What Bush policies contributed to the financial crisis?

G

grandma zaza

New member
What policies did he put in place that contributed to the crash of Wall Street?

Don't say deregulation if you don't have a link.........because I know you won't find one and Bush did not deregulate anything. So, please feel free to enlighten me on what Bush policies brought about this financial crisis.

Thanks for playing. It's been fun.
Tax cuts caused the financial crisis?? haha...
 
people must have no sense of history if they blame what happened solely on bush, this has been brewing for over 30 years
 
Bush's early personnel choices and overarching antipathy toward regulation created a climate that, if it did not trigger the turmoil, almost certainly aggravated it. Bush's first two Treasury secretaries, for instance, lacked the kind of Wall Street expertise that might have helped them raise red flags about the use of complex financial instruments at the heart of the crisis.

Experts say the administration could have done even more to curb excesses in the housing market, and much more to police Wall Street, which transmitted those problems around the world.

In retrospect, "it would have helped for the Bush administration to empower the folks at Treasury and the Federal Reserve and the comptroller of the currency and the FDIC to look at these issues more closely.
Instead, voices inside the administration who favored tougher policing of Wall Street found themselves with few supporters. William Donaldson, a former Wall Street executive with respected Republican credentials who became chairman of the Securities and Exchange Commission under Bush, quit in 2005 after facing resistance from the White House and Republican members of the panel, who criticized his support for stiffer regulations on mutual funds and hedge funds.

Today, even those sympathetic to Bush say he cannot disentangle himself from a home-lending industry run amok or a banking industry that mortgaged its future on toxic loans.

Plus 2 wars. Source- NY Times
 
Lowering taxes, while increasing spending. Two poorly planned wars, one which was certainly unnecessary. And yes, deregulation. I don't need to put up a link, you can Google it, can't you. Whats the point, its not like your going to view the link I put up anyways. You have already made up your mind. At this dam age, the only thing you don't know, is what you willfully choose to be ignorant about.


@ zaza

Your republican reign is coming to an end. Your fascist, and fiscally incompetent party is hopping on one leg.
 
He made no fewer than FIVE attempts to reign in Fannie/Freddie, but was blocked by Bawney Fwank, Maxine Waters and Chris Dodd and the rest of the ACORN mob...

Hmm... Do you wonder why THEY would have a reason to block regulation? FOLLOW THE MONEY! TOP recipients of Fannie/Freddie campaign contributions, they were.

http://www.youtube.com/watch?v=_MGT_cSi7Rs

http://www.youtube.com/watch?v=qXH5B9K2I8s

http://www.youtube.com/watch?v=ZSNm3aDlMeE

http://www.youtube.com/watch?v=63siCHvuGFg
 
I agree that it was the inability for Bush to get Democratic cooperation is reigning in Fanny and Freddie that helped to pop the real estate bubble which had much to do with the financial problems.
 
1. spending tons of money in Iraq and Afghanistan
2. no energy policy causing petrodollars to flow to countries that hate us. Then see #1 again.
3. medicare drug benefit program expansion
4. failure to re-regulate (put glass steagal back into effect) when he had the chance
 
Looking back he should have pressured Greenspan to increase the central interest rate in order to make mortgages more expensive and cool down the housing bubble.
 
For one, he's on tape saying that the lenders should be able to lend to people for mortgages to buy homes--even if they are "low income" and have "bad credit." That's asking for disaster. Record high spending on incredibly expensive (hiring private contractors--including one formerly chaired by Cheney--that charge 10 times more than the troops make) and unnecessary wars and the Homeland Security bureaucracy didn't help. With his many publicized trips to China, he expanded trade relations and dependence on China more than ever--leading to more factory closures and outsourced jobs.

http://www.youtube.com/watch?v=MqR15H0gNBU
 
The DEREGULATION steam-roller started during the administration of Ronnie Ray-Gun (zap!)
and kept on going even under the "liberal" Clinton ....

Under Bush we had the outrageous and unconstitutional "bail-out" of corporations using taxpayer money and with NO accountability! and the same crap continues to this day, we did NOT get regime change ... we got smoke & mirrors!
 
All people who think that presidents cause financial crises are retarded. Nobody has that much power, not even the presidents. They merely serve as political scapegoats--its much easier to hate a person than an idea or an organization.

So, to sum up, he contributed pretty much diddley squat
 
The Dow reached its all time high of 14,000 in 2007, on Bush's watch.

It was no bubble, the Dow was above 10,000 the majority of Bush's time in office up to that point.

But after the GOP lost its majority in Congress in 2007, the Dow took its worst one-year plunge in history.

Bush's economic policies worked for six years. But after the GOP lost control of Congress, it was all downhill from there.

After the GOP lost control of Congress, then the GOP was not able to pass legislation that could have prevented the crash.

The Democrats did nothing. The GOP might have done something, but they couldn't because they didn't have a majority anymore.

And unemployment was NEVER 10% on Bush's watch.

The 2008 crash was linked directy to repealing the Glass-Steagall act in the 1999 Gramm-Leach-Bliley act.

Bush was not the president in 1999. Clinton was.

Democrats have a long list of excuses to blame that act on the GOP. So OK, let's play their game.

If the GOP was so bad for creating the Gramm-Leach-Bliley act, then why didn't the Democrat government repeal it first thing, as soon as they got control in January 2009?






crickets chirping......

Finally, one man is taking action (and also one woman):

http://news.yahoo.com/s/politico/31148
'Big is bad' catches on in Congress
"The anger at the nation’s financial behemoths is taking shape in a variety of ways, most notably in a bill from Sens. Maria Cantwell (D-Wash.) and John McCain (R-Ariz.), who are targeting big financial institutions such as JPMorgan Chase and Citigroup.

"The bipartisan duo’s bill would reinstate the Depression-era law that built a wall between commercial banking and the riskier activities of investment banking. The separation — originally set up in the Glass-Steagall Act — was repealed in 1999. "\

Yep, you read that right: John McCain.

The same man who warned us about Fannie Mae and Freddie Mac, but nobody listened.

I think we should listen to him this time.
 
Back
Top