Upside Down Mortgage

Subprime Lending History

Question: Why won't Republicans admit George W Bush was a terrible president?

1. He allowed 9/11 to happen unabated. He was warned repeatedly for 8 months but went on vacation instead. Cost billions to cleanup and 4000 Americans lost their lives.

2. He ignored the advice of Colin Powell and his own father and invaded Iraq. The war has cost $1 Trillion and cost nearly 5000 US men and women their lives.

3. Ignored regulators warning him of dangers of subprime lending and deregulated banks allowing them to take on dangerous levels of subprime debt. This caused the largest collapse of the financial sectors since The Great Depression.

4. Repeatedly lied and said there was no recession during 2008 when the Great Recession had begun December 2007 and cost 4 million jobs in 1 year.

Why isn't he the worst president in history as evidenced by the lowest approval rating of any president in history?
5) Inherited a $559 Billion surplus from President Clinton and turned it in to a record $500 Billion Deficit.

Answer: Admitting Bush was awful would be admitting they (Republicans) selected the wrong person. They rigidly believe everything they do is correct while everything everyone else does is wrong.

But there's tacit acknowledgement that Bush wasn't what he should have been. From now on, watch how often Republicans mention Reagan and how seldom they mention Bush. Never mind Reagan was elected nearly 30 years ago and Bush was in the office earlier this year, Reagan will become more relevant than Bush.

Joseph Stiglitz - Bail Out Homeowners, Not Banks

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