Who's at fault for the 2008 Recession?

[Lesh]

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 2007 crash of the Housing Market and Banks like BOA that floated bad loans were the main reason.

United States housing bubble - Wikipedia

Now please explain how George W. Bush was at fault for the market crash and the poor lending practices of the Banks at that time and please show which bills he signed into law that allowed banks to float junk loans like they did during that period!?!

Bush had ONE sector of the economy that was working. His Admin pushed that and touted that. At any point they could have and should have done any number of things to reign in the banks and cool the housing market...but then why would they? They NEEDED that housing bubble to make the economy look like it was doing "something"
Greenspan famously said (as he was slinking out of DC) "it looks like the free market isn't adequate to control the market".The Bushies could have pressured him to bump interest rates...but that simply is not in the GOP DNA.

 

[Lesh]

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?

I cannot cite the specific legislation because I do not have the time to research it this morning.

However...

Earlier reading informs me that it was Democratic legislative 'tampering' with the mortgage-lending business...

Insisting that lenders provide loans to bad-risk types during a period of steadily increasing housing costs...

Eventually accumulating hundreds of thousands of mortgage loans with little hope of keeping pace with such costs...

And that when those chickens began coming home to roost, the whole bubble collapsed...

Again... all because Democrats pushed-through "reforms" that forced bad lending practices upon the industry...

Did I get it right?

That assumes that F&F caused the banking collapse. They didn't. They were a victim of it. F&F didn't get into the "toxic loan" game until way late and they did it not for the benefit of low income home buyers. They did it because their PRIVATE investors demanded that they do so to increase profits.And even there it wasn't government backed loans that screwed them it was private loans.

We've been through this just a few months ago.

g5000 tore your assses to pieces on this topic

 

[Mac1958]

As desperate as both silly parties are to blame the other for the Meltdown, the fact has always been that it was a multi-decade team effort.

 

[martybegan]

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.

I have a feeling Democratic Bankers were making money as well.

Good point. People want to know what / who caused the Recession. The “what” was the housing bubble. Financial controls and thresholds are put in place to mitigate risk of default. You can’t ease those controls simply because people are jealous of others who have a bigger house.

Fiscal and economic policies rooted in class envy lead to failure.

I like to go with the blame everyone approach, from the government, to the banks, to the insurance companies, to the homeowners, to the real estate agents.

Everyone was making too much money, and no one wanted the gravy train to stop.

 

[Lesh]

As desperate as both silly parties are to blame the other for the Meltdown, the fact has always been that it was a multi-decade team effort.

That's not true. This was a failure of the basic ideology of conservatism

CRA had little or nothing to do with financial meltdown

Like Uranium One...it's a lie that refuses to die

 

[Lesh]

You want to blame Clinton for signing GLB and Commodities Modernization Act?

Those REPUBLICAN bills? Yea, but that's the extent of blame that Dems deserve here. I have long said that Clinton was the best REPUBLICAN President we ever had.

 

[IM2]

As desperate as both silly parties are to blame the other for the Meltdown, the fact has always been that it was a multi-decade team effort.

That silly both sides argument simply is meritless.

 

[Remodeling Maidiac]

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?

It was caused by GOVERNMENT policy. Policy implemented by Democrats and not repealed by Republicans.

 

[Marion Morrison]

As desperate as both silly parties are to blame the other for the Meltdown, the fact has always been that it was a multi-decade team effort.

That silly both sides argument simply is meritless.

Yeah, it was whitey, huh?

 

[Lesh]

As desperate as both silly parties are to blame the other for the Meltdown, the fact has always been that it was a multi-decade team effort.

That silly both sides argument simply is meritless.

Wrong.

This goes to the heart of the conservative ideology and hypocrisy. When you blame "both sides" because it's easy and sounds fair...you MISS the point.

Regulations work...and rolling them back creates chaos and disaster. It's no accident that rolling back "antiquated" New Deal banking regs lead to the biggest economic catastrophe since the Great Depression

 

[Lesh]

As desperate as both silly parties are to blame the other for the Meltdown, the fact has always been that it was a multi-decade team effort.

That silly both sides argument simply is meritless.

Yeah, it was whitey, huh?

Well it sure as hell wasn't brown folks in thousand dollar suits that tanked our economy

 

[Aldo Raine]

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?

Dubya began his presidency with a big tax cut but few spending cuts. He then fought wars in Afgan and Iraq without raising taxes to pay for it. It got him through his first term but eventually caught up to him. Anyway, that's how I saw it.

He was also really big on the home ownership thing . Banks would loan money to anyone and anything knowing they would fail .

What was the name of that movie about the housing bubble burst ?

To Big to Fail, I believe.

 

[Lesh]

It was caused by GOVERNMENT policy. Policy implemented by Democrats and not repealed by Republicans.

It was caused by LACK of government oversight. Policies written bt, sponsored by, and passed through Congress with overwhelming GOP votes.

Ya wanna blame Clinton for signing that GOP Legislation...have at it. But Bush followed that up by keeping interest rates too low for too long...and otherwise doing NOTHING

 

[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.

I have a feeling Democratic Bankers were making money as well.

Good point. People want to know what / who caused the Recession. The “what” was the housing bubble. Financial controls and thresholds are put in place to mitigate risk of default. You can’t ease those controls simply because people are jealous of others who have a bigger house.

Fiscal and economic policies rooted in class envy lead to failure.

I like to go with the blame everyone approach, from the government, to the banks, to the insurance companies, to the homeowners, to the real estate agents.

Everyone was making too much money, and no one wanted the gravy train to stop.

Money and political power were the motivations. I may want a $700k house because many of my friends have one but if my financial profile says I have a high probability of default, I should not get the loan.... regardless if live in the city, country, my skin color, ethnicity, or religion.

 

[martybegan]

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.

I have a feeling Democratic Bankers were making money as well.

Good point. People want to know what / who caused the Recession. The “what” was the housing bubble. Financial controls and thresholds are put in place to mitigate risk of default. You can’t ease those controls simply because people are jealous of others who have a bigger house.

Fiscal and economic policies rooted in class envy lead to failure.

I like to go with the blame everyone approach, from the government, to the banks, to the insurance companies, to the homeowners, to the real estate agents.

Everyone was making too much money, and no one wanted the gravy train to stop.

Money and political power were the motivations. I may want a $700k house because many of my friends have one but if my financial profile says I have a high probability of default, I should not get the loan.... regardless if live in the city, country, my skin color, ethnicity, or religion.

While the market was booming no one was getting hurt. Everyone was either making money, or getting a house they never thought they could afford.

So the banks didn't fight back at all when politicians looked the other way when it came to lowering standards for loans.

The explanation in "Too big to Fail" to me fits the situation perfectly.

 

[Flash]

Who is at fault? The answer to that is easy.

1. CRA chickens coming home to roost. Get the filthy ass government to put pressure on lenders to give money to people that had neither the means nor the inclination to pay back the money. You know, for social justice reasons. What could possibly go wrong?

2. The 2006 Democrat elected Congress with shitheads like Barney Queerboy, Tits Pelosi and Dirty Harry in charge of the banking and finance oversight. Democrats always fuck up everything they touch.

 

[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?

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

No...please tell us some more about how it's donnie's fault.

 

[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?

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.

I accept your concession, Jeffrey.

 

[bodecea]

Bush triggered it. Obama nourished and, indeed, cherished it.

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.

You’ve been told? Why don’t you show who “told” you it was caused by democrats? I smell a STRAWMAN!

At least two posters here..but it was on another thread that was not the same topic, so in consideration and to not derail the other thread, I moved the discussion here. If you want the names of the two who kept telling me that, I will be glad to link that thread and/or tell you their names.

 

[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?

Curious, why is this an issue now? Angry that Trump is helping the economy?

What's not a dodge but one asking who was responsible for a decade old economic failure?

At any rate, both parties and both presidents were responsible for the recession. One party through sheer ignorance and the other out of sheer inaction.

Typical partisan, trying to pin the blame on one singular person or group. That isn't how it works.

There might be two sides to every coin, but it's the same coin! If you shave one side off the coin, it loses all of its value. Same with our politics. If we spend time blaming only one political party for every failure or disaster, rational and civil discourse has lost all meaning.

Like I said, it was Clinton and Bush and about 5 Congresses.

Watch Bodey have some wackitty link to a blog that pins it all on "muh Republicans".

This thread was shit from the jump.

Triggered much?