Since I have read many recent posts from our resident liberals who are obviously clueless, apologies for the redundancy, as to what caused the collapse in 2008, I thought it might be a good idea to revisit that. Many of the liberals are of course still in the blame Bush, blame republican mode and pointing to, and ridiculing the absence of Bush at the RNC convention as further proof of that. The first thing I want to point out is that Bush is a very private man which is in complete contrast to the media hound that Clinton is. Furthermore, when he told us that he was retired, he meant it, another concept liberals have trouble understanding so the only surprise to conservatives would be if in fact he did show up. Secondly, the GOP has a very young and deep bench, so I am sure Bush had no desire to take time away from them, again unlike Clinton but of course the DNC bench is pretty thin anyway.
Now onto the cause of the collapse, which of course was the housing bubble. It is estimated that 1 in 7 jobs are connected with housing industry, so it was no surprise that the collapse of that industry sent shocks wave across the entire country and adversely impacted nearly every other industry. Liberals want desperately to blame Bush and deregulation for the collapse, but unfortunately for them, Bush did not enact one piece of financial deregulation legislation during his eight year term. Not one. The last piece of financial deregulation was enacted in 1999 under President Bill Clinton. Furthermore, Bush started ringing the alarm bells on the GSE’s as early as 2001, and then again in 2002, 2003, 2004, 2005, 2007, and finally in 2008.
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