Mac1958
Diamond Member
- Dec 8, 2011
- 117,394
- 111,779
Oh good, a straw man. I didn't say Paulson was "actually running the country".Well, since I'm an investment advisor, neck deep in the investing & financial world and had to guide the life savings of a couple of hundred clients through the Meltdown, I'll have to take your word for it. You must know MUCH more about it than I.Bush had to stand back and allow TARP to be crammed through because he had no choice. The economy was in abject collapse.From your end of the spectrum, that's what I would expect.
Bush left behind the worst and most complex financial/business disaster of our lifetimes, but he was better.
Okay, sure.
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Bush set Obama up with TARP. Obama gave us ObamaCare and the Obama Stimulus...the first was a job killer and the second under performed so badly they had to bullshit us on the numbers with "Jobs Saved or Created"!
What I found telling about Obama was what his next big policy goal was going to be...passing Cap & Trade legislation. THAT would have been devastating to the US economy!
Bush celebrated and trumpeted the phony real estate numbers all the way through his presidency. He celebrated and trumpeted the lack of regulations that allowed the ratings agencies to sell AAA (Treasury-level!) ratings for the absolute shit securities that brought us down. He celebrated and trumpeted the lack of regulations that allowed AIG to sell zillions of dollars in credit default swaps (insurance) on those shit securities with zero (0) dollars in reserve for them. Hey, what could go wrong?!
He happily turned a blind eye to the absolutely insane loans being offered and sold by mortgage companies, who knew they'd have them packaged and sold as (holy shit, wtf) AAA by noon the next day. He loved the lack of regulation that allowed the banks to SHORT the very shit securities they were SELLING as AAA. He smiled as Alan Greenspan - who would later say "oops, shit, sorry, my bad" - aggressively refused to regulate critical derivatives markets even though he had the authority to do so, even though CFTC Chairperson Brooksley Born herself BEGGED him to.
In other words, Bush took credit for the all supposed good stuff, and then handed a steaming pile of shit to his successor. Nothing Obama did after that, as blatantly naive as he was about business, caused as much damage to both businesses and individuals as Bush did. Not even close.
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Did you sleep through the Bush Presidency, Mac? You might want to go back and read up on it.
Bush pushed TARP through despite getting some pretty serious heat from fiscal conservatives from his own party who were dead set against "bailing out" financial institutions.
He also was one of the few in Washington that was warning about a looming problem with the housing market and what was being done over at Fannie Mae and Freddie Mac.
Bush is far from blameless for the 2007 recession but he's also not the "master" of that disaster as you'd like to make him out to be and his handling of TARP loans...in hindsight...was well done.
As for what Obama "did" to businesses? Passing the ACA?...putting in place more new regulations than any other administration in history?...changing the rule of law to favor the UAW over creditors in the GM deal?...using the Gulf oil spill to shut down permitting for all drilling even shallow water drilling that had an almost perfect safety record?...taking Boeing to court because they opened a plant in South Carolina, a right to work State, rather than Washington? That's not even delving into what his PROPOSED regulations...like Cap & Trade...did to businesses trying to plan their long term strategies!
It seems like you've managed to sleep through two Presidencies, Mac!
I notice you didn't address my specifics. That's okay. Most people's knowledge of what actually happened is shallow, distorted or both.
And actually it was then-Treasury Secretary Henry Paulson who came up with and pushed TARP through the political morass. Bush just did as he was told and otherwise stayed the hell out of the way like a good boy.
You may want to fool with someone else on this topic.
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Are you kidding me? Now you're claiming that it was Henry Paulson that was actually running the country and George W. Bush just did what he was told to do...like a good little boy?
I sincerely hope that nobody goes to you for investment advise, Mac...because to be quite blunt...you're an IDIOT!
As for addressing your "specifics"? What clueless thing did you want me to address?
It's always a good sign when a partisan has to resort to straw man arguments. And personal insults. And name-calling.
I provided a long list of specific, fundamental elements of the Meltdown and you're avoiding them because you have absolutely no idea what they mean.
I can understand that, since talk radio doesn't cover them much, 'n stuff.
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