GWB tried to stop wealth bubble melt down. why is this ignored?

[JRK]

[ame=http://www.youtube.com/watch?v=cMnSp4qEXNM]Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown - YouTube[/ame]

another lie that elected BHO

 

[Freewill]

The great meltdown of 2008 was all Democrat start to finish.

The reason it doesn't get mentioned in the MSM is because the MSM is left wing.

Just like they tore Nixon a new one for Watergate yet because of Obama's orders a 16 year old American is killed and all that is said is that the 16 year old needed a better father.

So no matter what happens Bush is the devil and Obama is a saint.

 

[Truthmatters]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.

 

[Truthmatters]

why did the Bush admin refuse to impliment a duly voted on law of this nation in full?


Why did they allow the banks to go without rules on who could be a broker fr 8 liong years?


The same years this mess all built.

 

[Truthmatters]

Timing and Temporary Exemption
As adopted, Regulation R provides banks with a transitional exemption until the first day of their first fiscal year commencing after Sept. 30, 2008. This will give banks time to make any necessary changes in their systems and compliance programs and should ensure that banks have time to come into compliance with the Exchange Act provisions relating to the broker definition. This exemptive rule will become effective on the date that the Commission's current order expires, Sept. 28, 2007.

The SEC-only rules will become effective 30 days after their publication in the Federal Register.

 

[Truthmatters]

just a few days after Bush got on TV and annouced the economy was going to crash

 

[Antares]

Didn't you say you were/are a teacher?

...and you can't spell "implement"?

why did the Bush admin refuse to impliment a duly voted on law of this nation in full?


Why did they allow the banks to go without rules on who could be a broker fr 8 liong years?


The same years this mess all built.

 

[Truthmatters]

[ame=http://www.youtube.com/watch?v=YsDmPEeurfA]President Bush Addresses Nation on Economic Crisis - YouTube[/ame]

 

[Truthmatters]

Didn't you say you were/are a teacher?

...and you can't spell "implement"?

why did the Bush admin refuse to impliment a duly voted on law of this nation in full?


Why did they allow the banks to go without rules on who could be a broker fr 8 liong years?


The same years this mess all built.

Nope,

I have in fact said I type and spell for shit.

always have and always will

 

[Truthmatters]

Now can you deal with the REAL subject or not?

 

[theHawk]

Yes, Bush and McCain tried to prevent the coming crisis, while Barney Frank made sure it would happen.

Its never mentioned because its just so much easier to blame it all on Bush. Libs need to believe that narrative, so why would they ever talk about it?

Just look at TM's reaction, she's losing her mind at the very mention of it.

 

[healthmyths]

why did the Bush admin refuse to impliment a duly voted on law of this nation in full?


Why did they allow the banks to go without rules on who could be a broker fr 8 liong years?


The same years this mess all built.

Most likely because logical,rational people DON"T pass bills unless then read them... that is except for the Pelosi and Obamacare ilk!!


But you also fail to mention this:
The Sarbanes–Oxley Act of 2002 (Pub.L. 107–204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). As a result of SOX, top management must now individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also, SOX increased the independence of the outside auditors who review the accuracy of corporate financial statements, and increased the oversight role of boards of directors.[1]
Sarbanes?Oxley Act - Wikipedia, the free encyclopedia

This was TOTALLY in response to the wild and wooly ways of Clinton's buddies!

It wasn't after this was operational that logical,sane, rational people looked further at the issue and then passed in 2007..

 

[JRK]

Now can you deal with the REAL subject or not?

you have said nothing by stating allot
The Bush admin clearly tried to un screw the issue back in the day
wealth bubbles were a free market event
The Busg admin seen it back early in his admin as the video proves

 

[JRK]

Yes, Bush and McCain tried to prevent the coming crisis, while Barney Frank made sure it would happen.

Its never mentioned because its just so much easier to blame it all on Bush. Libs need to believe that narrative, so why would they ever talk about it?

Just look at TM's reaction, she's losing her mind at the very mention of it.

The press continue to re write history
it is the saddest event I have ever seen done to another human being by the media

GWB deserved so much more from this country
so did the people

 

[JRK]

why did the Bush admin refuse to impliment a duly voted on law of this nation in full?


Why did they allow the banks to go without rules on who could be a broker fr 8 liong years?


The same years this mess all built.

Most likely because logical,rational people DON"T pass bills unless then read them... that is except for the Pelosi and Obamacare ilk!!


But you also fail to mention this:
The Sarbanes–Oxley Act of 2002 (Pub.L. 107–204, 116 Stat. 745, enacted July 30, 2002), also known as the 'Public Company Accounting Reform and Investor Protection Act' (in the Senate) and 'Corporate and Auditing Accountability and Responsibility Act' (in the House) and more commonly called Sarbanes–Oxley, Sarbox or SOX, is a United States federal law that set new or enhanced standards for all U.S. public company boards, management and public accounting firms. It is named after sponsors U.S. Senator Paul Sarbanes (D-MD) and U.S. Representative Michael G. Oxley (R-OH). As a result of SOX, top management must now individually certify the accuracy of financial information. In addition, penalties for fraudulent financial activity are much more severe. Also, SOX increased the independence of the outside auditors who review the accuracy of corporate financial statements, and increased the oversight role of boards of directors.[1]
Sarbanes?Oxley Act - Wikipedia, the free encyclopedia

This was TOTALLY in response to the wild and wooly ways of Clinton's buddies!

It wasn't after this was operational that logical,sane, rational people looked further at the issue and then passed in 2007..

GREAT POINT
In fact that legislation probably saved the 401ks (and tax funded tarp the way W used it) of millions
they had to come clean

 

[NYcarbineer]

The housing bubble peaked in 2005. There was no stopping the bubble burst by then.

 

[NYcarbineer]

Yes, Bush and McCain tried to prevent the coming crisis, while Barney Frank made sure it would happen.

Its never mentioned because its just so much easier to blame it all on Bush. Libs need to believe that narrative, so why would they ever talk about it?

Just look at TM's reaction, she's losing her mind at the very mention of it.

You don't know what you're talking about.

 

[g5000]

Wall Street began cranking out subprime loans in a big way in 2003 following a couple scandals at the GSEs. Wall Street rushed in to fill the vacuum created by the scandals.

By 2005, the GSEs were less than fifty percent of the secondary market. This fact is conveniently overlooked by, or more likely unknown by, most of the people who want to blame the GSEs for the entire GLOBAL meltdown.

Once Wall Street took over the secondary market, the GSEs were in direct competition with them. So it is not surprising they wanted their competitors scaled back, and GW was just the guy to do it for them.

At the same time GW was trying to get the GSEs to shrink their portfolios, he was granting the five biggest broker-dealers on Wall Street exemptions from the net capital rules. This rule exemption allowed Lehman Brothers, Bear Stearns, Merrill Lynch, Goldman Sachs, and Morgan Stanley to greatly increase their leverage ratios.

Notice that three of those five firms imploded (Bear Stearns, followed by Lehman, followed by Merrill), leading to the meltdown of 2008.

So don't give me any bullshit that Bush was trying to head off a financial crisis. He was looking out for no one but Wall Street, while trying to handicap their competition.

There were only two government agencies George Bush shrank during his Administration. The SEC and the EPA. He grew all the others, and even created a whole new cabinet level Department. A giant police force to watch all of us, while scaling back on policing the banks who robbed every one of us and the oil platforms in the Gulf.

So the crash of 2008 is squarely his fault, as well as the Gulf oil spill. There is no way he is off the hook. He is just as much to blame as everyone else involved.

 

[lynn63]

If our system had played by the rules the growth from 2004 to 2008 would have never happened since it was artificially pumped up.

 

[g5000]

2005: Bush S.E.C. Pick Is Seen as Friend to Corporations

In Republican and business circles, William H. Donaldson has been viewed as the David Souter of the Securities and Exchange Commission, a disappointingly independent choice who sided too frequently with the Democrats.

President Bush, hearing complaints about Mr. Donaldson's record from across the business spectrum, responded on Thursday by nominating Representative Christopher Cox, a conservative Republican from California, as a successor whose loyalties seem clear. And unlike the Supreme Court, where Justice Souter has a lifetime appointment, the S.E.C. provides the White House with an immediate opportunity to tip the balance of the five-person commission in a more favorable direction.

Mr. Cox - a devoted student of Ayn Rand, the high priestess of unfettered capitalism - has a long record in the House of promoting the agenda of business interests that are a cornerstone of the Republican Party's political and financial support.

Marc E. Lackritz, president of the Securities Industry Association, one of Wall Street's lobbying groups, praised the appointment. "He has a particular sensitivity to costly and unnecessary regulation," Mr. Lackritz said. "He understands that the increased costs of regulation put an unnecessary tax on investors."

But Barbara Roper, director of investor protection at the Consumer Federation of America, said that Mr. Cox's record was not encouraging to her. She said she was particularly concerned that his close ties to Silicon Valley would lead him to take steps to roll back a provision of the Sarbanes-Oxley Act that requires management to assess the effectiveness of internal financial controls and report on weaknesses.

"I expect he will be extremely activist," Ms. Roper said, "and will rework the agency in his own image."

Cox is one of the key architects of the disaster. He should be hanging from a lamp post.