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I'm sorry but George W. Bush Jr. PERSONALLY endorsed housing frenzy with his "Ownership Societry" speeches.
He was perfectly willing to leave the mortgage brokerage industry unregulated which was a major source of either fraudulent mortgages or mortgages given to people that had no business owning houses.
He also left the mortgage back security and credit default swap markets unregulated which was a major factor in the credit market meltdown.
very true. he knew about Fannie, Freddie, B of A and JPMorgan. Its not a mystery. He sold it and it worked for him.
Anyone who went to grad school or worked in economic sector, or watches link or free speech tv sees the fraud, and that Bernanke, the Fed and Hank Paulson were at the root of it. It continues. And the far right, i.e. people who support corporate fascism, has no answers.
Now Obama is the scapegoat. Overall its the death knell of the U.S. "free market" system.
I'm sorry but George W. Bush Jr. PERSONALLY endorsed housing frenzy with his "Ownership Societry" speeches.
He was perfectly willing to leave the mortgage brokerage industry unregulated which was a major source of either fraudulent mortgages or mortgages given to people that had no business owning houses.
He also left the mortgage back security and credit default swap markets unregulated which was a major factor in the credit market meltdown.
Quote:
NARRATOR: From the beginning, Clinton aimed to reassure powerful forces on Wall Street, and he did so with a key appointment. Pres. BILL CLINTON: I have asked Robert Rubin to serve as assistant to the president for economic policy......
ARTHUR LEVITT: I've come to know her as one of the most capable, dedicated, intelligent and committed public servants that I have ever come to know. I wish I knew her better in Washington. I could have done much better. I could have made a difference....
JOE NOCERA: Again and again during the Clinton administration, you see these examples of the top regulators basically saying, "The market knows better than us, and we're going to let the market do it."....
NARRATOR: By 2007, the OTC derivatives market had grown to $595 trillion. That's $595 trillion.....
NARRATOR: And the others? Robert Rubin left government to join top management at CitiBank. The taxpayers have pledged more than $100 billion to keep Citi afloat. Rubin's former deputies, Larry Summers and Timothy Geithner, have become President Barack Obama's chief financial advisers.....
Neither Rubin nor his former deputy, Larry Summers, would speak with FRONTLINE about what happened to Brooksley Born.And Rubin's other top deputy, Gary Gensler, now holds Brooksley Born's former post at the CFTC. It still lacks authority to regulate OTC derivatives.....
People paying too much for houses was not the main cause of the recession. The underlying factors of what caused the hyper inflated housing prices was the cause of the recession. Which was under Bush.
Obama inherited a truly horrific recession. One that is slowly ending. However, he is putting policies in place as to prevent another crisis like this from occurring.
dont forget polosi and reid and the gay congressman from san fransico, barny franks they were in charge of both houses all of them democrats for the last two year of Bushs presidency. demcrats of witch Obama was one of them, cause the mess during Bushs presidency. Obama inherited nothing, he took on a job that was to big for him. his a communty organizer for gods sake. why Americans send a child to do a mans job is behond me. realy getting tired of child like excuses why nothing he does works.
dont forget polosi and reid and the gay congressman from san fransico, barny franks they were in charge of both houses all of them democrats for the last two year of Bushs presidency. demcrats of witch Obama was one of them, cause the mess during Bushs presidency. Obama inherited nothing, he took on a job that was to big for him. his a communty organizer for gods sake. why Americans send a child to do a mans job is behond me. realy getting tired of child like excuses why nothing he does works.
You mean the last two years being 2007 and 2008, the start of the recession?
His a community organizer (sic.)? He was also state senator and then a US senator.
Seeing how we have averted a major depression seems like he is doing alright. There are some things I wish he pushed for more, but in our era of hyper partisan politics...you can't expect miracles.
dont forget polosi and reid and the gay congressman from san fransico, barny franks they were in charge of both houses all of them democrats for the last two year of Bushs presidency. demcrats of witch Obama was one of them, cause the mess during Bushs presidency. Obama inherited nothing, he took on a job that was to big for him. his a communty organizer for gods sake. why Americans send a child to do a mans job is behond me. realy getting tired of child like excuses why nothing he does works.
Jeez dude, work on the spelling a bit, I might take you more seriously. Didn't know Franks moved to SF, nice to know. I find him very entertaining.
Is it possible, oh so possible, that the mistakes he made still carried through. According to most...yes.
HE set in motion the course of events that led to the current situation. Not Obama. According to most economists, had Obama not spent more to stimulate the economy...we would be in dire straights.
The idiotic (there are some Republicans who are not idiotic) Republicans that were elected by idiots who don't understand that it will take a long time to fix the devastating effects of nearly a decade of bad policies.
Sorry, but Bush did create the current crisis. Obama will end the crisis. A Republican or Democrat will, hopefully, sustain our recovery after the second term.
And don't forget the wealthy are the big consumers which in turn is demand. Demand creates jobs. When they buy that vacation home someone has to build it, furnish it etc.When the buy that new car every year. etc.
Most wealthy people are not spenders. They don't buy a car every year and many that I have known do not even buy a brand new car because they want someone else to take the hit on the depreciation.
The rich per se do NOT create jobs. There is nothing inherent with being rich that makes a person a job creator.
Investors create jobs based on two things; one, the belief there is a demand for services and products that will be profitable. Two, they can supply a particular product or service for a profit. In a global economy investors can also invest WHERE THERE IS THE GREATEST RETURN FOR THEIR INVESTMENT DOLLAR.
If labor cost is cheaper outside in the United States then why not invest where the labor cost are cheaper? If consumer markets are growing faster in other countries then why focus your efforts in building your sales and distribution efforts in slower growing markets?
What we are seeing quite frankly is that the United States in many cases NO LONGER PROVIDES THE GREATEST RETURN ON INVESTMENT DOLLARS when it comes to investing in factories, new products or new services or sales and distribution channels.
Trickle down makes no sense when middle class incomes have stagnated for the last 30 years and for the past 10 years corproations have done far more investment outside the United States than they have inside. What the corproations and wealthiest people in this country have basically done is kept more of their money for themselves and invested more of it outside the United States. If you give them MORE MONEY they are going to continue to do the same thing.
because Obama's "trickle up poverty" has not worked worth a darn.
but if all this trickling down had worked for the last 30 years we wouldn't have poverty, would we?
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very true. he knew about Fannie, Freddie, B of A and JPMorgan. Its not a mystery. He sold it and it worked for him.
