The Real Causes Of The Great Recession

[g5000]

If Bush was truly worried about systemic risk, he would have acted to pare back Wall Street's actions since Wall Street was a much bigger player in the secondary market than the GSEs.

This is what clues you in to the fact that Bush did not truly have what was best for everyone in mind.

It would have been bad enough if he did nothing about Wall Street's maniacal behavior, but he actually aided and abetted them. See the SEC ruling I linked earlier. He allowed the top five broker-dealers (who dwarfed the GSEs) to lower their capital reserve requirements!

Wake up, fools. Wake up. Bush was trying to tamp down Wall Street's government competition so Wall Street could get more market share. That's what the GSE portfolio battle was about.

He wasn't trying to save the country. He was trying to help Wall Street get bigger and bigger.

 

[BluesLegend]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

Wall Street wanted to limit the GSE's portfolios so it could get more market share. Bush, acting as Wall Street's bitch, tried to get the GSEs portfolios capped. The Democrats stopped this plan.

No one was acting out of pure motives.

No one.

I blame everyone for the housing bubble, Rep's, Dem's, and the foolish citizens who purchased more home than they could afford, took out 2nd mortgages and spent like there's no tomorrow. What I have a problem with is lying scum Democrats in congress who acted like they had nothing to do with the whole mess. I have never seen such a group of snakes as Democrats.

 

[BluesLegend]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

BUSH REPEATED EFFORTS? LOL


GOP CONGRESS 2001-JAN 2007, BESIDES HR 1461 WHICH PASSED A BIPARTISAN HOUSE IN 2005, THE BILL DUBYA OPPOSED, NAME THE BILLS DUBYA SUPPORTED? lol

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again.



One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

Yes I think we are all well aware of your Bush obsession. lol

 

[Dad2three]

This is the kind of shit that makes this place so unpleasant. All of the dickheads that pull this same ole same ole.

I'd rather post pretty pictures than talk to all of you jizzbreath mofos.

The real cause? George W. Bush. The dam was leaking before W. took office, but he's the one who told the Congress to take their fingering out of the leak.

Clever. Now explain why.

Nothing clever about my remark, it is simply true, and your effort to remake history isn't honest, clever or unexpected. President Bush was the nation's leader when one horrific and one terrible event occurred: 9-11 and the nearly total crash of our economy. He was also President when we invaded and occupied Iraq, and cut taxes while spending an enormous amount of our treasury on expanding government, by establishing Homeland Security and prosecuting war, without raising the necessary revenue. Nor did he listen to the advice of those who warned of the housing bubble.

Thus, since the election of President Obama, an effort to rewrite the history of the 21st Century has commenced by dishonest partisans, some in fact who worked to prevent the recovery and now seem willing to admit the Great Recession is over simply because they controlled the H. or Rep. Ignoring the fact that shutting down the government in a foolish political stunt was costly.

Iceweasle posted proof that Bush warned congress of the coming crisis for years, yet Frank and Dodd ignored the warnings.

Then you post this nonsense.

Sorry, but I think you should read his post before you continue to look foolish.

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

If you left your loaded gun on the table and told your 8 year old to leave it alone and then left for a while, and your son shot and killed a neighbor would you have a defense? No, you would be culpable both civilly and criminally.

W. sent his cabinet officers on a dog and pony show to make cause for the Iraq Invasion, he had more evidence (apparently) on the danger to our financial institutions and our economy than he did on WMD's - why didn't he do the same to protect our economy?

He didn't because those who were making oodles of money were his supporters.

I find it interesting that the analogy you used was comparing members of congress to an 8 year old.
Why didn't you use an analogy that compares apples to apples.....like....if you left you loaded gun on a table and you told your adult brother in law to leave it alone, and he shot and killed a neighbor with it, would you have a defense? Yes, you would.

Bush warned congress several times of the issue. He suggested they do their job and look into it. They looked into it and whereas evidence was there of a likely collapse, Frank verbally chastised the investigator and ignored the findings.

Ignore that fact, if you wish....but the President and congress are not interchangeable....they are separate entities...a President can not make congress do anything.

"Bush warned congress several times of the issue. He suggested they do their job and look into it. They looked into it and whereas evidence was there of a likely collapse, Frank verbally chastised the investigator and ignored the findings."

I wish I could live in fantasyland like the GOP. Sadly, I have to live with facts and reality.


Center for Public Integrity reported in 2011, mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.




One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.


We have also relaxed some of our underwriting criteria to obtain goals-qualifying mortgage loans and increased our investments in higher-risk mortgage loan products that are more likely to serve the borrowers targeted by HUD’s goals and subgoals,

http://www.fanniemae.com/resources/file/ir/pdf/stock-info/series_T_05152008.pdf


HOLY COW! Bush forced them to lower their standards. If only somebody had warned us that Bush's policies would hurt Freddie and Fannie. Wait, somebody did.

Fannie, Freddie to Suffer Under New Rule, Frank Says

Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.


So if your narrative is "GSEs are to blame" then you have to blame bush


http://democrats.financialservices....s/112/06-17-04-new-Fannie-goals-Bloomberg.pdf



FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[g5000]

Of the five broker-dealer's that Bush allowed to lower capital reserves, only two survived intact. And those two survived only because they were rescued by the taxpayers.

And not one of them was subject to the CRA.

 

[Dad2three]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

BUSH REPEATED EFFORTS? LOL


GOP CONGRESS 2001-JAN 2007, BESIDES HR 1461 WHICH PASSED A BIPARTISAN HOUSE IN 2005, THE BILL DUBYA OPPOSED, NAME THE BILLS DUBYA SUPPORTED? lol

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again.



One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

Yes I think we are all well aware of your Bush obsession. lol

History, learn some

 

[Wry Catcher]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

What repeated efforts?

Was a bill drafted and never put to an up or down vote?

Did President Bush stand before The Congress during a State of the Union Address and let the American People and their members of Congress know that the state of our economy was at risk?

Did President Bush send out his Sect. of the Treasury and other economic advisers to warn the American people to beware (with a similar warning of mushroom clouds in boardrooms)?

Did President Bush raise taxes to pay for the war on terror (Homeland Security and the invasion and occupation of Iraq)?

Did he ask the Attorney General to investigate potential abuses of the CRA (or was the AG too busy vetting the religious bent of possible US Attorney's with the help of Monica Goodling

 

[g5000]

Yes I think we are all well aware of your Bush obsession. lol

The bubble and the crash happened on his watch.

The OP is a pathetic attempt to retroactively blame the crash on Obama, which is as insanely laughable as it gets.

 

[Jarhead]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

Wall Street wanted to limit the GSE's portfolios so it could get more market share. Bush, acting as Wall Street's bitch, tried to get the GSEs portfolios capped. The Democrats stopped this plan.

No one was acting out of pure motives.

No one.

I blame everyone for the housing bubble, Rep's, Dem's, and the foolish citizens who purchased more home than they could afford, took out 2nd mortgages and spent like there's no tomorrow. What I have a problem with is lying scum Democrats in congress who acted like they had nothing to do with the whole mess. I have never seen such a group of snakes as Democrats.

Can you name a single politician that has accepted responsibility for any of the problems our nation experiences?

The real victims of the housing bubble? The banks. Yes, the banks. They were threatened by the government if they did not show "equality" in lending and were forced to write loans to those that would likely default....

And then, of course, there were the ARM loans...people loved the idea of refinancing, taking a mess of cash out, and having their payments LOWERED for 5 years....and they all believed they would be able to refinance when the ARM expired....so they spent the cash out, had a field day....and then their LTV's changed for the worse, and they couldn't refinance...their rates shot up to prime plus whatever, and they couldn't afford it.

But they lived the high life for 5 years.....and now they are...dare I say.....VICTIMS of their own greed.

It does not take rocket science to understand what really took place.

 

[Dad2three]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

Wall Street wanted to limit the GSE's portfolios so it could get more market share. Bush, acting as Wall Street's bitch, tried to get the GSEs portfolios capped. The Democrats stopped this plan.

No one was acting out of pure motives.

No one.

I blame everyone for the housing bubble, Rep's, Dem's, and the foolish citizens who purchased more home than they could afford, took out 2nd mortgages and spent like there's no tomorrow. What I have a problem with is lying scum Democrats in congress who acted like they had nothing to do with the whole mess. I have never seen such a group of snakes as Democrats.

Which party had the EXECUTIVE branch 2001-2009 again? FBI, SEC, HUD, GSE'S, ETC? lol

Wall Street, Not Fannie and Freddie, Led Mortgage Meltdown

Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.

Wall Street Not Fannie and Freddie Led Mortgage Meltdown - The Daily Beast


Conservatives Can’t Escape Blame for the Financial Crisis

Politics Most Blatant Center for American Progress

 

[bendog]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

Wall Street wanted to limit the GSE's portfolios so it could get more market share. Bush, acting as Wall Street's bitch, tried to get the GSEs portfolios capped. The Democrats stopped this plan.

No one was acting out of pure motives.

No one.

I blame everyone for the housing bubble, Rep's, Dem's, and the foolish citizens who purchased more home than they could afford, took out 2nd mortgages and spent like there's no tomorrow. What I have a problem with is lying scum Democrats in congress who acted like they had nothing to do with the whole mess. I have never seen such a group of snakes as Democrats.

I agree, but even Slick has acknowledged that he should not have gone along with repeal of Glass Segal, and now which party is intent of removing even the modest reforms of the Volker rule?

I mean the banks are doing ok these days, really. LOL

 

[Jarhead]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

What repeated efforts?

Was a bill drafted and never put to an up or down vote?

Did President Bush stand before The Congress during a State of the Union Address and let the American People and their members of Congress know that the state of our economy was at risk?

Did President Bush send out his Sect. of the Treasury and other economic advisers to warn the American people to beware (with a similar warning of mushroom clouds in boardrooms)?

Did President Bush raise taxes to pay for the war on terror (Homeland Security and the invasion and occupation of Iraq)?

Did he ask the Attorney General to investigate potential abuses of the CRA (or was the AG too busy vetting the religious bent of possible US Attorney's with the help of Monica Goodling

LMAO...

Did bush make congress do their job"?

No. I guess he could have done better at that.

But as a result, it sure as hell aint congresses fault.

Hey sparky...congress was not a bunch of children. They were a bunch of well paid well educated adults who promised to do a good job if they were elected.

But hey...its not their fault.....Big Daddy did not make them do their job.

Do you not see how your obsession with the failures of Bush has clouded your judgment?

 

[mudwhistle]

Yes I think we are all well aware of your Bush obsession. lol

The bubble and the crash happened on his watch.

The OP is a pathetic attempt to retroactively blame the crash on Obama, which is as insanely laughable as it gets.

Back to to that argument?

Liberals figure that if a Repug is in office everything is his fault and when their guy is nothing is his fault, so cut the shit!!!

 

[BluesLegend]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

What repeated efforts?

Was a bill drafted and never put to an up or down vote?

Did President Bush stand before The Congress during a State of the Union Address and let the American People and their members of Congress know that the state of our economy was at risk?

Did President Bush send out his Sect. of the Treasury and other economic advisers to warn the American people to beware (with a similar warning of mushroom clouds in boardrooms)?

Did President Bush raise taxes to pay for the war on terror (Homeland Security and the invasion and occupation of Iraq)?

Did he ask the Attorney General to investigate potential abuses of the CRA (or was the AG too busy vetting the religious bent of possible US Attorney's with the help of Monica Goodling

Do we really need to post the video of Democrats in congress arguing everything was fine at Fanny and Freddie and Bush was wrong? Stick your head in the sand for all I care if that's your choice.

 

[Dad2three]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

Wall Street wanted to limit the GSE's portfolios so it could get more market share. Bush, acting as Wall Street's bitch, tried to get the GSEs portfolios capped. The Democrats stopped this plan.

No one was acting out of pure motives.

No one.

I blame everyone for the housing bubble, Rep's, Dem's, and the foolish citizens who purchased more home than they could afford, took out 2nd mortgages and spent like there's no tomorrow. What I have a problem with is lying scum Democrats in congress who acted like they had nothing to do with the whole mess. I have never seen such a group of snakes as Democrats.

Can you name a single politician that has accepted responsibility for any of the problems our nation experiences?

The real victims of the housing bubble? The banks. Yes, the banks. They were threatened by the government if they did not show "equality" in lending and were forced to write loans to those that would likely default....

And then, of course, there were the ARM loans...people loved the idea of refinancing, taking a mess of cash out, and having their payments LOWERED for 5 years....and they all believed they would be able to refinance when the ARM expired....so they spent the cash out, had a field day....and then their LTV's changed for the worse, and they couldn't refinance...their rates shot up to prime plus whatever, and they couldn't afford it.

But they lived the high life for 5 years.....and now they are...dare I say.....VICTIMS of their own greed.

It does not take rocket science to understand what really took place.

"The real victims of the housing bubble? The banks. Yes, the banks. They were threatened by the government if they did not show "equality" in lending and were forced to write loans to those that would likely default...."



It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it. More than 84 percent of the sub-prime mortgages in 2006 were issued by private lending. These private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year. Out of the top 25 subprime lenders in 2006, only one was subject to the usual mortgage laws and regulations. The nonbank underwriters made more than 12 million subprime mortgages with a value of nearly $2 trillion. The lenders who made these were exempt from federal regulations.

Lest We Forget Why We Had A Financial Crisis - Forbes


Government data show Fannie and Freddie didn’t take the same risks that Wall Street’s mortgage-backed securities machine did. Mortgages financed by Wall Street from 2001 to 2008 were 4½ times more likely to be seriously delinquent than mortgages backed by Fannie and Freddie.

Wall Street Not Fannie and Freddie Led Mortgage Meltdown - The Daily Beast



1. Private markets caused the shady mortgage boom

2. The government’s affordability mission didn’t cause the crisis:

3. There is a lot of research to back this up and little against it: This is not exactly an obscure corner of the wonk world — it is one of the most studied capital markets in the world.

4. Conservatives sang a different tune before the crash: Conservative think tanks spent the 2000s saying the exact opposite of what they are saying now

Hey Mayor Bloomberg No the GSEs Did Not Cause the Financial Meltdown but thats just according to the data The Big Picture

 

[Siete]

wow ..

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

What repeated efforts?

Was a bill drafted and never put to an up or down vote?

Did President Bush stand before The Congress during a State of the Union Address and let the American People and their members of Congress know that the state of our economy was at risk?

Did President Bush send out his Sect. of the Treasury and other economic advisers to warn the American people to beware (with a similar warning of mushroom clouds in boardrooms)?

Did President Bush raise taxes to pay for the war on terror (Homeland Security and the invasion and occupation of Iraq)?

Did he ask the Attorney General to investigate potential abuses of the CRA (or was the AG too busy vetting the religious bent of possible US Attorney's with the help of Monica Goodling

LMAO...

Did bush make congress do their job"?

No. I guess he could have done better at that.

But as a result, it sure as hell aint congresses fault.

Hey sparky...congress was not a bunch of children. They were a bunch of well paid well educated adults who promised to do a good job if they were elected.

But hey...its not their fault.....Big Daddy did not make them do their job.

Do you not see how your obsession with the failures of Bush has clouded your judgment?

makes people want to, err, err, want to do something other than give any credibility to RW morons for any reason.

 

[Dad2three]

Sorry, that's no excuse. Bush was The President and we need to evaluate any president on what they did or did not do, not on what they say.

Dem's in congress block Bush repeated efforts to deal with the problem and you blame Bush? That sounds about typical for dishonest Democrats.

What repeated efforts?

Was a bill drafted and never put to an up or down vote?

Did President Bush stand before The Congress during a State of the Union Address and let the American People and their members of Congress know that the state of our economy was at risk?

Did President Bush send out his Sect. of the Treasury and other economic advisers to warn the American people to beware (with a similar warning of mushroom clouds in boardrooms)?

Did President Bush raise taxes to pay for the war on terror (Homeland Security and the invasion and occupation of Iraq)?

Did he ask the Attorney General to investigate potential abuses of the CRA (or was the AG too busy vetting the religious bent of possible US Attorney's with the help of Monica Goodling

Do we really need to post the video of Democrats in congress arguing everything was fine at Fanny and Freddie and Bush was wrong? Stick your head in the sand for all I care if that's your choice.

PLEASE do that, you mean 2003-2004 BEFORE DUBYA'S SUBPRIME CRISIS WHERE DUBYA FORCED F/F TO UP THEIR 'AFFORDABLE HOUSING GOALS FROM 50% TO 56% , DUBYA TOOK BACK CLINTON'S RULE THAT F/F COULDN'T USE SUBPRIME LOANS TO MEET THOSE GOALS OR FORCING F/F TO BUY $440 BILLION IN MBS'S??? LOL


ALL documented here:

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[zeke]

I agree, but even Slick has acknowledged that he should not have gone along with repeal of Glass Segal,

Right there it is. When I wrote loans, all the LO's I worked with were wanting Slick to veto that bit of legislation.
But he didn't and the door was opened and greed ruled the day. The rest is history. Revisionist history in some cases.

I believe slick was looking to appease the Republicans pushing this repeal because Clinton knew he needed some slack for his actions and he bought that by signing that bill.

 

[BluesLegend]

Yes I think we are all well aware of your Bush obsession. lol

The bubble and the crash happened on his watch.

The OP is a pathetic attempt to retroactively blame the crash on Obama, which is as insanely laughable as it gets.

The OP is pointing out government's responsibility for enabling the mess in the first place. This stretches back to the Clinton administration and yes Bush has some responsibility as well. Obviously this mess wasn't Obama's fault as president, he has some responsibility as a participant in enabling the mess that's what the OP has documented, but so do millions of Americans. What I have a problem with is Democrats acting like they are clean as a fresh winter snow when they were hip deep in this mess.

 

[Dad2three]

Yes I think we are all well aware of your Bush obsession. lol

The bubble and the crash happened on his watch.

The OP is a pathetic attempt to retroactively blame the crash on Obama, which is as insanely laughable as it gets.

Back to to that argument?

Liberals figure that if a Repug is in office everything is his fault and when their guy is nothing is his fault, so cut the shit!!!

I think you are confused