Unbelievable

[Diogenes]

He actually started before that. The stock market started tanking as soon as it was perceived he might win, and it kept a steady decline for months thereafter. As for the Chart, the chart is delineated by year, so It doesn't distinguish between when he started and when the deficits occurred. If I remember, the deficits occurred when he submitted his budget, which was quite a bit later in the year. If you want a more accurate assessment of when they started, you need a month by month chart.

That is simply ridiculous.
The financial crisis was already looming with bailout plans alreaedy signed off on or in the line during te previous administration. Please check your facts! This is just amazing how some people are trying to spin facts for their own agenda!

The whole banking scandal, the lack of oversight at wallstreet, the credit debacle. That was all stuff that had been in motion looooooong before Obama was elected, even before the primaries.
What you are saying is totally ludicrous!
The war did of course affect the economy, like it or not. Even if it was cheaper than anticipated, it still cost hundreds of billions of USD.

Community Reinvestment Act.

Created by the Democrat Congress, and Pushed by Jimmy Carter. Collected Racial data on housing loans.

Surprise! Inner City Blacks and Hispanics were denied loans.

RACISM everyone shouted!


Bill Clinton orders Freddie Mac and Fannie Mae to push banks to relax loan requirements to help low income minorities. Banks are informed the Federal Government will back the loans if they turn bad.

Banks respond by lowering the standards to nothing. Once the Federal Government was standing good for the money, banks no longer cared whether Loan recipients could pay them back or not.


As it turns out, loaning money to people who can't pay it back is a bad idea. Who'da thunk?

Who went to bat against it every single time anyone proposed reigning in all the foolish lending? Chris Dodd, Barney Frank, Barack Obama, Maxine Waters, etc.


I find it strange that you believe you can keep up with American Political History better than an American who is quite interested in the subject and keeps tabs on it judiciously.


Barack Obama is not the primary cause of the Lending/Credit fiasco, but he certainly carried water for the people who were. He IS responsible for the excessive deficits though.

Just as one teeny example of his idiocy, look up the cost to the government for his "Cash for Clunkers" program.

[Diogenes]

Were these kinds of comments being posted prior to Obama? Then why would we listen to them from you now?

$4.5 tril in deficit spending in 3 years, 9+% unemployment, $3+ gas prices which could be alleviated by actually drilling for oil here in the US instead of shipping the money overseas... I think those are pretty decent reasons.

"You weren't commenting when the house WASN'T on fire - why should we listen to you NOW on how to put it out?"

That sure is a lot of propaganda posted just to say "no"...

It isn't propaganda when it's true.

[Diogenes]

The actions taken by the previous administration of course took a while to come into effect. It seems illogical that the Obama administratiion could have caused the crisis the very first day they came into office, right?
So get real, man!

Exactly! And if we apply the "logic" employed by some here, we should all be screaming at the newly elected republicants in the house for NOT CREATING JOBS! You know, like they focused on during their campaigns recently?

They didn't wait even a second to start blaming Obama, so why should we give THEM any more slack than they give OTHERS?

I will point out that the economy AND the jobs went into the toilet after Democrats won control of the House and Senate in 2008.


But lets make things simpler. How's Detroit Doing? It's been run by Democrats for the last 60 years, so if Democrat Ideas are good, the City should be doing fine.

In reality it looks like it has been the victim of a World War II bombing strike. While we're at it, How about California? New York? Massachusetts? Pennsylvania?

Do you know of any Democrat run states that are not financial catastrophes?

If Democrat Ideas can't work on the City or State Scale, why would you think they could do any better on a National Scale?

[Skipjack]

As it turns out, loaning money to people who can't pay it back is a bad idea. Who'da thunk?

People could not pay their loans because the interest rates exploded after the smarty pants bankers borrowed the money from other banks outside the US. Then the Dollar fell into oblivion and all of a sudden the formerly low interest rates of foreign loans exploded.
Those of the people that you mentioned that did not have loans with fixed interest rates all of a sudden were faces with exploding interest rates AND THAT was when they could not pay them back anymore.
So it was them criminal bankers and the fact that the USD fell into oblivion under the Bush administration that caused this. That was definitely not the fault of the hard working middle class that the Bush administration has done an excellent job at ruining. Now you have a bunch of criminally rich people that even paid themselves additional boni with the bail out money and a lot of poorr people that used to be middle class. Well done!

[rjaypeters]

Yes, see the thread: "Why Isn't Wall Street in Jail?"

[Skipjack]

Yes, see the thread: "Why Isn't Wall Street in Jail?"

And this is Obamas fault, exactly how?
The bank bailout was already in motion when he came into office...
I guess that you could fire your entire government...
Anyway, I think they should have given the money to the people so they can pay their loans back and keep their houses, not to the banks that then got the houses and the money...

I am not a big fan of Berthold Brecht, but I kinda can relate when he says:
"What small crime is a bankrobbery compared to the crime of founding one". Or lets say that lately it has been easier to see where he was coming from.

[Diogenes]

As it turns out, loaning money to people who can't pay it back is a bad idea. Who'da thunk?

People could not pay their loans because the interest rates exploded after the smarty pants bankers borrowed the money from other banks outside the US. Then the Dollar fell into oblivion and all of a sudden the formerly low interest rates of foreign loans exploded.
Those of the people that you mentioned that did not have loans with fixed interest rates all of a sudden were faces with exploding interest rates AND THAT was when they could not pay them back anymore.
So it was them criminal bankers and the fact that the USD fell into oblivion under the Bush administration that caused this. That was definitely not the fault of the hard working middle class that the Bush administration has done an excellent job at ruining. Now you have a bunch of criminally rich people that even paid themselves additional boni with the bail out money and a lot of poorr people that used to be middle class. Well done!

You are talking about LIAR loans. Read this.

Or this.


Or Google it yourself.


Once you understand what Liar loans are, you will start to understand what i've been saying all along.

What do you think CAUSED that housing bubble? Liar Loans.

[Diogenes]

Yes, see the thread: "Why Isn't Wall Street in Jail?"

Wall Street is known for it's greed, and not known for it's ethics. Once the Government pushed all these liar loans, did you think the sharks would just ignore the bait?


You should blame the entity throwing the bait into the water, not the sharks who eat it. That is the nature of sharks.

Oh, by the way, many powerful democrats were making sure that those sharks on wall street were able to continue their feeding. You see, the pilot fish congressmen get leftovers from the sharks.

[Diogenes]

Yes, see the thread: "Why Isn't Wall Street in Jail?"

And this is Obamas fault, exactly how?
The bank bailout was already in motion when he came into office...
I guess that you could fire your entire government...
Anyway, I think they should have given the money to the people so they can pay their loans back and keep their houses, not to the banks that then got the houses and the money...

It would be helpful if we could keep our terminology straight. Barack is not greatly responsible for either the housing bubble or the Troubled Assets Relief program. Yes, he bears some responsibility for the first, (by running interference on attempts to reign in Freddy Mac and Fanie Mae) and he bears more for the second. ( As The leading voice of the Democrat party his lead would be followed by the caucus, and he pushed the caucus to support TARP)

What he IS responsible for is Submitting a drastically increased budget to the Democrat Congress, and then spending all the money on mostly useless crap.

The Deficit for 2009-2010 is all his, baby! Same for 2010-2011.

I am not a big fan of Berthold Brecht, but I kinda can relate when he says:
"What small crime is a bankrobbery compared to the crime of founding one". Or lets say that lately it has been easier to see where he was coming from.

Rent seeking. Don't you just hate it?