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Originally Posted by fishbones
It's the "Bush" bailout because he sat down and wrote up the entire proposal himself, without any help. He's also responsible for the suspension of game 5 of the World Series and the extinction of the Dodo bird.
I understand Bush being blamed for a lot of what has gone wrong in this country over the last 4 years because he has been a failure as a President and a leader. But to blame him for the economy or the bailout package shows how little people know about what's going on in government.
The economy was largely good while the Republicans controlled Congress (look at consecutive quarters of economic growth) and it has really suffered in the last 1 1/2 years since Congress has been Democrat controlled. Coincidence? Maybe. But, the horrible bills that made it possible for people who in no way could afford home ownership to get mortgages, were Democrat written and approved by Democrat votes in Congress.
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The republicans pushed for the deregulation of it all and democrats wanted to help there constituents. Almost a perfect storm of party interests. After decades of deregulartion debt became an asset and under the new rules of doing things the economy grew like a house of cards. What would you expect when you can forecast profit. But to lay blame on the shoulders of democrats does not do the argument much justice. Both parties are complicit; end of story. And sure lets blame the little people who could not afford this or that because when the octopus pulling the strings tries to escape it pisses ink. Anyway, if anything is clear, surveillance in the interest of protecting investors from surging losses should not be left to the will of financial institutions. Its called a mixed economy for a reason. So lets come full circle: deregulation, deregulation, deregulation...