No that’s not correct goldengoal, you can believe that this world wide banking crises began last year if you want, I don’t care. The reality is it started around 2003, increased rapidly in 2004, 2005, and 2006 and began crashing in 2007.
Most of the multi trillion dollar problem is directly attributed to (1) the SEC allowing the large commercial and investment banks break long time banking rules and leveraging themselves beyond repair.
Then they turned their backs when (2) AGI an insurance company, began to commit unbelievable fraud turning itself into a giant hedge fund trading in unregulated credit default swaps.
Now the Bush administration is in a mad panic trying to bury it by taking money from taxpayers to give to the banks while bankers leave with billions.
What a remarkable view of the world you have 2 CENTS. How easy it must be to simply blame Bush for everything and only have to find evidence that backs up your view. Never mind Carter's Community Reinvestment Act. Never mind Clinton administration opening of the floodgates to lending to people that couldn't repay. Never mind the fraud at and corruption in Fannie May and Freddie Mac, Clinton's Franklin Raines, Jim Johnson and those that drove the government into buying trillions in risk-laden debt objects that the lending industry found easy to sell off and exploit. Never mind that this insanity began years before Bush was even running for office, and that the pressures from the lending industry to follow Fannie and Freddie were well matured before he took office.
And of course, don't pay any attention to Republicans, like John Sununu, who in the earliest days of the Bush administration tried to reign in the out-of-control actions and lobbying of Fannie and Freddie to Democrats AND Republicans throughout the government. Never mind what side of the reform fight McCain was on, and never mind that Obama was #2 on the list of recipients of Fannie lobbying cash. No, Chris Dodd, John Kerry, Charles Schumer, and Barney Frank Frank have no responsibility in obstructing attempts to add oversight and regulation to the "money for votes" campaign being run by Democrats. No, lets just blame it all on Chris Cox who caved under pressure from the lending industry, and followed all the Democrats in government who repeatedly argued that nothing was wrong, and that borrower risk didn't matter, and that homes would always appreciate, while preventing Republicans from even moving reform legislation for a vote.
You can certainly disagree with the Bush administration's efforts to prevent a bigger crisis. You can characterize it anyway you want. In fact, to prevent this crisis likely means sending hundreds of billions to the institutions who succumbed to this easy money scheme supported by the government, profited by it, and left investors holding the bag. You're in the majority. I agree with you on this actually. Sometimes I'd like to see the whole corrupt cabal we call government fall and start over. But as president of the United States, Bush doesn't have the luxury of using a crisis to punish those responsible and force real reforms and accountability. He answers to the American people and his duty is to them, no matter what has to be done to protect them. No, as president he serves the people of America first, and if he is unable to avoid this crisis created by Democrat social engineering and special interest politics, I'm sure you'll be there to attack him for that too. As he has done many times during the last 8 years, he's made the tough choice that supports the best hope to avert a worsening of a crisis for citizens of this nation. He's apparently willing to take the blame, the low approval ratings , and not speak out with the truth, perhaps simply because he knows that working with children like Nancy Pelosi and Harry Reid (in the lowest rated congress in history) means letting them think they've won to get them to do the right thing.
One thing is true about the 110th Congress. Since January 2007 the Democrats did NOTHING to avert or lesson the impact of this crisis, except finally supporting a bill that Republicans have been pushing for 5 years. A bill that came too late to put Pandora back in the box.
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Topic: The Republican report card for the last eight years. (Read 380 times)