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Al D asked in Politics & GovernmentPolitics · 7 years ago

Did former Pres George W Bush have any responsibly for the Financial Crisis of 2008 or just Obama?

Housing industry collapsed, stock market collapsed, bank failures & credit freezes, business failures snowballed, unemployment grew as businesses failed, Didn't these begin before Inauguration in January 2009 or after?

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  • 7 years ago
    Favorite Answer

    Bla Bla Bla.It was the big banks lying to everyone.When they got caught the bottom fell out of the housing market and the dominoes fell.That's all.

  • 7 years ago

    these were caused by the housing bubble which in turn was caused by too much money chasing too few houses. [the new home construction industry, even in good times, has an estimated annual production limit of 2 million units per year.]

    the 'too much money' part was caused by a Niagara of mortgage money becoming available due to the policies of Bill Clinton -- read "National Home Ownership Strategy" from 1995 and realize that, by 2000 when Bush took office, all of these had been put in place either by law or by regulation.

    President Bush for his part, having inherited 9/11 and the resulting economic recession, focused on recovery and the Iraq war [Clinton's intelligence agencies said Iraq had WMD and was trying for an atomic bomb again]. What he did was fail to browbeat the Dimocrats in the Senate into cutting back on the flood of money going into housing. He asked, multiple times, but not with force nor as a national priority.

    This, among other things, illustrates the power of the regulators to continue programs. A President who doesn't make it a priority to cut back, and/or can't get a law from Congress to do so, can be ignored and the regulations continue their harmful effects. We will, probably, see this in 2017 and 2018 as the Dimocrats in the Senate use the filibuster to prevent the then Republican majority from gutting Obama's programs.

    Source(s): grampa
  • Anonymous
    7 years ago

    The 'depression' was caused by both parties self serving their collective. Commie liberals had the Community Redevelopment act giving out loans. The Cons just let the banks go wild. Both served their constituents to the destruction of the whole middle class.

    As for OSTUPID, he has done nothing about it other than borrow more money and promote more racial divide and liberalism in the country. He never had a real job so, how can he even lead an economy?

  • Anonymous
    7 years ago

    Well, Obama has been cleaning up a lot of Bush's mess. (Mainly the tax cuts)

    But in the process, Obama has created some new problem. But a lot of the recession was caused by big companies having free reign on the economy

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  • John
    Lv 7
    7 years ago

    Obama wasn't president until 2009.

  • ?
    Lv 7
    7 years ago

    Over 45 pieces of legislation aimed at heading of the projected crises that Bush put forth. Were killed by the democrats. Bush's main crime, believing the dems would hold u their end of the bargains.

  • 7 years ago

    It was Clinton and Bush, Obama has been on cleanup.

    Clinton implemented programs to encourage banks to make risky loans so everyone could "get the American dream" of home ownership and further deregulated banks (Gramm–Leach–Bliley Act) so that institutions could function as commercial banks, investment banks, securities firms, and insurance companies at the same time. Bush expanded on this deregulation. Eventually the bubble bursts.

  • Magik
    Lv 4
    7 years ago

    Yes , as did Clinton . We need Glass/ Steagal protections from the Fed .

  • Anonymous
    7 years ago

    Yes I would think after 8 years as our leader he would have to take responsibility

  • Anonymous
    7 years ago

    Bush gets most of the blame. Obama only gets blame to the extent that he is not real workable with the GOP House but that is shared because they are the same way..

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