Before advancing my opinion, I want to remind the reader of 9/11 and the loss of the world’s financial center . . . . . . . I say again, “the world’s financial center.” Democrats act as if that did not have an influence, a crippling influence, over our economy. Also, there is the fact of 52 consecutive quarters of [GDP] growth during Bush’s administration, the longest such streak in American history --- including the Clinton years.
The anti-American Democrat leadership’s (not all Dems are anti-American btw) claim that “capitalism does not work,” is a stupid lie, one that demands the rewrite of 20 years of legislative history and the pardon of Democrat involvement.
In an article found in Investor's Business Daily's, America's Second Wake-Up Call! , we have this timeline relating to Bush’s efforts to deal with the eventual cause of the current recession. Understand that the Dems opposed him at every turn, including Obama beginning in 2006.
From Investor’s Business Daily:
April 2001: The Bush administration's fiscal budget stated that the size of Fannie and Freddie was "potential problem because financial trouble of a large Government-Sponsored Enterprise could cause repercussions in financial markets, affecting federally insured entities and economic activity."
May 2002: The Office of Management and Budget wanted disclosure and governance principles in Bush's 10-point plan for corporate responsibility to apply to Fannie and Freddie.
February 2003: A federal housing oversight report warned that unexpected problems at Fannie Mae could immediately spread into financial sectors.
September 2003: Treasury Secretary John Snow recommended that Congress enact legislation to create new agency to regulate and supervise financial activities of housing-related government entities to set prudent and appropriate minimum capital requirements. Rep. Frank, the committee's ranking member, strongly disagreed, saying: "Fannie Mae and Freddie Mac are not facing any kind of financial crisis . . . . The more people exaggerate these problems, the more pressure there is on these companies, the less we'll see in terms of affordable housing."
From 2004 to 2008 the Bush administration made 12 more attempts to get Congress to pass legislation to have safer, sounder regulatory oversight of Fannie and Freddie and capital rules.
February 2004: Greg Mankiw, chairman of Bush's Council of Economic Advisers, cautioned Congress against taking the strength of financial markets for granted.
April 2004: Rep. Frank ignored warnings, accusing the administration of creating an "artificial issue." "People pay their mortgages," he told a group of mortgage bankers. "I don't think we are in any remote danger here.
July 2005: Senate Minority Leader Harry Reid rejected legislation on reforming Fannie and Freddie. ". . . . we cannot pass legislation that would limit Americans from owning homes and harm our economy in the process," he said.
August 2007: Sen. Dodd, another Democrat, ignored President Bush's emphatic calls for Congress to pass Fannie and Freddie reform legislation and called for him to immediately reconsider his ill-advised position.
Sorry, it's a fact. Bush doubled the debt and never vetoed a spending bill. Started a trillion dollar war and had the worst job creation record of any modern president. Everyone knows it will take a decade to recover.
ReplyDeleteALL POLLS SHOW THAT. BUSH IS RESPONSIBLE FOR THE PRESENT ECONOMIC SITUATION.
I deal with your objections. You never return the favor. Just more BS.
ReplyDeleteNo one is denying that Bush was the biggest spender up until Obama. I will give you the trillion dollar price tag on the TWO wars, before Obama restarted the Afghan war. In fact, most of the Afghan expense has been the result of Obama's policies . . . . . . . in a losing effort, I might add.
Worst job creation in modern times? What a load. Unemployment averaged 5.4% including 2008. It was near 4.6% through 2007. During his time in office, the workforce grew by at least 80,000 individuals each and every month, yet unemployment remained the same, year after year -- which means the economy found jobs for around 75,000 people every month. So count it whichever way to want, the fact of the matter is that - of necessity - 75,000 jobs were created a month. How many millions does this add up to ? You can multiply, right?