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Politics : Mainstream Politics and Economics

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To: Paul Smith who wrote (34596)	11/17/2012 1:07:12 PM
From: koan	1 Recommendation Read Replies (3) of 85487

<<Koan, Obama's deficit spending in hist first 4 years alone are larger than any 4 year period in history.>> Paul Obama was pulling us out of a financial collapse the magnitude of the GREAT depression, that Bush's own Secretary of the Teasury said could cause the entire world financial system to collapse if he did not get billions immediately, the stock market was plunging and we were losing 750,000 jobs a month. Of course it was going to take a lot of money to avoid a 1920's type depression. Who knows how much, but many of the top economists think he spent too little not too much. Remember the first huge amounts like the 183 billion for AIG alone was pleaded for by Paulson, not Obama. And the trillions to the banks was done while bush was president. FDR had to spend a ton too. And Obama did avoid a 1920's depression and we are sure doing better than Europe. <Bush did not "destroy the military" - that sounds like a left-wing fantasy. >> He fought two wars "off budget" and he lowered taxes while fighting those wars. That ran our deficit up. No president has ever done that. He also used up tons of equipment, including the STATES national guard equipment, that must be replaced. Not too mention the three trillion plus those wars will end up costing and thousands of injuries. And what exactly did we get out of those wars? <<And the housing crisis caused our economic problems - the housing crisis was caused by a lot of factors. >> We know what caused the housing crises. Banks were making no doc loans and selling the loans (collecting huge commissions) in billion dollar bundles called CDO's collateralized debt obligations as triple AAA paper when it was really junk (and collecting more huge commissions. Not regulated by Bush's SEC guy Cox. Moodys and the S and P, not being regulated by Bush, stamped it triple AAA and the rest of the world believed us. When everyone realized it was junk and no one knew what was really in the CDO's the worlds so the credit markets froze up and the libor went to 4% overnight and no bank would loan to any other bank because no one knew what the loans were really worth. Why the fed stepped in. Also the CDS's credit default swapes were lending multiple times on the same property, so when the real estate market crashed the CDS's crashed. That was why Paulson asked for 182 billion (no questions asked) for AIG). <<The Left is addicted to blaming Bush for everything. I'm sure the theme of the 2016 election will be that Obama's 8 years of total failure were Bush's fault.>> Not just the left, the entire world. Because it was all his fault. Why was Bush never mentioned at the Republican convention and did not even go? No one said anything about Bush except his brother. They talked about Reagan all night.

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