dropped9

Do you think this situation is a result of his policies or ????????


What do you think? Greedy bankers and stupid consumers?

IllTestYourGirls

both and most of all the FED. Cant keep printing money and not expect it to blow away in the wind

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Eriic

I was watching Headline news and the analyst blames Alan Greenspan. Building a false economy.

Fetish Gimp

I'm gonna play it safe and blame the jews, whom I'm also blaming for global warming, the problem with bees and this itch I'm getting between my toes.

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Eriic

I agree Once the government stopped backing money via the Gold Standard what did they expect.

I think there are many reasons but that is the backbone of the problem.

pocketkangaroo

What problems do you feel the gold standard would fix?

GetSCORECash

You said it. Greedy bankers. They simply didn't know when to stop.

Don't blame the consumer. Who wouldn't have taken a $1,000 a month loan with no down payment, when rent was $1,500 a month. The idiots were the ones renting. Same logic as a lease.

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tony286

Phil Gramm go read all about this deregulating scumbag. W helped with tax cuts during a war.

IllTestYourGirls

You are blaming the tax cuts

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BFT3K

If the Dems were the ones in power for the past 8 years what would the Republicans be saying right now?

pocketkangaroo

I don't think you can blame everything on a President. There were a lot of people at fault here, many of them being greedy bankers who tried to squeeze every dollar they could out of the market.

But I do blame him for not seeing this coming. It was widely reported by many experts that we were building up a massive bubble thanks to bad mortages that would eventually crush the system. Not to mention that he never once stepped in on predatory lending practices that helped cause this mess.

As President, he should have seen what was happening to his citizens and either made some heavy handed comments or helped push legislation that would have curbed the predatory practices. Not all his fault, but he deserves some blame.

Psycho_x

I lay the blame completely on this lovely couple.

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marketsmart

look how well it works for world of warcraft....

i'm a night elf mohawk...

Eriic

I don't think it would fix it at all, but I do believe it was the major effect of the economy's fall. The money we printed was backed up by the value of the gold the U.S.A. owned, so we did not print more money then was backed up by the gold.

We were removed the Gold Standard and printed money that was backed up with nothing, so it was like writing checks when you knew you had no money in the bank.

There is so much more involved in why our economy is in trouble, I just believe that was one of the major problems.

D Ghost

no its not all Bush's fault

tony286

do you really think the deficit has nothing to do with all of this?

IllTestYourGirls

Do you really believe that taxing the people will pay the deficit?

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xmas13

Dude, a currency is backed by an economy, not stocks of metals (or paper).

BTW, now it's electronic money for the most part.

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tony286

to cut the money coming in while you got a shitload going out doesn't help the situation only makes it worse. taxes have never been cut before during wartime there was a reason for this.

ner0

Greenspan is aware of the evils in using a fiat system...

Read this:

lewrockwell.com/paul/paul125.html


He doesn't have anything positive to say about the future either:

Former Federal Reserve Chairman Alan Greenspan offered a woeful outlook of America?s economic situation on Sunday, saying the crisis with the country?s financial institutions was as dire as he had ever seen in his long career, and predicting that one or more of those institutions would likely collapse in the near future.

sweetredhead

i see everyone is watching the news tonight. The pres cant cause this all by himself it takes alot of screw ups in the banking world to cause whats going on now. unfortunately, we all rode the wave of free money and now it is biting us all in the ASS!!! go watch a porno and you'll feel better

http://nyne.com/tour/dvds.php?id=589

watch some girl on girl action and ull all feel better

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IllTestYourGirls

I cant argue that. But that is because the printing press would be at max speed. But the tax cuts have to be on the bottom of the list.

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StuartD

money disappearing into the night on laws passed and shredded in darkness
money spent on a never ending false war
mortgage rates that were heaven on earth one year and hell on earth the next
futures on oil that left the rich much richer and the middle class much poorer
foreclosures that left the middle class broke and the upper class bankrupt

the list goes on

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marketsmart

"you rode a 15 year old boy straight to his grave, and the rest of us, straight to hell..."

doc skurlock..

ADL Colin

The financial troubles are the direct result of a housing boom and bust. The simple (but false) belief that housing prices would appreciate at something like 10% per year for a long time was at the root of many bad lending, borrowing and investing decisions.

"Housing always goes up. Hallelujah!"



If you believe that housing values will appreciate at 10% per year you will:

1. Use your house as an ATM by borrowing against its value

2. Sell your home and use the profit as a down payment on an even bigger home

3. Become a mortgage broker or real estate agent

4. Raise a city's operating budget to take advantage of increased property tax revenues
as a result of increasing home values (It's a lot easier to increase government expenses than take things away from people later)

5. a. Make loans to people with weak credit profiles
b. Buy a home you cannot reasonably expect to payoff

6. a. Make loans with no down payment required (In just a few years the appreciation will cover the missing down payment. Yeah, right. haha
b. Buy a home with no down payment required

7. a. Buy homes and condos for the purpose of flipping. Buy it now and sell it in 2 years for a substantial profit (all that leverage!)
b. Give loans to "investors" that then use that house as collateral to get other loans and so on. Hello, Mr. Ponzi

8. a. Lie about one's income in order to secure a loan
b. Lend to people who don't document their income. Why worry? The worse thing is you repo a home which worth more than what the buyer bought it for.

oh, I could go on but ...

Recommended reading:

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ThunderBalls

I am so sick of hearing that the problem is due to 'bad mortgages'. This has been a republican spin for the past few years to to shift blame for failed policies. Policies that favored corporations and fucked the little guy. You're going to tell me a 158 year old bank started dishing out bad mortgages out of the blue?

Of course this administration is to blame, what the fuck does anyone think is going to happen when you give tax breaks to oil companies, allow drug companies to charge up to 5X the price of drugs compared to other countries, create a hundred billion dollar war for companies like Halliburton and it goes on and on and on.

This bullshit caused people to make less money while paying more for everything from gas to food to medicine. People were forced to live on credit simply to survive and now its all collapsing.

Fuck Bush, fuck McCain and fuck every republican that voted for these anti-american thieves.

tony286

You deserve a standing ovation.

AlienQ - BANNED FOR LIFE

My answer is Yes it is Bushes fault and his Administration along with the entire Republican party that sits in the Senate and the Congress.

With monitoring and proper evaluations of the Economy it would have never happened.
Add in the Iraq war and the problem multiplied 10X. The government watched the war more than it's economy. The government invaded rights to privacy set up anti terrorist organisations while shipping jobs off shore.

It is 100% the Republican's fault.

During the Bush Administration millions of people lost thier jobs, pensions and retirement due to unchecked corporate tyranny. Now over 3/4's the American people are paying for homes that are worth less than what they were bought for.

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BFT3K

Exactly!

Drake

I don't understand how these institutions with supposedly the best and brightest minds didn't foresee this. They knew this would come to a head. There wasn't enough regulation and oversight which created an environment where the greedy were able to hand out mortgages like candy. There is a structural problem that needs correcting.

This is going to have a ripple effect on the entire economy, whether it's all those employees losing their jobs, to increased taxes in bailouts, to retirement and pensions. An economist on Lou Dobbs today expects the it will take 9 years for the housing market to recover.

Responsible home owners have been royally screwed by the actions of these big brained corporate vultures. Imagine entering your retirement years now and you want to sell your house?

It makes one wonder what the real effect the $3 trillion Iraq War tab is going to have on the economy. Maybe our future is being mortgaged a lot like the housing market was.

RedShoe

It's either Bush's fault or your fault... Either way one of you is to blame.

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BSleazy

Does the Bush Administration have the power to set gas or drug prices? Can he pass laws that tell people they can't get a home loan if they won't be able to pay it if gas goes up a dollar?

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MrAwesome

the next commander and chief im sure will do a bang up job, start stuffing your matresses

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CraftCannabis

ADL Colin

Lehman was THE biggest underwriter of bonds backed by mortgages. Lehman has been THE world leader in creating and selling subprime mortgage backed securities since the mid 1990s. At first they only packaged the loans of other mortgage lenders and resold them. In the late 1990s they started their own subprime unit and then they bought two subprime mortgage lenders. They were in it early and pretty much owned the market for years. Lehman owned two large subprime mortgage companies. In just two years they collateralized more than $100 billion in subprime mortgages.

The other big player early on in writing mortgage backed securities was - drumroll, please - Bear Stearns.

Check out Soros' new book on the mortgage crisis which contains what I think is the most thorough history of the mortgage backed securities industry.

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Drake

I have my life savings stowed away safe in a Nigerian Bank, thanks to a friendly Nigerian banker who emailed me about the opportunity.

badmunchkin

Phil Gramm is responsible. He's also responsible for the high gas prices. Motherfucker should be in jail. But no, he's the guy who came up with McCain's economic plan.

http://www.dailykos.com/storyonly/20...386/913/599111

http://www.motherjones.com/news/feat...sure-phil.html

http://www.dailykos.com/story/2008/5...414/407/524367

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Dirty Dane

Everything is Bush's fault. Even AIDS. Al Gore invented internets.

EonBlue

Gramm-Leach-Bliley Act


Seems like a cop out to blame Bush for a bill that was signed into law by Bill Clinton.

Bush hasn't helped the situation but there is plenty of blame to go around. Blaming it all on Bush is a gross oversimplification of the whole mess.

tony286

actually it would be exact to blame the republicans and phil gramm. Phil got rewarded handsomely for fucking the country.

After Shock Media

What ever happened to that whole "the buck stops here" mentality.
Always figured when shit hits fan, whoever is in charge takes responsibility.

Then again nobody took a hit with 9/11 nor Katrina, nor well...

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badmunchkin

The bill I was talking about was the Commodity Futures Modernization Act of 2000. Phil Gramm snuck it in with a completely unrelated omnibus spending bill that Clinton had been trying to pass for some time. It's common knowledge that no one in congress even read it (it was submitted right before Xmas break) and it passed. Clinton and congress were negligent but Gramm & friends are the fucktards responsible.

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EonBlue

But the Democrats supported the bill too. I'd say both parties should share the blame.

Oh well, I guess the Democrats can do no wrong.

badmunchkin

They supported the Omnibus bill it was tacked onto, not the Phil Gramm bill. It was completely unrelated and Gramm slipped it in in the 11th Hour and no one even read it. They do that all the time, I don't know why they tack on unrelated bills. It's fucking stupid.

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badmunchkin

Also, Democrats tried to have the policy repealed this year and Bush vetoed it.

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After Shock Media

Begone with reality! I command thee

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badmunchkin

(drum roll) And McCain's solution to the financial meltdown that was caused by deregulation = more deregulation

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ADL Colin

True.

And every company that lost billions of dollars of money and let shareholders down should step up and take responsibility - they are in charge - because not every bank ran themselves into the bank. Some of them have come out of this with increased marketshare and the ability to buyout weakened competitors.

And every person who bought a condo to flip and lost money should take responsibility for their household's poor decision - they are in charge- because I and many like me had the chance to do it and thought it was foolish. How many times someone offered me the chances to get in on such great investments from 2003-2005? How about you?

And every person who bought a house they couldn't afford. (I know I bought a house that I more than can afford by any reasonable standard. Didn't you?)

And every lawmaker who voted yes to laws that contributed to the mess. Stand up.

And every president who signed such laws into legislation. stand up.

It goes on and on and on.

Nearly every single person or company having trouble related to the housing fallout made a poor decision that got them there. They should stand up and say "the buck stops here"


Uhhhhh .. how come no one stood up?

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Bossman

Ok - I´ll admit it...

I caused the great depression of 2008!

... sorry guys

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Quagmire

Don't be silly. Hitler printed money and look at how it turned out for hi... Oh yeah... Never mind.

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Klen

Blame headless for bad economy.