When you believe the free market will take care of everything there is no reason to do anything.
The bottom of the debt chart starts up 1982.
I notice the right always adds on Bush's last budget on to Obama plus no break for the economic crash and wars that was handed to Obama.
Its called the Great Bush World Recession, and I know you'll say its been 6 years but two wars, millions lost jobs , homes , trillion dollar deficits from less tax revenue , crashed DOW and a republican congress that blocks anything except TTP , I'm sure parties got paid well on that one.
So republicans blocked the jobs bill , blocked tax breaks for companies moving back to the US but supported offshoring jobs to Asia.
They knew people would believe Powell so they used him and then tossed him like toilet paper.
First off if you look at a chart of the national debt which had been going down since WW2 till Reagan , I call Reagan the founding father of debt because he was one that changed the direction of the debt, and if your going to blame it on the democratic congress then today debt would be on the republican congress.
And for the blame of the housing bubble lands mostly on the republican side since they were in charge at the time and they are the party of deregulating.
only when everyone else has to save them or the banks or all the extra added to national debt from the economy crashing.
its just funny watching wing dings trying to spin the facts but if it bothers you don't reply.
02 no doc loans or liar loans , the first time you didn't have to prove you could pay back the loan.
By 2006 80% of the loans had limited or were No DOC's
In 04 the house next to me sold for 1.5 million then they bulldozed it and put up a Mcmansion , that's when I started dumping reits.
It seem to at the time everyone took money out of their homes and bought new cars etc even family and I told them if your borrowing against equity you're still borrowing money !
I was against the Bush bank bail outs , if you so stupid to loan money to people that can't prove they can make the payments you shouldn't be saved or given a bonus!, but it raised tax revenue to cover all the spending till the bill came due 08
Most people live beyond their means its just human nature.
A woman that burns her lap and gets six million will not bring down the economy unless its millions and millions of burned laps
Bush’s use of the IRS was but one part of that larger assault. As my Salon colleague Alex Seitz-Wald notes today in greater detail, in 2005, Bush’s IRS began what became an extensive two-year investigation into a Pasadena church after an orator dared to speak out against President Bush’s Iraq War. Not coincidentally, the Los Angeles Times reports that the church targeted just so happened to be “one of Southern California’s largest and most liberal congregations.” That IRS church audit came a year after it launched a near-identical attack on the NAACP after the civil rights organization criticized various Bush administration policies.
That is not where the story ends, however. The Bush administration’s crusade against its enemies moved from the IRS into the Secret Service.
Under the Republican president, that law enforcement agency was repeatedly deployed to physically block suspected antiwar activists from attending public presidential events. As the San Francisco Chronicle reported, the scheme eventually targeted some peaceful antiwar activists for arrest for the alleged crime of “holding up small handwritten protest signs outside the designated zone” of free speech (yes, the Bush White House cemented the precedent that the right to dissent is no longer a fundamental right, but is instead only allowed in certain “free speech zones”). Ultimately, in a case dealing with a man who was arrested for simply telling Vice President #$%$ Cheney that his “policies on Iraq are disgusting,” the Republican-dominated Supreme Court upheld the Bush administration’s use of “retaliatory arrests” against the administration’s ideological critics.
Then, in 2010, we learned that Bush’s targeting operation was also operating inside the Federal Bureau of Investigation. Recounting findings from the Justice Department’s Inspector General, the Washington Post reported that “the FBI improperly investigated some left-leaning U.S. advocacy groups after the Sept. 11, 2001, attacks…citing case
No-doc loans could also be controversial in the US. They had higher interest rates and higher fees. They became popular during the housing bubble of 2004-6. Around 2005, low- and no-documentation loans stopped being an obscure and specialized type of loan for borrowers with fluctuating or hard-to-verify incomes,
and took on an entirely different character. Nonprime lenders now boasted they could offer borrowers the convenience of quicker decisions and not having to provide tons of paperwork. In return, they charged a higher interest rate. The idea caught on: from 2000 to 2007, low- and no-doc loans skyrocketed from less than 2% to roughly 9% of all outstanding loans. Among Alt-A securitizations, 80% of loans issued in 2006 had limited or no documentation. As William Black, a former banking regulator, testified before the FCIC, the mortgage industry’s own fraud specialists described stated income loans as “an open ‘invitation to fraud’ that justified the industry term ‘liar’s loans.’
Angelo Mozilo's Countrywide Financial designed a "Fast-N-Easy loan for mortgage lender Fannie Mae. "It required no documentation of a borrower's income or assets and gave loans to borrowers who debt-to-income levels were far higher - 50% - than what was required by other lenders.] During 2005 68% of “option ARM” loans originated by Countrywide and Washington Mutual had low- or no-documentation requirements.
According to Michael Calhoun of the Center for Responsible Lending, home buyers would come to lenders “with their W-2 and end up with a no-doc loan simply because the broker was getting paid more and the lender was getting paid more and there was extra yield left over for Wall Street because the loan carried a higher interest rate.