WHY do you worry about Socialism?

[Excaliber]

"Community Reinvestment Acts". This is what caused the nightmare we're in today.

Well THAT could be debated as it relates to the "nightmare" were in today! There is no one single cause, but the sup prime loan factor plays only a small part. Factor in Bush's THREE tax cuts while in office. One of which ranks #3 as the LARGEST tax cut EVER! Cost projections were a TRILLION dollars lost over a 10 year span starting in 2003. 2003? That's when the GOP was in full command! Were starting to see the impact of that massive cut in taxes.

Banks couldn't make loans fast enough, they didn't need any "pressure" from anyone to do it. They were MORE THAN GLAD to start handing out money as fast as they could. Wall St was buying the up the loans like a kid in a candy store. This was a systematic wide failure involving a large number of factors.

The problem with banks being able to make loans NOW largely fall's on the FDIC. Banks are failing like crazy, the regulations are so tight there is a mountain of paper work to wade through to get a loan right now. Only the VERY BEST qualified are even considered. The pressure to make "sub prime" loans again pales in comparison to the problem of making ANY loans to ANYBODY right now. It's a dual problem. Obama cannot just tell the FDIC to lighten up, it aint that easy. The banks can't lower their standards because the FDIC is on their butt. Something gotta give, sub prime loans are the least of worries at this point.

[lnfletcher]

Originally Posted by Excaliber

Factor in Bush's THREE tax cuts while in office. One of which ranks #3 as the LARGEST tax cut EVER! Cost projections were a TRILLION dollars lost over a 10 year span starting in 2003. 2003? That's when the GOP was in full command! Were starting to see the impact of that massive cut in taxes.

Well if tax cuts are the problem, why not just raise taxes to 100% and confiscate all the wealth from private citizens and give it to the highly productive Federal Government to use on our behalf?

[Dan40]

Originally Posted by Excaliber

Well THAT could be debated as it relates to the "nightmare" were in today! There is no one single cause, but the sup prime loan factor plays only a small part. Factor in Bush's THREE tax cuts while in office. One of which ranks #3 as the LARGEST tax cut EVER! Cost projections were a TRILLION dollars lost over a 10 year span starting in 2003. 2003? That's when the GOP was in full command! Were starting to see the impact of that massive cut in taxes.

Banks couldn't make loans fast enough, they didn't need any "pressure" from anyone to do it. They were MORE THAN GLAD to start handing out money as fast as they could. Wall St was buying the up the loans like a kid in a candy store. This was a systematic wide failure involving a large number of factors.

The problem with banks being able to make loans NOW largely fall's on the FDIC. Banks are failing like crazy, the regulations are so tight there is a mountain of paper work to wade through to get a loan right now. Only the VERY BEST qualified are even considered. The pressure to make "sub prime" loans again pales in comparison to the problem of making ANY loans to ANYBODY right now. It's a dual problem. Obama cannot just tell the FDIC to lighten up, it aint that easy. The banks can't lower their standards because the FDIC is on their butt. Something gotta give, sub prime loans are the least of worries at this point.

Sorry but you are 'mixing your metaphors' so to speak. The CRA is a major factor in causing todays ECONOMY. Sub-prime loans are a follow along result of repealing banking laws to make the CRA work. The Govt., meaning Congress guaranteed worthless loans and guaranteed that banks would profit from making bad loans., so the banks went wild. Congress gave them a license to steal, and so they stole!

Bush's tax cuts did not cause the bad economy, tax cuts bolster economies. GWB's tax cuts increased the national debt and were bad for that reason. They did not contribute to the bubble bursting that had been built by many Congresses over decades. All of the factors of the ticking time bomb which was our artificial economy were in place before Bush came to office.

Complain all you wish about his poor handling of the national debt, and complain all you want that he did not pursue his complaints that Freddie-Mac and Fannie-Mae were heading for trouble [a matter of record, that pesky history that liberal abhor] Clinton, Bush Sr., Reagan, Carter, and Presidents before them all signed bills that contributed to today. GWB would have too, but it was all in place before him.
He should rightly be vilified for the debt growth.

But Obum looks to exceed Bushes 8 year 5 Trillion debt growth by next year. How is it that that's OK. IF Bush's tax cuts cuts and overspending CAUSED the bad economy [a FALSE charge] how could increased taxes and MUCH more reckless spending by Obutt, be expected to fix it?
The view through liberal colored glasses must be unreal! As in REALITY cannot be seen through them.