Why do Democrats blame Bush for causing the 2008 recession?

Question

Here is where the blame should be assigned:

1. The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
2. Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
3. The CLINTON administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
4. Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.

Answer 1

Bush contributed to making the regulatory environment that gave banks the freedom to make risky and downright stupid home loans that destroyed the housing market, which is where the recession started. Blaming Clinton is comical, he advocated for banks to properly service the consumers who invested in them. Greenspan is an idiot.

Answer 2

Really? Is there a question here? or was this just a tag headline lead in for you to post your Ideology? you clearly already have an opinion or what you think is the answer, off the mark as it is so why the question when you think you know the answer? I'll say it since you're too cowardly to. You think you know the answer and you want to persuade others to think the same as you.



Yahoo Answers is not a venue to vent your political ideology unless in the form of an answer to someone else's question. The operative words here being someone else - not you, yourself or again......you. Clearly you seek to massage your own shaky beliefs here by pretending to ask a question and then turn around and answer it in the same post. hmm... some might say that's self serving. but then you can never accuse a republican of being anything else can you?



Btw you conveniently left out important details that contradict your cut and paste job that you thought might fool some - only to be ripped apart by the majority of responses here.



Serves you right for thinking your smart enough to fool the public. You're not and you never will be judging from this poorly disguised self serving, cut and paste right wing propoganda game you play.



You should also know that it isn't just Democrats who blame correctly where the blame should go. It's every reasonbly minded, informed and honest person on the planet that knows he and his vp Dick Cheney's policies were the cause. One being their deregulations of bank's allowing them to make loans to buyers who didn't qualify. Look it up yourself only this time don't use rose colored glasses when it comes to the policies and reversals set up by your bushy boy hero.

Answer 3

None of that had as much effect as banks gone wild. And they did because Bush didn't like regulations and slashed the funding for oversight bureaus so they were worthless.

The Clinton administration was against red lining, where the banks wouldn't lend to people who could afford it because of where the house was located.

Nowhere in the Clinton era laws do you find come-on's like 'no money down', 'no verifiable income needed'. Thats purely trashy business practices on the part of the banks.

Cheap credit, ARM's, none of that would have made a difference over all if greed hadn't had banks lending money to builders to build a surfeit of expensive homes in areas where no one was earning enough to make it an option to buy. How many people today can afford a three hundred thousand dollar home? When the average income is fifty thousand a year?

Banks gave loans to people so they could sell the homes they had lent the builders money to build.

They got their money from all ends.

The recession wasn't just a result of the housing bubble, it was the result of the collapse and in-your-face failures of businesses and Wall Street to conduct themselves according to sound business principles.

The failure of Lehman brothers was the last tug at the curtain.

Answer 4

Because this is part of a list from Factcheck.org, listing all the things that different people/parties are ALLEGING caused the recession (and decrying the finger pointing, saying there was layered irresponsibility)



I notice that you conveniently left off a number of things from your cut and paste:



--Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.



--Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.



--Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.



The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.



An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.



Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

Answer 5

Bc they use compartmentalized thinking to ignore the ramifications of everything that came before and after. They like to do that. Suits their needs. None of these people even know what Clinton's National Homeownership Program was or, did. Nor, would they care if they did. Everything is justified when artificially building the economy under a dem administration. Same way every fraudulently balanced budget stands as fact - to them. Ask them, Clinton left a mint in his top desk drawer.

Answer 6

You are right, except for leaving out the fact that Republicans wrote Glass Steagal repeals that Clinton signed. They sold it on the Hill because the real estate market was dead, ANYTHING that would stimulate business seems like a good idea, and there was LOTS of corporate money behind the idea.

Answer 7

There were a number of policy decisions made both during the Clinton Presidency and then followed and expanded upon during the Bush presidency that lead to the crisis that began in 2008 and is continuing world-wide. If we were to take a look at the real reason behind the economic crisis, it would probably be that companies looked for short-term gains based on very loose criteria. Because of their greed, we are all stuck paying for their bills.

Answer 8

1. His "everyone should own a house" policies lead to it when people who could never hope to pay off a house were approved for loans.

2. Deregulation of the economy is a proven failure. There's been 3 fiscal conservative meltdowns in the last century with Hoover, Reagan, and G-Boo. The corporations start to take over and the average worker is left with nothing.

Answer 9

Because Democrats are the party of taking NO responsibility.



http://data.bls.gov/timeseries/lns14000000

Unemployment for 2001-2011



Unemployment was at 4.6% in January 2007, the last time the Republicans had control of the government.



After the Democrats gained a majority in both houses of Congress in the 2006 election, unemployment doubled. And it kept rising to a peak of 10.1% in October 2009.



It finally dropped below 9.2% (double the January 2007 level) in January 2011. Which happens to be when the Republicans gained a majority in the House.



The more Democrats gained control of our goverment, the higher unemployment rose. Then it started falling when Democrats started losing their grip on power.

Answer 10

Because they did. If it were not for the Obama administration we would be in much greater trouble. They can spin the talking points all day long. The country knows the truth. What a shame to be cowards not to admit their failures. They can not fix them if they don't think they are broken.

Answer 11

What about the trillion dollar war and the Dodd Frank bill signed into law by Bush, and why didn't Bush do anything about the Fed while he was in office?

Answer 12

I also blame him for millions of unnecessary deaths.

Answer 13

The Bush tax cuts.

Medicare part D

Iraq

Afghanistan

Answer 14

Whom ever is at the helm catches the heat.

Answer 15

Stupidity and short memories. They forget and dismiss the devastation Pelosi, Reid, Frank and Dodd rained down on the Housing Market with their utterly incompetent and unconscionable running of Freddie Mac and Fannie Mae. Thus enters the snowball.

Answer 16

Because GW Bush is responsible.

Answer 17

You are correct.



Good to see another intelligent Y!A user!

Answer 18

http://shine.yahoo.com/shine-food/why-does-mcdonalds-keep-bringing-mcrib-back-blogger-172200671.html

Answer 19

Theyre liberals, theyre misinformed by nature so what do you expect?

Answer 20

simple because his policies did Fact you can pretend all you like

Answer 21

The man choked on a pretzel in his first year of office. He never cared about his job.

Answer 22

Because to do otherwise would be to admit the huge blunders committed by their messiah Obama.

Answer 23

Because he did, your being in denial is your problem, not mine

Answer 24

Every successful conspiracy, needs a patsy.

Answer 25

To cover up the failures of their own party. Carter started it. And in their eyes Obama will NEVER be wrong nor held accountable. They are in for a rude awakening in November

Answer 26

they blame Bush when they over sleep!

Answer 27

Oh Bull sht

Answer 28

because they are STUPID