In response to Neal Page's comment:
In response to BostonSportsFan111's comment:
It is well documented that Bush, McCain et al were denied multiple times by Barney Frank and his cronies that there was anything wrong with Fannie Mae and Freddie Mac. Who are the ones that stood around doing nothing?? Or even worse, lied to cover up their involvement with the problems?
Agree, but that doesn't mean Bush cared about it either. If he did he would have done something. McCain, yes.
The bottom line is the October 1999 (Clinton - Probably his worst decision as president and no one even talks about this) deregulation of Steagall-Glass, which worked fine for 70 years, allowed Frank and Dodd to be morons or criminals. That's pretty much it in a nutshell right there. I still question them in terms of kickbacks for championing that bill.
There should be more an investigation in that, because Frank and Dodd aren't dumb, so that means they were likely getting kick backs or had a nice big, bag of cash dropped off into an offshore account.
Born at night, not last night. In no way shape or form is their excuse or reasoning acceptable.
Those two are perfect examples why we need term limits in Congress. Right there. Perfect example. They can easily get re-elected based on the constiuencies they represent and then just run amuck with too much power in Congress.
It's a huge problem.
The other thing that really gets me is all we hear about is how bad it was when Obama took over. Go back and look what Bush was left to work with. On top of having to deal with the 9/11 crisis a few months after he took office, we were coming out of the suppossed 'greatest period of economic growth in our countries history'. But most of that was all a farce. That ecomonic growth was fueled by fear of the Y2K issue (remember that). Millions of good paying IT jobs were created in the 1990s. Companies sprang up overnight, and LOTS of people who had no business working in IT were given good paying jobs (trust me on this one, I worked with MANY of them). The NASDAQ went from 439 in January of 1990 to over 5000 in January of 2000. People were making money, spending money, buying houses, taxes were being paid, and the government, because they lack any type of common sense or restraint, took this as a time to SPEND, SPEND, SPEND. Almost immediately after January of 2000, the NASDAQ started dropping (it was already back under 3000 when Bush was sworn in), and then after 9/11 it quickly fell to well under 1200, a more than 75% drop from its high. Many of those companies rapidly went belly up, and a lot of those people who never should have been hired into IT were quickly out of jobs. Those good paying jobs are not coming back. Suddenly the tax based dropped, significantly. This was all during Bushs' first year in office, he had nothing to do with this happening, there was nothing he could do to prevent any of it. And he never once went on TV and said 'look what Clinton left me'. And of course the government was not prepared for this, because they have never in history figured out that the good times of today will not last forever, and had no backup plan for how to handle things when it went rapidly south.