Bush did warn them, but he didn’t make a big enough fuss and go public persistently on this. Fiscally, Bush was profligate and inattentive. Nothing like Obama, but still...
Yes as usual the Republicans don’t go in for the kills when it’s obvious what’s happening. They surely had some power then.
Be great if there were some pit bulls to counter-attack the leftist mob.
I remember the video. They were not pushy enough. Barney Frank acted like he was their master and the other Asinine Aholes helped.
He was necessarily distracted by the post-9/11 world for years. It's unfortunate that he couldn't find his veto pen and trusted a corrupt Republican Congress a bit too much.
Even still, do you think he'd have been able to articulate and push action on this front when his Treasury Secretary and even Alan Greenspan could not get the Congress moving?
As the video showed McCain got a bill out of committee on a party-line vote and it never even reached the Senate floor. Barney Frank and Schmuck Schumer were like Baghdad Bob saying everything was wonderful and people were needlessly alarmist.
Schumer pushed the community reinvestment and bank modernization acts. He was neck deep with Wall Street.
Neither of these creeps should've survived the financial meltdown and housing crisis and yet Schumer won reelection handily in 2010. Frank's co-authored the economy killing Dodd-Frank regulatory fiasco. It's appalling.
When the GOP was in control of Congress, it seemed to do quite well:
GOP control of Congress = declining deficits. Let the Democrats get either chamber, and deficits increase. Get control of both, you get the meltdown that is today.
Note, too, that FY2009 was NOT signed by President Bush - he promised to veto it if Pelosi and Reid sent it to him. And thus they did not pass a budget until February 2009 and President Obama gladly signed it.
Actually, Bush was attending to our national security...the main job of the CIC.
As for reforming housing...do you really think it could have been done with the Dems saying he was bigoted against minorities at every turn? You have to have members from the other party on board to make a radical change in the economy. Not to mention Nazi Pelosi taking over the purse strings in '06.
In 2004 the FBI investigating money laundering were coming across documents about liar loans and its widespread practice by mortgage companies, actually briefed Treasury and SEC about them. The FBI were able to deduce that there were potential financial time bombs as these notes were sold to investors. Since the FBI are not the ones to handle the issue they turned it over to Treasury. Lower level Treasury, SEC and even the Fed Reserve officials were aware and for some unknown reason did not react or take action.
“Fiscally, Bush was profligate and inattentive. Nothing like Obama, but still...”
....but still he was a wee bit occupied with terrorist attacks and the Global War on Terror.....where was Congress???? there are three co-equal branches in Goverment.....where was the Congress? Spending doesn’t happen in a presidential vaccume now does it?
We are in for a repeat if we don’t do something about changing Congress by ridding ourselves of the entrenched “political class,” and electing a non-professional Congress responsive to We the People.
The entrenched political class????? I say throw them in Boston Harbor (and good riddence.)