see...youre not educated. Now i wasnt the biggest bush fan, and the greatest downfall to Bush was all his spending. Now keep in mind that Bush had generated double the revenue clinton had during his tenure, and the first 6 years of Bush's reign was extremely prosperous.
If you know what youre talking about, you'll know that Bush's growing unpopularity over the war, had lost the republicans power in the congress, thus the Democrats taking over during elections in '06, with Bush now at the helm as a "lame duck." Ever since the democrats had gained power, the economic collapse had begun, led by our favorites, Barney Frank and Co.
So if you know anything about politics, you'll know that ever since the Democrats had taken over the country back in 2006, all of this has begun to snowball only to reach our current state.
If you thought Bush was bad, then there is absolutely no reason that you should think Obama is far worse.
The economy was going to collapse no matter what, bush insured of that with his mortgage rate hikes through his first few years, then by giving the mortgage freeze for people who had defaulted on loans and allowing people to keep there homes with his plan. It didn't work, It was a failure. They knew then if it didn't work that the economy was going to collapse by 2009. Reasons being is because of previous activities by banks. (the banks were giving people with high at risk credit home mortgages, they shouldn't have given to begin with.) (Remember Rates were high because the government was raising them all the time, which led to the defaulting of loans.) Then bush added to the banks mistakes by freezing mortgage rates so the banks couldn't get there money back Greenspan even admitted ( the guy who controlled the economy for nearly 19 years.) he made mistakes (he thought banks could control themselves and limit the risk of collapsing the bank market, They couldn't) Amidst other problems he had to deal with, coupled with the few mistakes he made and the inflation problem the economy collapsing was going to happen. The problem is trying to fix it after it's so far gone.
Added to that is Bush's Frequent tax benefits to the rich and stimulus plans (one back in 2001) that only the wealthy benefited from and you can kinda see why were in this situation. Higher spending on homes with high mortgages and over spending by the American consumer lead to this and it was going to happen no matter what.
Also Bond stocks were at nearly all time low yields in 2005 - 2006 and were a direct outlook on American spending and the home market collapsing because of mistakes made on all accounts. (Greenspan, Banks and Bush all made mistakes that lead directly to the situation that obama has no choice but to clean up.
Edited by carpanfan96, 02 March 2009 - 04:17 PM.