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The economy was in freefall because Clinton, on the advice of his financial working group (Summers, Raines, Rubin) deliberately left derivatives unregulated. Repealing Glass-Steagall didn`t help the situation either.
Once the initial crisis was over, why would the economy continue in freefall?
When has that ever happened?
The fact that this is the weakest recovery from recession in our history speaks to the failed policies of the Obama administration.
Who in the Bush Administration was pushing for regulating derivatives between Jan 2001 and 2007/8 when the market for derivatives was growing dramatically?
Certainly not Treasury Sec. Hank Paulson who was in charge at Goldman Sachs when Goldman became a major players in the derivative marketplace.
Summers and Rubin were not alone in resisting regulation of derivatives, it was a bi-partisan position.
Why would the economy continue to freefall? Because the investment banks which are a driving force in a capitalist economy had been devastated. I'm frankly amazed that the US has done as well as it has given the circumstances of late 2008.
Americans have a very short memory and have never learned actual history.... The worst president in US history is Lyndon Baines Johnson. He escalated the vietnam war, and is the father of the modern social services network. He has cost this country more in actual lost productivity, and revenue than any president past or present.
Who in the Bush Administration was pushing for regulating derivatives between Jan 2001 and 2007/8 when the market for derivatives was growing dramatically?
Certainly not Treasury Sec. Hank Paulson who was in charge at Goldman Sachs when Goldman became a major players in the derivative marketplace.
Summers and Rubin were not alone in resisting regulation of derivatives, it was a bi-partisan position.
Why would the economy continue to freefall? Because the investment banks which are a driving force in a capitalist economy had been devastated. I'm frankly amazed that the US has done as well as it has given the circumstances of late 2008.
I agree Bush could have done more to stop the avalanche Clinton started.
As for those devastated investment banks, they never missed a beat.
As soon as they got their paws on all that TARP money, they did what any soulless reptile would do.
Instead of loaning the money out, like they were supposed to do, they went out and bought up the same assets they made near worthless at fire sale prices.
Nice to have friends with a money printing machine.
As for Sleepy Summers, I know why Brooksley Born`s career at CFTC came to an end.
What I don`t understand is why he was able to find a job that didn`t involve a large broom and an even larger set of keys.
The economy was in freefall because Clinton, on the advice of his financial working group (Summers, Raines, Rubin) deliberately left derivatives unregulated. Repealing Glass-Steagall didn`t help the situation either.
Once the initial crisis was over, why would the economy continue in freefall?
When has that ever happened?
The fact that this is the weakest recovery from recession in our history speaks to the failed policies of the Obama administration.
Are you serious?
The economy lost TRILLIONS in consumer wealth when the financial crisis hit. Foreclosures were rampant, business failures were common, and hundreds of thousands of jobs were being lost every month. The economic contraction was the worst in 80 years. Anyone expecting a quick recovery was delusional.
Quote:
Originally Posted by momonkey
Take it up with Clinton.
His trade deals.
His repeal of Glass-Steagall.
His refusal to regulate derivatives.
Without Clinton, there is no financial crisis.
Conservatives love to site Glass-Steagall as the direct cause o the Great Recession (mainly to deflect blame from Bush onto Clinton) but it's a false narrative. If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have under Glass-Steagall’s restrictions.
I'm by no measure a fan of Bush, but I truly don't believe he could be labelled as the 'worse President.' What did he do to truly drag the country down on purpose?
Let's discuss a few reasons people say Bush is the worst:v
Iraq War, yes, today it's looked at as a major policy failure but with the previous intelligence dating back to Clinton's first term, Iraq had WMD's. Mind you, with 9/11 just happening, the U.S. wasn't going to tolerate any threat. Now on the offense of Bush, why didn't we also attack NK? Maybe China would've stopped us? Regardless, I understand why Iraq happened. It's like someone killing your neighbor and you having no guns in your home, well, of course you'll arm up now to prevent that from happening again.
Tax-Breaks primarily for the wealthy, a lot of people forget there was a recession at the end of Clinton's term so in-turn, the same argument that Obama supporters use can be used for Bush and that's that he inherited a problem. To be fair, regardless of the surpluses were to continue, Bush would still made a tax-cut, but with the economy in 'shambles,' I do understand why he may think tax-cuts would spur growth as in some cases they do.
NCLB-A true policy failure, but I do believe it was made in good-faith.
The Great Recession-while Bush did make attempts while in office to restructure a few organizations that were seeming to bubble, and many conservatives blame Clinton for that, I don't believe Bush would've done anything to truly stop a bubble. In other words, he probably would've removed even more regulations on those organizations but we'll never know, right?
The economy lost TRILLIONS in consumer wealth when the financial crisis hit. Foreclosures were rampant, business failures were common, and hundreds of thousands of jobs were being lost every month. The economic contraction was the worst in 80 years. Anyone expecting a quick recovery was delusional.
Conservatives love to site Glass-Steagall as the direct cause o the Great Recession (mainly to deflect blame from Bush onto Clinton) but it's a false narrative. If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have under Glass-Steagall’s restrictions.
"The economic contraction was the worst in 80 years."
Yeah, I see the ministry of truth has been busy...
"Note: On July 31, 2013 the Bureau of Economic Analysis BEA revised all GDP statistics from 1929. It also made revisions in 2014, back through 1999. The most recent stats are given below, with the original stats in parentheses."
Must nice to be able rewrite the facts to fit the narrative.
OK, so if Clinton never takes the oath of office, never signs NAFTA and the 2000 China Trade Act, never repeals Glass-Steigall, never requires GSEs to bundle mortgages into derivatives, never allows unregulated derivatives to be traded or leveraged, how do we still have a financial crisis like the one we witnessed in 2008?
George "W" Bush is by far the worst. He was off the charts horrible, and I don't think anyone will ever overtake him as the worst.
All you have to do is look to your boy in the White House currently and you have your answer. The O-boy blows every other President away in terms of being the worst, wake up and do some research here. Wow.
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