And a conservative acting Congress saved Clinton’s bacon just in time for him to proclaim it his very own and win with it.
The 2006 depression/recession belongs to the Democratic House/Senate which they controlled. All spending must originate in Congress; the President doesn’t control it at all. So....it isn’t Bush’s fault. It also isn’t, using that logic, Obama’s fault with the stipulation that this democratic congress is now doing what this democratic president has wanted.
Congress is the only way to increase spending and congress is the only way to decrease spending.
The failure Freddie Mac and Fannie Mae were the cause of the recession. The corruption behind the scenes by Clinton advisers at Freddie Mac and Fannie Mae were the trigger. The gunpowder was the result of dismantling the Glass-Steagall Act, during the Clinton Administration, with the Gramm-Leach-Bliley Act.
Clinton Administration officials were Franklin Raines,James A. Johnson,Jamie Gorelick, Thomas E. Donilon, Louis J. Freeh, Harold Ickes, and Rahm Emanuel.
The roles of Nancy Pelosi, Chris Dodd, Barney Frank, and Chuck Schumer also need to be investigated. The alarm bells about Freddie Mac and Fannie Mae were being struck four years earlier, when there could have been legislation to keep the disaster from happening. Someone must have wanted the disaster to happen.