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The blocking of the Fannie Mae - Freddie Mac oversight spoke volumes about the playground of corruption that this had turned into for Democrats. Yet, people who pot on here still blame Bush for these problems. It is amazing how one can stick their head in the sand and deny facts.
And what policies did these Democrats put in place that resulted in the current mess? Be specific and provide reasoning too.
(For the record I've asked this question multiple times and no one has offered a serious answer).
They have been in CONTROL and have initiated every single solitary BUDGET proposal and bill that has come down the pike and those bills have increased the debt and deficit to what they are today.
I've given the same answer many times and you continue to ignore the facts.
Just like now with Obama and all these bills, Bush did not compose any bills that were passed during his administration. He just signed them saying he was OK with them.
[quote=Voyageur;15417954]Then you're profoundly ignorant that the Great Recession was caused by reckless lending practices by financial institutions, securitized mortgages, and a speculative bubble based on these pillars which burst. And you have to be brain-dead to think that these practices weren't encouraged and enabled over a long, three-decade period by so-called fiscal-conservatives who forgot the lessons of the 1920s.
That is why they created a firewall know as Glass-Steigall as part of the New Deal banking safeguards. Bill Clinton signed the repeal of Glass-Steigall and the new Dodd-Frank Act passed by the current Democrat Congress and signed into law by Obama does nothing to reinstate Glass-Steigall or even replace it with a similar safeguard. We know that the financial institutions trading highly leveraged and worthless unregulated CDOs would not have been "too big to fail" had Glass-Steigall been in place to prevent the mega-mergers that made them too big to fail. Why is that key element missing and why is a SEC FOIA exemption (section 929I) included in the legislation?
The country took a nosedive when bush and the right had complete control of congress, pumping out far right bills like a machine. Leading to the crash in housing, banks, unemployment, everything. Dems got control of congress when the country was fed up with the bush fascist reign and absolutely slaughtered the republicans at the polls like nothing ever seen before. That's when they put the brakes on. We're still feeling the aftershock of the far right's disaster.
"pumping out far right bills like a machine."???
What would these far right bills be? The massive increases to public education that Bush had Sen. Kennedy write, or maybe the massive prescription drug bill?
The "far-right" was very vocal with their outrage over Bush's out of control spending, they accused him of acting like a big government, big spending, liberal democrat.
What would these far right bills be? The massive increases to public education that Bush had Sen. Kennedy write, or maybe the massive prescription drug bill?
The "far-right" was very vocal with their outrage over Bush's out of control spending, they accused him of acting like a big government, big spending, liberal democrat.
That is why they created a firewall know as Glass-Steigall as part of the New Deal banking safeguards. Bill Clinton signed the repeal of Glass-Steigall and the new Dodd-Frank Act passed by the current Democrat Congress and signed into law by Obama does nothing to reinstate Glass-Steigall or even replace it with a similar safeguard. We know that the financial institutions trading highly leveraged and worthless unregulated CDOs would not have been "too big to fail" had Glass-Steigall been in place to prevent the mega-mergers that made them too big to fail. Why is that key element missing and why is a SEC FOIA exemption (section 929I) included in the legislation?
Agreed. The repeal allowed the merging of commercial and investment banks, like CitiGroup, and when you combine that with the canerous bundling practices with bad mortgages, from the likes of Fannie and Freddie, it was the last nail in the coffin.
Pardon me, but your post indicates a level of short-sightedness that you might wish to reconsider. After all, if you go back another couple of terms, you will find that the Democrats left President Bush a thriving economy with a government surplus that might've been available to assist during this present downturn.
Of course, the downturn would not have existed, had President Bush not started the wars, and pushed the banking industry to open loans to people unprepared to cover the terms and conditions.
History requires a little longer view to put things into perspective. If you go back even further, you will discover that at one time it was the Democrats that were racially biased and miserly, while the Republicans fought for personal freedoms and public good.
All this political jockeying forces one to stay mentally nimble, and it's easy to lose step. Better luck next time.
Agreed. The repeal allowed the merging of commercial and investment banks, like CitiGroup, and when you combine that with the canerous bundling practices with bad mortgages, from the likes of Fannie and Freddie, it was the last nail in the coffin.
Who heads the Financial overlook in the House of Reps?
Who heads the Housing Comity in the House?
Those are the people you need to be looking real hard at, that they were not smart enough to run that sector of the government.
Pardon me, but your post indicates a level of short-sightedness that you might wish to reconsider. After all, if you go back another couple of terms, you will find that the Democrats left President Bush a thriving economy with a government surplus that might've been available to assist during this present downturn.
Of course, the downturn would not have existed, had President Bush not started the wars, and pushed the banking industry to open loans to people unprepared to cover the terms and conditions.
History requires a little longer view to put things into perspective. If you go back even further, you will discover that at one time it was the Democrats that were racially biased and miserly, while the Republicans fought for personal freedoms and public good.
All this political jockeying forces one to stay mentally nimble, and it's easy to lose step. Better luck next time.
Oh dear, where to start?
The economy was not thriving. We had the tech bubble bursting and then shortly after, we had 9/11.
The democrats forced banks to loan to unqualified applicants who they deemed were being discriminated against. Many, many times the GOP and Bush tried to reform Fannie & Freddie, but the democrats blocked it every time.
I know it is hard to dispute the actually statistics in the op.
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