Unfortunately, there was something else going on that the Democrats are conveniently forgetting.
Because of the mortgage lending standards that were loosened under Bill Clinton and due to Pelosi, Reid, Frank, Dodd, and numerous other liberal Democrats, millions of folks who never should have gotten mortgages were not paying back their loans and credit. Part of this is due to outsourcing and job losses created by years of stupid trade agreements negotiated by both parties, an educational system that did not keep up with changing technology, and a mindset that allowed people to expect bailouts and handouts, and let them walk away from contractual obligations. I blame both parties for all that.
So behind the scenes of a bull stock market was a mortgage meltdown and record numbers of bank failures. Giant insurers who insured these bad loans and investment companies who brokered bad bundled mortgages saw the house of cards finally collapse. It was Democrat policies that killed the economy. And George Bush was in no position to stop the runaway freight train wreck. Why? The Democrats who controlled Congress would never have changed a thing, because the were more interested in buying votes and getting re-elected.
Because Liberal Democrats are liars, they don't wish to recall all that. Blame Bush, blame Bush, blame Bush... because it works on a dumbed down populace that has become dependant on a nanny state.
All parties are to blame over the years.
Illegal immigration was allowed to accelerate for the last 50 years without proper "stiff" regulation. Originally allowed for the benefit of cheap farm labor and "now" other industrial labor, so now very much out of control.
Democrat Bill Clinton created the mortgage meltdown with his Gramm-Leach-Bliley Act of November 12, 1999. This law REPEALED THE GLASS-STEAGALL ACT OF 1933 WHICH RESTRICTED COMMERCIAL BANKS AND INVESTMENT BANKS FROM CONSOLIDATING AND A HOST OF OTHER VERY DEFINITIVE BANKING REGULATIONS.
These banking laws had been in place for a very good reason and were put in place during the depression for the same reason that surfaced big time in 2005-2006......
The Democrats removed all these regulations allowing the investment and commercial banks to merge and consolidate mortgages.....then bundle and sell them to the Feds, knowing all along that most of them were a bad risk.......(not to worry, we can blame Bush for all this when it crashes, the dummies will believe it is all Bush's fault)
All of this so mortgage banking could develop a new customer base..."risk mortgages"....allowing people, as Keith mentioned, who could not and should not qualify for a car loan, let alone a mortgage to buy a property......but what the heck, the banks didn't care because they were going to sell the paper anyway.....BUT YOU KNOW WHAT...SOMEONE WOULD END UP HOLDING THE BAG....GUESS WHO...
Bush got all the blame from the screaming Dems and the under 35 I.Q. crowd who bought into the Dems line of B.S....guess what....CHANGE, CHANGE AND CHANGE SOLD LIKE HOT CAKES TO THE UNDER 35 I.Q. CROWD............So now we have the Magic Negro who has really destroyed our economy and the American employment base.......
No drilling on public lands like ANWAR or offshore to relieve the cost of fuel, which directly impacts the economy more than any other ONE single item........
I am sure that if the Republicans are elected this coming November, the first order of business will be to DRILL EVERYWHERE NOW.....putting millions to work, lowering prices at the retail level ON ALL GOODS straight across the board.....
Let's face it...this country MUST BE ENERGY INDEPENDENT....no dependance on foreign oil.....the Government should place permanent restrictions on foreign sales of domestic U.S. oil that will be drilled in places like ANWAR....it is estimated that we have in excess of 500 years worth of crude at our disposal on U.S. soil....if we don't piss it away.....
When we drill the foreign oil prices drop like a dove in September...but we must not stop drilling as we did before when OPEC drops the prices....We need the jobs and we need the oil.....simple.....
