Who's at fault for the 2008 Recession?

[Lesh]

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.

All of that nonsense “might” make sense of F&F caused the banking meltdown

They did not

Private banks did

 

[MarathonMike]

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 gave you the answer, and as expected you ignored my link and gave me a "funny" rating. I would expect no less from someone who uses a gleaming image of the worst President of the modern era as his avatar.

 

[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 gave you the answer, and as expected you ignored my link and gave me a "funny" rating. I would expect no less from someone who uses a gleaming image of the worst President of the modern era as his avatar.

An American Thinker blog opinion?

Oh...

 

[RealDave]

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 started 4th quarter of 2007. So the legislation must have been passed in the first 9 months of 2007. Legislation that was not filibustered and Bush signed.

 

[Dont Taz Me Bro]

When banking regulation we’re slashed and permitted commercial banks to act as investment house.

Deregulation! Oh what many sins we allow when small government Conservatives get their way!

You mean the deregulation signed by Bill Clinton?

 

[RealDave]

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.

The CRA did not push defaults through the roof & had little effect.

The courts said the banks were being racist. Are you racist practices in banking?

 

[RealDave]

When banking regulation we’re slashed and permitted commercial banks to act as investment house.

Deregulation! Oh what many sins we allow when small government Conservatives get their way!

You mean the deregulation signed by Bill Clinton?

In a compromise bill.

Republicans got their precious deregulation & Clinton got someting he wanted.

Don't you dare try to pawn this off on Bill Clinton.

This argument of "its Clinton's fault because he dud not stop the Republcans" is 100% chickenshit.

 

[SavannahMann]

SNL knew.



Bush warned Congress. Congress dismissed the warnings as war on the poor.

 

[Dont Taz Me Bro]

When banking regulation we’re slashed and permitted commercial banks to act as investment house.

Deregulation! Oh what many sins we allow when small government Conservatives get their way!

You mean the deregulation signed by Bill Clinton?

In a compromise bill.

Republicans got their precious deregulation & Clinton got someting he wanted.

Don't you dare try to pawn this off on Bill Clinton.

This argument of "its Clinton's fault because he dud not stop the Republcans" is 100% chickenshit.

When did I make that argument, Chicken Little?

 

[Meister]

While you all are pointing fingers at the other party, I did some research.
I can't get this graph uploaded, but....click on the link and then click on
the 20 year tab. ...It shows the last two recessions, and please note with
both recessions the common denominator preceding both recessions.
There is the culprit. It's not a left thingy or a right thingy, it's the Fed reserve overplaying their hand.

Federal Funds Rate - 62 Year Historical Chart

 

[bodecea]

This has been quite an informational thread. Way more complex than the "Obama did it...but we're not gonna explain why" on the other thread.

 

[80zephyr]

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?

What Bush policy caused the 2008 recession?
He was the president when it happened, but he didn't cause it.

Not only didn't he cause it, he tried to stop it. Bush's first budget, written in 2001 called runaway subprime lending by the government-sponsored enterprises Fannie Mae and Freddie Mac "a potential problem" and warned of "strong repercussions in financial markets."

He called for action many times after that as well, and got rebuffed.

Mark

 

[Natural Citizen]

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

Keynesian economics in Washington DC caused it. The Keynesian monetary policy they're running is what caused it. And it will cause it to happen again.

It began when gold was de-linked from the dollar in 1971. Since that time the bubble had gradually been inflated and really it's surprising it lasted as long as it did.

Here you go, bodecea. It's three minutes. You'll need look no further for the answer to your question.

 

[gipper]

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?

A better question, if I can be so bold, is 'who gained from the 2008 Recession?'

Clearly we know who did. The extreme wealthy gained tremendously, while the poor and middle class lost big time. Thanks to the criminal actions of our government under both Dipshit W and Big Ears.

 

[Dragonlady]

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.

Bullshit. Here is the Press Release from the White House in 2003 when W started providing grants to low income buyers.

President Bush Signs American Dream Downpayment Act of 2003

 

[TroglocratsRdumb]

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.

Book: Rahm Emanuel Dumped Tons Of Freddie Mac Stock Days Before It Collapsed

 

[TroglocratsRdumb]

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.

Raines ousted as Fannie Mae CEO

 

[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.

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

You go with that, I find a balanced educated view of the entire problem is much better approach. I find partisan approaches are best if you don't want to think, it is just a blame game and nothing ever gets solved.

 

[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?

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.

Did you think they would? Congress nor the President did anything to punish the banks, the talked a good game, they feigned outrage and how there should be punishment for the banks, but in the end, we bailed them out and they suffered no real consequences.

 

[Daryl Hunt]

It was the fault of the Reps and the Dems. More than enough blame to go around for all.

In 2003, Bush presented Capital Hill with a 733 billion dollar buyout plan. He saw it coming. The entire hill laughed him off the hill. This is why Obama could get his done so quickly. The heavy lifting was already done. Both Reps and Dems on the Hill were and still are guilty.