Posted on 07/25/2015 1:24:41 AM PDT by familyop
Donald Trump was asked today to explain why, as he has said, he has identified more with Democrats than with Republicans. The answer, he claimed, is that the economy crashed in 2008 because of mistakes made by President Bush.
This may be a good answer (or the best one available) from a political perspective. Trump is appealing primarily to disaffected Republicans who believe the GOP hasnt stood up for them sufficiently on issues relating to the economy (immigration is the best example). Attributing his pro-Democrat leanings to Bushs handling of the economy makes political sense.
Unfortunately, it doesnt make historical sense; nor is it an honest explanation. The Bush administration certainly isnt blameless when it comes to the 2008 crash. But, as we have argued and New York Times reporter Gretchen Morgenson and her co-author Joshua Rosen have shown, it was mainly the imposition of race-conscious lending practices on the banking industry that led to the financial crisis.
In 1994, Bill Clinton proposed increasing home ownership through a partnership between government and the private sector, principally orchestrated by Fannie Mae. Lenders proceeded to promote reckless borrowing, knowing they could offload risk to purchasers of bundled loans, and especially to Fannie. In 1994, subprime lending was $40 billion. In 1995, almost one in five mortgages was subprime. Four years later such lending totaled $160 billion.
The Bush administration warned as early as 2001 about the problems these lending policies were creating, and in 2003, through Secretary of Treasury John Snow, pushed for reforms to address the issue. But congressional Democrats, led by Barney Frank, blocked reform legislation.
Yes, Bush should have done more to alleviate the situation. But no, Republicans dont bear primary responsibility for the 2008 crash.
Nor did a belief to the contrary cause Trump to tilt to the Democrats. According to this account, Trump was a registered Democrat from 2001-2008. He switched his registration the very year that, in his telling, the Republicans crashed the economy.
In truth, Trump is a natural Democrat. His views on major issues are or were until recently standard-issue liberal.
Peter Wehner has the details.
[Trump] has supported massive tax increases on the wealthy, a Canadian-style single-payer health care system, and is a fierce protection. He once declared himself strongly pro-choice and favored drug legalization.Earlier this year, he accused Republicans who want to reform entitlement programs the essential task for those who favor limited government of attacking Social Security, Medicare, and Medicaid. Barack Obama couldnt have said it better.
And Barney Frank couldnt have better stated the Democrats line on who caused the 2008 financial crisis.
We need not consult Trumps revisionist history of that crisis to figure out why he was a registered Democrat for most of the last decade. On key issues his views align closely with those of the Dems.
Its as straightforward as that.
Trump is right on.
For all of the good things Bush was about, he was (too) close to the Peoples Republic of China, who he sold out America’s industry to.
Democrats have also, don’t get me wrong. Everyone is selling out America. Except Trump is saying America needs to be for America once again.
That is why Trump is winning. He is saying America.
That is precisely what Americans have been waiting an entire generation, for some American leaders, to say.
So is Jeb any better than Trump, on any issue?/
“Remember under George Bush when The GOPee had control of both legislative houses plus the white house?”
Good point. I don’t remember the REPUBLICANS or Bush pushing anything to undo what was to cause the housing crash...such as ending what wasn’t even law. From the article: “In 1994, Bill Clinton PROPOSED increasing home ownership through a partnership between government and the private sector”
Nope, instead the Republicans and Bush were PERFECTLY HAPPY to watch the economy artificially “grow”, knowing full well it couldn’t be sustained, given that trillions of dollars were being lent to people that had absolutely NO WAY to pay it back. But Bush just sat there while time bomb ticked, and ticked, and ticked. Maybe Cruz wouldn’t have that happen, maybe a Democrat wouldn’t have let that happen, but Bush was president and DID NOT LIFT A FINGER to try to stop it.
So Trump is right on that - and I’m against Open Borders, so he gets my vote.
Sorry, but keep trying.
So, who do you back with support and financial donations? Do you actually back a candidate and FR, or are you something else?
“Bush may have warned about Fannie and Freddie early in his first term but what did he do about it. If he really believed the economic system was in danger, why didnt he use the bully pulpit to warn the country and demand a fix? “
OUTSTANDING. The Jeb-lovers will not be happy with what you wrote.
“The truth is those who fund the GOP were earning big money speculating with sub prime mortgage packaging. Bush did nothing because the people funding his campaigns and the RNC did not want the punch bowl taken away.”
That is DEAD-ON. We had a FAKE ECONOMY under Bush with close to 1 TRILLION DOLLARS per year being dumped in by virtue of sub-prime loans that EVERYONE knew could not be paid back per their terms. I’m sure you remember “Option ARMS” and “Stated Income Loans” - I certainly do. I doubt the others here followed nearly as close as we did.
“I was pretty sure Trump would be pro-abortion and pro-homosexual, but I didnt hear anybody saying anything about that, which I found puzzling.”
Like it or not, with the possible exception of Cruz, that’s where the REPUBLICAN Party is now, thanks to Rove and his army of ‘advisers’ (most of them gay, by the way) having convinced virtually every candidate to “Avoid the Hot Button Issues”.
...there really isn’t much more damage that Trump or any Democrat can do on the social issues - in case you haven’t noticed, all we’re left to fight about now are wedding cakes and condoms for Sandra Fluke.
Yeah well I was paying attention too....and I watched the Democrats fight tooth and nail against any type of regulatory reform to reign in Freddie and Fannie..while hundreds of billions was pissed up agaist the wall.
Maxine Waters And Dems Defend Fannie Mae & Freddie Mac
https://www.youtube.com/watch?v=bPoksfSf2nA
Intel Advocates For More H1B Visas; Lays Off American Workers
The scene is set for a repeat performance.
Trump is a phoney. A New York Democrat. He hurts the cause. Aren’t we tired of this type of duplicity?
Trump is unelectable, but he is providing a good service by poking the establishment in its collective eye, all of which, I believe, will enure to the benefit of Ted Cruz.
Would I vote for Trump in the primary? No. Would I vote for him if he were the GOP nominee in 2016? Yes. Because the alternative (Hildabeast or Bernie “Red” Sanders) is unthinkable.
Trump is not a conservative. But what he is, is a provocateur. Some one like Trump is needed in the long campaign, but not as the eventual nominee.
Yes, the GOP should share some of the blame, but nowhere near the degree that falls on the Dims. Jimmy Carter and a Dim Congress created the disastrous CRA, which, under BJ Clinton, went on steroids, and that is what tanked the economy. But, you’re right: Bush and Medicare D did not help.
Sure, her people were getting loaded off of the scam...but Republicans ran the House by a huge margin back then - why didn’t they simply outvote her?
“I think Trump is serving a good purpose - then hell drop out”
Yes, that is what I think...and hope.
“So is Jeb any better than Trump, on any issue?”
Jeb is far worse.
While we are questioning candidates, does anyone have a problem with Cruz’ wife being a head of Goldman Sachs or being funded by them? They are part of the Crony Communist leadership.
Pray America is waking
Oh, indeed! Funny thing is - all these people loathe Mitt of course - which is fine - but in truth Donald's got a worse Obama Care record than Mitt, was calling Mitt too extreme on immigration, and was right with him on abortion.
It's amazing what the right enemies - and I'll be the first to say Trump has the right enemies - will get you.
These statements alone prove his economic incompetence. I wonder if he blames Bush for his long string of failed business ventures.
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