If Bill Clinton laid the groundwork for the current recession, why didn't the Bush Administration fix it when they had control of the White House, Congress and the Senate from `02 to `06?
Charles M
Favorite Answer
First, Clinton didn't lay the ground work, Carter did in the 70's. Every congress and president since has not done anything with it. But when the problem was brought up (By President Bush) congress chose to do nothing.
War was not the problem.
And to be truthful, this economic crises is not all about housing.
Let us start with the tech bubble. It should never have happened. Went against all standards for sound investment strategies companies overpriced with no real backing. It Burst. It happened on Clintons watch (Not his fault). But the administration did nothing to stop it. The Housing bubble burst Started during Clinton (Not his fault) but he did nothing to control it. Same with oil, Happened with Bush (not his fault), etc. etc..
The problem is people. Greedy People, Misinformed People, Ignorant People. People Buy stock and investment, the government doesn't do it, people bought to make a quick buck, and they lost.
Lets put the facts straight. Your 401K, bank accounts, pensions, and every other investment caused this problem. We People caused the problem, we People have to suffer, and we people are going to fix it. There is nothing the government can do..
and for the person that thinks that Clinton Balanced the budget...
Clinton doesn't do budget, he does recommendations, congress does the budget. During Clintons 8 years, the budget was never balanced (check the real numbers at the CBO). It came close, but only after the 94 elections.
The only president that ever really did anything for this country, as far as the debt goes, was Andrew Jackson, he and congress paid off the debt.
Next..
?
Blaming bill Clinton entirely for the recession is thoroughly moronic, yet he had a honest hand in it too. Deregulation of the financial device in particular, and the financial industry in specific has been pushed troublesome by employing the two facets because of the fact the Reagan years, and Clinton had his section in that. that's why the financial device began to enhance swifter than it could have in the process the ninety's, and why the tech improve began to unravel presently till now Clinton left workplace. Clinton additionally signed the The Commodity Futures Modernization Act of 2000, that's sometimes reported as being between the main important deregulatory charges ultimate to this finished mess. do no longer enable Clinton's involvement fool anybody into absolving Republicans of the blame - deregulation became into nonetheless a lot extra their reason. it particularly is on the guts of Reaganomics. It became into nonetheless a bill of principally Republican ideas, yet those ideas have been customary between moderates on the time too, because of the fact Wall highway became into nonetheless looking stable.
jm
Yeah... don't you love it?
Some people still want to blame Clinton for everything bad that happened from 2000 until 2006, and the Democratic controlled Congress for all the bad stuff from 2007 until now. Like Bush and 12 years of a Republican controlled Congress had nothing to do with any of the current problems.
I can't wait until January 20th. My Uncle Sam can't wait either.
HodgPodg
They did not see it. All they saw through their tunnel vision was the great prosperity that was happening during their time in power. They sat there with their fingers crossed, and prayed that it would not happen, even though they knew it would.
They were in between a rock and a hard place. If they fixed it they would look like they hated the poor and the growing prosperity, but if they did not fix it we would be sent into a recession.
This explains it:
http://www.youtube.com/watch?v=1RZVw3no2A4
Anonymous
Bush inherited a recession from Clinton and issued warning to congress to fix fannie and freddie as early as 2003 and again in 2005 and 2006 so what do you want Bush to do?