Wednesday, April 7, 2010

George Bush did it

Again, this is a riff off of an article in Politico.

Supposedly, “Thirty-one percent of the 2,344 adults surveyed said Bush deserves the most blame for a rough economy, leading the second-place Wall Street by 6 percentage points.”

George Bush must have been some powerful man to cause the entire freaking world economy to tank. I can see if it was just America’s economy that tanked. That would make sense to blame Bush. He was at the helm. But you need evidence of a cause and effect, dear idiots.

George W. Bush did not force banks to lend to people who were not qualified for mortgages under traditional accounting practices. That would be the Democrats who did that. The Republicans tried to change the status quo at Fannie Mae and Freddie Mac; the Democrats stopped them.

Long before Bush came into office, the Dems led by Clinton and Treasury Secretary Robt. Rubin lead the charge to repeal Glass-Steagall. That lead to the “too big to fail” banks that just had to be bailed out. I can see blaming Bush for bailing out Wall Street, that was almost criminal, using taxpayer money to ensure that Wall Street Bankers got bailed out while we the little guys got screwed. But Obama has not come in and done anything different, he has kept doing the same thing, so I don’t see how you can blame Bush and not Obama.

For those in the know, the economic melt-down was caused by a perfect storm. Glass-Steagall was repealed, allowing banks to become too big to fail. Liberal policies encouraged banks to lend to people who could not pay. Democrat lackeys at Fannie and Freddie put profits and bonuses ahead of sound business practice. Lack of oversight allowed the packaging of toxic loans to be sold world-wide.

Personally, imho anybody stupid enough to blame GWB for the world-wide crash that occurred should be automatically disqualified from voting. And maybe even from breathing. There is blame enough to go around.

1 comment:

  1. Adding you to my blogroll, Mr Bagg- you're a good read- keep up the Good Fight, my friend