"Do You Miss Me Yet?" George W. Bush

It is very interesting that you mention the Fat Cats getting their bonus when the Administration was telling private banks that they could not issue bonus Fanny and Freddie were losing Billions of Tax Payer money and both CEO got fat bonus but no one said anything about that. This financial crisis goes back to President Carter and his affordable housing plan, to the Federal Reserve, under several administrations, lowering interest rates to Congress refusing to take action to reign in Freddy and Fanny in their loaning money to people who could not make the payments to Activist groups suing banks over not loaning money on overvalued high risk property. Ant to the American people who though the housing market would never stop rising and they could make a fortune buying and selling real estate. No one is to blame and none are blameless.

With Fanny and Freddie to buy up the bad loans and the federal government backing them (President Obama gave them unlimited credit) what is the risk to a bank? When I started looking for my first house there were three options open to me: 1. A private Sale with a Land Contract 2. A conventional fixed rate mortgage with 20% down payment in cash 3. A conventional fixed rate mortgage with 5% down and purchasing Mortgage insurance for the 15% down payment to make it a 20% down payment. people saves up for a house and bought what they could afford, then resold the house once they built up some equity and bought a bigger house. This seemed to work fine except for the people who couldn't save up the down payment and then the government started to loan them the money through HUD and FHA and then you saw the default rate clime. Back then the free market worked fine. Bank Interest rates on savings were between 3% to 6% and loans were 7% to 9%. Once the Poverty money from the government entered the market place things went crazy.

I have to say that I agree with you 100% Bob (I know, you never thought you would see the day). There is a lot of blame to go around, and a lot of problems to fix, to make sure this doesn't happen tomorrow. If it makes you feel better, there is talk of dismantling Fanny and Freddie, but not till they can fix the mess.

Bush did not create the mess... he tried to prevent it along with McCain on several different occasions and was prevented by the DEMOCRATS including Bawney Fwank, Chris Dodd, and several others. 0bama himself was instrumental in causing this mess by suing the banks on behalf of ACORN because they did not want give subprime loans. Bush was warning about Fannie and Freddie and was rebuffed at every turn by your heroes in the communist party. You have only yourself to blame for your delusion. Get over it.

"Bush did not create the mess... he tried to prevent it along with McCain on several different occasions and was prevented by the DEMOCRATS including Bawney Fwank, Chris Dodd, and several others." WRONG!!!! Both "claimed" this during the election, and they are correct that they did talk about the problem. But, they both did so in 2005, when the republican party controlled the entire government. So please explain to the world how it is that any democrat could prevent them from doing anything when they controlled the entire government? Bush sure didn't mind taking all of the credit for all of those new home owners in his state of the union address. So why didn't Bush mention in his state of the union speech that he was worried about the housing market? Please Destiny, explain to the class why this is!!

Are you really that uninformed? Bush and McCain were trying to get Fannie and Freddie under control while Barney Frank was claiming they were in no danger of collapse! http://www.wnd.com/index.php?fa=PAGE.view&pageId=75717 So you just keep blaming Bush. All that does is demonstrate your blind hatred of Bush and your blind worship of 0bama.

Actually, you just made my point. Clinton rode the wave created by Reaganomics, and benefited from it despite his attempts to raise taxes. All he managed to do was slow the economy during the first year of Bush. Bush enacted across the board tax cuts and the economy responded well. That kept up until the democrats took power in Fiscal 1997... which was the first year that the economy shows sign of trouble. Since it is Congress that actually does the spending, that shows that the economy turned bad during the very first year the democrats regained control of Congress. You keep trying to blame Bush, when in fact it was the democrats who created this mess. All Bush did was signed the bills that Congress submitted. So stop trying to blame Bush for the democrats economic failures. What is that is so hard for you to understand? Then there is the Federal Reserve. That bunch of thieves needs to be eliminated and Congress need to retake it's role of handling our money... not a central banking cartel. The Fed bears the brunt of the responsibility for our economics woes as they are the ones who set economic policy. They caused the Great depression and they are responsible for this as well. But you just go ahead and Blame Bush, because that is all you liberals knw how to do... blame others for the things you are responsible for.

So what you are saying is that Reagan rode the wave of the Carter administration. Right? If Clinton benefited from "VOODOO ECONOMICS" than how do you explain the Bush Sr. recession that lasted six years? Another great example of "VOODOO ECONOMICS"? I hate to tell you this, but republicans controlled the House 228/206 and the Senate 55/45. So if you want to blame Congress for the problems then you are blaming REPUBLICANS. Look up the REAL facts, not the World Net Daily spin. Why don't you look at the facts of the BS that you are trying to spew, you might be amazed that you are 100% WRONG. If you had a clue about the economy you would understand what I am trying to tell, you but you are completely CLUELESS. I have no idea why you continue to try to talk to me, seeing how you have no facts to back up your rhetoric. I blame Bush because he is to blame, if you screwed up the economy as bad as this moron did I would blame you to. Facts don't lie, but you actually have to look them up to see that for yourself, but you are apparently to lazy to do so. If you would spend half of your time looking up the facts, instead of listening to idiots you would actually be able to hold up your end of a discussion. But, right now you are completely useless to me, and anyone else that doesn't get their talking points from the idiots on WND, or FOX lack of News

Destiny, our current economy was created by Bush. By using your horrible logic (or lack there of) we should blame Reagan for the economy that he inherited in 1980. Make sense to you?