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The economy was not healthy in 2000. W Bush inherited the tech bubble, bursting of which was catalyzed by the foolish Clinton lawsuit against Microsoft.
The crash of 2008 was largely the product of the housing bubble--we all know that. The Bush Admin, especially John Snow, had tried to take steps to reform Fannie Mae, but was rebuffed by House Democrats, who thought Fannie Mae was fine as it was:
YEs, the devil is in the details. Why do you think the House Republicans did not support Bush's proposals to 'take steps to reform' things?
The answer is simple, those steps were nothing but a blatant power grab attempt, which would have been rejected by the SC even if GOP AND Dens had supported it. Bush kept throwing more fuel into the housing bubble until the very end.
Actually< Senor Democrats lied to President Bush about the looming Housing Crisis. The Bush Adminstration went to congress17 times. Bush pumped moremoneyinto Fanny Mae to keep the wheels on the bus going.
Acorn sued Banked of America for unfair lending practices with open the doors to loss lending requirements.
Let's list some of the Players, Waters Dem, Barney Frank, Dodd (Country Wide Scandal, Polse and Reid.
Which not of these were tried as criminals. Shame....
Franklin Raines was protected and here is a Tibet on this criminal:
In 2006, the OFHEO announced a suit against Raines in order to recover some or all of the $90 million in payments made to Raines based on the overstated earnings,[5] initially estimated to be $9 billion but have been announced as $6.3 billion.[6]
Civil charges were filed against Raines and two other former executives by the OFHEO in which the OFHEO sought $110 million in penalties and $115 million in returned bonuses from the three accused.[7] On April 18, 2008, the government announced a settlement with Raines together with J. Timothy Howard, Fannie's former chief financial officer, and Leanne G. Spencer, Fannie's former controller dismissing its charges. The three executives maintained their denial of the charges but agreed to the payment of fines totaling about $3 million, which were paid by Fannie's insurance policies. Raines also agreed to donate to charity the proceeds from the sale of $1.8 million of his Fannie stock newly issued to him by the company and to give up stock options, which were valued at $15.6 million when issued. The stock options however had no value.[citation needed] The OFHEO press release said Raines also gave up an estimated $5.3 million of "other benefits" said to be related to his pension and forgone bonuses. Raines denied that he gave up any such benefits or paid any money out of pocket for the settlement.[8]
Senior members of the DNC put this country into a tail spin.
This happen in the final year of the Bush Adminstration. Bush to his credit did the Tarp and which it was paid back. A foot note and guess who was in control of both houses of congress at the time. Dem's!
So who are you going to trust? surely not the DNC.
The FNMA accounting scandal of 2004 (crime, fiasco, whatever you want to call it) did not cause the housing bubble collapse.
U6 unemployment has improved but is still bad. U6 varied from 6.8 to 8.8 for most of 2000-2007. It did get up to 10.2 in 2003 in the aftermath of the tech crash. After the 2008 housing crash, it got up to a peak of 17.1 during 2009. In other words about 2.5 times the previous normal level.
Not so true. The Clinton Economy started to take a downward turn. Bush recovered well after 911. Plus he never blamed President Clinton for the down turn. Just got to work Texas Style!
You mean the same texan so terrible with business who bankrupted his own oil company IN TEXAS ! You mean the same guy who screwed the pooch royally with Hurricane Katrina ? Or how about the same guy who went to war toppled a dictator and put that entire country into anarchy where upon he fumbled the ball after dropping millions into said country via helicopter drops where than the money was lost and oppps mistakes happen right ?
Those links not validate your 90 million number. The unemployed in the U3 number is 9.2 million. Even triple that number and you get to less than 30 million. That is still a long way from 90 million.
My figures concern the labor participation rate -currently the lowest in many a decade. Millions upon millions who need (not merely want) full time work are locked in part time jobs. My figure includes the U-6 figures. Even if my cited figures are off by a whopping 10%, it still paints a picture of lousy leadership. It's been six years and it's still all Bush's fault to you lot. Obama isn't a president to you; he's a cult figure. The cognitive dissonance is truly disturbing.
DeadSpeak-
"You mean the same texan so terrible with business who bankrupted his own oil company IN TEXAS ! You mean the same guy who screwed the pooch royally with Hurricane Katrina ? Or how about the same guy who went to war toppled a dictator and put that entire country into anarchy where upon he fumbled the ball after dropping millions into said country via helicopter drops where than the money was lost and oppps mistakes happen right ?"
Bush's mission to get 5.5 million low income minorities mortgages when they would not otherwise qualify for them.
Mobilizing the Private Sector: America's Homeownership Challenge
Establish a national goal of at least 5.5 million new minority homeowners before the end of the decade.
Challenge the private sector real estate and mortgage finance industries to dramatically increase their efforts to reduce the barriers to homeownership faced by minority families and to work with the nonprofit sector in a concerted effort to achieve this goal through national and local partnerships.
Convene a White House Conference on Increasing Minority Homeownership, to highlight the homeownership barriers faced by minorities and develop proposed solutions.
A substantial increase of at least $440 billion in the financial commitment made by the government-sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market;
Twenty-five different local initiatives to be undertaken across the nation, geared toward eliminating the specific homeownership barriers faced by minority families in those communities;
A commitment to raise $750 million in below-market-rate investments by 2007, which will work in collaboration with local homeownership initiatives and be targeted to heavily minority program areas;
Pursuing strategic partnerships in 20 top housing markets between homebuilders, lenders, local officials, and community leaders to develop approaches that address the local challenges to building homes for minority families living in urban centers;
Establishing of faith-based housing partnerships between the participants and at least 100 churches, mosques, synagogues, and other faith-based institutions;
Aggressively developing new mortgage products so that conventional market alternatives are available to combat the predatory loan products that are disproportionately targeted to minorities;
Creating new mortgage products to meet the unique needs of recent immigrants;
Dramatically expanding financial education efforts for minorities, providing financial counseling to at least 380,000 minority families, and taking measures at the local level to reduce predatory lending; and
Establishing multilingual, consumer-oriented internet Web sites designed to help minorities overcome barriers to homeownership, including creation of a central data bank of affordable housing programs made available to real estate agents when working with clients
Yeah, and what ever happened to the anti-war Left?
They got neutered by all the righties and super patriots out there calling them unamerican freedom hating terrorists.
Quote:
Originally Posted by pghquest
Lowering corporate tax rates would either
A) require the corporations to spend their profits thus stimulate the business side of the economy
or
B) pass those profits onto the investors, which then get taxed at a higher rate.
or
C) Reduce costs on products (doubtful) and make them more affordable to those who are struggling to pay bills and purchase necessary items.
none of these are bad.
A: Even if the rate was 5% that would never happen all they seek is more profit and less spending. Why do you think so many things that are on the market for sale are so cheap and flimsy and break in no time whatsoever. B: how would that happen when many on the right refuse to raise taxes at all ?? C: THAT WILL NEVER HAPPEN ! Business do not believe in reducing prices only raising them, which reminds me of a few businesses in my area that went out of business due to prices being to high for what they were offering.
Quote:
Originally Posted by bluesjuke
DeadSpeak-
Bush took all of troops out of Iraq?
No but he got us started on the time line to take our troops out plus we never would have been there in the first place had he and his congress not voted YES on going to war in the first place.
YEs, the devil is in the details. Why do you think the House Republicans did not support Bush's proposals to 'take steps to reform' things?
The answer is simple, those steps were nothing but a blatant power grab attempt, which would have been rejected by the SC even if GOP AND Dens had supported it. Bush kept throwing more fuel into the housing bubble until the very end.
The major opposition in the House came from powerful Democrats such as Maxine Waters and Barney Frank. Who were the House Republicans who opposed reform? Link? Quote? Major opposition also came from the house black and Hispanic caucuses, who shouted down reform as racist. Democrats at the time were closely allied w/ Fannie CEO James Johnson, who had gotten his start as an aide to Walter Mondale (D, MN).
This was all detailed in the book Reckless Endangerment by NYT reporter Gretchen Morganstern. Where is your version coming from?
The major opposition in the House came from powerful Democrats such as Maxine Waters and Barney Frank. Who were the House Republicans who opposed reform? Link? Quote? Major opposition also came from the house black and Hispanic caucuses, who shouted down reform as racist. Democrats at the time were closely allied w/ Fannie CEO James Johnson, who had gotten his start as an aide to Walter Mondale (D, MN).
This was all detailed in the book Reckless Endangerment by NYT reporter Gretchen Morganstern. Where is your version coming from?
You did not answer the question: Why do you think the House Republicans did not support Bush's proposals to 'take steps to reform' things?
He wanted to take the authority of regulation from Congress and give it to himself (the White House) Do you understand that if he had succeeded, he would have caused even more damage AND now Obama would have that same authority to do whatever he wants when it comes to regulating finance. Not pretty. Luckily both GOP and Dems knew better than to support such measure, as it would have been unconstitutional.
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