It's Bush's Recession, Bush's Stock Market-"Don't let the Right own this argument"

http://thepoliticalcarnival.blogspot.com/2009/03/its-bushs-recession-bushs-stock-market.html

It's Bush's Recession, Bush's Stock Market

By GottaLaff

snip//

And The Motley Moose lays it out in a way even Rushpublicans can understand:

It is time to push back against the claims being tossed out there by the Right and the investor class.

We should start a thread of terms to be burned into the National Dialog.

"Legislated theft via deregulation"
"Sustainable Profitablity"
"Responsible Profitablity"

Reaganomics.

I've been using "responsible business" for a long time, i.e.: "No, FReepers, I'm not anti-business, I'm anti-irresponsible-business."

NGU.

the smarter george called it.

Whenever you talk about the economic meltdown, the prefix du jour is "The Bush** (Noun)."

Say it loud and say it often.

:hi: Thanks sister!

NGU.

nt

...in the same way obstetricians are responsible for babies.

bring back the Fairness Doctrine!

PM me to join my Writers group.

At least Bush didn't pass his social security reform, or we would REALLY be screwed by now.

tons of financial info to use in your push backs. I use the Face Book group as a paste board also for quick copy, paste, edit so I can reuse my writing.

The number one thing I quote is Greenspan's Oct. 23 prepared remarks for congress from the Wall Street Journal

http://blogs.wsj.com/economics/2008/10/23/greenspan-testimony-on-sources-of-financial-crisis/

The money quote

"What went wrong with global economic policies that had worked so effectively for nearly four decades? The breakdown has been most apparent in the securitization of home mortgages. The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of crisis) would have been far smaller and defaults accordingly far fewer. But subprime mortgages pooled and sold as securities became subject to explosive demand from investors around the world. These mortgage backed securities being “subprime” were originally offered at what appeared to be exceptionally high risk-adjusted market interest rates. But with U.S. home prices still rising, delinquency and foreclosure rates were deceptively modest. Losses were minimal. To the most sophisticated investors in the world, they were wrongly viewed as a “steal.”

The consequent surge in global demand for U.S. subprime securities by banks, hedge, and pension funds supported by unrealistically positive rating designations by credit agencies was, in my judgment, the core of the problem. Demand became so aggressive that too many securitizers and lenders believed they were able to create and sell mortgage backed securities so quickly that they never put their shareholders’ capital at risk and hence did not have the incentive to evaluate the credit quality of what they were selling. Pressures on lenders to supply more “paper” collapsed subprime underwriting standards from 2005 forward. Uncritical acceptance of credit ratings by purchasers of these toxic assets has led to huge losses.

It was the failure to properly price such risky assets that precipitated the crisis. "

Republicans (including those who vote Republican) own this one now and forever. Is your job in jeopardy, lose money on your 401K, lost on the stock market, and voted for a Republican Presidential, Gubernatorial, Senatorial, or Representative candidate in the last 30 years? It is your own fault.

I say Obama has protected us from terrorist attacks for 50 days. I'll keep the tab running too, until it goes past the lousy 9 months Bush was able to protect us.