Saturday, January 14, 2012

What legislation did the Dem congress enact during Bush's last 2 years that caused the economic downturn ?

What do republicans mean when they blame it on the Dem congress. Any links would be appreciated.What legislation did the Dem congress enact during Bush's last 2 years that caused the economic downturn ?
If they can find anything, then they have to fact the fact that only President George W. Bush could sign those bills into law. Congress can do NOTHING without the signature of the President (except in the case of overriding a Veto--and that didn't happen).
Democrats said Freddie Mac and Fannie Mae were financially stable and didn't need regulating, therefore you should be asking 'what laws they didn't pass'



There were many other warnings of pending collapse, but Congress and the White House, in their push for politically popular "affordable housing," ignored them. Rep. Barney Frank, who is now chairman of the House Committee on Financial Services, said critics "exaggerate a threat of safety" and "conjure up the possibility of serious financial losses to the Treasury, which I do not see." Chairman Chris Dodd, of the Senate Banking Committee, called Fannie Mae and Freddie Mac "one of the great success stories of all time" and urged "caution" in restricting their activities, out of fear of "doing great damage to what has been one of the great engines of economic success in the last 30 or 40 years."What legislation did the Dem congress enact during Bush's last 2 years that caused the economic downturn ?
"There is no problem at Fannie Mae" Barney Frank D.



or the best one in 2008...



"I think this is a case where Freddie Mac (NYSE:FRE - News) and Fannie Mae (NYSE:FNM - News) are fundamentally sound. They're not in danger of going under I think they are in good shape going forward." -- Barney Frank (D-Mass.), House Financial Services Committee chairman, July 14, 2008



Two months later, the government forced the mortgage giants into conservatorships and pledged to invest up to $100 billion in each.



Since 2005, people have warned that the failure of those giants that were tied to wall street would cause the economic collapse.... Dodd,Waters and Frank denied any problems.....and here we are
Bush's deficit $1.3trillion. The capstone to the worst presidency in history.



Bush for Tird Therm!What legislation did the Dem congress enact during Bush's last 2 years that caused the economic downturn ?
All of them.

Fact: No president in the history of this country has spent one single dime without the authorization of congress.
My friend the economy downturn is totally the cause of the democrats...remember Freddie Mac and Fannie Mae....and I also blame those republicans who did not speak up and stand up...
It goes back farther . Here is a good timeline .

You can see and hear what people like Barney Frank said.



http://www.youtube.com/watch?v=63siCHvuG鈥?/a>
it goes way further than bush jr. one thing that comes to mind is the gramm leach bliley act in 1999. and community reinvestment act 1977.
The problem was and still is the bill of goods we were sold called 'globalization'. If the world economy is 'globalized', it stands to reason that any downturn is also globalized. The 'recession' hasn't been particular to the United States, it's a worldwide problem. Trade policies that are supposed too fair and equal are neither fair or equal. US manufacturing went the way of the buffalo because transnational corporations found it 'cheaper' to manufacture in China. Ha-ha....the jokes on us. Sure the corporations made more profit, but the poor sucker consumer in the US currently pays just about the same price for toxic Chinese goods at the retail level as they would cost if manufactured in the US by union labor. So what did we gain? Bupkis! We now have millions unemployed because the productive capacity of our country was exported, our tax base diminished and we have to borrow money every day to maintain the illusion that we're the 'richest country in the world'. We're currently spending 800 billion borrowed dollars a year on a military that's totally unsuited for anything except to re-fight WW2. Here's what we need to do: Dump every trade policy we have and go back to bi-lateral trade agreements with countries that are as willing to buy our products as we're willing to buy theirs. Tax the bejesus out of US firms that manufacture in foreign countries...force them to bring back our productive facilities. Tough love? 'Yer god damned right! Cut our bloated military in half. Defend the 'homeland', not the entire planet..WE CAN'T AFFORD IT! Regulate banking with an iron hand. Loose regulations allowed, even encouraged, ripping off. Guard the borders and for God sake evolve some sort of UNIVERSAL HEALTH INSURANCE. Oddly, it should be the Republicans that take the lead on this. They're the main flag wavers, so let's give them a flag waving task they can be proud of. A government FOR the people for a change....the corporations can take care of themselves! Remember, if the US had an abundance of good jobs with good benefits there wouldn't be any recession...all the rest of the excuses are total BS!

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