Who's at fault for the 2008 Recession?

[TroglocratsRdumb]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The Great Recession was caused by the real estate bubble.
The real estate bubble was caused by people buying houses that they could not afford.
The reason why people bought houses that they could not afford was because Billyboy Clinton that the idiot Democrat congress lowered the mortgage lending standards.
Clinton’s Legacy: The Financial and Housing Meltdown

 

[bodecea]

The core of the 2008 Recession was the housing bubble. Let’s be honest. Democrats pushed for ease of requirements so more lower income people could buy homes. Regardless of income, people bought more house than they could afford. Bankers got rich off of it. Bush touted and celebrated home ownership and Republican bankers got rich. Democrats had initially pushed for the ease of requirements for more minorities and inner city residents to qualify. When many could not meet their mortgage obligation, defaults shot the through the floor. The same people who pushed for easing of financial requirements were the first ones to accuse the mortgage companies of “predatory lending” towards blacks and minorities.

Was it the minorities and inner city residents who defaulted more? We had a lot of suburbia types here in CA default left and right.....

 

[mikegriffith1]

Did Deregulation and Capitalism Cause the Financial Crisis

 

[Ray From Cleveland]

The core of the 2008 Recession was the housing bubble. Let’s be honest. Democrats pushed for ease of requirements so more lower income people could buy homes. Regardless of income, people bought more house than they could afford. Bankers got rich off of it. Bush touted and celebrated home ownership and Republican bankers got rich. Democrats had initially pushed for the ease of requirements for more minorities and inner city residents to qualify. When many could not meet their mortgage obligation, defaults shot the through the floor. The same people who pushed for easing of financial requirements were the first ones to accuse the mortgage companies of “predatory lending” towards blacks and minorities.

Was it the minorities and inner city residents who defaulted more? We had a lot of suburbia types here in CA default left and right.....

You can't just lower regulations for one group of people. When you lower standards, you have to lower them for everybody.

When the bubble began, everybody got in on the action. 0% down and no credit checks allowed people to buy whatever they wanted. It destroyed my suburb because inner-city people from the projects were buying homes here they had no intention of paying on. Along with them came their crime.

 

[toomuchtime_]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The recession was the result of Obama's failure to act decisively when he came into office. The financial crisis Obama inherited was caused by both Democrats and Republicans and the various bureaucrats who oversaw our financial systems dating back to the Clinton administration. 12 years earlier Sweden underwent a similar financial crisis resulting from real estate bubble bursting and before the contraction of credit could turn the financial crisis into a recession, the Swedish government confiscated the banks, closing those that were too damaged to survive and pumping enough money into the others to make sure anyone who qualified for a loan could get one. Left wing economists urged Obama to do the same thing, but he was afraid of being seen as too far left, so he dawdled about what to do about the banks until the credit crunch drove the economy into a deep recession.

 

[bodecea]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The recession was the result of Obama's failure to act decisively when he came into office. The financial crisis Obama inherited was caused by both Democrats and Republicans and the various bureaucrats who oversaw our financial systems dating back to the Clinton administration. 12 years earlier Sweden underwent a similar financial crisis resulting from real estate bubble bursting and before the contraction of credit could turn the financial crisis into a recession, the Swedish government confiscated the banks, closing those that were too damaged to survive and pumping enough money into the others to make sure anyone who qualified for a loan could get one. Left wing economists urged Obama to do the same thing, but he was afraid of being seen as too far left, so he dawdled about what to do about the banks until the credit crunch drove the economy into a deep recession.

The Recession was already going strong when Former President Obama (the Scourge of the CRC) came to office.

 

[toomuchtime_]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

The recession was the result of Obama's failure to act decisively when he came into office. The financial crisis Obama inherited was caused by both Democrats and Republicans and the various bureaucrats who oversaw our financial systems dating back to the Clinton administration. 12 years earlier Sweden underwent a similar financial crisis resulting from real estate bubble bursting and before the contraction of credit could turn the financial crisis into a recession, the Swedish government confiscated the banks, closing those that were too damaged to survive and pumping enough money into the others to make sure anyone who qualified for a loan could get one. Left wing economists urged Obama to do the same thing, but he was afraid of being seen as too far left, so he dawdled about what to do about the banks until the credit crunch drove the economy into a deep recession.

The Recession was already going strong when Former President Obama (the Scourge of the CRC) came to office.

Actually GDP had just started to go negative shortly after Obama took office and continued for nearly two years. It was the result of a credit contraction from the financial crisis and could have been quickly remedied if Obama had taken measures similar to what the Swedish government had taken to provide sufficient funds for qualified borrowers.

The recession was the result of qualified borrowers, individuals and businesses, not being able to get loans because the banks simply didn't have the funds. Without these loans, they couldn't buy cars or houses and businesses had trouble operating and laid off workers, causing the economy to spiral downward. The government could have easily provided second chance loans to qualified borrowers the banks had been forced to turn down so that they could have bought cars and houses and businesses could have gotten the credit they needed to not lay off workers.
Economists on the left labeled Obama a pawn of Wall Street because he focused on saving the banks instead of saving the economy.

 

[sartre play]

The Democrats made people buy homes they could not afford ? could you explain that?

 

[sartre play]

Both party's have a lot of useless people, these people mess up our life's. but instead of voting for the person most qualified to do the job we vote political party. getting us the same old slick guys, over & over..

 

[LeftofLeft]

The core of the 2008 Recession was the housing bubble. Let’s be honest. Democrats pushed for ease of requirements so more lower income people could buy homes. Regardless of income, people bought more house than they could afford. Bankers got rich off of it. Bush touted and celebrated home ownership and Republican bankers got rich. Democrats had initially pushed for the ease of requirements for more minorities and inner city residents to qualify. When many could not meet their mortgage obligation, defaults shot the through the floor. The same people who pushed for easing of financial requirements were the first ones to accuse the mortgage companies of “predatory lending” towards blacks and minorities.

Was it the minorities and inner city residents who defaulted more? We had a lot of suburbia types here in CA default left and right.....

I am not sure on inner city vs. suburbanites or minorities vs. whites as to who defaulted more. Personally, I feel that looking at those stats and correlation is not healthy. People should not be discriminated against based on the color of their skin, ethnicity, religion, etc. If a white person and minority have equal financial risk scoring profiles and the white person gets the loan and the minority does not, that’s a problem. Conversely, if both a white person and a minority are equally high risk based on empirical financial scores and the minority gets the loan only or both get the loan, that’s a problem as well. It should all be empirical.

 

[B. Kidd]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Don't you know it was Trumps fault, idiot?

 

[initforme]

The Uber wealthy.

 

[HenryBHough]

How could Former President Obama (the Scourge of the CRC) have cherished it since he wasn't in office until 2009? And, remember, in my OP, I pointed out that I've been told it was the Democrat's running Congress that caused the Recession.

Get back to me when you're ready ti cope with reality

 

[Crixus]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Who cares?

 

[Dont Taz Me Bro]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

There were many factors that lead up to the crash. Nobody one party was responsible

 

[Lesh]

There were many factors that lead up to the crash. Nobody one party was responsible

Bullshit it was caused by deregulation, poor oversight, and greed

 

[Dont Taz Me Bro]

There were many factors that lead up to the crash. Nobody one party was responsible

Bullshit it was caused by deregulation, poor oversight, and greed

So, in other words, you agree, there were many factors that lead up to the crash and no one party was responsible....

 

[Marion Morrison]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

Clinton and Bush, next! Idk off top of head.. Dodd-Frank act maybe?

Formation of Fannie-Mae/Freddie Mac?

 

[BuckToothMoron]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

There were many causes of the recession, and both parties have blood on their hands. Remember your ole pal Barney Frank? He’s swimming in blood.

Frank's fingerprints are all over the financial fiasco - The Boston Globe

The roots of this crisis go back to the Carter administration. That was when government officials, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.

The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.

 

[Marion Morrison]

On another thread, the 2008 election was brought up. I stated that any Democrat would have won the Presidency because of the Recession under Bush. I was told that the Recession was the fault of the Democrat-let Congress.

Now, I ask....again (because I got a lot of dodging, but no answer)...what Democrat legislation caused the 2008 Recession?

There were many causes of the recession, and both parties have blood on their hands. Remember your ole pal Barney Frank? He’s swimming in blood.

Frank's fingerprints are all over the financial fiasco - The Boston Globe

The roots of this crisis go back to the Carter administration. That was when government officials, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.

The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.

Bodey really doesn't care what actually caused it, just looking for a poke at "muh Republicans".

I don't really care if her butt is over 37" wide, either.