Will Foreclosures be the hallmark of Bush's economic legacy?
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Answer:
Yes the rising foreclosures in addition to rising interest rates, rising inflation, rising oil prices, rising health care costs, rising deficits, rising national debt, rising borrowing and spending, rising corruption in government, rising corporate control of our government, rising hatred for America from other countries around the world, rising terrorism around the world as the result of this war in Iraq, rising discontent with the American people with our government and political system, rising illegal immigration, and doing nothing for the rising threats of global warming and it's consequences.
If he's lucky.
among other things...whjo would have thought that would pale in comparison to some of his other policies?
I'm a hard core Democrat and even I can't seem to fathom how Bush could have had any control of that.
The economy has little to do with Bush. He'll be remembered for 9/11 and Iraq.
How about putting the blame on the people that actually took out the loans!!!! How is that the presidents fault? If you can't afford it you shouldn't buy it!!!
DUH!
I think so.
mafia-back loan sharks have nothing to do w/Bush.
Looks that way and I fear for America as we are all so in debt.
No, the record deficit in the name of "National Security" will be his legacy. He was correct in stating that tax cuts lead to more revenue for the government (because people spend more), but the other side of the equation is for the government to cut spending. I can't believe how much this guy spends money on total nonsense.
Why would he be blamed for what the free market enterprise did on its own? Get real.
Only poor families were affected and WHO CARES ABOUT POOR PEOPLE ANYWAY?!?
(that was my best Republican imitation)
I think his legacy will be failure, failure as a president, failure as a executive, failure as a commander in chief and failure as a man. .
I don`t blame Bush for the foreclosures I blame conservative economics that started with Reagan and I also am not letting Clinton off the hook for signing NAFTA . The gap between the rich and poor is far greater then in the 60s and 70s.
Um i think there is so much bad about his legacy most people will just try and forget this scar on the presidency, luckily we can say that were not responsible for electing him he didnt win popular vote we can blame this one on the system
It isn't Bush's fault that banks set up the sub-prime loans and people got in over their head!
Bush isn't the bad guy for everything that happens in this country!
How did this ever become "Bush's" problem? He didn't establish sub-prime mortgages, and I didn't consult him when I got one myself.
When people look back at this time, if they consider Bush at-fault, then they are just as stupid as those people who did not take steps to prevent their foreclosure.
(And, if you could only afford the house as a sub-prime loan, knowing the day would come when the rate would go up, and you did it anyway - you are one of the stupid people.)
he shouldn't be,it is not really his fault. just as the high unemployment,inflation and the energy crisis were not Carters fault,yet he is blamed for those inherited problems. seems there are those that seek to blame or credit presidents with things they don't deserve
I doubt it since they have not told Bush about all of these and the other 2.2 million foreclosures they expect to have over the next two years!
Bush thinks that every thing is rosey here in La La land!
How would he be to blame for home losses? The real culprit is a financing industry who uses a general lack of knowledge of the average taxpayer in the area's of credit and interest rates as well as financing? Many people have bought a house that they could not really afford with an interest rate that is variable which means you take the good with the bad, you may purchase when the rate is down but can you afford the up? The mortgage industry has been over run with the hook and crook sector of finance companies and people still do not arm themselves with basic knowledge of how financing works.. I fail to see how any politician could be held responsible for that...
Let's not forget that he also put the US in the largest deficit in History...AFTER Clinton had FINALLY balanced the budget (after a string of Republican Presidents created it...the last President to balance the budget before Clinton was Lyndon Johnson, a Democrat. Then came Nixon, Ford, Carter Reagan and Bush1...of which Carter was the ONLY Democrat and he was a one-termer like Bush1. So much for the Republican accusation that the Dems spend more).
How is that his fault? The interest rate is dictated by the Fed Chairman not the president.
You do realize that we live in a free economy, and that the government has very little to zero impact on the economy right?
Look, it is not that I am defending Bush here.. I am not, what I am saying is that to try and draw a connection between the president and the economy is silly. It is not Bushes fault that people where stupid and took on loans they couldn't pay for. They should have been smarter about how they invested their money. They have nobody to blame but themselves.
I didn't get a silly ARM loan, I went with a thirty year fixed, interest rates can drop all day long and it won't affect me one little bit.
I think it is funny that people are stupid and try to blame their own total lack of responsibility on someone else and well the man at the top is an easy target.
Millions of empty homes and millions of people without homes . Is a solution someplace in the works here .
500 billion dollars would provide a million people with a 500,000 dollar home . So in 5 years we could give homes to 5 million people . I bet they would have more then one person live in them so we really get 10,000,000 people in homes instead of a big honking war machine .
I don't think it's Bush's fault. But, it's a clear sign that we need lending reforms. There are too many predatory lenders in the country.
Nothing can or will trump his war profiteering legacy. The economic consequences will only be a foot note to historians.
When you hire political hacks to key positions, people that have no skills or experience in their leadership roles--this is what you get. Greenspan saw the Housing Bubbles burst on the horizon and he stepped down.--Wise Move.
The burst of the housing bubble was anticipated by the Fed back in 1999 and yet, no actions were taken other than to dismiss it publicly, but show grave concern about it behind closed doors. Here's a related story.
http://moneycentral.msn.com/content/p108...
Foreclosures and Financial Ruin are acceptable occurences to the Elitest's agenda. As long as people are beset by finacial woes, they don't have time to keep their eyes on the prize.
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