Who's at fault for the 2008 Recession?

[Lesh]

The CRA did not cause the banking melt down. PRIVATE BANKS making bad loans caused it

 

[Jitss617]

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?

Democrats in Congress couldn’t govern under bush, to busy attacking him

 

[Lesh]

Democrats in Congress had ZERO power until 2007. AFTER the Recession began and well after the bubble grew to bursting

 

[Dragonlady]

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.

People got the loans because everyone was making money: prices were rising, and you could make big commissions on sub-prime mortgages. I’ve seen brokerage and fees reach $10,000 on a $50,000 high risk mortgage.

Some lenders wanted nothing but subprime mortgages because they were so much more profitable than conventional mortgages. Fees and commissions on a $50,000 conventional mortgage: $600. Big difference.

 

[easyt65]

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?

Now that the 2+ year 'crusade' the Democrats, liberal news, and snowflakes committed their entire lives to has come to an abrupt and devastating halt / conclusion, they now have to find something to live for...to move on to.

There is more than enough to talk about that is happening now.....

But instead, the butt-hurt, sore-loser snowflakes with the taste of LOSS in their mouths ... AGAIN ... have the need to LASH OUT, to start shit, to condemn Conservatives....and what better place than to go back OVER A DECADE ... to bring up a man who has not been President for over a decade....Bush!

Bwuhahahahahaha.......!

So much for the butt-hurt snowflakes who say - every time Hillary or Obama still pops up in the media today - 'Why are you talking about them? They are old news!'

Your creation of a thread to go back more than a decade to resurrect your hatred for Bush, to blame Bush for Obama's and the democrats failures again, just shows how desperate you are after ANOTHER LOSS TO PRESIDENT TRUMP!

 

[easyt65]

Democrats in Congress had ZERO power until 2007. AFTER the Recession began and well after the bubble grew to bursting

You're such a F*ING LIAR.

The Democrats controlled the House during the last 2 years of the Bush administration, which means they controlled the BUDGET, the PUSE STRINGS, the SPENDING.

During Bush's 1st 6 years in office he and the GOP added $2.5 Trillion to the deficit...and that was during 9/11/01, the economic shutdown immediately after, and during 2 wars. in his last 2 years in office, with Democrats controlling the House, another $1.5 Trillion was added. That is only $1 trillion in 2 years less than Bush and the GOP accumulated in 6 years, 1/3rd the time.

Not only did the OP have to go back more than a decade to bring up the false claim that Obama inherited a bad economy from Bush (No, he inherited it from his own Democrats who controlled spending the last 2 years of Bush's Presidency) to distract from the fact that the Democrats 2+ year attempt to conduct a political coup against President Trump FAILED, but then we have to endure more FALSE NARRATIVES from snowflakes who believe lying and trying to re-write history about Bush will be a soothing salve to their butt-hurt after losing to Trump ... AGAIN!

 

[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?

Now that the 2+ year 'crusade' the Democrats, liberal news, and snowflakes committed their entire lives to has come to an abrupt and devastating halt / conclusion, they now have to find something to live for...to move on to.

There is more than enough to talk about that is happening now.....

But instead, the butt-hurt, sore-loser snowflakes with the taste of LOSS in their mouths ... AGAIN ... have the need to LASH OUT, to start shit, to condemn Conservatives....and what better place than to go back OVER A DECADE ... to bring up a man who has not been President for over a decade....Bush!

Bwuhahahahahaha.......!

So much for the butt-hurt snowflakes who say - every time Hillary or Obama still pops up in the media today - 'Why are you talking about them? They are old news!'

Your creation of a thread to go back more than a decade to resurrect your hatred for Bush, to blame Bush for Obama's and the democrats failures again, just shows how desperate you are after ANOTHER LOSS TO PRESIDENT TRUMP!

Actually, this thread was started to remove an off topic discussion from another thread...an off topic I did not start, was started by one of your CRC comrades. Error | US Message Board - Political Discussion Forum

 

[Lesh]

And mortgage brokers were charging big fees. The fees got bigger the riskier the loan was so...hey...why not push thoise. At the end if you had a pulse you got a loan

And mortgage brokers sold off those loans they had just made big commissions on as fast as they could.to banks that actually WANTED sub prime loans

 

[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.

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

Did I mention the CRA? Nope.

Some of the seeds for the Meltdown were planted when Glass Steagall was repealed. Who signed that bill? Clinton.

Clinton also bought into Rubin's and Summers' stories that Alan Greenspan should be left alone. Big mistake.

Then the GOP took over by refusing to regulate.

Both parties, as much as the partisans refuse to admit it, had a hand in this.
.

 

[Crixus]

And mortgage brokers were charging big fees. The fees got bigger the riskier the loan was so...hey...why not push thoise. At the end if you had a pulse you got a loan

And mortgage brokers sold off those loans they had just made big commissions on as fast as they could.to banks that actually WANTED sub prime loans

And people who couldn’t afford loans took out loans, people who shouldn’t have gotten loans were given loans..

 

[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.

That silly both sides argument simply is meritless.

I take care of that fallacy with two clear examples in post 89.

I realize that you're one of those folks (on both ends, of course) who steadfastly refuse to ever assign blame to your tribe - be it your race or your party or your ideology - but that type of blind obedience simply disconnects you from reality.
.

 

[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

Did I mention the CRA? Nope.

Some of the seeds for the Meltdown were planted when Glass Steagall was repealed. Who signed that bill? Clinton.

Clinton also bought into Rubin's and Summers' stories that Alan Greenspan should be left alone. Big mistake.

Then the GOP took over by refusing to regulate.

Both parties, as much as the partisans refuse to admit it, had a hand in this.
.

Again...you want blame CLINTON for agreeing to Republican policies...have at it. Those policies had strong opposition from the Dem party writ large...and overwhelming support from the GOP.

 

[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.

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

Did I mention the CRA? Nope.

Some of the seeds for the Meltdown were planted when Glass Steagall was repealed. Who signed that bill? Clinton.

Clinton also bought into Rubin's and Summers' stories that Alan Greenspan should be left alone. Big mistake.

Then the GOP took over by refusing to regulate.

Both parties, as much as the partisans refuse to admit it, had a hand in this.
.

Again...you want blame CLINTON for agreeing to Republican policies...have at it. Those policies had strong opposition from the Dem party writ large...and overwhelming support from the GOP.

I'm saying that there is plenty of blame to go around.

Had a Republican signed that bill, you'd be using it against the GOP.

You can protect your tribe if you'd like, I know how the game is played. I'm under no such obligation.
.

 

[Marion Morrison]

"The Gramm-Leach-Bliley Act of 1999 (GLBA) was a bi-partisan regulation under President Bill Clinton, passed by Congress on November 12, 1999. The GLBA was an attempt to update and modernize the financial industry. The GLBA is most well-known as the repeal the Glass-Steagall Act of 1933, which stated that commercial banks were not allowed to offer financial services, like investments and insurance-related services, as part of normal operations."

It was a bipartisan fuckery of everybody. Bush refused to put the brakes on. Probably on purpose.


The Gramm-Leach-Bliley Act of 1999 (GLBA)
Clinton, Republicans agree to deregulation of US financial system

 

[easyt65]

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?

Now that the 2+ year 'crusade' the Democrats, liberal news, and snowflakes committed their entire lives to has come to an abrupt and devastating halt / conclusion, they now have to find something to live for...to move on to.

There is more than enough to talk about that is happening now.....

But instead, the butt-hurt, sore-loser snowflakes with the taste of LOSS in their mouths ... AGAIN ... have the need to LASH OUT, to start shit, to condemn Conservatives....and what better place than to go back OVER A DECADE ... to bring up a man who has not been President for over a decade....Bush!

Bwuhahahahahaha.......!

So much for the butt-hurt snowflakes who say - every time Hillary or Obama still pops up in the media today - 'Why are you talking about them? They are old news!'

Your creation of a thread to go back more than a decade to resurrect your hatred for Bush, to blame Bush for Obama's and the democrats failures again, just shows how desperate you are after ANOTHER LOSS TO PRESIDENT TRUMP!

Actually, this thread was started to remove an off topic discussion from another thread...an off topic I did not start, was started by one of your CRC comrades. Error | US Message Board - Political Discussion Forum

I have no 'comrades', snowflake....but carry on with your attempt to bitch about a President who has not been in office for over a decade while attempting to re-write history.

 

[BuckToothMoron]

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.

So a democrat somewhere told me

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.

Yes, I am curious who it was and the context in which they said it.

As with many things, like economics and climate, there is almost always an amalgamation of many factors which cause events and notable change. No one party or person caused the recession any more than climate change is simply the result of humans driving cars.

 

[easyt65]

You can protect your tribe if you'd like...
.

Your 'tribe'? Are you talking to Elizabeth Warren? Is she on this board?

As a Native American, I would find offense with that ... if I expected more from you or gave a damn what words 'you people' choose to try to insult others.

 

[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.

I take care of that fallacy with two clear examples in post 89.

I realize that you're one of those folks (on both ends, of course) who steadfastly refuse to ever assign blame to your tribe - be it your race or your party or your ideology - but that type of blind obedience simply disconnects you from reality.
.

Actually I have provided 8verwhelming evidence that shows I am right. You can't and we both know it. You are the disconnected one here buddy.

 

[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.

That silly both sides argument simply is meritless.

I take care of that fallacy with two clear examples in post 89.

I realize that you're one of those folks (on both ends, of course) who steadfastly refuse to ever assign blame to your tribe - be it your race or your party or your ideology - but that type of blind obedience simply disconnects you from reality.
.

Actually I have provided 8verwhelming evidence that shows I am right. You can't and we both know it. You are the disconnected one here buddy.

So Clinton didn't sign the Glass Steagall repeal?

So Clinton tried to reign in Greenspan?

Is that what you're saying?
.

 

[Papageorgio]

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 Commodities Future Modernization Act of 2000, it was passed with just four dissenting votes and signed by the President helped seal the fate of the nation.

Lots of reasons and lots of blame to spread for the 2008 recession. Neither party can escape blame for the recession.

Actually since republicans controlled everything, they can be blamed.

Clinton, Rubin,

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 Commodities Future Modernization Act of 2000, it was passed with just four dissenting votes and signed by the President helped seal the fate of the nation.

Lots of reasons and lots of blame to spread for the 2008 recession. Neither party can escape blame for the recession.

Actually since republicans controlled everything, they can be blamed.

It was a lame duck Congress and Clinton, Ruben

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 Commodities Future Modernization Act of 2000, it was passed with just four dissenting votes and signed by the President helped seal the fate of the nation.

Lots of reasons and lots of blame to spread for the 2008 recession. Neither party can escape blame for the recession.

Actually since republicans controlled everything, they can be blamed.

The fact is the Clinton Administration was pushing this to be passed before the lame duck Congress convened. Rubin, Summers, Greenspan along with all but four Congressmen wanted it bad.

That isn’t the only reason for the meltdown, tons more and it involves both parties, Wall St.

To claim it was one party over the other party is the reason for the recession, is simplistic, very naive and is just moronic partisan BS.