How many more...

[RIJIMMY]

Originally Posted by EarnedStripes44

As socialized as they come........

+ he helps secure those multi-million dollar bonuses for the corporate masters of the universe

I struggle with the rationalization of this one,,,,I mean it was supported by both house and senate and by both candidates.
Why does it get labeled the "Bush" bailout?

[fishbones]

Originally Posted by RIJIMMY

I struggle with the rationalization of this one,,,,I mean it was supported by both house and senate and by both candidates.
Why does it get labeled the "Bush" bailout?

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.

[EarnedStripes44]

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.

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...

[JohnnyD]

Originally Posted by fishbones

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.

1 1/2 years is not nearly enough time for the effects of a Democratically controlled congress to come to light. Our current situation has largely been developed through policies enacted 6-8 years ago. Many economists expect any policy changes to take at least 4 years before being able to make an educated judgment on the performance effects of those policies.

Actually, "the horrible bills that made it possible for people who in no way could afford home ownership" were written and approved by the Republican Congress 4 years ago. The Republicans pushed forth massive de-regulation bills that sowed *some* of the seeds of the crisis we face today. On the other hand, the Democrats didn't do anything to rectify the bad policy as was promised.

[The Dad Fisherman]

Originally Posted by RIJIMMY

Why does it get labeled the "Bush" bailout?

Because his Friggin Signature is on it....


I know its probably in Crayon.....but its there

[EarnedStripes44]

Originally Posted by RIJIMMY

I struggle with the rationalization of this one,,,,I mean it was supported by both house and senate and by both candidates.
Why does it get labeled the "Bush" bailout?

because Wolfson, Bush's treasury secretary, is the architect all of this and he is "doling out the bread" to banks that got so big that when they fail, they bring securities industry with them.

The fed, with Bernanke at the helm, who is sort of stuck between a rock and a hard place but is probably the smartest bureaucrat in washington, does not need congress to act and he is has been pumping billions of capital into AIG, Bear Stearns and others. Hopefully that clears things up for you.