Things I don’t miss about George W. Bush (Michelle Malkin)

Michelle Malkin ,com ^ | February 9, 2010 | Michelle Malkin

[sickoflibs]

Sorry to be a wet blanket, but someone has to do it.

The “Miss Me Yet?” billboard (inspired by Jonathan Maney’s t-shirts) is cute. But let’s not get carried away with nostalgia.

President Bush put America on the proper war footing after 9/11 and deserves much credit for doing so, but he also:

1) joined with open-borders progressives McCain and Kennedy to try to force shamnesty down our throats;

2) massively expanded the federal role in education;

3) championed the Medicare prescription drug entitlement using phony math;

4) kowtowed to the jihadi-enabling Saudis;

5) stocked DHS with incompetents and cronies;

6) pushed Hillarycare for housing;

7) enabled turncoat Arlen Specter;

8. nominated crony Harriet Myers to the Supreme Court;

9) pre-socialized the economy for Obama by embracing TARP, the auto bailouts, the AIG bailout, and in his own words:

“I’ve abandoned free-market principles to save the free-market system.” – George W. Bush

No, I don’t miss having a corporate socialist Republican in the White House any more than I like having a corporate socialist Democrat in the White House now.

[ohioWfan]

Exactly right. (And I remember some of those 'talks.' :)

Gratuitous and mean spirited are two perfect descriptors of this piece of junk journalism.

But it got her some attention, and that's clearly what she was going for.

There is no actual good that can come out of this. None at all.

[JLAGRAYFOX]

No, GW Bush helped Obama, John McCain elected Obama with a terrible, weak, ineffective campaign. McCain stood by, when he knew better!!!

[roses of sharon]

Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone… Dems Ignored Warnings

Sunday, September 21, 2008, 12:32 PM
Jim Hoft

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

** 2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market’s] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

More… Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.

[Electric Graffiti]

Michelle is right about this one. The thing I hated most about Bush is he would never fight the real enemy of America....the scumbag leftists.

He never said a word. All the while they were pummeling him, the war effort, and all things reasonable and decent.

We have this communist coup thanks in part to get along RINOs like Bush and McPOS.

[ohioWfan]

I love the sign...”Miss Me Yet”...and YES I really do miss George Bush...Thanks for keeping us safe, Thanks for Alito, and Roberts. I miss CHeney and Rummey too. All of the grown ups have left the scene. I too like Michelle, but I do not agree with her on Bush. It is good to be able to think about the good old days again

Anyone who cares about national security misses President Bush. Anyone who thinks clearly misses having adults in charge. And anyone who cares about America and our precious Constitution is grateful for Roberts and Alito.

Michelle made a fool of herself on this one.

[A.Hun]

But I do NOT miss Bush - I miss Ronald Reagan.

If you looked at Reagan with the same critical eye you use on Bush, you wouldn't miss him either.

You know that Reagan: was originally a Democrat, signed into law an abortion bill in CA, had the Dem Speaker of the House as a close friend, raised taxes (after he cut them), cut and ran out of Lebanon, signed amnesty into law, tripled the national debt, ran the largest deficits since WWII.

Reagan was the greatest President of my lifetime (I proudly voted twice for him!!), yet all these things are true. Of course there were mitigating circumstances for each one, but since you ignore them for Bush, maybe you should ignore them for Reagan too.

You should think about that when you run down GWB.

[trooprally]

Ping - ‘n stirring the pot. HeeHee

Check out Post 37

[Mr] T

[what's up]

Funny how George Bush RARELY gets praise from the right for how STRONGLY he stood for life. I remember all the incredible attacks he took for his stand on embryonic stem cells.

It wasn't too long ago that conservatives cared more about pro-life issues than just about everything else. Yet they don't seem to care when a leader does so much for the cause.

[pgkdan]

There is no actual good that can come out of this. None at all.

exactly! So why do it? A perfect conservative or not George W Bush is a fine man who loves this country and her people! We can't say the same about his successor. And people still have to pile on Bush!

[A.Hun]

I don't trust very many of them (in particular, the one who posted this thread) to actually be conservatives in real life.

I think I've made exactly that point to several of these guys...including sickoflibs.

[lonestar]

Michelle doesn't miss GWB yet.

I do... and Laura, too.

[ohioWfan]

Is Michelle Malkin pro-life? I don't recall hearing her say one way or the other.

Meanwhile, President Bush is getting awards for his unwavering pro-life stance, and Michelle apparently doesn't care??

[Buckeye McFrog]

There should be a big lesson in here for the GOP.

W pushed his Prescription Drug Plan thinking that it would be popular and win the Republicans some support in traditionally Democrat voting blocks.

Yeah, THAT worked out well!

No point in creating new entitlements with that logic since obviously you don’t get any credit from the recipients and they still don’t vote for you.

[La Enchiladita]

Take it easy.

I did.:)

[jwalsh07]

Bush and Bush alone is responsible for the victory in Iraq and the lack of further attacks on American soil.

Congress abandoned him, a majority of the American people abandoned him, the MSM crucified him and Bush stood alone against them all and upped the ante in Iraq and the WOT.

This is why I miss President Bush despite his penchant for going along with government spending against his better instincts.

There were even many here at FR who were ready to toss in the towel on Iraq and fighting jihadists wherever they are found.

And yes I know it is the warriors who do the fighting but without a CIC directing them to do that they do no fighting.

I like President Bush despite his mistakes. I hold in contempt the members of both parties and the Americans who lost their balls and opposed him both actively and passively in his mission to win in Iraq, Afghanistan and against jihadism in general.

[ohioWfan]

Actually what it does is not only pointless, but it draws our attention away from the real life-threatening issues with Obama.

As long as people like Michelle have their eyes backwards in useless attacks on a man of integrity like President Bush, the focus is OFF the evil Marxist narcissist in the White House.

[avacado]

"How about the fact that the national debt was $5.7 trillion when Bush was inaugurated and $10.6 trillion the day he left office?"

Bush ran up about $1.8 trillion in budget deficits in his 8 years. As for the national debt that includes such things as entitlement programs and treasuries with notes coming due with interest which is called intergovernmental debt. Until either or both parties get ahold on intergovernmental debt it will automatically keep increasing.

[ohioWfan]

sickoflibs uses Wikipedia as his source when attacking Bush's policy in the WOT in Iraq.

Need I say more?? LOL!

(He ain't no conservative!)

[Servant of the Cross]

I have no argument with Michelle's list.

However, in the entire body of work that is the Presidency of George W. Bush, the following surely should be mentioned too:

- He kept us safe from another terrorist act during his 8 years as President;

- He prevented the words 'President Gore' from ever being said together (just stop and think of the immeasurable good that came from this being prevented!);

- SCOTUS Chief Justice John Roberts;

- SCOTUS Justice Samuel Alito;

- He was a good and decent man who loves the USA (not taken for granted any longer);

- He loved and was loved by our men and women in the military;

- He gave us Dick Cheney and Donald Rumsfeld during a crucial time for our country.

There's plenty more and I invite others to add to the list.

Flame suit on. Check.

[Reagan Man]

Malkin’s list against Bush43 is on the mark.

Bush43 did some good. He was also pro-military, pro-WOT, pro-America, pro-tax cuts, Pro-Life and he appointed two conservatives to the SCOTUS.

If the choice is a big spending, big government Republican versus a fiscally insane liberal-socialist, well ....