Posted on 07/24/2015 2:41:20 PM PDT by conservativejoy
Trump on '08 Financial Crisis: You Know, We Should Really Blame Bush Republicans Daniel Doherty | Jul 24, 2015 Daniel Doherty
We should? Well, Donald Trump thinks so. Fast forward to the 15:40 mark: Video Link at the end of article.
“I identify with some things as a Democrat…I was never a Bush fan. [When] the economy crashed so horribly under George Bush, because of mistakes they made having to do with banking and lots of other things, I don’t think the Democrats would have done that.”
No? Too bad Democrats weren’t in charge then. The crisis may have been averted.
By the way, former Democrat Donald Trump is a serial flip-flopper, in case you needed reminding. As several media outlets have already reported, he’s flip-flopped on at least three issues that conservatives care about: abortion, gun rights, and health care to name just a few. He’s also donated money to Hillary Clinton of all people as well as committees that specialize in electing Democrats. He is, in other words, an erstwhile progressive masquerading as a longstanding conservative warrior.
And yet, The Donald’s most passionate supporters are seemingly blind to this reality — or unwilling to face facts. Consider, for instance, this rather telling interview during which a number of Trump supporters are plainly — and indeed directly — confronted with the candidate's long and very public history of flip-flopping.
Here's how almost all of them responded: Video link bottom of article:
CNN anchor: “So you see it as adaptability, not flip-flopping?”
Trump supporters in unison: “That’s exactly right!!”
Riiiiight. Because Donald Trump doesn't flip-flop like every other candidate running for president, he merely adapts. Got it.
You may want to brush up on your history a bit.
If you're interested in what Bush really did instead of what his handlers said he did, visit my FR home page.
Bottom line: Bush's economic policies caused the real estate crash.
I agree, but he should be honest about what happened.
W made mistakes, but this wasn’t one of them.
Cruz, or Lose for me.
Bush could have ended the nonsense by simply vetoing bills, particularly spending bills. He never did. He is the president with the second least number of veto’s to his name. Obama is the first. He gets everything he wants from the rubber stamp Republicans. Bush was always a go along to get along and he also did get us involved in Iraq which, right or wrong, in the end has damn near destroyed the Republican Party.
He went against the American people and forced the bailouts through the legislature instead of letting the losers lose and the much needed reset begin. When push came to shove he was little more than a crony capitalist like every Democrat and RINO.
Bush is one of the main reasons that after 30+ years as a Republican I registered as an Independent back in 2007. Among my gripes was his failure to veto any spending bill that came across his desk for the first 6 years of his presidency. But Republican spending is not what caused the economic crisis. The CRA, subprime lending and Dodd-Frank did. All democRAT.
Trump is a buffoon
“I think the biggest contributors to the financial crisis were the two Democrat sponsored bills that caused the mortgage crisis and the Dodd Frank bill.”
BOTH of which could have been easily reversed, had DC Repubs had the will to do so. But, as usual, they were more afraid of being called racists by the media, than doing what was right.
It was noted as far back as 2003-2004 on FR, that the housing bubble was collapsing under the weight of fraud.
So yeah, Repubs carry the blame as well.
Trump is either lying here or he is truly ignorant on our economic history of the past few decades. Either way its a strike against him. Two more and he is out.
.
EXACTLY.... Trump is defining what the GOP should look like.
the UBER Republicans turned out to be butt boys for the banks, multis, and Wall St.
We Need a Teddy Roosevelt, Main St Republican. Period.
Who needs the Democraps and the MSM when we have members of our own party eating our own................LOL!
Go figure, the MSM has been so successful in their campaign for Hillary that everyone on our side is attacking everyone on our side.........LOL!
https://www.youtube.com/watch?v=cMnSp4qEXNM&NR;=1
Sorry, I don't know why this link may not work.
I do know that President Bush did not order banks to begin issuing sub-prime mortgages. The actual practice began during the Clinton years.
Many bankers were heeding Bush/Greenspan warnings to curtail sub primes, when democrat operators in the FDIC threatened them with audits, and investigation (publicly calling them racists) if they did. What I have found is there are as many opinions about the cause of the financial crash of '06 as there are defunct banks, but in no way can it all be placed on the shoulders of George W. Bush.
Bush was a quivering quim the last two years in office, we also saw the DHS and then s unionized DHS under his watch.
FReepers warned us but what was our option by then? Al “ManBearPig” Gore?!? Uh-uh...
So, in 2001 Bush was calling for stronger oversight of FM/FM, but in 2001 he signed the P4P agreement, then in 2002 he called for FM/FM to increase spending by $400 billion and called on Congress to fund the American Dream Downpayment Act and in 2003 he created the NATF to allow FM/FM to buy the sub-prime loans of millions of Mexican illegal aliens and then in 2004 signed both the American Dream Downpayment Act?
While he may have 'called' for more oversight, his actions were those of someone who says one thing and does another.
What on my FR home page, in your opinion, is innuendo?
I do know that President Bush did not order banks to begin issuing sub-prime mortgages. The actual practice began during the Clinton years.
You've got it backwards. The banks weren't doing Clinton's and Bush's bidding. Clinton and Bush were doing the banks' bidding.
Many bankers were heeding Bush/Greenspan warnings to curtail sub primes...
Source, please.
Bush’s first two appointments to Secretary of the Treasury were not bankers and both tried to warn Bush, Hastert and Frist against the irresponsible fiscal policy the GOP was pursuing. Bush fired both of them and appointed the Chairman of Goldman Sachs, Henry Paulson, to the job. Goldman is the lead bank in the New York banking cartel that controls most of the investment capital in the United States.
When the financial crisis hit, Bush went into hiding and abdicated the crisis management to Hank Paulson, Ben Bernanke (a Bush appointment) and Timothy Geithner (another Fed appointee during the Bush years). He essentially turned the foxes loose in the chicken coop. They immediately made bailing out the banks and Wall Street investment firms their first priority at the expense of the US taxpayer. They also engineered TARP and the first GM bailout.
The other option was to force the “too big to fail” banks into a formal bankruptcy restructuring resulting in the stockholders, bondholders, and management taking a haircut while protecting the depositors through the FDIC. The banks would have restructured, much like the airlines did previously. There would have been a sharp deep recession and followed by a strong recovery under sound banking practices.
Bush, Paulson, Bernanke, Geithner, and the GOP politicians protected the bankers, their bondholders, and stockholders while piling billions of debt on the taxpayer and ensuring a long protracted recession. By institutionalizing the concept of “too big to fail” in the banking community, and holding anyone on Wall Street accountable, they gave a green light to Wall Street returning to wild speculation with depositor money.
Bush set the stage for Obama. He made choices, most of them bad. Obama has been terrible but Bush cannot escape accountability when the history of this era is written.
How is it tarring Conservatives? W was no conservative.
“So, in 2001 Bush was calling for stronger oversight of FM/FM, but in 2001 he signed the P4P agreement, then in 2002 he called for FM/FM to increase spending by $400 billion and called on Congress to fund the American Dream Downpayment Act and in 2003 he created the NATF to allow FM/FM to buy the sub-prime loans of millions of Mexican illegal aliens and then in 2004 signed both the American Dream Downpayment Act?”
Two answers here.
You try and make this sound like W did all of this only for “illegal Aliens or Mexicans” (innuendo). I can tell you personally that this is not true. My wife and I were beneficiaries of the American Dream Down Payment act. There was also state down payment assistance as at the time. I’m not black, and I’m not Hispanic. A lot of the people I know had their down payment reduced, or eliminated, and were able to buy houses. They are still paying for them or sold them over the years, and none were foreclosed. Over all this added strength to the economy.
I’m glad you have always had every dime you needed when you needed it. For us to have saved for the down payment we would be buying it about now. 12 years of throwing away money on rent, and raising our daughter in an apartment.
So tell me why this was a bad thing.
The second point, I guess asking FM/FM to buy those mortgages might not have been the best idea, but letting those banks fail, that close to the economic damage of 911 would have been a good idea? We were standing on pretty wobbly legs back then in case you don’t remember.
By the way, what is NATF, I find no reference to this anywhere on the web. Are you really implying that all the sub prime bought by FM/FM were illegals that year? Millions? All those illegals bought houses with sub prime mortgages in the 2 years Bush had been President?
So you do admit that the sub-primes began during the Clinton years. You can’t lay all of this at Bush’s feet.
The source about the banks is my memory. Sorry. I remember reading stories in The Charlotte Observer (Charlotte is/was the second largest banking center in the US), and it’s a pay site, and it costs more to go back into the archives. I clearly remember the attack stories about First Union, Wachovia, and Bank of America / Nations Bank trying to scale back sub primes because of increases in foreclosures.
I clearly remember a hit piece on a bank foreclosing be because this woman refused to pay a $30 per month increase in monthly payment that she signed for in closing. She had a new car, new furniture, highest cable package available, etc., but wouldn’t give up a cup of coffee a day to keep her house. According to the paper, it was the bank’s fault.
I was a Sunday paper. the wife and I read it in bed every Sunday, and she fussed at me for yelling at the paper.
Again sorry. Best I can do on that.
Bush wasn’t perfect, he clearly made mistakes, but he inherited most of the sub-prime problem.
Yes but he could have done something. Instead he went on and pushed more Home Ownership also.
There is plenty of blame to go around here and both parties helped us dig the hole we are in.
Yeah, but it was kabuki.
For six years of the Bush admin, he had both a Republican Senate and a Republican House.
Bush also appointed the Comptroller of the OCC and the Treasury Secretary.
It was Bush Republicans in power in the lead up to the catastrophe.
For a full six years.
Not only did they have access to ALL THE DATA IN THOSE CRUCIAL, THEY ALSO HAD COMPLETE LAWMAKING AUTHORITY AND FULL REGULATORY AUTHORITY.
While I will not go so far as to say they developed and implemented all the policies (just some) that led to the big melt, I will say they had the information and the power not only to see it coming but to stop it.
But, since they too were getting paid, they decided to do nothing but ride the gravy train.
Then Bush singed the big bailout that his Treasury Secretary handed him.
The Republican, and the Bush Republicans SPECIFICALLY are fully, 100% responsible.
They had total control, and full awareness.
BUt they chose to make themselves and all their cronies (The current Republican Donor class) very rich.
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