How does the complete economic collapse under your Republican president fit in with your utopian view of the party? My guess is that its the Democrats fault....classic.

CAPN,

Plenty of blame to go around on both sides of the political fence and also the people who were taking out loans that they could not pay for. Some clowns in my neighborhood stopped paying rent when they realized they couldn't make it, figuring they would live 8-10 months rent free (avg CA eviction times) and then bought a Lexus on credit before their credit rating tanked.

Scoop

True, lots of blame. It just gets old hearing the red team blame it all on the blue.

Personally, I put the majority of blame on the banks whos job it is to size up the loanee and make the fiscally responsible choice to not extend the credit. Did they do that, no, they made the bad loan anyway. On top of that they sold the bad paper to another financial institution who had no clue as to the viability of the loan. That was bad business and greed propelled those transactions.

1. Which party was in control of congress for the last few years?
2. Which branch of the government is responsible for "legislating" laws that regulate (or not) different industries?
3. Is banking and lending a generally recognized "industry"?
4. While I think W put the "blithering idiot" in the phrase "blithering idiot", how can he (and by default the republican party) be blamed for something over which they had little if any control/input? (see question 1)
5. Can't wait for Barry's plan... As Ross Perot said.. we are gonna hear a giant sucking sound when corporations head overseas...

All that being said, I am a recovering republican, because the difference between the 2 parties is hardly recognizeable.

1. which party controled it for the first 6 years?
4. wasn't bush pushing home ownership and saying the economy was strong because more people were owning homes than ever before?
5. haven't we been hearing that giant sucking sound for the last few years?

both parties share blame in this mess along with quite a few others.

Actually, If we confine the current economic mess to the housing debacle and the subsequent meltdown of the financial markets, yes it was all the Democrats fault. This mess is a result of the Community Housing Reinvestment Act enacted under the Carter administration and strengthened under the Clinton administration. That law, in the name of minority/low income home ownership, forced lenders to write loans where they had refused to before. The Reno Justice Dept threatened banks that did not write enough loans to certain demographics and addresses. Fannie Mae and Freddie Mac were GOVERNMENT entities created and run by Democrats to back those loans. Franklin Raines, CEO of Fannie Mae was in the Carter admin. He looted FM for a 100 million dollars (said with a Mike Meyers accent). When W tried to propose stricter regulations for FM and FM he was rebuffed and defeated by the Democrats in Congress led by Barney Frank (House Banking Co) and Chris Dodd (Senate Finance Co)..

So yes, in this case it was the Dems fault. If we are talking in a more Macro sense about the US Economy's woes, then I would agree there is plenty of blame to spread around. The Reps and W forgot how they got there and who put them there and our money willy nilly, thus negating the good effects of the tax cuts. Our deficit and debt are results of way too much spending, not a lack of revenue.

Doesn't matter what side you're on, facts are facts. Everything in your post is a factual matter of record...The Congressional Record that is.

Great post.

Carl

satchip,

How much did the drop in interest rates have on the price of homes sky rocketing? That was being pushed by Bush.

There is alot money is being sucked out of the economy going to pay for those inflated prices?

For the loans that are going bust now do you know when they originated or what kind of loans they were? I'm interested in finding this out. A real estate agent friend of mine said the majority of them originated in the last 8 years and had balloon payments.

Weren't the republicans in control of congress at the time when clinton strengthened the Community Housing Reinvestment Act. Clinton gave into something they wanted and the republicans gave in on this. I've heard this more than one time. That's really where both parties share the blame.

Eric

To keep it from getting closed, good luck with your merger.

Gentlemen/women,

Can you all say "bully pulpit?" Yes, the President has the privilege of being able to use the bully pulpit. If there is an issue that needs to be addressed, then he can use that forum to get things done. If congress is out of line, the President is supposed to be able to put them back in place. Sort of like what you do every day as Captains, First Officers, Second Officers and pilots in general. That's what leaders do. Make things right. Not make excuses.

If something goes wrong, I bet "Barry"-- since some of you like to be cute--will take the blame, unlike the "other guy."


Ok, mods. I quit. :)

If anyone wants to discuss more, PM me.

It's just like associations with known CONVICTED terrorists, a pastor who condems his country for 20 years unquestioned, a wife who is only now proud to be an American... the list goes on...
These things will get a pass.

Great post satchip... too bad it will be ignored