MLM Directory

Did he really inherit this from Bush?

This current administration continues to claim that the economy is worse than originally thought; they place the blame on the Bush Administration's "Failed Policies" for eight years, and Obama supporters continue to blame the economy on what Obama "inherited" from the Bush Administration. For those of you in this camp, can you please address these facts? Please - no name calling, no ranting. I would like to see some citations and facts only. In 1999, the New York Times reported that Fannie Mae was taking on more subprime loans, which it said may not pose too much of a problem in flush economic times (that was 1999, remember?) but it " may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s." You can read the article here: http://sayanythingblog.com/entry/new_york_times_in_1999_fannie_mae_taking_on_more_subprime_loans_may_put_com/ In 2001, Bush, upon taking office, warned that the two entities were overleveraged; he said that "their failure could cause strong repurcussions in the financial markets" WSJ Article here : http://online.wsj.com/article/SB123137220550562585.html In 2003, George Bush proposed a new agency to oversee Fannie Mae and Freddie Mac. This was reported in the New York Times, here: http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=print ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' You can read for yourselves about Dodd's sweetheart deals from Countrywide mortgage. You can read for yourself about Barney Frank's romantic involvement with a Fannie Mae Executive; you can read for yourself about the campiaign contributions made by these GSE's to the Obama campaign - One last link: http://sayanythingblog.com/entry/regarding_fannie_mae_and_freddie_mac_regulation_the_republicans_were_in_fav/ So my question is, How is this George W. Bush's fault? What exactly were the "failed policies" that led to this mess, that Obama inherited? Here's another question - when you weigh the apparent blindess/stupidity/criminality of the Democrats in dealing with this crisis and think that "maybe they aren't so stupid after all ..." and pair that with the comment made by Rahm Emanuel, "Never let a serious crisis go to waste" http://online.wsj.com/article/SB123310466514522309.html Ask yourselves, "Where did this crisis come from? What is the Administration doing with it?" Incredible opportunity - perhaps no coincidence. US Veteran and others - Yes, yes, I have heard all the talking points about Bush=Stupid and Bush=Daddys Boy - I specifically asked for citations and links that will show exactly how this is Bush's fault. I provided my evidence - where is yours?

Public Comments

1. Bush was no saint - he spent plenty. But this mess is caused by even more waste and spending - and in record time! Any time the federal government grows the country suffers. Return the power to the states!!!
2. do you believe that the economy was a new born babe in january, or maybe obama was meant to press the reset switch?
3. YES HE DID INHERIT THIS FROM BUSH You r evidence is from 2001 and 2003 You conveniently forgot about THIS Go to Previous message | Go to Next message | Back to MessagesMark as Unread | Print ReplyReply AllMove...Inboxbear rantscraigsliste tradeharley stuffinternet purchasesMusicNetflicksnewfoundlandNo mech stuffpasswordspersonal pixpersonaltattoovette stuffxxx Flag this messagebush to blame for housing collapseTuesday, December 23, 2008 5:22 PM From: This sender is DomainKeys verified"Don Belcher" <donie_b34@yahoo.com>View contact detailsTo: "me" <donie_b34@yahoo.com>Question Wasn't Bush brilliant in creating government financing plans so people did not need downpayments on their home? in the middle of a housing bubble? More Americans than ever own their own homes, but we must continue to work hard so that every family has an opportunity to realize the American Dream. In 2002, I announced a goal to add 5.5 million new minority homeowners by the end of the decade. Since then, we have added 2.3 million new minority households. My Administration has also set a goal of adding 7 million new affordable homes to the market within the next 10 years. In my FY 2006 budget, I proposed a single family housing tax credit and two mortgage programs -- the Zero Downpayment mortgage and the Payment Incentives program -- to help more families achieve homeownership. In 2003, I signed the American Dream Downpayment Act, and I have proposed more than $200 million to continue the American Dream Downpayment Initiative to provide downpayment assistance to thousands of American families. By promoting initiatives such as financial literacy, tax incentives for building affordable homes, voucher programs, and Individual Development Accounts, we are strengthening our communities and improving citizens' lives. NOW, THEREFORE, I, GEORGE W. BUSH, President of the United States of America, by virtue of the authority vested in me by the Constitution and laws of the United States, do hereby proclaim June 2005 as National Homeownership Month. I call upon the people of the United States to observe this month with appropriate ceremonies and activities recognizing the importance of homeownership.
4. China is already out of its recession. So would the US, if it had decent leaderhsip now. Instead, we have President Stupidly.
5. we know that and liberals will still fail to see it.even when you spell it out for them.it's just easier to blame bush.and for the record.bush has his hands in this mess to.
6. Obama got SOME from bush (bush did spend pretty badly) But obama is making it worse (he spends like its going out of fastion, whitch it never will in washington)
7. He inherited a small, and what should have been temporary, economic dip from Bush and the previous Congress. He and his current democrat controlled Congress have USED that to get elected and to push through spending and initiatives that have increased the situation dramatically. As I've said before, he's taken a bad situation and turned it into a catastrophe. That's on OBAMA and his failed Obamanomics
8. No, he didn't inherit this from Bush. America did.
9. It's Bush's fault. The economy wouldn't be this bad if the problem was only with Fannie Mae and Freddie Mac. The problem came when Republicans under Bush allowed every other financial institution to engage in the same risky loans that Fannie Mae and Freddie Mac were doing.
10. We warned those bullheaded Republicans, back in 2000 that if Bush was given the White House, by his Daddy's pals on the Supreme Court, that he would totally destroy America's economy, but you Republicans failed to listen to reason and you foisted Bush off on the nation. Now, 8 1/2 years after his first election, and all of our predictions came true, you still won't admit that when a man is incompetent and greedy at the same time, he can destroy a nation by making him the President, and for 8 years Bush was handed everything he wanted on a silver platter, and now look at the results of having a Bush in the White House. The world may suffer for many generations because of those bullheaded Republicans and their greed. .
11. Chewy Ivan, And US Veteran. You seriously need to brush up on your politics. Who has controlled the Senate since 2004? DEMOCRATS. Who makes policies. The senate. Sure Bush made some mistakes. But NOTHING compared to what this administration has done. Excuse me. But who QUADRUPLES a deficit, that took 8 years to accrue, in 6 months??? Come on, this administration is socialistic and scary. If you are not too proud to do it, read into the facts, and be willing to admit you were wrong when you voted for Obama. We are slowly turning everything over to the Government. The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. 'Thomas Jefferson'