You're pretty clueless. A lot of people (including some hacks in this particular conversation) go back to the Clinton years to talk about the seeds of the current economic crisis, which - if you are able to put 2 + 2 together - you realize was years in the making, and is the cause of the poor #'s we're seeing now.
To say that the Dems took over in 2007, and draw some sort of oversimplistic linear logic to that being the cause of the current poor economic #'s, is basically brain-dead.
Congrats.
I have nothing better to do today...so I will repost what I have posted in the past...
I can’t lay total blame on Obama for the mess that we are in because he isn’t the one that put that 2000 page Health Care Scam together.., that was Pelosi,Reid and their panal of so called experts. However, we must remember this, a kiss is still a kiss and as time goes by the President's signature on that bill is a big 'ol stain that’s going to follow and haunt him for the rest of his life.
How did we get here? As its been stated several times on this board... a multitude of events got us here. Many have tried to warn us but we didn’t listen. Ron Paul is the most recent voice I remember, giving us several warning signs. Bankers abusing loose regulations, Wall St. speculation, irresponsible lending, irresponsible borrowing, 2 Wars, An historic Natural disaster trend, Oil speculation. Democrats and Republicans alike were and still are responsible. When Republicans took over in 94 they acted like Conservative Republicans and together with Clinton balanced a budget. It was during this period of the Tech Boom and great prosperity that Clinton decided to push an initiative that had its heart in the right place but lacked monetary sense. In 1994 Clinton with his HUD Secretary Henry Cisneros, devised the National Homeownership Strategy, a plan that called for near zero down payments and at its center piece was a goal to drastically increase Homeownership across America, regardless of income and credit history.
During the decade of The 90's, the tech boom had evolved into the 90's bubble which burst near the end of the decade. The first sign that something wasn’t right. Just as Americans nation wide felt the hard swift kick of their Homes real value coming to light in 2006-7, Over priced and worthless paper tech stocks crashed and burned by the end of the 90's. Within a 10 year period our Free Markets felt the impact of over value and irresponsible speculation within the two most dependable areas’ of financial gain; Stock Market and the Rea Estate Market. In the real world, out of control greed was digging its claws into the fabric of American Retirement Plans.
In many ways Clinton was handing off an overall economy that was a rapidly growing bubble destined to burst. To begin his first term and start the decade, G W was a victim of a shaky economy, driven by trembles of the tech bubble burst, out of control oil prices and Corporate Scandals, and within a year he was face with an unprecedented attack on his Country, And to follow was an unprecedented period of natural disasters, 2 Wars, Out of Control Wall St Speculation and in many ways poor judgment and his lack of sticking to core Conservative Principles. Had he stuck to Conservative Principles, he would have not gone as far as he did in Iraq and he would not have expanded Medicare with a Prescription program that resulted in the largest expansion of Welfare since LBJ. Under Bush we also had the largest expansion of Govt since LBJ. Clearly not Conservative Principles. Meanwhile the Real Estate Bubble Continues to grow under the stewardship of Fred, Fanny, Barney and Dodd.
It was during Bush' 2nd term when we had begun to feel the trembles of the earth quake that was to become the collapse of Real Estate and eventually our banking system. During this period, we were fighting 2 Wars and cleaning up the rubble from several natural disasters across the Country. Never before was FEMA this damn busy! All this was taking its toll on Americans, through fast rising Insurance Rates on their homes along with rising Real Estate Taxes adding to their monthly mortgage costs. China and India's economies were growing at an accelerated pace allowing for out of control speculation on Wall St, driving oil prices through the roof. This resulted in adding an additional financial burden on Americans. The burden of high oil prices were felt everywhere, food, clothes, home heating, business heating and transportation, Illegal immigration into the Country was also adding an additional burden on the Nations Health Care System. States all along the international border were and still are faced with the challenge of giving free medical care to undumented citizens, adding weight to the financial burden of our Nations Health Care System.
It was the perfect storm
By the end of Bush' second term to put it bluntly, the shit hit the fan. He was faced with the prospect of a complete financial collapse, he and his Economic Team came up with The Troubled Asset Relief Program, commonly referred to as TARP or RCP,he would purchase assets and equity from financial institutions to strengthen its financial sector. This was the first bail out. The second was when Obama took over .. another 800 billion dollar bailout....commonly refrfered to as Bush’s Plan Resurrected, called the Stimulus Bill. A plan filled with unscrupulous targets. Money eventually used to buy Congressional Attention for future support on what was to become the Health Care Scam and Financial Reform Act. The money went to such noble projects like replacing the windows of Federal buildings no longer in use. Expanding the IRS, because hell ...think of all the new TAX collection we are going to need in recouping all of this spending.
Obama wasn’t through yet; hell he was on roll that would make Carl Marx blush. He decided that the best bet for our Country was to get into the Automotive Business. We not only would have a fair share in our Banking Industry we would also become primary owners of what was formally known as one of the big 3. This led into designing Presidential legislation that would allow for our Country to take over any business showing signs of failure and that we deem to big to fail. OHHH THAT OBAMA IS A GRAN Ol SOCIALIST. .... !!!!
So..how did we get here? That’s pretty much it. Greed? Yes; Irresponsibility? Yes; Uncontrollable events? Yes; Ineptness in the White House? A BIG YES
