Bush Economy Logic
Anyone else notice something funny about Bush reasoning:
1. Just months ago, talk about how the economy is strong.
2. Witness the largest bank collapses in the history of the country
3. Tell America we need a $700 billion bailout
If Bush was so incredibly wrong about the economy several months back, why would we take his economic advice and push through an urgent $700 billion bailout?
Especially when he has taken no action in his administration to correct the issues. Like, perhaps firing the head of the SEC as John McCain suggested.
One more thing that is really giving me a good chuckle is everyone pointing fingers at Slick Willy for lowering the requirements for obtaining mortgages. That was over eight years ago. It doesn’t take more than a year (in any state in our entire union) for a bank to foreclose on a home. In most cases, it will be less than 6 months. If these people were so unworthy of being home owners, why were they able to own their homes for the last 7.5+ years?
I’ll give you a hint: It had something to do with the economy and an outhouse. According to RealtyTrac, foreclosures were up 121% over the 2nd quarter of last year and foreclosures are nearly double what they were for the 1st quarter of 2006.
This is about people losing their jobs and their businesses, not being unfit for a mortgage. While there are certainly examples of people unfit for a mortgage getting a home, the massive increase in foreclosures is not because people were unfit. It is because of failed economic policies and failed foreign policy that have sucked trillions of dollars out of the US economy.
One more thing for the W cronies that point the fingers at Slick W. How the hell can you blame people who spend more than they are making? Look at your own administration and the massive deficit this administration has been operating our entire country. The pot is truly calling the kettle black my two-faced friend!