caused the economic crisis, and are well documented as doing so (again see the link above).
Next time you hear this Democrat Lie Du Jour, remind them of these things. It's time for their desperate lies to stop, time for them to stop leading innocent but gullible voters down their primrose path, and time for sense and intellgence to return to the country's leadership... if we are ever to get out of this mess the Democrats caused.
It was the bank industry that tanked the economy. Not the Repubs or Dems.
No it was Barney Frank,Chris Dodd, Billy Clinton and the pork additives Congress adds to bills and relief packages....Government doesn't need to be complicated....
The 2008 collapse happened under a Republican Administration. Why won't Republicans accept ownership of this? Stop blaming Democrats for it.
Isn't that the gist of the argument used against the current administration's blame game exploits?
The current and previous administrations were run over by the capitalist boom and bust cycle and I don't blame either one for causing a process that occurs naturally anyways. It sucks being the passenger and not the driver.
I criticize the previous administration(s) and congress(es) for being woefully unprepared for the inevitability of a bust, and, also, this administration and congress for not using the last 4 years to develop a plan to weather the next bust in the cycle.
Amassing huge debts during good times so that there is no room to move when a bust occurs is not a well thought out policy, but we've had 30 years of it, and it left us with our thumb up our arse.
The 2008 collapse happened under a Republican Administration. Why won't Republicans accept ownership of this?
For the reasons given (and documented) in the OP and its links.
Reasons which the Democrats keep desperately ignoring (with posts like yours) and trying to pretend aren't there, despite documented facts showing they happened as described.
This is Bush talking about the economy and his great economic policies in early 2008!!
Lie, Bush tried 13 different times to reign in the guarantees and the risk. They even had Congressional hearings over it where the GOP and the auditors who predicted a collapse were ridiculed non stop by Democrats while Dems wanted debt ratios to be dropped from 3% to 0%.
The 2008 collapse happened under a Republican Administration.
Lie.. the collapse happened under a Democratic Congress who held BOTH branches. If you blame the President, then you're just plain ignorant on the Constitution.
The White House Warned Congress About Fannie Mae Freddie Mac 17 Times In 2008, Alone
September, 21, 2008 — nicedeb The White House attempts to set the record straight: (I’m copying this post from the White House webpage in it’s entirety because I want people to read the whole thing).
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
2001 April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
2002 May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
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Stop blaming Democrats for it. 
