To Say Obama "Inherited" Bush's Mess is Disingenuous

[Warrior102]

Come on. Obama CAMPAIGNED for the job/"inheritance."
Twice !!!
And the "buck stops with him" (so he says).

Meanwhile:

What Obama “Inherited”
AAA Credit Rating
7.8% unemployment
$1.81 Gas/Gallon
$10-Trillion Debt
2 Wars
26 weeks unemployment
Annual budget

What We Have Now
A Credit Rating
8.6% unemployment
$3.89 Gas/Gallon
$18+ Trillion Debt
3 Wars (4 or 5, depending on who you ask)
99 weeks unemployment
No annual budget

 

[Mad Scientist]

Obama is the pefect "closer" isn't he? He can come in and complete the destruction started by Bush and no one will call him on it for fear of being called "rayciss".

It's a stroke of genius!

 

[Mr. H.]

He was voted in by the color of his skin.

He certainly has no "content".

 

[blastoff]

Disingenuous is the left's middle name.

 

[Fang]

When will Americans stop putting up with this shit from politicians? Obama spent millions campaigning for the job. When he wins he proceeds to complain about the job, blame his predecessor and not take responsibility. This is not what leadership is about. This county will never recover until Americans start holding their elected officials accountable. If you ask for our vote and win, then YOU OWN IT.

 

[Dad2three]

Come on. Obama CAMPAIGNED for the job/"inheritance."
Twice !!!
And the "buck stops with him" (so he says).

Meanwhile:

What Obama “Inherited”
AAA Credit Rating
7.8% unemployment
$1.81 Gas/Gallon
$10-Trillion Debt
2 Wars
26 weeks unemployment
Annual budget

What We Have Now
A Credit Rating
8.6% unemployment
$3.89 Gas/Gallon
$18+ Trillion Debt
3 Wars (4 or 5, depending on who you ask)
99 weeks unemployment
No annual budget

Weird you can't use reason, logic OR HONESTY


Dec 2007

The Economic Consequences of Mr. Bush
The next president will have to deal with yet another crippling legacy of George W. Bush: the economy. A Nobel laureate, Joseph E. Stiglitz, sees a generation-long struggle to recoup.


http://www.vanityfair.com/politics/features/2007/12/bush200712


One of the realities of economics is the lag factor. When one begins with a big hole to fill, it takes time and resources to fill it before you get to start with level ground.

US economy tanked 9% last quarter of 2008, 3+ years of good growth. The economy was shedding 700,000+ jobs a month (4+ million in 2009)

July 14, 2008

National average gas price sets all-time high of $4.11 a gallon

Average gas prices--July 14, 2008


Obama's first F/Y budget

National Debt Oct 1, 2009 $11,920,519,164,319.42

January 08, 2009
CBO Projects $1.2 Trillion Deficit for 2009 , that's 12 days pre Obama

Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits



Just two policies dating from the Bush Administration — tax cuts and the wars in Iraq and Afghanistan — accounted for over $500 billion of the deficit in 2009 and will account for $7 trillion in deficits in 2009 through 2019, including the associated debt-service costs.

Economic Downturn and Bush Policies Continue to Drive Large Projected Deficits ? Center on Budget and Policy Priorities


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!

Bush drive for home ownership fueled housing bubble


He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded a GOP Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.

And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down


The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008


Thanks again to the Bush administrations allowing the greedy & unethical brokers to operate at their will.

673,000+ PRIVATE sector jobs lost under Dubya

5+ million PRIVATE sector jobs created under Obama (nearly 10 million since hitting Bush's bottom March 2010)

Bureau of Labor Statistics Data

THERE IS NO 99 WEEKS UNEMPLOYMENT. WE ARE OUT OF BOTH WARS, CARE TO POINT TO WHERE US TROOPS ARE FIGHTING? lol

 

[Dad2three]

Disingenuous is the left's middle name.

 

[Dad2three]

When will Americans stop putting up with this shit from politicians? Obama spent millions campaigning for the job. When he wins he proceeds to complain about the job, blame his predecessor and not take responsibility. This is not what leadership is about. This county will never recover until Americans start holding their elected officials accountable. If you ask for our vote and win, then YOU OWN IT.

We already know what economic policies work best for our country. Clinton knew that we had to cut spending and increase revenues. We had revenues of 20.6% of GDP and a surplus in 2000. Then something terrible happened, the Republicans gained complete control in 2001 and instead of sticking with what was working they decided that their ideology was more important. The debt has gone up $12 trillion since then.

 

[boedicca]

Of course it's disingenuous.

Obama is not Bush's "heir". Obama ran for President. He wanted it. He got it. He owns it.

 

[Dad2three]

He was voted in by the color of his skin.

He certainly has no "content".

If Obama implements a growth policy on Tuesday and the nation is not back in the black on Thursday, this is a "failed policy."

If Bush in eight years brings us from surplus to crushing deficit, rampant unemployment, an economic black hole, a) his policies just "needed more time to work," and b) it was all Barney Franks' fault. If Obama in eight years, with no economic engine left to work with and a 100% obstructionist congress opposing him at every turn recovers the stock market, reverses the unemployment trend, restores growth and puts the nation back on sound economic footing, but after 5 years we're not as well off as at the end of the Clinton presidency, these are "failed policies."

You can't make this stuff up.

 

[Dad2three]

Of course it's disingenuous.

Obama is not Bush's "heir". Obama ran for President. He wanted it. He got it. He owns it.

And he's turned it around TOO


June marks 52 straight months of private sector job growth, the longest ever on record, beating out Bill Clinton's record of 51 continuous months of private sector job growth from February 1996 to April 2000. The economy has added more than 200,000 jobs for five months in a row now, the longest such streak since 1999.


In the first half of this year alone the economy has added 1.4 million jobs, another accomplishment not seen since 1999.

 

[Dad2three]

Of course it's disingenuous.

Obama is not Bush's "heir". Obama ran for President. He wanted it. He got it. He owns it.

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”



Q Why is it commonly called the “subprime bubble” ?

A Because the Bush Mortgage Bubble coincided with the explosive growth of Subprime mortgage and politics. Also the subprime MBS market was the first to collapse in late 2006. In 2003, 10 % of all mortgages were subprime. In 2006, 40 % were subprime. This is a 300 % increase in subprime lending. (and notice it coincides with the dates of the Bush Mortgage bubble that Bush and the Fed said)

“Some 80 percent of outstanding U.S. mortgages are prime, while 14 percent are subprime and 6 percent fall into the near-prime category. These numbers, however, mask the explosive growth of nonprime mortgages. Subprime and near-prime loans shot up from 9 percent of newly originated securitized mortgages in 2001 to 40 percent in 2006"

https://www.dallasfed.org/assets/documents/research/eclett/2007/el0711.pdf

"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages." (Fed link above)

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDN’T REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.

Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them.



Q Why would Bush’s regulators let banks lower their lending standards?

A. Federal regulators at the Office of the Comptroller of the Currency (OCC) and the Office of Thrift Supervision work for Bush and he was pushing his “Ownership Society” programs that was a major and successful part of his re election campaign in 2004. And Bush’s regulators not only let banks do this, they attacked state regulators trying to do their jobs. Bush’s documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)



Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment bank’s capital requirements, Net Capital rule (Going from 12-1 to 35+-1 in 2004, flooded the market cheap money)
Reversing the Clinton rule that restricted GSEs purchases of subprime loans (2004)
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments

PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING

But the biggest policy was regulators not enforcing lending standards.

 

[sealybobo]

Come on. Obama CAMPAIGNED for the job/"inheritance."
Twice !!!
And the "buck stops with him" (so he says).

Meanwhile:

What Obama “Inherited”
AAA Credit Rating
7.8% unemployment
$1.81 Gas/Gallon
$10-Trillion Debt
2 Wars
26 weeks unemployment
Annual budget

What We Have Now
A Credit Rating
8.6% unemployment
$3.89 Gas/Gallon
$18+ Trillion Debt
3 Wars (4 or 5, depending on who you ask)
99 weeks unemployment
No annual budget

What a liar or fool you are. Did you forget on Bush's watch gas went over $4 a gallon and that contributed to his great recession? That is one of the reasons the economy tanked. Did you forget the truck drivers who stopped going out on the road because it wasn't worth the cost of gas. It only went down to 1.81 because the economy was in free fall. The oil companies gouged us as much as they could.

Exxon posts quarterly, annual profit records - Feb. 1, 2008

Don't forget Clinton handed Bush a surplus and Bush handed Obama a mess.

So which are you? Are you stupid or a liar?

 

[daveman]

Come on. Obama CAMPAIGNED for the job/"inheritance."
Twice !!!
And the "buck stops with him" (so he says).

Meanwhile:

What Obama “Inherited”
AAA Credit Rating
7.8% unemployment
$1.81 Gas/Gallon
$10-Trillion Debt
2 Wars
26 weeks unemployment
Annual budget

What We Have Now
A Credit Rating
8.6% unemployment
$3.89 Gas/Gallon
$18+ Trillion Debt
3 Wars (4 or 5, depending on who you ask)
99 weeks unemployment
No annual budget

Weird you can't use reason, logic OR HONESTY

Who did Obama inherit the mess he got in his second term from?

 

[Dad2three]

Come on. Obama CAMPAIGNED for the job/"inheritance."
Twice !!!
And the "buck stops with him" (so he says).

Meanwhile:

What Obama “Inherited”
AAA Credit Rating
7.8% unemployment
$1.81 Gas/Gallon
$10-Trillion Debt
2 Wars
26 weeks unemployment
Annual budget

What We Have Now
A Credit Rating
8.6% unemployment
$3.89 Gas/Gallon
$18+ Trillion Debt
3 Wars (4 or 5, depending on who you ask)
99 weeks unemployment
No annual budget

Weird you can't use reason, logic OR HONESTY

Who did Obama inherit the mess he got in his second term from?

June marks 52 straight months of private sector job growth, the longest ever on record, beating out Bill Clinton's record of 51 continuous months of private sector job growth from February 1996 to April 2000. The economy has added more than 200,000 jobs for five months in a row now, the longest such streak since 1999.


In the first half of this year alone the economy has added 1.4 million jobs, another accomplishment not seen since 1999.

 

[Warrior102]

In the first half of this year alone the economy has added 1.4 million jobs, another accomplishment not seen since 1999.[/COLOR][/SIZE][/B]

Just what we need -
1.4 million more fry cooks

 

[boedicca]

Dad2 is a moron.


Sent from my iPhone using Tapatalk

 

[CrusaderFrank]

Starting a petition to rename the upper and lower intestine Barack and Obama respectively because everything they handle also turns to crap

 

[daveman]

Weird you can't use reason, logic OR HONESTY

Who did Obama inherit the mess he got in his second term from?

June marks 52 straight months of private sector job growth, the longest ever on record, beating out Bill Clinton's record of 51 continuous months of private sector job growth from February 1996 to April 2000. The economy has added more than 200,000 jobs for five months in a row now, the longest such streak since 1999.


In the first half of this year alone the economy has added 1.4 million jobs, another accomplishment not seen since 1999.

Report: More Than 92 Million Americans Remain Out Of Labor Force « CBS DC

Total number of U.S. citizens receiving disability reaches record high with nearly 11 MILLION drawing benefits | Mail Online

Welfare Hits Record Levels After 50 Years of War on Poverty

Answer my question: Who did Obama inherit the mess he got in his second term from?

 

[sealybobo]

Come on. Obama CAMPAIGNED for the job/"inheritance."
Twice !!!
And the "buck stops with him" (so he says).

Meanwhile:

What Obama “Inherited”
AAA Credit Rating
7.8% unemployment
$1.81 Gas/Gallon
$10-Trillion Debt
2 Wars
26 weeks unemployment
Annual budget

What We Have Now
A Credit Rating
8.6% unemployment
$3.89 Gas/Gallon
$18+ Trillion Debt
3 Wars (4 or 5, depending on who you ask)
99 weeks unemployment
No annual budget

Weird you can't use reason, logic OR HONESTY

Who did Obama inherit the mess he got in his second term from?

2 things.

1. The GOP have obstructed the President his entire time in office. They have held the majority party hostage. They broke filabuster records.

2. Obama is doing a pretty god damn good job considering. Bush was bleeding 700,000 jobs a month when he left office. Obama is adding jobs. Not enough for you? Go fuck yourself and vote for another republican stupid.