Posted on 09/20/2008 4:36:58 PM PDT by BAW
For his entire presidency, George W. Bush has tried to avoid the fate of his father, brought low by a feeble economy. Now, as the financial crisis radiates far beyond Wall Street, Mr. Bush faces an even grimmer prospect: being blamed, at least in part, for an economic breakdown.
“There will be ample opportunity to debate the origins of this problem,” Mr. Bush said in the Rose Garden on Friday. “Now is the time to solve it.”
But in Washington, on Wall Street and on the presidential campaign trail, the debate has already begun.
Senator Barack Obama, the Democratic presidential nominee, denounces what he calls the Bush administration’s “failed philosophy.”
Senator John McCain, the Republican, claimed Friday that “the administration did nothing” to rein in the mortgage giants Fannie Mae and Freddie Mac, even though the White House did push some reforms on Capitol Hill.
And while economists and other experts say there are plenty of culprits — Democrats and Republicans in Congress, the Federal Reserve, an overzealous home-lending industry, banks and also Mr. Bush’s predecessor, Bill Clinton — they do agree that the Bush administration bears part of the blame.
(Excerpt) Read more at nytimes.com ...
The RAT Congress puts the pork in a bill that has what the President wants (like funding for the troops) and he has to sign it. WHERE, I ask, is your contempt for the RATS in Congress? Hmmm? And I suppose it was President Bush that was responsible for the reckless loan practices of these failed investment banks. And what about Fannie/Freddie? Did Bush do THAT too? You seem to just want to blame Bush and I have had just about enough of that on this forum!
The RAT Congress puts the pork in a bill that has what the President wants (like funding for the troops) and he has to sign it. WHERE, I ask, is your contempt for the RATS in Congress? Hmmm? And I suppose it was President Bush that was responsible for the reckless loan practices of these failed investment banks. And what about Fannie/Freddie? Did Bush do THAT too? You seem to just want to blame Bush and I have had just about enough of that on this forum!
It did.
And who controlled the House beginning in 1994? Republicans. 1996? Republicans. 1998? Republicans. 2000? Republicans.
We need to face the fact that our federal government on both sides of the aisle has put us into a situation that will result in - at best - spiraling inflation and an even more worthless dollar, or more realistically - a minor depression (or major if the derivatives market explodes).
Like it or not the President gets blamed for the economy. Bush has failed to address his critics.
Go peddle this bilge on DU. They would love you!
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
At the time, the companies and their allies beat back efforts for tougher oversight by the Treasury Department, the Federal Deposit Insurance Corporation or the Federal Reserve. Supporters of the companies said efforts to regulate the lenders tightly under those agencies might diminish their ability to finance loans for lower-income families.
Freddie Mac, whose accounting is under investigation by the Securities and Exchange Commission and a United States attorney in Virginia, issued a statement calling the administration plan a ''responsible proposal.''
''The regulator has not only been outmanned, it has been outlobbied,'' said Representative Richard H. Baker ... ''Being underfunded does not explain how a glowing report of Freddie's operations was released only hours before the managerial upheaval that followed. This is not world-class regulatory work.''
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.
History will view G. W. Bush as one of our best Presidents some day, but today I want him and his party to stand up and fight. If McCain won't do it, then Palin needs to step up. Of all the things to fight the demonrats about, this is it. They say history repeats itself for those who don't understand its lessons. Right now, Americans of all political affiliations need to understand how this happened and who profited. This is a much bigger danger and threat to our country and future than 9/11.
Please understand how the Federal government works. No, Bush does not "need" to sign ANY bill that comes across his desk. He has three options: sign, veto, or let a bill become law without his signature.
Bush also has the responsibility to name a Treasury Secretary. Paulson has been a nightmare - and that reflects back onto his boss.
Please spare me the diatribe of questioning my politics. I would hazard a guess that I am quite more conservative than you. I simply don't hide my head under the blanket and pretend that everything is rosy because Bush or the Republican Congress says it is.
This country needed a man with guts. Bush has that on many fronts - but he failed economically. How many times has Bush gone on national TV or radio and spoken about how everyone deserves their own home?
Let's get real and stop playing games. Otherwise, the Demonrats will succeed in destroying us.
Well this part has "quotes" around it:
“the administration did nothing”
Per my post 26,
The new agency would have the authority, which now rests with Congress,
I could swear johnny boy has been in CONgre$$ for a lifetime. What the hell did HE do?
Keep it up johnny...even Sarah won't be able to persuade me to pull the lever.
They're right. I give up. Bush did this. I'm so angry with Bush I'll NEVER VOTE FOR HIM AGAIN!!! I'm sure that will make the NYT ecstatic, to hear that one more of his potential voters has turned against him, so that he won't be re-elected.
Do I really need the /sarc tag, seriously?
I have always been a Republican, but Republicans like you scare me.
You run your mouth, but don't process with your brain.
The problem is the idiots on Wall Street who continually fail to police themselves after they smell money. Now, the government will police them.
This is far from being Bush’s problem or any politician’s, for that matter. It’s a Wall Street problem, a greed problem.
These rotten, corrupt, b@@tard$ would shoot you and then call for an investigation as to why you stained the carpet with your own blood.
Something, and soon, has to be done to get a grip on these liars and traitors.
All these folks blocked reform of Fannie Mae to stop the abuses.
John S. McCain
His legislation to reform Fannie Mae was blocked by those above.
You now know everything about who is to blame.
What we all have to remember is that the NY Times was a virtual cheerleader for the Hitler and Stalin regimes, and to this day remain an anti-American, anti-God force. W will have a tremendous legacy over time as a leader with the guts to defend this country against all criticism. While wrong on immigration and spending, W deserves due credit for protecting Americans in his 8 years. I just returned from 2 weeks in Belgium and I can tell you that the native Belgians cannot stand the Muslim presence there.
I guess these guys didn’t see Karl Rove smackdown Alan Colms on Wednes day night.
“Bush’s fault!
and Cheney’s.
and Ronald Reagan’s fault (acccording to spokes-hack Alan Colmes last night on FOX.
Has no one yet blamed KARL ROVE?
In areas other than economics I would completely agree.
If I could, I would vote for him again over McCain.
I would vote for Palin over either one of them.
You and I agree. W’s patrician roots and the influence of his father were responsible for his noble attempt at bipartisanship with NCLB with Kennedy, keeping Tenet on, the Transportation secretary, and permitting an atmosphere where a Joe Wilson punk was actually hired to be involved in the explosive Iraq situation. Also, the validation of Bill Clinton with Prez appointments for the Tsunami and other things was honorable in the ideal world. What W never understood is that the Dems dont play by rules.
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