Barak Obama and Democrats are quick to blame George Bush for the economic troubles that arose late in 2008, and expanded exponentially in 2009. Democrats claimed the economy was in the worst state since The Greatest Depression in the 1930s. No doubt Obama had much work to do. But wasn’t he aware of the dire straits. He spoke of it constantly while campaigning. To blame Bush after the policies he adopted failed to cure the economic woes, is less than honest to be kind, and actually strays into perfidious prevarication. Obama blamed Bush no matter how he failed, or the topic of failure. Bush remained Obama’s Go To punching bag. To his credit Bush has remained silent.
The question is Which George Bush is blame worthy and how to properly blame him. The Wayback Machine provides answers.
The current and past economic troubles originated with Jimmy Carter who enacted the CRA – Community Re-investment Act. That legislation assured people who are not qualified to receive a loan – got one – backed by the full faith and integrity of the US Government. Not may people took advantage because the rules were still prohibitive for bad loan risks. But after Bill Clinton was forced to sign the Welfare to work law – he lowered the eligibility rules for loan applicants. The CRA received a shot of steroids. Anyone with a pulse, a job, and or, belonged to a sanctioned minority, could get a home loan – with no money down. Adjustable rate mortgages, ARM, were made legal for everyone. The old rules – that required a good repayment record and a 20% down payment to buy a home were thrown away. They were… Racist and discriminatory.
George Bush went to Congress 5 times during his Presidency to yell STOP! Democrats cried foul… and Racist. Republicans cowed and did nothing. When the new homeowner’s ARM was due to increase – making the monthly payments too high, Democrats invented the HELOC. HELOC = Home Equity Line of Credit. HELOCs put judgment day for ARMs years away.
With all the new house buyers – prices rose considerably. People who receive a CRA loan early on saw their property values (equity) increase significantly. That equity qualified them for a HELOC. But rather than use the HELOC to pay down the mortgage, or pay off other bills – too many spent the money on toys: TVs, cars, clothing, jewelry, vacations etc… Fast Forward three to four years… the ARM was due to rise again! This time, CRA homeowners were tapped out AND they owed money for the HELOC too. Most went bankrupt. As more and more CRA homeowners lost their homes, the prices of housing stock fell – precipitously. Banks went nuts trying to cover their losses. Freddie Mac and Fannie Mae – the government institutions that guaranteed the CRA loans were over leveraged in home loans. CRA loans were so attractive – the normally reserved and cautious bankers dived right in. They lost their shirts and foreclosed on the CRA homes. Many banks went bust. Others begged the government to bail them out – Stimulus and TARP were born. Make no mistake – the CRA is why the economy went bust.
Meanwhile, on Capitol Hill, Democrat took control of Congress in 2006 after 6 years of non-stop complaints about Bush. Bush listened to the Republican establishment and tried “Working” with Congressional Democrats. Bush did not Veto a single bill Democrats crafted. 15 years out of power had Democrats eager to make government bigger, and they did with the help of George W. Bush. For that Bush is blame worthy. Federal deficits escalated significantly during the Democrat control of Congress. Once Obama was elected, the Democrats lost their minds and attention upon the economy. Health Care and Stimulus, TARP, and Son of TARP, were Democrat spending sprees. This money was given away to Democrat supporters – like Solyndra, Ener-One and many many many others. No jobs were crated. The economy got much worse. But Bush was blamed again – for giving Democrat exactly what Democrats asked for – amazing!
Once Democrats were evicted from Congress in 2010, their hate of George Bush magnified. Obama and Democrats had nothing to show for trillions of dollars spent. The economy fell further, and more people lost their jobs. Whenever they were cornered and asked tough questions, like: Where are the jobs? Democrats blamed Bush. But these problems are solely the fault of Democrats who took their eye of the economy to install Obamacare, and Stimulus, and other spending sprees. Now that their deeds have caught up with them Democrats have no answers. So when you hear Democrat blaming Bush this week, remember he is to blame for not standing up for Conservative principals and for trying to “work” with Democrats – at the expense of fiscal solvency.
The USA sits teetering on the brink of financial ruin due to Democrat policy making. They refuse to accept blame or accept their economic models Do Not Work! Nor do Americans accept their social engineering goals. Americans are about to hand Democrats their walking papers. This election will be a blood bath. Democrats have no one to blame but themselves. The problem is Democrats have blamed George Bush so long, they have no other answers. This week in Charlotte will be a Bush bashing fest. George Bush will be pilloried and mocked. The American people are on to Democrats. They show their dissatisfaction by withholding financial support for Obama. They aren’t attending his campaign events. Obama’s campaign has the MSM spinning like Dirvishes on amphetamines – but it won’t help them. The American people are wise to the MSM too. That explains why all the networks combined cannot equal the viewership of Fox. We can see reality in the shrill voices and attack ads with no decency. Democrats know what is coming. They know it is unavoidable. But like spoiled children, they refuse to accept responsibility for their actions.