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Doesnt matter what Barney or Nancy said. Republicans were in control of the White House and Congress. They could have passed any bill they wished but chose not to. Thats because their donors were making a killing on subprime lending.
The first bill concerning subprime was introduced by a Democrate. But it was rejected by the Republican controlled committee.
Originally Posted by daggerkobe
Why did it work so well under Clinton but fail so miserably under Dumbya?
Probably had something to do with the following:
1. In 2003, Bush fires the Fannie Mae regulator in after reports criticising Fannie Mae involvement in subprime lending.
2. In 2004, Securities and Exchange Commission deregulating banks, allowing them to take on more subprime debt which caused their collapse. Even the SEC admit this action caused the collapse.
3. In 2003, Fannie Mae increasing subprime lending to 57% from 40% ignoring all warnings from regulators.
4. Bush and Republican controlled Congress passing 0 laws and regulations to curtail subprime lending as it spiraled out of control.
The Great Depression saw 37% unemployment in nonfarming jobs. But of course it doesnt mean next time couldnt be 50% or higher.
Didnt President Hoover also believe in not getting the government involved? How'd that work out?
Hoover had little to do with the Great Depression. He was only president 7 months prior to the economic collapse and recession/depressions are almost always long term problems accumulating over time. You can blame the Laissez Faire Presidents of the 1920s who allowed the major gap between the rich and middle class, allowed the rich to constantly get major tax write-offs to the point where they paid next to nothing, gave the middle finger to the farming industry, etc etc.
But but but... the minority Democrats caused everything.
Wow...this is a classic
Hoover had little to do with the Great Depression. He was only president 7 months prior to the economic collapse and recession/depressions are almost always long term problems accumulating over time. You can blame the Laissez Faire Presidents of the 1920s who allowed the major gap between the rich and middle class, allowed the rich to constantly get major tax write-offs to the point where they paid next to nothing, gave the middle finger to the farming industry, etc etc.
But Hoover believed that the depression was part of the normal business cycle and they should "wait it out..."
Plus he did nothing to help the avg citizens that were losing their jobs and homes because he didnt want to "spoil" them.
Last edited by daggerkobe; 09-19-09 at 12:26 AM.
Daggerkobe, send nudes. Thx.
Popeye
Unreal
wow that brings back memories... I hated walking or biking up those hills from the southside to oliver manor as a kid. It was tiring and scary.
it amazes me that people still live there... pennzoil, quaker state, wolff's head headquarters all left 10-15 years ago. there must be 150 jobs for 10,000 people
ITH do a video from the 4th ward in franklin, or one of the many trailor parks in the area.... you could prob get some good nascar picks there
doing fine , thanks for asking
everyone can talk about the housing market from behind their desk or computers but I live it. Its' my family's livelyhood and honestly I can show zero income from the past 2 yrs if I wanted too. Its that bad here.
I've been living off income from 3 yrs ago thanks to being taught to be smart about my money.
Blame it on who ya want, dont make a f\*\*k to us out here trying to feed our families by building these houses and making them look purty for the high class.
Fact is the market was fvcked up by the subprime shit. Instead of being a gradual high and low in the market like normal it was out of balance due to sorry fvcks buying houses making $10 an hr.
So now the govts going to through all kind of money out there that has to be paid back somehow. Whos gonna pay it back. My kids?
If thats the case their fvcked.
Inflation will cripple this nation in the next 20 yrs due to printing bogus money
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