What US President deserves most of the blame for the Real Estate crash of 2008?

Question

If you're going to say that it's some President that supersedes Bush, than (following this line of logic) wouldn't it be impossible for Obama to now own the problems of the current economy?

If Bush was sitting President when the collapse occurred, but the causes become traced back to Clinton or Carter, thus exonerating Bush, why would blame suddenly be assigned to Obama?

Answer 1

No presidents deserve the blame. These problems started over 20 years ago and the only constant factor during that time is congress. Many of us started warning our "representatives" and the media that the economy was unsustainable back in the early '90s. I'd seen my parents' home increase over 300% in 20 years while wages went up maybe 25%. Housing was already way out of any relationship to wages at that point and that grossly inflated price has doubled twice since then. That high inflation rate, combined with "trickle down" and Global Free Trade virtually forced corporations to export jobs. At the same time that housing had become a pyramid scheme, congress forced Fannie May and Freddie Mac to give loans to low income people who were so over their heads it was insane. The Republicans had 8 years to do something to stop the jobs leaving and did nothing but keep the tax breaks for their rich corporate owners who were exporting jobs. They lost 8 million jobs on their watch, plus 12 million more to illegal foreigners, plus even more to legally imported workers and then are willing to throw millions of American workers, who have paid into the system their whole lives, into the streets like garbage for political gain. After that betrayal nothing a Republican says means a thing to me.

Answer 2

Clinton started the program to get more low and moderate income people into homes....I think the term they used was deregulation..The bankers realizing the government wasn't watching ( some might argue they knew ) and sold the mortgages knowing full well when the adjustable came due the owners could never afford it...Thereby driving the prices of houses through the roof so to say...Increasing their income substantially...The program was abused and the " administration " and their " economic team " sat and watched it happen from 2001 - 2008....When you are driving the bus and it crashes then most likely you had something to do with it...

Answer 3

It started with Clinton, who attempted to make home buying possible for people who could not afford to buy a home. President Bush tried to put the brakes on the growing sub-prime mortgage crisis, but he was blocked by congressional Democrats, especially Chris Dodd and Barney Frank.



Your attempt at "logic" that would excuse Obama fails, because Obama has done nothing to solve the problem and has done many things to make it worse.

Answer 4

From what I've heard, it's the liberals who were in charge of Congress that did NOTHING about it back in 2004, pretty much saying "not to worry". I think you can Youtube it and type in "Housing Collapse Warning 2004" or something like that.



And blame is "suddenly assigned to Obama" because he PROMISED to do something about fixing everything but has only made matters worse! Unemployment, unlike he'd have you believe, is increasing and this punk of a president who goes on vacations like he's a spoiled housewife has the audacity to put us trillions more in debt with his stimulus checks, which have done NOTHING!!!!!!!!!

Answer 5

Bush KNEW the economic danger existed when he came into office in 2001. He did try to warn Frank and others several times, but was assured that there was NO problem. I do blame Bush for not taking it directly to the American people, but to his defence he was by then absorbed with 911.

Answer 6

I don't blame Obama.It is his responsibility.He campaigned on the shape of the economy"Yes we can!" was promised.He is halfway through his term.If he can't handle the job he so actively campaigned for,at the expenditure of millions of dollars to achieve the job,he shouldn't have run.



Surely,these facts are indisputable.It is his economy,he wanted it.



Blame,too many people to list.All of us to some degree.We keep on electing crooked bastards to office,they do crooked ****.I am totally anti Obama,and not ashamed of it either.This however,doesn't make me pro bush either



I don't like any of the sob's in washington.Throw em all out and start over

Answer 7

Bill Clinton.



When the legislation that repealed Provision Q of the Banking Act of 1933 came across Clinton's desk, he could have used a veto. But he did not.



If you ask me, I think four Presidents are to blame for it all. Ronald Reagan, George H. W. Bush, Bill Clinton and George W. Bush. All four of them knew what they were doing and played dumb.

Answer 8

Started with Carter and went all the way to 0bama.

0bama help set it up and Bush on three differenct occasions tried to warn Congress about it during his two terms.



http://iusbvision.wordpress.com/2008/09/30/obama-sued-citibank-under-cra-to-force-it-to-make-bad-loans/

Answer 9

Clinton.

Answer 10

Clinton. Bush warned congress 17 times that it would happen and they not only ignored it, they slandered and chastised the regulators for trying to do anything.

Answer 11

None. I wouldn't blame someone for something that they have no direct control over.

A president doesn't control the cost of your home, the value of your home, whether you buy or sell, or whether someone else buys or sell.



Home buyers and home sellers are the ones to blame for the real estate crash.

Answer 12

Bush is not exempt! It started under Clinton. He and future presidents listened to Greenspan. He is the purveyor of economical "death".

Answer 13

I think George W. Bush deserves the bulk of the blame, but I agree that each of our last 4 presidents had a hand in it. Our entire economy has undergone a fundamental change that began with Reaganomics.

Answer 14

It started during Clinton. Bush did nothing to stop it. Obama has made it worse. They are all at fault.

Answer 15

0bama was big on Community Organizing and forcing loans to people who should not have had them. Then all the BS since 0bama has been in DC.

Answer 16

why do liberals always look to blame someone as a way to go forward?...it isn't as much important who caused it but who can correct it that matters...........blame Bush all you want....blaming keeps you in power of denial of progress......Obama "asked" the american people to let him correct Bush's mistakes.....so I guess we are holding him responsible to do just that.........other wise step aside and let someone else correct it.......understand?

Answer 17

Because the president has done what no other has with his stimulus and bailouts to private company's. As soon as he did this the economy became his.

Answer 18

Bush



Wall Street knew the housing market was a house of cards years before it crashed, and so Bush did too

Answer 19

They all have their fair share,

Answer 20

JFK