No he didnt, Barney Frank, Dodd and others did with the F&F fiasco, "A home for everybody, whether you could pay for it or not"
They practically crucified the regulator when he wanted to put the brakes on to their practices. Dodd got a real sweet mortgage to boot.
No he didnt, Barney Frank, Dodd and others did with the F&F fiasco, "A home for everybody, whether you could pay for it or not"
They practically crucified the regulator when he wanted to put the brakes on to their practices. Dodd got a real sweet mortgage to boot.
He wasn't just sitting around, he was really busy, just ask YOUR President Obama, he is not doing a great job EITHER! Bet you won't accuse him of sitting on his butt?
It is the quintessence of free market aka "laissez-faire" capitalism to let the markets self-correct in the most destructive way possible (Murphy's Law). Bush was ideologically incapable to respond to a crisis he could not see as a crisis.
But in fairness, reagan started the dismantling of socialist safeguards. About the only thing they did not remove was deposit insurance.
He sat around and did nothing because he, just like Herbert Hoover, thought that the recession would turn around by itself. Bush should have listened to history, because if the recession had happened before his second term, John Kerry would've become President, and we would have ended the wars in Iraq and Afghanistan much sooner.