Who's at fault for the 2008 Recession?

[Mac1958]

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.

And, bingo.

98% of people don't know anywhere near the whole story, but that doesn't stop many of them from pretending they do.


.

 

[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.

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.

Error | US Message Board - Political Discussion Forum

Read it for yourself.....leaving the entire thread for you to follow the string of posts and how it got off topic.

 

[IM2]

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.

Things always get called names when it is shown that republican policy is the problem.

 

[my2¢]

I blame the crash on those peddling derivatives, the financial weapons of mass destruction.

 

[Faun]

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's not what legislation they passed, it's about the legislation they didn't.

And Republicans were in control of both chambers in Congress.

 

[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.

So Clinton didn't sign the Glass Steagall repeal?

So Clinton tried to reign in Greenspan?

Is that what you're saying?
.

Clinton did not author or sponsor the bill. He signed a finished product voted for by the majority of republicans in congress with 1 democratic senate vote.

 

[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?
.

Clinton did not author or sponsor the bill. He signed a finished product voted for by the majority of republicans in congress with 1 democratic senate vote.

I remain in awe of the power of ideology.
.

 

[IM2]

I blame the crash on those peddling derivatives, the financial weapons of mass destruction.

Correct.

 

[IM2]

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?
.

Clinton did not author or sponsor the bill. He signed a finished product voted for by the majority of republicans in congress with 1 democratic senate vote.

I remain in awe of the power of ideology.
.

The truth is not an ideology.

 

[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?

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.

Mac1958 the annoyingly sanctimonious fence-sitter is right on this one.

 

[Dick Foster]

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 the fault of the American people as a whole for being greedy and looking to get something for nothing. Of course when there are so many pigeons around, of course the cons like the bigbbanks, financial institutions etc arei going to come out of the woodwork and take advantage of the situation. Of course the Fed ie Greenberg and the body politic are not going to do anything to stem the flow of campain funds. Always remember that a fool and his money are easily parted while all cons require greed on the part of the victim to succeed.

 

[Faun]

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.

“Actually GDP had just started to go negative shortly after Obama took office...”

You cult freaks are truly fucking deranged.

2008Q1: -2.3
2008Q2: 2.1
2008Q3: -2.1
2008Q4: -8.4

 

[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?

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?

No link, so your claims are unsupported there, widetrack.

 

[Mac1958]

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.

Mac1958 the annoyingly sanctimonious fence-sitter is right on this one.

That lie is addressed in line 2 of my sig, in which I disembowel a lefty.

Funny thing, I get to point that out to wingers on both ends, regularly.
.

 

[Dragonlady]

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

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

Brokers were actively encouraging applicants to lie on their applications about income and assets. A handful were sent to jail, but none of the big bosses at the banks who pushed these schemes went to jail.

 

[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?

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.

Mac1958 the annoyingly sanctimonious fence-sitter is right on this one.

That lie is addressed in line 2 of my sig, in which I disembowel a lefty.

Funny thing, I get to point that out to wingers on both ends, regularly.
.

The lie that you're right? Well who am I to disagree?

 

[Mac1958]

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,

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

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.

Mac1958 the annoyingly sanctimonious fence-sitter is right on this one.

That lie is addressed in line 2 of my sig, in which I disembowel a lefty.

Funny thing, I get to point that out to wingers on both ends, regularly.
.

The lie that you're right? Well who am I to disagree?

Sure, we can run with that.
.

 

[Marion Morrison]

Actually since republicans controlled everything, they can be blamed.

Clinton, Rubin,

Actually since republicans controlled everything, they can be blamed.

It was a lame duck Congress and Clinton, Ruben

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.

Mac1958 the annoyingly sanctimonious fence-sitter is right on this one.

That lie is addressed in line 2 of my sig, in which I disembowel a lefty.

Funny thing, I get to point that out to wingers on both ends, regularly.
.

The lie that you're right? Well who am I to disagree?

Sure, we can run with that.
.

If you say so.

 

[MarathonMike]

In order?

The Fed (without too low interest rates for too long - it never could have started), GWB (and his well-intentioned but moronic low income housing plan), Congress (for passing it - unanimously, I believe), Freddie and Fannie, the banks (for selling goofy mortgages), Wall Street and consumers (who were dumb enough to buy the mortgages with the bizarre terms that they knew they never would be able to pay off).

BTW - as per usual - most people completely underestimate the impact the Federal Reserve has had since 2001.
It amazes me how little perhaps 95% of Americans seem to know about this institution...and just how INCREDIBLY powerful it is.
It is FAR more powerful (economically) then Congress and the POTUS put together. And Wall Street cowers when the Fed Head speaks.
The Fed can buy ANY corporation (if enough shares are available), finance ANY government debt, print ANY amount of money, bail out any/all corporations/banks and it could buy every, available stock in America if it wanted to. And it is a for-profit, privately owned institution.
Other then consumers as a whole - the Fed IS the number one driving force of the economy...has been since 2008.

And yet almost all Americans - and apparently most of you here - have not a clue how much influence/power it has.

Obama did not 'save' the economy. The Fed did. And Trump is not 'powering' the economy...the Fed is.

"GWB's" well-intentioned but moronic low income housing plan". Where on Earth did you get that? Any research on the subject will point you straight to Carter and Bill Clinton in THEIR well-intentioned but moronic Race-based low income home ownership plan.

 

[whitehall]

Democrats rigged the system way back during Clinton when they decided that every American should be able to realize the American dream of owning a house regardless of their ability to pay the mortgage. In a scheme worthy of organized crime they forced banks to make bad loans or risk civil rights litigation and they bundled the bad loans with good loans and sold them back to lending institutions as good loans. Along came Barney Frank who became the House Banking committee chairperson with the responsibility of oversight for Fannie Mae. Frank told America that Fannie was solvent while it was apparently on the verge of collapse. Fannie went down just in time for the election and we ended up with a community activist in the biggest October surprise in history.