Post by Patrick B Post by Mitchell Holman
Obama inherited the Bush Recession and
borrowed to stimulate the economy. Just like
Reagan did. That is what you do, spend money
in hard times and save money in good times.
It was not the Bush recession.
It happened under Bush, it was the Bush recession.
Post by Patrick B
If you recall, pelosi had taken over the house and the dems started
spending like drunken sailors.
Congress cannot spend a dime without the president's
Post by Patrick B
Braney Frank allowed the housing crash
to happen. And everyone blamed Bush?
From your own Fox News........
Bush Ignored Warnings of Pending Financial Meltdown
December 01, 2008
WASHINGTON The Bush administration backed off
proposed crackdowns on no-money-down, interest-only
mortgages years before the economy collapsed,
buckling to pressure from some of the same banks
that have now failed. It ignored remarkably
prescient warnings that foretold the financial
meltdown, according to an Associated Press review
of regulatory documents.
"Expect fallout, expect foreclosures, expect horror
stories," California mortgage lender Paris Welch
wrote to U.S. regulators in January 2006, about one
year before the housing implosion cost her a job.
Bowing to aggressive lobbying along with assurances
from banks that the troubled mortgages were OK
regulators delayed action for nearly one year. By the
time new rules were released late in 2006, the toughest
of the proposed provisions were gone and the meltdown
was under way.
"These mortgages have been considered more safe and
sound for portfolio lenders than many fixed rate mortgages,"
David Schneider, home loan president of Washington Mutual,
told federal regulators in early 2006. Two years later,
WaMu became the largest bank failure in U.S. history.
The administration's blind eye to the impending crisis
is emblematic of its governing philosophy, which trusted
market forces and discounted the value of government
intervention in the economy. Its belief ironically has
ushered in the most massive government intervention
since the 1930s.