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Economics Discuss Disappointing Economy on the Horizon at the Political Forums; Originally Posted by saltwn From Jan 20, 2001 until January 3, 2007, both houses of congress were controlled by Republicans. ...

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Old 05-19-2021, 06:40 AM
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Default Re: Disappointing Economy on the Horizon

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Originally Posted by saltwn View Post
From Jan 20, 2001 until January 3, 2007, both houses of congress were controlled by Republicans.
(Nancy Pelosi became House speaker in 2007, but Dick Cheney remained the Senate President until until January 20, 2009).

The Bush tax cuts --

Economic Growth and Tax Relief Reconciliation Act of 2001 (EGTRRA)
Jobs and Growth Tax Relief Reconciliation Act of 2003 (JGTRRA)

(source WIKI)
The crash in 2008 was due to the lowering of the lending standards years earlier by Carter and Clinton. It was precipitated by the Democrat led Congress by allowing Fanny and Freddie to peddle worthless mortgage securities to unsuspecting buyers. When the Bush admin warned the Barney Frank led House Financial Services Committee of the impending financial crises, they were dismissed out of hand.

In short, the crises of 2008 was NOT of actions done in 2008, but was a crescendo of actions that had been brewing since the Carter administration's policy of pushing unsecured loans for low income families.
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Old 05-20-2021, 10:57 PM
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Default Re: Disappointing Economy on the Horizon

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Originally Posted by GetAClue View Post
The crash in 2008 was due to the lowering of the lending standards years earlier by Carter and Clinton. It was precipitated by the Democrat led Congress by allowing Fanny and Freddie to peddle worthless mortgage securities to unsuspecting buyers. When the Bush admin warned the Barney Frank led House Financial Services Committee of the impending financial crises, they were dismissed out of hand.

In short, the crises of 2008 was NOT of actions done in 2008, but was a crescendo of actions that had been brewing since the Carter administration's policy of pushing unsecured loans for low income families.
Don't forget in 2006 the Democrats won control of the House and Pelosi put a stop to any new offshore drilling. They did nothing to encourage growth of the economy. Gas prices soared, along with unemployment, and the working class couldn't pay their mortgages.

With wages stagnate and prices of everything rising, no help or relief came from Congress.

But blame the President?

OKAY I will, things got sooooo much better under Obama. Of course the GOP led Congress was no better for the average American worker.

If anyone has trouble understanding my point, I'll try to be clear...; Neither party has been for the average hardworking Citizens of this country for decades.

It is why Trump, for all his faults, was popular in 2016.
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