Truthmatters
Diamond Member
- May 10, 2007
- 80,182
- 2,272
Deregulation happened under Clinton. Bush only increased financial regulation with SOX. Plus, he wanted to reign in Fannie and Freddie, but Dems would not let him.
Plus, Eisenhower loved to overthrow nascent democracies and establish puppet regimes, all in the name of big oil. Remember Operation Ajax? Your Republican hero was a slave to big oil.
Clinton signed the Gramm-Bliley Leach Act and the Commodities and Futures Modernization Act...both of whom were written by REPUBLICAN PHIL GRAMM. In those two pieces of legislation, conceived and rammed though congress by Republicans, that the seeds of the 2007 meltdown were born.
What's Phil Gramm doing now? He's a lobbyist for Swiss Banks...trying to keep secret bank accounts from being found by the US taxman. That's what heroes do...hide their income in socialist countries banks so they don't have to pay taxes on it. What's Clinton doing? Charity.
It is intellectually dishonest of you to suggest that deregulation is on the LIBERAL AGENDA and that repubs had NOTHING to do with it.
I will grant that Bush actually did do some spending on regulations, but not in the financial sector.
To his credit, Bush accurately foresaw the danger posed by Freddie Mac and Fannie Mae, and began calling as early as 2002 for greater regulation of the mortgage giants. But experts say the administration could have done even more to curb excesses in the housing market, and much more to police Wall Street, which transmitted those problems around the world.
In retrospect, "it would have helped for the Bush administration to empower the folks at Treasury and the Federal Reserve and the comptroller of the currency and the FDIC to look at these issues more closely," said Vince Reinhardt, a former Federal Reserve economist now at the American Enterprise Institute, a conservative-leaning research organization here. Reinhardt said it would also have helped "for Congress to have held hearings."
Instead, voices inside the administration who favored tougher policing of Wall Street found themselves with few supporters. William Donaldson, a former Wall Street executive with respected Republican credentials who became chairman of the Securities and Exchange Commission under Bush, quit in 2005 after facing resistance from the White House and Republican members of the panel, who criticized his support for stiffer regulations on mutual funds and hedge funds.
Today, even those sympathetic to Bush say he cannot disentangle himself from a home-lending industry run amok or a banking industry that mortgaged its future on toxic loans.
"The crisis definitely happened on their watch," said Kenneth Rogoff, a professor of economics at Harvard University who advises the Republican presidential candidate John McCain. "This is eight years into the Bush administration. There was a lot of time to deal with it."
http://www.nytimes.com/2008/09/20/business/worldbusiness/20iht-prexy.4.16321064.html?pagewanted=all
And the congressional inquiry into the meldown concluded that Fannie and Freddie contributed to it, but did not CAUSE the meltdown.
No one with any economic standing says otherwise.
As for Eisenhower....he called out the military industrial complex. What Republican has done that lately? You think that influence just went away?
Eisenhower understood guns over butter.
Every gun that is made, every warship launched, every rocket fired signifies in the final sense, a theft from those who hunger and are not fed, those who are cold and are not clothed. This world in arms is not spending money alone. It is spending the sweat of its laborers, the genius of its scientists, the hopes of its children. This is not a way of life at all in any true sense. Under the clouds of war, it is humanity hanging on a cross of iron.
You sir, are an idiot who edits history to suit your current talking points.
Go fuck yourself.
The Bush administration aslo held back the protections written into the Law Clinton signed.
look at my signature