why do democrats like to blame bush when it was clinton who caused this mess we are in?
Clinton bashing — like Bush bashing — is often a cop-out, but Clinton made critical mistakes when it came to dealing with the financial industry. Three poor decisions stand out.
The first, in 1997, was a change to the amount of taxes a homeowner had to pay on the sale of his or her home, up to $500,000. That change effectively made buying and selling a home for profit the most compelling investment in America by tax standards. It shifted our housing market from one of supply and demand to one of rampant speculation.
The second mistake was one of inaction. In 1998, Long-Term Capital Management’s use of derivatives and leverage required a massive $3.6 billion hedge fund bailout organized by the New York Federal Reserve Bank. After the fiasco rocked the markets, the administration was on the spot. Would it push for tighter regulation of this new form of investment vehicle? Would it rein in the derivatives markets?
But perhaps the biggest mistake of the Clinton years regarding Wall Street and the one that rings loudest today was the 1999 repeal of the Glass-Steagall Act of 1933, which effectively had split investment banking and brokerages from commercial banks
Democrats have always blamed Republicans for their own policies. No exceptions.
That’s why ALL of their legislation gets passed in a rush with no scrutiny or else they refuse to even bring it to a vote unless they can bring on some Republicans to blame later.
October 1st, 2009 at 12:37 am
Because many people think that our country started with Bush. They have no education in history and only believe what their liberal friends tell them.
If their liberal friends say it, it must be true. If anyone says anything different, they must be a right wing extremist who listens to Fox News.
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October 1st, 2009 at 12:55 am
Sure..if Clinton single handedly caused the meltdown (with no help from the GOP congress) … Bush single handedly FAILED to correct for SIX YEARS he with his GOP congress.
BTW, how did a president manage to repeal legislation? Seems to me Republican senator Phil Gramm led that charge. He immediately left the senate to take a HUGE pay increase and a Sr VP job with a large bank. Coincidence?
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October 1st, 2009 at 1:03 am
You make some good points. But why oh why didn’t Bush take corrective measures when these laws and policies didn’t seem to be working out.
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October 1st, 2009 at 1:21 am
Because they never take responsibility. It is always someone else fault.
Bush is not blameless but Clinton Reno and Frank are the culprits in the economic collapse.
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October 1st, 2009 at 2:00 am
If Clinton’s second mistake was one of inaction, doesn’t 8 years of inaction by Bush as the warning signs grew qualify as a mistake as well?
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October 1st, 2009 at 2:45 am
Birds of a feather flock together,they are all dirty birds and bad for our country.
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October 1st, 2009 at 2:56 am
They no rook at fax
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October 1st, 2009 at 3:36 am
Because that is what every political party does. The Dems are a little worse in that aspect.
The situation now was caused over a factor of 20 years, with Clinton’s being slightly more disasterous.
The reason they all blame Bush, is because most people are too clueless to look at the root causes. It happened during Bush’s Presidancy, so it must be his fault….
Even if he had wanted to, or tried to fix it, there WAS warnings about 90% of the stuff happening now. But no one wanted to change it because everyone was making money.
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October 1st, 2009 at 4:15 am
Its got nothing to do with either president, they do not, and have never, been able to dictate the direction the country heads in. There is far more powerful elements above them.
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October 1st, 2009 at 4:47 am
Weren’t there dems on the Supreme Court, No one stopped them in the biggest disregard for checks & balances since ww2
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October 1st, 2009 at 5:30 am
Democrats have always blamed Republicans for their own policies. No exceptions.
That’s why ALL of their legislation gets passed in a rush with no scrutiny or else they refuse to even bring it to a vote unless they can bring on some Republicans to blame later.
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October 1st, 2009 at 5:57 am
Didn’t "Glass-Steagall Act of 1933" get repealed at the behest of the Republican party? You know the guys that CONTROLLED Clinton’s Congress. The ones with the mantra of "Deregulation" for everything.
Clinton could have Vetoed it and probably been overridden. Phil Gramm ring a bell? The REPUBLICAN that got a big money job with UBS? A big money bank. Anybody beside me see a pattern?
If people want to lay blame on someone for today’s mess then let’s do it and dance. What the hell did Bush do for 8 WHOLE years to counter his buddy Phil? He had a Republican congress for 6 of them, He was more than willing to sign ANYTHING they passed. The Democrats had a slight majority for 2 years and not enough votes to counter a veto from Republican Bush. And veto he did. Anything and everything Democratic he vetoed.
And more important Republicans kept pushing for deregulation and deregulation even Sara Palin said during the last election: "The best thing government can do is get out of business way" That’s deregulation!!!
Well it did and we got the financial mess. So again what did Bush and company do?
Why are Republicans complaining anyway. They got exactly what they wanted and voted for. Gramm got his big buck job, we got the shaft and abortions are stilll legal.
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October 1st, 2009 at 6:07 am
Bill Clinton was pretty good at governing like a Republican.
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