#108
Finally someone who could point out WHY Bush's budgets were so swollen.
I don't like Bush and never have but right is right.
The attack on 9/11 virtually destroyed the American economy and required huge outlays of money because of that.
At least $2-3 trillion were lost to the economy by those attacks, $1 trillion directly and $2T in residual losses from added costs of air transport, increasing security, retaliating against our attackers, etc.
Where Bush lost my support was once he decided to ignore bin Laden and go after Iraq, adding huge military costs that were not needed to be expended.
Now Obama's spending is completely different. Yes, the housing market collapsed but the basic REASON this occurred was not the fault of Bush. It was Barney Frank who caused the economic collapse by lobbying to pass his "wife's" sub-prime mortgage product when Herb Moses was V/P of marketing for Fannie Mae. This caused the collapse of Fannie Mae, Freddie Mac and hundreds of banks who ended up carrying mortgages that were basically worthless.
So every time you hear someone say that this recession was Bush's fault, remember the name Herb Moses and remember that his "husband" Barney Frank is the real reason we have the collapsed economy that we have.
Just like a stack of dominoes, once people were unable to pay their mortgages because they were encouraged to buy into Abe Moses' fantasy that they could buy bigger homes than they could afford to actually pay for. With adjustable interest rates, once the 5-7 years passed their house payments skyrocketed. They found themselves unable to make their payments and lost their homes. They reduced other spending and that is when the dominoes began falling. Other businesses lost money and were unable to pay their bank loans and when this mounted high enough, the banks themselves began failing.
These banks and businesses went out of business, costing jobs. Other companies could make their bank payments but had to reduce staff to do so. As the number of people losing jobs increased it became a multiplying effects with more and more people losing their jobs.
Bush wasn't innocent in this since he signed the laws that Barney Frank urged be made law. So he does bear blame as well. but the person that this recession is directly the fault of is Barney Frank and Osama bin Laden.
Obama's NOT trying to fix the problems caused by Barney Frank. He hasn't spent the economic recovery funds to create jobs. More jobs were lost than created by the Economic Recovery Act.
He says the number of unemployed is 10% or 9.7%.
NOT TRUE! The unemployed is about 18% and in some areas of the country it's as high as 30%. Plus the UNDER Employed, those who have jobs that pay less that their skills are worth. Both of my daughters work at jobs paying half what they were making when Bush was Pres. That's Obama's fault, not Bush's.
So the bottom line is that those ultra libs who say that this is Bush's recession don't have a clue what reality is.
Those who say Bush is entirely blameless are no less clueless.
Barney Frank is the architect of this recession and continues in his campaign to destroy the economy.
Obama's not fixing damage caused by Bush. He's fixing damage caused by B. Frank. He's causing his own damage that will end up even worse than Frank's if it were ever enacted.
That's the reality of America today.
That's why the Dems are going to suffer an even more crushing defeat than the one they suffered in 1994 when the Republican's took over both Houses.
The Repubs will do no better than the Dems at correcting this disaster since there's no difference between the two parties. Neither care about Americans, only about keeping their own jobs.
