As he leaves office, Bush said he felt responsible for the economic downturn because it's occurring on his watch, but he added: "I think when the history of this period is written, people will realize a lot of the decisions that were made on Wall Street took place over a decade or so" before he became president.
This really burns my ass. The guy wants to 'feel responsible' and blame the current problems on thngs that took place prior to his Administration...things HE DID NOTHING ABOUT!!!!! Sheesh! And people believe this shit! Well, my Republican friends, you have to sling a lot of horseshit to blame Clinton entirely for the current recession and financial meltdown but I am sure you freaks are more than up to the task. Sling away.
Surely, the de-regulation that took place under Clinton was overdone. But even more assuredly the Bush Administration (along with chief ally John McCain) should not have gone even further than Clinton did. Allowing leveraged, unregulated derivatives onto the markets was the start of this. The last 8 years of Executive action and inaction plays a much larger role in the current problems than the previous 8. Isn't that just simple, obvious logic? Probably not, but it seems so to me.
He said he would like to see "instant liquidity" in the markets given the extent of the financial rescue plan, yet he understands that fear has paralyzed the markets.
"It is hard for the average citizen to understand how frozen the system became and how over-leveraged the system became," Bush said. "And so what we're watching is the de-leveraging of our financial markets, which is obviously affecting the growth of the economy."
Look numbnuts, easy credit is what led to the over-leveraging of the system. Instant liquidity is a pretty stupid thing to wish for, dontcha think?
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