Cutting tax rates to overcome the Clinton recession did not cause the housing debacle
Liberals like Obama caused the housing debacle.
In 2007 Obama said loaning money to people who could not afford the loans was a "good idea", which idiots among you still think that loaning government guaranteed money that cannot be repaid is actually a "good idea"?
"The Great Recession was so great not just because of very sharp unemployment increases but also due to an unprecedented decline in wealth—as the Federal Reserve detailed in a report released this week. That wealth destruction is key to understanding the Great Recession since massive house price drops led to a foreclosure crisis that then fueled massive layoffs. Much of the unprecedented wealth destruction in 2007 and 2008 can be traced back to failed economic policies under President George W. Bush, when opportunities to put the economy and the labor market on the right track were ignored."
(1) There were several chances to promote faster growth. The first opportunity came early in 2001 when Congress negotiated a tax bill pushed for by the newly inaugurated president. Rather than shovel enormous amounts of money to the top income earners with a tax bill that cost well more than $1 trillion in the first 10 years, the money could have been used to stimulate economic growth by giving middle-class families a boost and by investing in needed infrastructure such as new energy sources.
(2) Congress had another chance to address the looming crisis when President Bush pushed for another tax bill in 2003. This one was intended to stimulate growth through cuts in taxes for dividends and capital gains, among other things. The bill was derided by many economists as a woefully ineffective way to turn the economy around and to bring stronger job growth to American families.
(3) In addition, several versions of an energy bill that would have brought more alternative fuels and promoted greater energy efficiency were negotiated but never passed—in large measure because President Bush either did not make energy reform his priority or because he directly opposed the upfront costs necessary to invest in the country’s energy future.
Incoming President Barack Obama’s hand was thus forced to first pass the American Recovery and Reinvestment Act of 2009 to save the economy from sliding deeper into an economic hole amid rising job losses, and to then tackle the problems that had been ailing the economy and American families—low incomes and rapidly rising prices for health care and energy—for the previous eight years."
"We are now climbing out of the hole that the failed economic policies of the Bush administration created. That’s why the more proper name for the Great Recession should be the Bush Recession."
I can't believe that lefties are still trying to deflect blame for the world wide financial trainwreck away from Bwany Fwank, Chris Dodd, Andrew Cuomo, Barack Obama and the rest of the Congressional Black Caucus, which gang of welfare mongers installed their stooges as CEOs of Fannie and Freddie for the express purpose of giving, government guaranteed, no-questions-asked, mortgage loans to millions of their supporters who had no capability or intention of ever repaying the loans, thus creating the weapons of mass destruction leading to collapse of the world's financial system.
Of course it is the job of confirmed lefties to deny the obvious and hope to confuse their low information followers.