Why does Bush get blame for Financial Crisis in 2008?
- Thread starter Slystallion
- Start date
mastermind
Rest In Power Kobe
its not just this. Sherron Watkins was the Enron whistle blower. Cynthia Cooper (not the WNBA player) was the WorldComm whistle blower.
Ummm.....I'm pretty sure that bogus war did this country no favors financially. Not to mention alot of ppl have died over bs. This is the longest war in US history.
Bush's daddy started a war....Clinton didn't......Bush started a new war.
Someone told me once that Repubs presidents love being at war and feel it's good for the country in some way and good for the party. I dont know if I totally agree with that, but i cant say it's all BS either.
Bush's daddy started a war....Clinton didn't......Bush started a new war.
Someone told me once that Repubs presidents love being at war and feel it's good for the country in some way and good for the party. I dont know if I totally agree with that, but i cant say it's all BS either.
the housing market been snowballing downwards since the 50's
It was decades in the making, Bush just put it into hyper drive.
Yeah, I don't really blame Bush for that, though he could've done more about it.
But his tax cuts for rich people and (idiotic) war in Iraq didn't exactly help with the deficit and wasted money that could've later been used for a stimulus.
But his tax cuts for rich people and (idiotic) war in Iraq didn't exactly help with the deficit and wasted money that could've later been used for a stimulus.
Have you heard of the Ownership Society being pushed by Bush and Co.?
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The American people are now hit with the same policies the IMF/World Bank impose on developing countries. What is really funny is that they vote for these policies on their own, due to ideology (look at the Tea Party). I wouldn't have imagined years ago that the bad medicine the IMF/World bank forces on poor countries in the third world would be forced on Europe.
And even more amazing, a large part of the american population deluded angry whites would have a movement calling for the same policies to be done to them.
These folks have believed their own BS. Neo-liberalism is for imposing on your empire and is for thirld world countries so that you can steal their wealth.
The US has been de-industrializing since Reagan, and the biggest moneymaker is the financial markets and this is is just fake money that is exponentially growing than the real economy. This is also contaminating the real economy....
You need to tax these transactions, this is the only way to regulate them, and this will get you the funds you need.
The banks have also proven that they are useless and will not lend enough to fuel the economy, this is because it is far more profitable to invest in the casino money markets...
The government should discourage that activity by taxing it, and also directly funding infrastructure projects and also bringing back the glass -steagall act that was policing those banks in the first place...
In short, you need someone with the balls of the 2 Roosevelts, both Teddy and FDR.
Teddy was the trust buster, and FDR was responsible for the prosperity of the period between 1945 and 1975 and the American middle class.... but then again, the rich were backed into a corner during the Depression which gave FDR the leverage he needed to tax the hell out of them.
Now the solution the above institutions advocate for is give more money to the wealthy, give more tax cuts to the rich, de-regulate the economy, cut all social programs, water down all rules that protect people and the environment, and thats exactly what most European countries did or started doing. Most classical ecomonists like Stglitz and others warned that the world will go into further recession beacuse the problem is DEMAND (People out of work) not SUPPLY (Companies).
The IMF, the rest of the above insitutions, and the super-rich knew exactly what they were advocating , the head of the European Centeral Bank last year pretty much stated that every crisis is an opportunity, and the elite will use this opportunity to crush the working/middle class and cut all social programs and government spending.
They have used the financial meltdown the elite caused for class war and the have gotten away with it.
Now 90% of the world's wealth is concentrated in the hands of the wealthy and the wealthy don't spend and grow the economy. They wouldn't allow any goverment to do so, so the entire world's capital system is stuck, people have no work and no money to spend and consume. The rich have all the wealth and are not consuming (what they consume doesn't stimulate the economy like yachts, diamonds, fantasy cars and dinner at expensive hotels).
So in short , pull shyt, the IMF have planned this shyt, don't believe their corc tears. The American right wing and the elite openly vowed to dismantle the entire goverment brick by brick (for the rich, goverment=people is the enemy) when you hear words like "big goverment" the agenda is obvious. The only thing that stands in the way of the international elites are government that is elected by the peasents, they want to dismantle the entire state, and make the state only responsible for the things the rich care about such as:
1- Security / defense
2- enforcing business conrtacts.
3- mantaining roads ( which is economically non-viable for the private sector).
Its an agenda.
September 2008 nearly saw the collapse of the whole system. But with the policies these people push for, its like they want it to occur ASAP..
And even more amazing, a large part of the american population deluded angry whites would have a movement calling for the same policies to be done to them.
These folks have believed their own BS. Neo-liberalism is for imposing on your empire and is for thirld world countries so that you can steal their wealth.
The US has been de-industrializing since Reagan, and the biggest moneymaker is the financial markets and this is is just fake money that is exponentially growing than the real economy. This is also contaminating the real economy....
You need to tax these transactions, this is the only way to regulate them, and this will get you the funds you need.
The banks have also proven that they are useless and will not lend enough to fuel the economy, this is because it is far more profitable to invest in the casino money markets...
The government should discourage that activity by taxing it, and also directly funding infrastructure projects and also bringing back the glass -steagall act that was policing those banks in the first place...
In short, you need someone with the balls of the 2 Roosevelts, both Teddy and FDR.
Teddy was the trust buster, and FDR was responsible for the prosperity of the period between 1945 and 1975 and the American middle class.... but then again, the rich were backed into a corner during the Depression which gave FDR the leverage he needed to tax the hell out of them.
Now the solution the above institutions advocate for is give more money to the wealthy, give more tax cuts to the rich, de-regulate the economy, cut all social programs, water down all rules that protect people and the environment, and thats exactly what most European countries did or started doing. Most classical ecomonists like Stglitz and others warned that the world will go into further recession beacuse the problem is DEMAND (People out of work) not SUPPLY (Companies).
The IMF, the rest of the above insitutions, and the super-rich knew exactly what they were advocating , the head of the European Centeral Bank last year pretty much stated that every crisis is an opportunity, and the elite will use this opportunity to crush the working/middle class and cut all social programs and government spending.
They have used the financial meltdown the elite caused for class war and the have gotten away with it.
Now 90% of the world's wealth is concentrated in the hands of the wealthy and the wealthy don't spend and grow the economy. They wouldn't allow any goverment to do so, so the entire world's capital system is stuck, people have no work and no money to spend and consume. The rich have all the wealth and are not consuming (what they consume doesn't stimulate the economy like yachts, diamonds, fantasy cars and dinner at expensive hotels).
So in short , pull shyt, the IMF have planned this shyt, don't believe their corc tears. The American right wing and the elite openly vowed to dismantle the entire goverment brick by brick (for the rich, goverment=people is the enemy) when you hear words like "big goverment" the agenda is obvious. The only thing that stands in the way of the international elites are government that is elected by the peasents, they want to dismantle the entire state, and make the state only responsible for the things the rich care about such as:
1- Security / defense
2- enforcing business conrtacts.
3- mantaining roads ( which is economically non-viable for the private sector).
Its an agenda.
September 2008 nearly saw the collapse of the whole system. But with the policies these people push for, its like they want it to occur ASAP..
IMO, the true financial crisis started in Reagan's second term and went through the Bush Senior years and into Clinton's first term. What was interesting back then was, Clinton actually stood up to some of the Reagan era trickle down, super defense spending and interest rate legislation, which showed some improvement. This was the birth of the NeoCon movement. For some reason they felt America was getting too liberal after two years of a democrat in officeFor those that weren't around, this was around OJ time and it was just weird to see a lot of white people emboldened the way they became with Obama in office. Very divisive, and they continued to play strange politics and were constantly all about dirt and getting a republican elected. I used to love listening to them and their anger at the tech bubble, which was out of their control. The difference between the housing and tech bubble was that the tech bubble was employing people. The housing bubble was about personal wealth. This was the setting before Bush took office. So what would Bush do to slow the economy back down:
some measures that Bush set forth were directly responsible for it, that's why. Let's review:
Bush Tax Cuts: No one is anti-tax cuts, but they came at a time that valuable funding was needed, especially when both wars were being extended.
Bush's created budget deficit: Its interesting that Obama takes blame for this. Bush significantly increased the yearly budget, despite also cutting taxes. A lot of people forget Clinton really took the military budget down from the Reagan era buildup. It allowed breathing room for the yearly budgets and allowed investment in innovation. Some great programs from the Clinton era were cut in favor of restored defense spending.
Bush's lax attitude about tariffs: Way overlooked. For certain products like canadian lumber that were crucial to the price of homes and certain steel grades this really broke the easy flow of goods and really hurt some of the large homebuilders. Not to mention the US economy had gotten to the point that certain goods were not being produced here anymore. Obama immediately came in and cut these. Huge step in relations, huge step in getting construction costs down again. The thing is, these things would have returned to the US anyway as foreign economies improved. The NeoCons like Rove wanted it now. Huge affect on car companies. Yes our car companies were putting out poor product, but production prices were also putting prices up where they shouldn't have been.
Bush's credit legislation: Probably his biggest legacy that Repubs don't own up to. Say what you want about the sub prime mortgage industry at the time(I worked in this industry at the time), it was very lucrative. Most people were paying their mortgage and interest rates were pretty much where they needed to be. Did you have a lot of delinquincy? Yes. I'd say personally, people were out of control, but companies were still making a killing. This could have been gradually dealt with. I remember the debates when I was working for a lender. The industry wanted to work with people. They were making money, and were feeling good. But you had certain big lenders that were concerned about themselves long-term because they were squandering huge amounts of cash(just as they did with some of their schemes they went down for in the 80s). Instead of this being dealt with their was lobbying got them the Bush credit acts. Even then, they had screwed the pooch and needed bailing out.
I should have put these in order. But basically Bush came into office with some looming problems. Instead of solving a problem like people do, he solved them like an angry politician would *cough* Karl Rove *cough*. You can't cut everything propping up the economy and then add huge spending strain to it. You're damn right Obama had to spend us out of that. Seriously, Republicans know nothing about economics, yet they(I'm talking real politicians) talk down to others and continue to try and cut everything to baseline and wonder why they can't afford anything. My friend, who is an economist thinks they are comical and unrealistic about the economy. There has to be revenue created, and save the neo con movement, the wealthy has funded this. When they haven't, the country has suffered immensely. Banks have lent money through modern times save neo con movements. Both times we suffered. MAterials trade has been pretty free from the US side without ridiculous protectionisms................a couple of Neo Con movements. Are you seeing a pattern? The Dems aren't perfect, and there are some good Repubs out there. Its these hardcore economic conservatives that are killing the common man.
you worked in the industry and blaming everybody but who needs the blame. I also worked in the industry and made a personal killing during those years. I dont care about community reinvestment act, frank,dodd, clinton nor bush and especially wall st because thats what they do is gamble. This is the problem....Potential home buyer : "so you saying I can qualify for 500k home with no money down and live like a baller
"Me:
yeah but in three or five years your payment going to be 
Potential home buyer: whats that interest rater going to adjust to
....*thinks about that big ass house*
RUN IT!
couple years later ARM hits
I need to refinance and pull equity out.*starts missing payments*
*foreclosure*
*fukks up home values for people who could actually afford those homes*
*blames bush*
Lets not get into all the "real estate moguls" buying rental properties on credit. My point is American consumerism is the problem and will continue to be the problem. The mentality to live off credit and in debt and have more than you can really afford caused all this shyt. You basically get what you sign up for, dont give people power to fukk you over and you wont get fukked imo.
Jesus H. Christ
I died for your sins
Does Bush deserve all the blame for it? No. But the republicans do. This problem snow ball all the way from Reagan's policies.
I'm sayin, a lot of money went to those two wars. we can talk about other long term trends, but i think it's obvious spending all that loot on war didn't help
mastermind
Rest In Power Kobe
a lot of you are confusing the budget deficit with the financial crisis.
Bush having two wars and continuously cutting taxes despite not having the money for it = federal budget.
Banks and financial firms giving loans for houses to people who cant afford them, and then those people not paying the loans after the jump in interest happens, which then crippled those financial institutions = financial crisis.
Bush having two wars and continuously cutting taxes despite not having the money for it = federal budget.
Banks and financial firms giving loans for houses to people who cant afford them, and then those people not paying the loans after the jump in interest happens, which then crippled those financial institutions = financial crisis.