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ECONOMY: Democrats at fault, not Republicans

Letter by Don Wilbur, University Place on July 18, 2012 at 3:38 pm with 55 Comments »
July 18, 2012 3:38 pm

The political rhetoric currently is deafening, particularly the Democrats who contend President Bush and the Republicans caused our economic problems.

The facts: In January 2007, when the Democrats took over Congress, the Dow closed over 12,000, the GDP for the previous quarter was 2.5 percent and the unemployment rate was 4.6 percent. President Bush’s economic policies had set a record of 52 straight months of job growth.

The cause of the recession was the failure of the banking and financial services. The Democrats in 2007 had taken over the financial committees in Congress to demand the financial institutions make loans without sufficient security. Unconscionable loans were directed by the Democrat government and their surrogates, Fannie Mac and Freddie Mac.

The Democrat Congress forced the financial institution into near-bankruptcy. The Democrat Congress in 2007 subsequently destroyed the American economy.

President Obama has demonstrated he has no solution to bring the country back to the 2007 prosperity. The Democrats, allied with the media, ignore the facts.

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Leave a comment Comments → 55
  1. sandblower says:

    Ah Yes, yet another “wilburism full of inaccuracies and made-up “facts” written to please his extreme right wing friends whose grasp of reality is equally questionable.

    Try “It’s Even Worse Than It Looks: How the American Constitutional System Collided with the New Politics of Extremism,” by Mann and Ornstein.

  2. “President Obama has demonstrated he has no solution to bring the country back to the 2007 prosperity.”

    Okay, please recite the GOP’s plan other than their standard “no” voting standard without viable alternatives.

  3. jtarleton says:

    The way to drown government in the proverbial bathtub (norquist) is to bankrupt it. Bush started the process by adding about 5 trillion to the national debt and Obama is just caring on Bush’s plan. You would think that those who supported Bush would be happy with Obama’s continuation of Bush policy.

  4. LeePHill says:

    jtarleton – if Obama wanted to hurt the US, he’d stop paying on the bills that Bush and the Republicans ran up.

  5. billybushey says:

    Every job program the man has tried to push through has been stopped dead by the Republinazis. His fault? Puleeze!

  6. Theefrinker says:

    no no no…. PEOPLE are at fault; that’s it. Humans. You have to blame the borrowers as much as the banks when it comes to that subject as well. If not, that is to say that all those borrowers are idiots (which I’m not saying, but don’t mind either).

  7. Is this letter performance art? Someone can’t really believe all of that…

  8. Ah, the far right loves to rewrite history. Just yesterday, Brian Fischer, Director of Issues Analysis for the American Family Association (AFA), and oft-quoted source for many Fox News opinion articles, stated that it was conservatives who abolished slavery and conservatives who led the way for Civil Rights for blacks. It was those pesky liberals in the South who opposed civil rights.

    http://www.afa.net/Radio/show.aspx?id=2147490466&tab=video&video=2147524310

    Conservatives have no plan for helping America. When they do come up with something a little helpful, like universal health care originated and championed by conservatives as a counter to Hillary Clinton’s single payer plan, as soon as Democrats agree to try it out, they disavow it and call it communism.

    They are fun to watch, but destructive to our nation.

  9. Want to hear a great joke?

    Fiscally responsible Republicans.

    Hahahaha!

  10. SwordofPerseus says:

    Is there something in the water in UP which makes people so incredibly incapable of comprehending reality? Seriously what is going on here?

  11. Hey Billy, remember that trillion bucks that went to the unions and campaign funders? Yeah, that worked.

    Trillions wasted. $5tril in BHO debt.

    Obamacare, D-F, then he asks for bi-partisan support for more failed programs? 85% more teachers over 30 years, 8% more students, and failing grades yet he wants to give them more money to lock in votes.

    Nothing he does is for the good of all, only for votes

  12. SwordofPerseus says:

    jintz- guess again. you must be smoking rope…

  13. tuddo – why should I pay for your old wrinkle-dass to have healthcare? I don’t ask nobody for nothin’ and I don’t expect others to pay my way or support me.

  14. SwordofPerseus says:

    What is your solution CT7? Seriously one or two workable suggestions! Lol this should be good.

  15. alindasue says:

    tuddo said, “…stated that it was conservatives who abolished slavery…”

    To be fair, President Lincoln was a Republican – however, it was a much different Republican party then than it is now.

  16. SwordofPerseus says:

    jintz you are a, well, let’s just call you incredibly uneducated in the ways of this world and you might be irreparably ignorant, here’s your sign.

    No one can do this thing called life alone, you are not as important as you think you are. Everyone is interconnected and if you are concerned about your fellow humans you should be more considerate.

  17. Wilbur,
    Your argument is the about a valid as ‘The baby was alive after I threw in out of the window and before it hit the ground. So the ground, not me, is responsible for the baby’s death.’

    Threefinker,
    Right on, it is always the victims fault.

    Jintx in denial,
    Blame the OIL Companies. Why should they have to subsides your cheap gas when they can charge $5 a gallon and there is noting the government can do to stop it?

    So you only drive on road that you own or have fully funded out of your own earning?

    CT7,
    ‘remember the trillions’ No I don’t. And if you do call a cab and ask to be taken to Western State.

    ‘85% more teachers’ – on second thought – call 911.

  18. SOP, domestic energy production, tax reform (simplify/flatten), medical tort reform/open state borders, decentralized govt (state’s rights), abolish public sector unions, PASS A SUSTAINABLE BUDGET.

    What would you do, besides “hope”?

  19. averageJose says:

    No kidding Don.

  20. “President Obama’s jobs panel missing in action”

    http://www.politico.com/news/stories/0712/78637.html

    Some leader. After ignoring S-B, his Jobs panel quits on him.

  21. Yes, it was Obama that sent us to war with Afghanistan ( which was understandable) & Iraq ( which wasn’t) it was GW that started the bail outs it would not have been fair to bail out one company and not the others, if you think unemployment was high imagine if they not bail those companies. The American car bail out was the result of the majority of people getting tired of inferior products and realizing that Honda & Toyota make more reliable product.The housing crisis is do the American people not doing their homework and realizing that they were being B ullSh@ted by countrywide mort.It was Chrysler that told the US citizens F U we are not paying you back for the money you bailed us out with who every American should be mad at.

  22. bobcat1a says:

    I wonder if Mr Wilbur can tell us exactly HOW the Congress did all this without passing a single law or if they did pass a law, how it went into effect without the signature of the President named BUSH.

  23. alindasue says:

    TOOCAN said, “The American car bail out was the result of the majority of people getting tired of inferior products and realizing that Honda & Toyota make more reliable product.”

    Toyota also tends to have more cars manufactured here in the USA than some of the more “American” brands that build their cars in Canada and Mexico.

    TOOCAN also said, “…it was Obama that sent us to war with Afghanistan…”

    We had troops in fighting the war in Afghanistan long before President Obama took office. Perhaps, like many Americans, you were too distracted by the war in Iraq to notice. President Obama’s biggest fault is in letting the war in Afghanistan continue after he inherited it…

  24. jintz, I’ve been very lucky to be an American where we’ve all worked together as a great nation to allow opportunities for success for everyone. I’ll not ask you to pay for me, I’m doing fine. However, through no fault of their own, millions of people are not doing so fine.

    For many years I worked for a federal-state program started right after WWI by conservatives called vocational rehabilitation that assists people with disabilities to get education, training, artificial limbs, physical restoration, transportation, and many other services to help them become employed.

    The success rate is high, and those people who do go to work pay back in taxes and reduced Social Security or welfare costs $9 for every $1 spent on the entire group of people served. The economy will certainly lower that statistic when the new numbers come out, but it has been between $9-$11 to $1 since studies were started in the 1960’s.

    Thank God we have such programs that make our great nation stronger. However, the conservatives of today are not like the conservatives who started such a program. The conservatives of today seek to destroy such programs in support of their ideology of selfishness. They would rather give more tax breaks for a few at the top than support government programs which allow people to live independently and with success.

    Based on your comment, I guess you would rather just stay at home and get bed sores and die if you were paralyzed from the neck down in an accident. Even people with the best long-term care insurance can’t afford to do all that this government program does. It is a gret loss personally and to our society to give up on human potential to serve greed.

  25. Well… I’d say Don may be stretching a bit, but I love the “rise” he gets from the usual suspects.

    Actually, we can’t place the blame for loosening lending regs at Fanny/ Freddie solely on the hapless 110th and 111th Congresses. After all, the loosening began in 1977 with the Community Reinvestment Act – under the democrat-controlled Congress and Carter administration. And the Clinton administration ensured the housing bubble with his National Homeownership Strategy of 1994.

    Carry on.

  26. Wilbur, you need to educate yourself by reading the book “All the Devils are Here” by Bethany McLean and Joe Nocera.

  27. Tuds, you assume all of America has no family or community to assist in care. Before the govt takeover of charity, how did people survive?

  28. LeePHill says:

    Hey Billy, remember that trillion bucks that went to the unions and campaign funders?

    A lie bigger than the birth certificate lie.

    “Before the govt takeover of charity, how did people survive?”

    They didn’t. The average lifespan as about 40-50 years old. Why would someone not know this fact???????

  29. LeePHill says:

    The problem with people like CT7 is that they applaud an insurance pool run by private enterprise, that spends billions on a CEO….then complains about an insurance pool run by the government that doesn’t spend billions on a CEO and in fact spends that money on recipients.

    Social Security and Medicare are not charities, you dolt!

  30. Theefrinker says:

    xring, being naive doesn’t make you a victim; it makes you uneducated–or stupid. The big banks could only give out huge loans because we asked them for it. If someone knowingly bought a house for $300,000 that was really worth $150,000 that’s the borrower’s fault (not the lender, realtor, or appraiser’s). Like anything else, it can’t be sold if you’re not willing to buy. It’s the same reason I wouldn’t blame Wall Street for what happened leading into the 30s. Yes, they were greedy swine, but they could only profit by preying on the naive and uneducated; nothing has changed.

  31. LeePHill says:

    “If someone knowingly bought a house for $300,000 that was really worth $150,000 that’s the borrower’s fault (not the lender, realtor, or appraiser’s).”

    Sorry, Theefrinker…although you have excellent taste in comedy (takes bow) I have to disagree with you here.

    The value of real estate is established by the industry – sellers, appraisers and lenders. Unless the consumer decides to just “do without”, he/she has no place in the equation. If we all decided to rent, it would drive the selling price down temporarily and the buyers would be those with liquid cash only….purchasing more rentals.

    Lenders have the final say in who they lend to, the terms and the rates of interest. It’s a cash flow game. Add in the hedging (mortage insurance) and the banks really never lose.

  32. LeePHill says:

    Here, Meatball…

    This will take you back to 1930…the rest you have to do on your own:

    http://www.infoplease.com/ipa/A0005148.html

  33. Theefrinker says:

    Thank you LeePHill for the addition. I guess my point was not to excuse the lenders, appraisers, realtors (etc) from any fault, but rather to make the point that the buyers/borrowers were not exempt from their portion of blame as well. Forgot to mention the sellers though.

  34. CT7, most people with physical disabilities did not live very long, and certainly didn’t work. Most people with mental disabilities, even mild disabilities went to the poor house, later, when they were developed in the late 1700’s – 1800’s, the state mental institutions. This myth in America that most families cared for people with disabilities is just that, a myth. It was true on a small scale especially in the rural areas, but as America became more urban and mobile in the early 1900’s extended generational families were not the norm.

    When WWI caused a tremendous increase in research (conducted by or paid for by the government) to assist people with severe physical disabilities to survive and regain function. The total cost of rehabilitation was, and still is for most, well beyond the means of 90% of private families.

    One of the good things about health reform is that more young adults will have insurance that will pay for a big chunk of the medical costs related to severe physical injuries.

    Young people do not think they need insurance until they get a severe head injury, limbs cut off, paralysis and other injuries. Ages 18-26 are the most frequent for those, and that is the age where there are the highest percentage of people who can afford insurance but don’t have it.

    Those kinds of rehabilitation cases, when the person does not have insurance, can cost the state and feds millions of dollars just for the medical services, and then other services add much more.

    When a person is an adult, then parents have no more legal responsibility. If you would like to change that, then good luck trying to pass a law that extended families should be the ones to go bankrupt to pay for their adult children’s medical services. I don’t think even most conservatives would vote for that one. Parents, grandparents, aunts, uncles, children, where would you draw the line at who is responsible?

  35. CT7,
    Typical conservcon rant – what you list are GOOD for the rich and big business but BAD for the rest of us.

    If S-B is so great, why has Boehner and McConnell NOT introduced legislation to enact it?

    Could it be the dread ‘I’ word – tax INCREASES?

    S-B = mandatory cuts spending and tax increase? Was that not the ‘deal’ worked out during the Debt Limit Debacle? The same ‘deal’ that was derailed by Cantor and the Tea Party Caucus?

    Toocan,
    And the reason Romney won’t release his tax returns is that they contain information that would greatly help he win in November.

    TF – naïve?
    If history teaches us one thing about Banks and Bankers it is they only make loans if they think the loan will be paid back with interest, or there is sufficient real property for them to seize to cover the loan and the interest.

  36. SandHills says:

    Easier to repeat my comment to a similar partisan letter –

    It is all just rearranging the deck chairs on a sinking ship. Go with Obama and those in steerage may get to play a game of shuffleboard on the 2n class deck. Go with Romney and the first class section will become even more exclusive and spacious as 2n class passengers are put in steerage.

    …..as the ship sinks.

    Read more here: http://blog.thenewstribune.com/letters/2012/07/18/government-is-the-reason-for-success/#storylink=cpy

  37. alindasue says:

    CT7 said, “Tuds, you assume all of America has no family or community to assist in care. Before the govt takeover of charity, how did people survive?”

    As tuddo and others have pointed out: many of them didn’t.

    Your assumption that everyone would have family to assist them is as wrong as assuming that everyone doesn’t. Neither is 100% correct.

    When family is not available (or when the help needed is more than they can provide) then we turn to the community. Way back when we were a more agrarian society, towns were small and “community” meant the local church or town auxiliary. In our modern urban settings, “community” is much larger and calls for more structured methods to manage it – hence we have divisions such as DSHS to see to the needs of those who need the assistance that was once handled by town auxiliaries.

  38. SwordofPerseus says:

    CT7 said, “SOP, domestic energy production, tax reform (simplify/flatten), medical tort reform/open state borders, decentralized govt (state’s rights), abolish public sector unions, PASS A SUSTAINABLE BUDGET. What would you do, besides “hope”?”

    If by domestic energy production you mean wind, solar and geothermal then yes. If you mean drilling, fracking and mountain removal then no.

    Tax reform would be good, a progressive income tax without loop holes.

    Medical tort reform-uh I don’t get what you mean. You can’t sue your doctor if he kills your wife through medical mal practice? Fail.

    Open state boarders? WTF last time I checked you can just drive or fly anywhere you want in the US.

    States rights? LOL that doesn’t work. Every hear of the Civil War 1861-1865, yes we settled that issue over a century ago.

    Abolish public sector unions? Why the hatred of unions CT? Irrational.

    Congress is responsible for the budget of the US. Fire the pricks if they do not perform. Term limits is a vote! Reform the financial situation with elections limit funding, overturn the Citizens United Supreme Court decision. End the continuously running for office syndrome by limiting campaign time to let’s say eight weeks before the election. And maybe we could get some people to listen to scientists and engineers for advice on how to fix the sorry state this country is in. Politicians seem incapable or unwilling to solve anything anymore.

    Besides hope there are ideas, I have plenty. Start by revoking the Charter of the FED and return the central bank to the US Treasury where it belongs. This is bigger deal than almost anyone thinks it is.

    Decommission about 90% of the standing US military. End the military occupations around the world. Sell off and/or abandon all foreign and most domestic military bases, mothball the rest. This is a colossal waste of our national resources. Keep West Point, Annapolis and the Air Force Academies. End the volunteer service. That alone would get us in the black in under 5 years…

  39. Since I brought up borders in regards to medical insurance, I made the silly assumption you understood the topic.

    So no independent Fed. Give the pols power over the money supply? Great idea. Imagine what the current admin would do.

    Fire the pols, that is what started in 2010. Right now Harry and failed senate is stalling any attempt to plan for our nation’s financial future.

    Wind, solar, and unicorn farts. All have about the same chance of powering US cities at an affordable rate.

    We have the most progressive tax code in the world.

  40. Better the feds than the Banks.

    Most progressive tax code – Prove it.

  41. SoP, What else did you find in Mao’s Little Red book?

  42. SwordofPerseus says:

    CT7- You are stuck in your angry world, sunlight is free and enough falls on the USA every day to power the world for a year…Imagine a world without soot and coal ash. I assume you do not like black lung and acid rain, melting ice caps, crop failure and all the other wonderful effects of a world economy based on burning fossil fuel.

    You do not seem prepared to reply seriously so I will leave you alone for now.

    Frosty-I have so many Ideas, none of which come from any Mao books directly. All of which are beyond your ability to accept as viable based on your comments. Never the less to continue as we are with our current non existent National Energy Policy is folly at best. As sad as it is RawMoney is not an option.

  43. SwordofPerseus says:

    As long as we’re off topic;
    Fall 2012; crop failures in the US lead to food prices skyrocketing
    Nov 2012 On the heels of worsening economy Romney is elected among allegations of election fraud.
    Feb 2013 at the prompting of Israel and Vice President Dick Cheney the US attacks Iran , Russia openly objects, closes western embassies, withdraws from the UN sends military aid to Tehran.
    June 2013 US suffering heavy casualties, reinstates draft, millions pour into the streets in protest.
    July 2013 N. Korea embolden by escalating difficulties in the middle east invades S. Korea. US detonates nuke at the dmz and China declares war on the United States. World War Three begins July 20, 2013.

    It COULD happen.

    Don’t let this happen vote Obama 2012!

  44. alindasue says:

    CT7 said, “Wind, solar, and unicorn farts. All have about the same chance of powering US cities at an affordable rate.”

    I don’t know about unicorn farts (although I have heard of methane fueled power plants), but solar and wind power are becoming less expensive and more plentiful every year. It’s only a matter of time before solar and wind power is as plentiful as coal power is now.

    The problem with Solyndra was bad business practices, not the alternative energy products. They were only one company.

  45. Only one company? Come on…

    http://www.freerepublic.com/focus/f-news/2906764/posts

    New Book: Solar Cells 23,000 Times Worse for Environment Than Carbon Dioxide

  46. And not that you care, but large SUVs are better for the environment then your Prius (I hope you practice what you preach; 300sft home and a plug in or hybrid).

  47. CT7 – but down the bong and show me why SUV’s are so good for the environment.

  48. CT7, your claim stems from a 2006 report entitled “Dust to Dust: The Energy Cost of New Vehicles from Concept to Disposal”. This publication presents science that has not been duplicated by any other lab or group. It was published by Oregon-based CNW Marketing Research, an outfit that journalist have been trying to contact for many years, with no results. They say their press releases and reports speak for themselves. The website lists a P.O. box as the company’s address, and states that its “various operations — call centers, data center, field offices — are off limits”.

    http://www.cnwmr.com/

    In their first report, a comparison between a Prius and a Hummer, they said the Hummer won. They have updated to include SUV’s.

    Real scientists — including those at the nonpartisan Pacific Institute and the Rocky Mountain Institute, which used the GREET life cycle model developed by the US Department of Energy’s Argonne National Laboratory for its analysis — were quick to debunk CNW’s conjecture and flawed science, including showing that CNS said a Hummer will last 35 years of 12K-20K per year, while a Prius will last 8 years.

    Their analysis says it is better to purchase a used car that originally had good gas mileage and has had exceptional maintenance, because any new car has to factor in all of the industrial processes used to manufacture it, but a Prius beats a Hummer (or a SUV) comparing new to new.

  49. (and, if you are really good at internet research, you can find out who I am by digging up an archived version of an article I did in 2007 for the auto section of the Seattle Times on this controversy).

  50. The CNW report included ALL costs to create a new car like the Prius as opposed to the Hummer – which is basically a retooling on a truck chasis. The President of CNW acknowledged that the energy costs of the Prius reduces significantly as the years go by as the start-up costs have been amortized.

  51. beerBoy, yes, for example, they took the entire more than a decades-long effort to build a workable prototype battery and included all of the research, design, testing, etc. for the Prius and applied those costs of labor, material, industrial output, etc. to the few numbers of Prius on the road in 2006.

    That battery work is advancing all kinds of innovations in automobiles and many other industries, not just the Prius.

    Phony-baloney study and report.

  52. “we can’t place the blame for loosening lending regs at Fanny/ Freddie solely on the hapless 110th and 111th Congresses. After all, the loosening began in 1977 with the Community Reinvestment Act

    Just one thing. Fannie and Freddie don’t originate any loans. Crawl back in your shell, Clammie.

  53. “medical tort reform”

    So-called “tort reform” is a red herring. States that imposed so-called “tort reform” had rate increases just as high (and in some cases higher) that states without it.

  54. Nope, they do not originate the loans, they just take all the risk.

  55. “Nope, they do not originate the loans, they just take all the risk.”

    No they don’t. The risk is also assumed by the FDIC and the owners of the debt.

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