Comments on: Bush’s 8 Years of Financial Distress

By: Gene Wilson

Gene Wilson — Fri, 24 Apr 2009 19:38:12 +0000

The Republicans lost their control of congress and the Presidency due to a more effective and organized propaganda machine. Constant repetition of slogans like “8 years of Bushes Failed economic policies” and “The deregulation efforts of the Republican led congress” and the “lack of financial oversight over Wall Street and Mortgage Banking” convinced many voters the Democrats would give us the change we needed. The Republican defense and response was not organized nor effective.
Jimmy Carter Passed the first law requiring banks and mortgage companies to increase loans to unqualified applicants or risk losing their banking charter. President Bill Clinton created Fannie Mae and Freddie Mac to first increase the number of loans and then to buy and resell packages of defaulted loans. President Clinton also brought back Unregulated Derivatives that had been blamed for the 1907 stock market crash and banned by Congress.
These two modern financial changes, Sub-Prime Mortgages and Derivatives were adopted and imposed by Democrats. And lets not forget about Barney Frank (D) who has been presiding over the oversight committee for many years and resisting a proposed bill in 2005 to more closely rein in Fannie Mae & Freddie Mac.
Under President Bush it’s true that due to two wars we increased our deficit by billions, not the trillions Obama & the mindless congress is spending that will ruin our financial future.

By: Phoenix

Phoenix — Fri, 12 Dec 2008 05:03:42 +0000

Take a look at this doc from the treasury dept document outlining what Clinton signed into law regarding the deregulation of derivatives that basically allowed banks to dump garbage subprime loans into the world market. What does it mean? Simply, with these rules it allowed banks to pass their junk onto everyone else which therefore allowed the whole situation an origin point and grow into ruin:
http://www.ustreas.gov/press/releases/reports/otcact.pdf

Also, interesting that Bill Clinton signed the law that allowed oil prices to trade at $149 a barrel last summer and nail us all for $4+ a gallon until congress finally closed that loophole in July08, hence $1.50 a gallon now. Check it out #H.R._4577, Commodity Future Trading:
http://en.wikipedia.org/wiki/Commodity_Futures_Modernization_Act_of_2000

So it was 8 years of financial distress, setup nicely by the previous administration…sure Bush made huge mistakes, but he had to be in office when the biggest mistakes in financial history came home to roost as we lived the laws from the Clinton Admin.

By: Shea

Shea — Mon, 01 Dec 2008 19:09:24 +0000

Actually the question should be- Who’s the bigger idiot, the government or the people? I think both can share equal stake. I think Sarah Palin would have been a better choice for President than Obamination or McCain. Sarah Palin the Washington outsider we need. We’ve been betrayed by our own government. The Constitution has been thrown out the window and we’ll all suffer for it.

Check out-

http://www.shea-freedomfighter.blogspot.com

By: Seattle

Seattle — Sat, 29 Nov 2008 05:25:25 +0000

So 8 years…as if a pres is completely on the hook from day one…Bush inhereted a recession and 9-11 from Clinton.

By: Duke Walters

Duke Walters — Fri, 28 Nov 2008 18:38:37 +0000

Duke’s Writings

It amazes me how so many people hold on to their uniformed, often twisted, sometimes rabid self-serving “logic.” Woe that so many will demagogue themselves and their country into becoming a third world nation! By most standards, Bush, his administration, and his neo-con repugnicans have been not only an abject failure, they also may have done irreparable damage to the very nation they so vow to love. Their chickens are coming home to roost, people, and maybe the only recourse we may have, is to duck and cover from all the sh*t coming down on our collective heads.

By: Shea

Shea — Thu, 20 Nov 2008 23:25:20 +0000

Interesting reading all the comments. Most economists are now saying the recession started in March of 2001…2 months after Bush took office. The 9/11 happened. Bush’s tax cuts prevented the country from sinking earlier. Believe me, Washington as a whole has jacked everything up and should be to blame for everything. For the people that say don’t drive your gas guzzling SUV’s to the people that say you should save more money…that really has nothing to do with where we are today. The free market works…we’re not in a free market.

By: Bruce Hartrich

Bruce Hartrich — Sat, 15 Nov 2008 22:43:44 +0000

These people who what to blame the bad economy on Bush are crazy. One, we are the ones that like driving gas guzzling SUV’s. Most of the US public also thnks that should be able to buy what they want, when they want it. Whether it’s a house or a big screen tv.
What ever happened to saving money!? Novel concept isn’t it?
And this business of Bush only giving tax cuts to the rich. 16% of the population pays 70% of the taxes. 35% + pay no taxes and Obama wants to increase that #? How is that fair. If you want to do well in this country, go out and work hard and improve yourself.
Don’t wait for Hussein Obama to redistribute to you!

By: Scott Pape - Barefoot Investor

Scott Pape - Barefoot Investor — Thu, 13 Nov 2008 04:17:27 +0000

Its really interesting to see how everyone has someone else that seems to be to blame… if only common sense was a little more common

By: AUTO

AUTO — Wed, 12 Nov 2008 17:42:10 +0000

WHAT CAUSES ECONOMY TO GO DOWN? NOT GOVERNMENT, NOT BANKS, THE ONES WHO CAUSE THE ECONOY TO GO DOWN ARE THE GREEDY HOME BUYERS. BUYING ALL THESE HOUSES THAT THEY CAN NOT AFFORD.

By: Senior Rocket

Senior Rocket — Wed, 12 Nov 2008 17:02:48 +0000

Congress is charged with controlling the nation’s purse strings, the Democrats have been in charge of Congress for 2 yrs. Where I live gasoline is $1.97 a gallon today & dropping, when Bush took office it was $1.89 per gallon. I have paid a smaller percentage of my income for taxes this year than I ever have & I have been paying since 1962. I still remember the days of 91% tax rates when Carter was president.

By: FixThePig

FixThePig — Tue, 11 Nov 2008 04:02:35 +0000

So the real question is…..where will gas go now that Obama is in the office? Back to 30 bucks or back up to 150?

By: John C

John C — Mon, 10 Nov 2008 19:55:03 +0000

Using the same logic of this guy would mean if Cheney and Bush had been metorolgists then they would have caused global warming. Get a grip.

By: Andy

Andy — Mon, 10 Nov 2008 18:23:44 +0000

You can’t blame bush for the entire crisis, don’t think he was smart enough to be the chief architect. While he could have done more, the US economy is bigger than the president and washington. Just like the government can’t stop the crashing economy, it can’t force it to start booming again.

By: Travelinator

Travelinator — Sun, 09 Nov 2008 08:39:34 +0000

Johns Wu, you are my hero!

So what was the secret sauce to get Bankrate to buy your blog for 15 million?

I hope someday Travelocity or Exepidea buys my blog.

By: Do you know why?

Do you know why? — Sat, 08 Nov 2008 22:25:02 +0000

Making your blog with no link backs is foolish and anti- Internet etiquette.
Why not give your commentators a link back when they ” Do you a favor” to read your stories ? Perhaps without whom you will not commercially thrive. This has level off your traffic as evident by Alexa rankings.

Do not sit there like a miser, taking candy from the kids..

By: Dave

Dave — Sat, 08 Nov 2008 13:06:06 +0000

Correction: Two months (thank God).

By: Tom

Tom — Fri, 07 Nov 2008 19:00:58 +0000

This post hoc ergo propter hoc crap is just that, crap. Ignore.

By: Dave

Dave — Fri, 07 Nov 2008 04:01:09 +0000

Well, Dubya is still the President, and i would like him to at least try to do SOMETHING about the economy and the stock market.
he still has three months. I hope he will still remember that. I am hoping he has more integrity than the people that just want to sit back and critisize Obama while the economy continues to tank.

By: Please Stop the Stupidity

Please Stop the Stupidity — Fri, 07 Nov 2008 00:55:39 +0000

Please.

By: drock

drock — Thu, 06 Nov 2008 23:35:40 +0000

Have you ever heard of OPEC. they are the ones behind the higher prices they restricted supply. what do you think bush had to do with this. our energy dependence is not bush’s fault it is our own