Do you agree with the theory that George W. Bush is responsible for the current economic crisis?

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Do you agree with this:

BUSH ADMINISTRATION responsible for 2008 FINANCIAL CRISIS

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I see a lot of politicians and forum members pointing fingers at who was responsible for the 2008 Financial Crisis we are currently experiencing.

The answer is really simple.

THE BUSH ADMINSTRATION!

Bush selected the Board of Governors at the Federal Reserve.

The Federal Reserve Governors are responsible for Banking Oversight.

The below quotes are found here:

Federal Reserve System – Wikipedia, the free encyclopedia

Quote:
Private banks elect members of the board of directors at their regional Federal Reserve Bank while the members of the Board of Governors are selected by the President of the United States and confirmed by the Senate.

Quote:
The Board of Governors is the part of the Federal Reserve System that is responsible for supervising the private banks. A general description of the types of regulation and supervision involved is given by the Federal Reserve:[11]
The Board also plays a major role in the supervision and regulation of the U.S. banking system. It has supervisory responsibilities for state-chartered banks that are members of the Federal Reserve System, bank holding companies (companies that control banks), the foreign activities of member banks, the U.S. activities of foreign banks, and Edge Act and agreement corporations (limited-purpose institutions that engage in a foreign banking business). The Board and, under delegated authority, the Federal Reserve Banks, supervise approximately 900 state member banks and 5,000 bank holding companies. Other federal agencies also serve as the primary federal supervisors of commercial banks; the Office of the Comptroller of the Currency supervises national banks, and the Federal Deposit Insurance Corporation supervises state banks that are not members of the Federal Reserve System. Some regulations issued by the Board apply to the entire banking industry, whereas others apply only to member banks, that is, state banks that have chosen to join the Federal Reserve System and national banks, which by law must be members of the System. The Board also issues regulations to carry out major federal laws governing consumer credit protection, such as the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts. Many of these consumer protection regulations apply to various lenders outside the banking industry as well as to banks. Members of the Board of Governors are in continual contact with other policy makers in government. They frequently testify before congressional committees on the economy, monetary policy, banking supervision and regulation, consumer credit protection, financial markets, and other matters. The Board has regular contact with members of the President’s Council of Economic Advisers and other key economic officials. The Chairman also meets from time to time with the President of the United States and has regular meetings with the Secretary of the Treasury. The Chairman has formal responsibilities in the international arena as well.

Quote:
Preventing asset bubbles

The board of directors of each Federal Reserve Bank District also have regulatory and supervisory responsibilities. For example, a member bank (private bank) is not permitted to give out too many loans to people who cannot pay them back. This is because too many defaults on loans will lead to a bank run. If the board of directors has judged that a member bank is performing or behaving poorly, it will report this to the Board of Governors. This policy is described in United States Code, Title 12, Chapter 3, subchapter 7, section 301:[23]
Each Federal reserve bank shall keep itself informed of the general character and amount of the loans and investments of its member banks with a view to ascertaining whether undue use is being made of bank credit for the speculative carrying of or trading in securities, real estate, or commodities, or for any other purpose inconsistent with the maintenance of sound credit conditions; and, in determining whether to grant or refuse advances, rediscounts, or other credit accommodations, the Federal reserve bank shall give consideration to such information. The chairman of the Federal reserve bank shall report to the Board of Governors of the Federal Reserve System any such undue use of bank credit by any member bank, together with his recommendation. Whenever, in the judgment of the Board of Governors of the Federal Reserve System, any member bank is making such undue use of bank credit, the Board may, in its discretion, after reasonable notice and an opportunity for a hearing, suspend such bank from the use of the credit facilities of the Federal Reserve System and may terminate such suspension or may renew it from time to time.

To me, it looks like the oversight LAWS WERE IN PLACE, and the Federal Reserve Governo
If Bush hadn’t let gas prices get so out of hand we would all have $ 300-$ 500 more to spend each month to stimulate the economy.
You guys are blaming Clinton? He left us with a surplus. Bush will leave us with the biggest deficit we’ve ever seen. Bush spent all our money and robbed us blind at the pump.

33 Comments
  1. Reply
    Just Us
    January 22, 2011 at 6:30 am

    GW and all the republicans

  2. Reply
    TriPolar
    January 22, 2011 at 7:27 am

    nice try, but no.

  3. Reply
    susisays
    January 22, 2011 at 7:51 am

    Do you have any idea how long it takes an economy to end up in a mess like this financially?…….Decades! Mr. Bush is NOT responsible for this!

  4. Reply
    SAVE OUR FARMS
    January 22, 2011 at 8:22 am

    It’s called “war economy” and he did it.

    The buck stops with the good ol boy, including his team

  5. Reply
    Hated
    January 22, 2011 at 9:06 am

    No I do not. The democratically controlled house and senate had a much bigger hand in it. You seem to think the President has a lot more power than he actually does.

  6. Reply
    daniel m
    January 22, 2011 at 9:29 am

    That’s right. Most of it is attributable to Bush. Not Nancy Pelosi and Harry Reid.

  7. Reply
    John G
    January 22, 2011 at 10:16 am

    Everybody who has a job in washington is to blame, not just Bush.

  8. Reply
    rage_against_the_mccain9
    January 22, 2011 at 10:55 am

    It’s not a theory, just like gravity is not a theory.

  9. Reply
    Chris R
    January 22, 2011 at 11:13 am

    No. Bush is greedy elitists.

    The Federal Reserve owns this country.

    Until people’s USD is worth squat here soon, they won’t understand.

    END THE FED! It’s unconstitutional!

  10. Reply
    Drewdown
    January 22, 2011 at 11:28 am

    none of this mentions the repeal of the Glass Steagal act which directly contributed to the bundling of these mortgages as securities and was signed into law by bill clinton (although legislation was introduced by Graham/Leach…both Republicans)

    Bush had nothing to do with Global Crude Oil prices.
    The National Debt also had nothing to do with the credit crunch/mortgage crisis.

  11. Reply
    TRUE GRIT
    January 22, 2011 at 12:06 pm

    Nice try, have you forgotten the laws Clinton made to get us into this mess in the first place!

  12. Reply
    Forest
    January 22, 2011 at 12:24 pm

    I didnt read all those quotes, but, yes…GWB is the ass hole that messed our economy up. Spending so much $ on a war is eventually going to come back and bite you in the ass (the whole countrys ass).
    It makes me sad to know that our president betrayed the entire country and caused so much pain and misery for so many Americans (not just Americans). I dont know how he can even live with himself.

  13. Reply
    Me h
    January 22, 2011 at 1:02 pm

    It may be happening but he is not responsible or the cause.

    The Democrats have been playing havoc with the the country, the markets and the business’s. So they are the cause and fault of it.

  14. Reply
    Valley R
    January 22, 2011 at 1:25 pm

    Seems to me that the economy was doing very well until the Dems took control of Congress in December 2006.

  15. Reply
    tom
    January 22, 2011 at 1:38 pm

    Yes and on the Day Obama is sworn in, He is responsible. Every mistake Nancy and Harry makes will be his. Every Soldier that dies will be his. Every Gay protest will be his. Every house damaged by a storm will be his. get the point.

  16. Reply
    TheMom
    January 22, 2011 at 2:07 pm

    Yes he is responsible. He has done nothing but allowed the oil companies, and all the others to gouge the American citizens, using legislation to squeeze every last dollar from us. When we are squeezed dry, and no more to give then the economy collapses because there is no more money coming into the economy.
    I think, for one,the oil companies who have posted billions in profits each quarter while Bush was in office should stand trial for price gouging.

  17. Reply
    Jacob.
    January 22, 2011 at 2:29 pm

    Not at all it started with Democrat Jimmy Carter and the Communtiy Reinvestment ACT requiring banks to give loans, Bill Clinton supported this. It contributed greatly to the current housing crisis regardless of what the libtards say, and Republican John McCain called for tighter regulation on Fannie and Freddie two years ago the Democratic congress and Bush laughed him off. The Democrats have equall blame in this mess, it’s not just Bush. Chris Dodd and Barney Frank both Democrats should be in the hot seat not Bush.

  18. Reply
    Methane Madness
    January 22, 2011 at 3:26 pm

    No. Clinton started it, and Barney Franks boyfriend at FDIC made it worse. The economy started tanking after the democrats took over the house and senate.

  19. Reply
    Aaron T
    January 22, 2011 at 3:54 pm

    got a little bit of bush, mix some SR bush in there, a little hoover, congress of course and you got a recession.

  20. Reply
    Ray G
    January 22, 2011 at 4:49 pm

    If Bush could do it all alone then Congress and the House of Representatives can all retire. Bush is taking all the blame, which isn’t fair. It’s deeper and more local where the blame lies.

  21. Reply
    Fedup Veteran
    January 22, 2011 at 5:36 pm

    Both Congress and Bush are responsible. Congress could have stopped Bush but didn’t.

    Yes, I blame ALL Democrats who have side stepped with Bush on that…AND THAT INCLUDES OBAMA!

  22. Reply
    ChrisB
    January 22, 2011 at 6:05 pm

    It has taken years for this all to take place. Bush is not responsible. Everybody who Talk out loans and got over their heads in debt are responsible. People do not no when to say no to their precious material possessions. I think that people should learn from this crisis that you have to be more responsible. You should not count on the government to help you out. Bankruptcy should have stricter rules.

  23. Reply
    M
    January 22, 2011 at 6:50 pm

    Don’t forget that he does not have all the power regarding money. Congress has the power of the purse.

    Congress so far has not stood up and helped this economy which makes me wonder how much Congress’s prints are on this economic fiasco.

    For example, Pelosi won’t let the Senate vote for more drilling and an energy plan. Why? It would certainly help our struggling economy. Lower gas prices would give us money to spend. Who is she kidding. At a time like this, screw us at the pump.

    Also, economic policies take about 6-12 years, in a country of our size, to take a full effect.
    So what we are seeing today is a result of MANY President’s and Congress’s bad policies mashed together, taking effect.

  24. Reply
    zon moy
    January 22, 2011 at 7:15 pm

    The best answer is that the sociopathic cabal that gave bush and all the orders to the governments and banks that are the real villains of this events. Bush is merely a figurehead and a whipping boy for the real villains.

  25. Reply
    TeeJay
    January 22, 2011 at 8:07 pm

    Uh – yeah? Who do you think did it – the bogeyman?

  26. Reply
    richard d
    January 22, 2011 at 8:25 pm

    the federal reserve do run the country and the president can get rid of the Federal Reserve (President Kennedy who was murder by them) but congress control the money and should have told President Bush you lost you damn mind when he ask for that kind of money to give to his buddy in those fake made up wars of plundering the taxpayers of there money but, because of partisan politic we in the mess we in. people you need to realizes that this is all plan by these jerks to destroyed america and they have done it

  27. Reply
    Ralph T
    January 22, 2011 at 9:00 pm

    This mess started long ago,before either Bush was elected to office.
    Congress made all the legislative decisions needed to remove the safeguards to prevent another depression,eased the credit restrictions and forced banks and credit card companies to give credit to people who couldn’t get it otherwise.

  28. Reply
    R J
    January 22, 2011 at 9:59 pm

    In theory what yo say is correct. Just like 9/11, if he had put new people in to listen to the FBI and CIA people it might have been stopped. Although Sen Dodd and Barney Franks were put in as committee chairmen over the very committees that were suppose watch them leaves a lot to be determined. Especially the deals they got on mortgages. The million mortgages must be saving them $ 50-60,000 a year and that type mortgage could have been divided between 40 poor struggling families with $ 50,000 houses and they might be in those houses right now, instead of out in the cold!

    i don’t know if Bush could have stopped the democrats from putting them in those positions, but they certainly ought tprosecutete them, but then they would have tprosecutete a bunch more republican and democrats, so that’s that.

    But the bottom line would certainly fall on the computer program they picked to run the country. He is too politically correct and left a bunch of clinton stuff in force, but you are correct. You can thank me later.

  29. Reply
    dumdum
    January 22, 2011 at 10:00 pm

    Yes, because those were his own personal choices (including Bernanke). As a member of Congress you don’t really know any of these people that the president chose (though the president should know them well or why did he choose them?) and you have to give him the benefit of the doubt or be accused of not allowing government to function. Bush needs to accept the blame for his choices. But I think that the Federal Reserve should be abolished in the first place because all it’s doing it making money off of our suffering (inflation) because their actually make interest on every dollar printed! Who else would love massive spending, borrowing, and bailouts more than the Fed?

  30. Reply
    cloudwalker
    January 22, 2011 at 10:01 pm

    Of course, but watch out the Repugs are going to blame it on Obama!

  31. Reply
    Noah H
    January 22, 2011 at 10:33 pm

    Given that Bush is the captain of the ship, all responsibility rests on him. But of course Bush has always been no more than a front man for the reactionaries that hijacked the GOP. These people, Dick Cheney being the leader of this cabal of weasels, are fascists in the dictionary meaning of the word. They don’t believe in government by and for the people. They believe in a ‘small government’ that encompasses the security organs of the state and not much else. They have total contempt for the American wage-earner, seeing the working class as no more than a ‘factor of production’ , much like a piece of equipment to be used, used up and thrown away. Destroying the economy, or in this case allowing it to destroy itself, was and is the plan. Grover Norquist, one of these movers and shakers clearly stated this. “We want to starve the beast. (The federal government). We want to make it so small we can drowned it in a bathtub.” Now their mantra is, ‘Don’t tax the rich’! The point here is to allow as much of our national wealth as possible to accumulate at the top. This is called the Golden Rule. He who has the gold…rules! Enough laws were in place to have dealt with this financial meltdown, but they were never enforced….on purpose. I hope that at some point the new administration will have the time and the stones to investigate every one of the people that created this mess and that every single one of them, George Bush included, does hard time. These people are truely evil! No kiddin’ !

  32. Reply
    SCOTT M
    January 22, 2011 at 11:29 pm

    The answer is NOT simple and the answer is not the ‘BUSH ADMINISTRATION.” Our current mortgage crisis has its origins in the distant past. It involves those who caused it, or contributed to it, and those who failed to prevent it. Those who failed to prevent it are as guilty as those who set the wheels in motion.

    If this becomes a partisan blame game, which is exactly what is happening, we are toast. We need to look now for a solution, not a scapegoat.

    If someone torches your house, you will call the Fire Department first to come put out the fire. The Fire Department will later bring in the Arson Squad to find out how the fire started and the police will try to find out who set it. But the first order of business is to put out the fire. That’s the situation we are now in, but too many people (IMO) are looking to the Arson Squad to affix blame while the fire is still burning.

    Anyone who blames this crisis on the Bush Administration is playing politics, and they may be living in poverty for the rest of their lives. Bush didn’t cause it, but he didn’t prevent it either. Nobody thought it was a “crisis” until it became one.

    Politicians don’t understand business, economics or finance. All they understand is VOTES, which are their currency.

    People who want to play politics here may think they are helping their country. But if we don’t solve this problem and get the credit wheels moving again, we are all up the proverbial creek without a paddle.

    Sorry, but you don’t seem to know what you’re talking about. Bush nominated Ben Bernanke to be Chairman of the Federal Reserve in 2005. He has a 14-year term. The president has nothing to do with the selection of the Board of Governors. That’s an internal matter for the Fed itself to decide.

    Many people feel we should do away with the Fed. That’s fine. But don’t try to pin this on George W. Bush.

  33. Reply
    MacMorrigan
    January 22, 2011 at 11:44 pm

    First, I think that there is enough blame to pass around for a lot of people.

    Bush did not veto any spending bill passed by congress until his last two years.
    So the ramped government spending on his watch is definitely his fault, although the fault also lies in the congress for passing such enormous budgets and spending bills in the first place.

    The current crisis however has its roots in the sub prime loan market. A market created by Jimmy Carter and expanded by Bill Clinton. The two largest players in this market are Fanny Mae and Freddy Mac. Both of them were given exemptions from over sight by Democratic Congresses. Unfortunately, some republicans are guilty of supporting these entities also. By and large however both these entities were and are even now being protected by the Democrats in congress. Many of the mortgage securities that have brought about the banking and credit crisis are products of these entities. They got away with it because of the lack of oversight granted them by the Democrats.

    That said anyone who got a subprime loan is guilty as well. I’ve purchased a home I’ve gone through the process, and you know how much your interest rate is going to before you sign. And unless you’re a complete moron, you know if you can afford the house you are trying to buy, you know if you can afford the mortgage payments. If you bought a house you knew or even suspected you could not afford this economic mess is in part your fault too.

    Most American live with too much debt, and yes I’m guilty of that too. I could play the victim and say the Big Bad Credit Card Co. tricked me and they should have known better the to give me a card. But no one forced me to use credit, no one forced any of us to use credit. I should have known better, in truth deep down I think I did.

    Is Bush to blame, yes in part but so are a lot of others. Including Obama, Chris Dodd, Harry Reid, and many many others.

    Bush nor anyone in goverment controls the price of gass. That is controled by supply and demand and by the oil producers. In a free market ( and the US still has a free market) the goverment does not control and should not control prices.

    Carter and Clinton inacted laws that over the course of time has brought us the this crisis. The Democrats in congress have consistently blocked any attemped at regulating or revising these laws and the institutions that they created.

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