Posted on 01/08/2009 8:53:07 PM PST by Steelfish
Did Bush cause the financial crisis? By Greg Wood BBC North America Business Correspondent, New York "Consider the terrible consequences of the 'anything goes' Bush Administration, whose irresponsible non-regulation of financial institutions has led to this crisis." President Bush was not always a champion of deregulation Those words, from the Democratic Speaker of the House of Representatives Nancy Pelosi, sum up the charge against George W Bush - that in the eight years of his presidency he actively pursued policies of deregulation which caused the biggest financial and economic meltdown since the Great Depression. It is a grim legacy for President Bush to contemplate as he enters his final days in office - but is it true?
(Excerpt) Read more at news.bbc.co.uk ...
No
NO
That's why Obama gets full credit for the Obama Depression.
Even as much as I’ve come to dislike President Bush, my feelings aren’t so strong that I’ve forgotten that Congress holds the purse strings.
How do you spell NO?The democratic clowns on the Finance commitee forced all of those banks to give out mortgages to people that could Not repay them.
Dodd/Frank and gutless repubs.
If you’re a flaming socialist, liberal, or ignoramus, the answer is YES, of course, he is the all-powerful.....if NOT....sheesh...
What should have been a “blip” has been escalated to epic proportions with words like..depression..major..like the “Great Depression”...WORSE than the “Great Depression..Global Depression..end of the world as we know it.
The media has created a huge portion of this.
(How is their chosen “One” gonna save the world if we aren’t headed for sure disaster?)
Of course not, that would be Mssrs Dodd and Frank.
But that is not the issue.
The issue is the media (in this case BBC) perpetually and perennially servicing Marxist Obama by dishonest blame-shifting on just who caused the financial crisis.
Dems/Marxists/leftists do a couple of things quite well.
Thing 1. Undermining. They are experts at destroying things that other people like or build. Our Military and economy are two timely examples. And,
Thing 2. False blames. Everything from Hurricane Katrina response to Iraq war votes and now to financial chaos. They are experts at evading responsibility for their undermining successes; and, pinning the blame on the innocent.
.
The author goes on to say:
“In the blame game for this financial crisis, George W Bush comes a close second to greedy and unscrupulous Wall Street bankers.
But there are serious flaws in this argument.
Deregulation started long before President Bush came to power, and it was enthusiastically pursued by both Democratic and Republican administrations.
Here is just one example:
The Glass-Steagall Act of 1933 separated the activities of commercial banks, which take deposits, from investment banks, which invest money. It was repealed in 1999.
That relaxation of the rules enabled commercial lenders, like Citigroup, to trade instruments such as mortgage-backed securities and collateralised debt obligations.
‘Far-reaching reform’
Many see the repeal of the Glass-Steagall Act as a major, direct cause of the current financial crisis.
But it was signed by a Democratic President, Bill Clinton, and supported by many other Democratic politicians, among them the scourge of Bush deregulation Nancy Pelosi.
What is more, President Bush actually increased the burden of regulation on US companies, enacting in 2002 what he called “the most far-reaching reform of American business practices since the time of Franklin D Roosevelt”, the Sarbanes-Oxley Act.”
Causes of financial crisis:
Clinton community reinvestment act-leading to subprime mortgages
Clinton deregulation of financial inst.
Clinton adm/ Congress bringing back derivitives which were outlawed 100+ yrs due to causing stock market crashes
9/11 leading to Greenspan lowering int rates too low and failing to bring them up fast enough
The monthly payment mentality of most Americans
Real estate flippers
Our Congress which is made up of only 7-8 % with financial backgrounds ( we dont need more comedians, celebrities and lawyers running our country)
Many Republicans who forgot what conservative means
The Dems, who if given the chance will print us all into billionaires like Zimbabwe
blah blah blah
Your ignorance is showing
Bush Derangement Syndrome is even greater in Europe than the US. To the British Left, it isn’t enough for Bush to leave office, they want the UN to try Bush and Blair for war crimes. They have the vain hope that the Messiah will give the UN the authority to do such a trial.
I think there was blame to go around.
Both parties had a hand in repealing Glass Steagall allowing banks to engage in riskier behaviors.
The Fed lowered the reserve ratios to historic lows, probably in response to globalization. But lowering our standards to world standards in response in response to globalization is not a wise move. We should be bringing the world up to our standard if they want to play in our market.
The way the Bush administration announced the finanical crisis ensured more consumer panic than would have occurred under a normal recession.
I still think there was market manipulation going on that has not been investigated or prosecuted.
The SEC’s limiting option trading on some banks while leaving the others to feel the full effects of hedging programs helped kill some banks.
Porn Industry Seeks $5 billion Federal Bailout
(Ya just can’t make this stuff up... )
LA DAILY NEWS | January 08, 2009 | KEVIN MODESTI
Posted on 01/08/2009 9:02:19 PM PST by kellynla
http://www.freerepublic.com/focus/f-news/2161412/posts
Aided and abetted by a young "comunity organizer" from Chicago who in particular went after Citibank to loan money to those who could never hope to repay.
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