March 03, 2007

Will the Great Housing Crash solidify Bush's standing as the worst president in US history?


No, it's not all his fault, but as you all know, what happens on your watch as president, good or bad, is your responsibility in the eyes of the public, like Herbert Hoover during the Great Depression.

Where Bush will really get rung up will be his misguided call for an "ownership society", encouraging people to buy homes at the peak regardless of their financial standing, ability to pay or rent versus own fundamentals.

He'll also be seen as aiding an out of control REIC, never bothering to call for regulation of what was an obviously out of control mess of corruption, system gaming and fraud.

So, simple question, will this epic, historic, devastating housing crash seal the deal with the already historically unpopular George W. Bush in the American population's eyes?

Will Bush be seen as the worst president in the history of the United States of America?

42 comments:

Anonymous said...

He will be pretty bad. But don't call bottom yet! If Hillary gets elected what whacky actions will she devise to resolve the housing bust, the dollar falling? I guess blame the Chinese? The Iranians? Yes, GWB will be toward the bottom of the lot. The changes in finance, trade and power will make it very difficult for us to continue without a mjor reorganizing of our political and economic priorities. Whoever wins next will be hosed, as will us that have to pick up the tab.

Anonymous said...

Bush finally found something he suceeded in, and that is not having any regulation into the faulty loans whatsoever. Yes folks, the bush built scheitt sandwich commeth, up close and personal.

SidneyPrice said...

yes.

I certainly hope we never see a future proesident who is *worse* than GWB.

Stuck in So Pa said...

.....Johnson, Nixon, Ford, Carter, Reagon, Bush I, Clinton, Bush II. Time has a way of erasing or dulling the memory of our country's leader's blunders,.....or crimes!


Lets hope that when this all pans out that we still have a country!

Anonymous said...

He will be known as "King George II"

Anonymous said...

For those who work in the mortgage industry, invest in the mortgage industry or who bought houses after 2001, I have some condolences:

"To those who are about to die, we salute you".

Anonymous said...

He will be known as "King George II"

DOUBLE TRUE!

He has spent more money the all the other POTUS's COMBINED yet MSM says little to none about it.

He ranks up there with Hitler - and make Hitler's propaganda machine look like a kids game.

Guy Daley said...

Yes, he will be the worst of all time, but you know what? The two main parties are just going to parade uglier candidates before us during the next election.

WE HAVE TO GET AWAY FROM THE TWO PARTY MINDSET. "Oh I've been a Democrat for 14 generations" bull.

Anonymous said...

Yes, Bush is president. But it seems to me that there were a LOT of people buying into this "ownership" thing long before and during Bush's time. In fact, can anyone please name a Democrat who was screaming about these insane loans (the only thing I've heard recently is Barney Frank trying to make them EASIER to get). It certainly wasn't an issue in the 2006 elections - yet is OBVIOUS to us bloggers what was coming.

Let's face it, we (collectively), as a country have DEMANDED that housing be made available to all - that is why no one - not even your HEROES in the Democratic Party - would point to the elephant in the living room (i.e., Stated Income, Option ARMs, etc). Because to do so - today - is considered RACIST and exclusionary. This is what the country has become.

It's time to accept that liberalism has got us to where we are, in very large part. You may not like Bush because, unlike FDR, he didn't wait for our country to be attacked, but he far from the only culprit in this mess.

But then he is our president - and, given what was coming, he should have said something much sooner.

Anonymous said...

Jimmy Carter still wins the worst President award. He was a pussy to Iran after they held US Embassy and military personnel for 444 days, he did nothing when the Soviets invaded Afganistan, the economy was misguided by his indecision and to beat all HE GAVE AWAY THE PANAMA CANAL. What an ARSE!

veritas_faust said...

Anon 1:33,

What does "liberalism" have to do with the current housing meltdown?

This is a non-sequitor.

Anonymous said...

The conservatives will have to blame the mess on someone. Since they own the propaganda machine, Hillary will make the perfect patsy.

Anonymous said...

We should all feel sorry for poor Alfred E Newman.Being a look alike twin of George W Bush!Not a way to live the rest of your life!

Anonymous said...

Liberalism appeals to emotion over the cold facts of reality. The entire concept of "getting people into houses" that they cannot afford, rather than telling them the hard truths in life (i.e., rent for a bunch of years, save for a down payment, marry-up, etc.) is entirely liberal.

Again - liberals should have feasted on Bush regarding housing, and still can. But if they do, then they are making their voters see the truths of life - so they give him a pass.

Take away liberalism, and the dept. of housing goes bye-bye, and people will be forced to live within their means - and the bubbles (might) disappear.

Anonymous said...

They hanged the wrong man in Baghdad.....

cool hand luke said...

Our President is only an indication of a greater problem; a population that has been happily lead astray. The military-industrial complex via the Washington think tanks are firmly in the driver’s seat of power. Our news media is broken and detached from reality. Socialism and its ideas have been successfully sold to our masses. Socialism will bring more socialism; this will be especially true during times of crisis and economic hardship. The American experiment and its economy have reached the inflection point. Save yourself!!!

A Warning from Harry Schultz

Watch this excellent video: Why We Fight

Anonymous said...

The crash will be simply be the frosting....the "worst president ever" cake was already baked years ago.....good riddance to the idiot puppet and that sneering white maggot of a VP.

Anonymous said...

1 Carter

2 Clinton

3 ???????

CashFLo said...

Multiple impeachable offenses and the housing bubble is the thing that will seal his ranking as worst of all time? Well, it might be the thing that hits the old pocketbook, which is the only way to wake up most people.

Anonymous said...

Wow, blaming Jimmy Carter for having to deal with the shitty Johnson/Nixon spend and spend economy. And a future Pres. Hillary for having to pick up after you treasonous turds. You rethugs will be led to the slaughter with that psychopathic anger towards the Democrats.... No, wait, after running this rape-and-pillage game for the last qtr century, you will turn and slaughter the Dems. because you are psychopaths. Always blame someone else for that deep misplaced anger.... In a better country, you would be hard pressed to escape the guillotine.

Lost Cause said...

Oil and Gas Investment Frauds

If you are contemplating investing a large amount of money, oil and gas wells may be among the options you are considering. Regardless of what investment opportunities you're considering, it is wise to gather all the information you can so you can make an informed decision. And beware.

Bush Name Helps Fuel Oil Dealings

Anonymous said...

Isn't it the Bush Administration that is filing the anti-trust lawsuit against NAR?

Anonymous said...

I personally believe George W. Bush was DIRECTLY involved in the creation of the huge housing/credit bubble that has developed since 2000. Dubya wanted to stay in power and he did everything possible, including wrecking the long-term prospects of America, in order to get his way. IMHO, the President co-opted Alan Greenspan and turned him into a stooge for the Neo-Conservative cabal. Please see excerpts from the article below:

"Fed Chief's Calendar Includes More White House Face Time." by Kenneth H. Thomas, Leturer in Finance at Wharton. This was originally published in American Banker. Here are Thomas' findings:

"One reason we have so much trust in the Federal Reserve - and Chairman Alan Greenspan - is its political independence in maintaining price stability.

This independence, which was a cornerstone of the Fed when it was founded in 1913, is critical. Otherwise, short-term economic gains such as rapid growth to help an incumbent President get reelected might be sacrificed for long-term pains such as inflation and deficits.

We try to insulate the Fed from politics by having it self-funded and also by having senior Fed officials appointed for long terms, overlapping presidencies.

These and other efforts can fail if the Fed chairman gets too close to the administration and there is the reality or even perception that the Fed is responding more to political rather than economic winds.

In 1999 I began research to attempt to answer the question: How political has Mr. Greenspan become? Each year I made a Freedom of Information Act request to the Fed for his personal calendar, showing all political meetings since 1996. (See table.) These private meetings are usually not disclosed at the time they take place, nor is any record made public of the discussion that occurred.

A certain amount of political meetings is necessary for the chairman to do his job. For example, he averaged 96 such meetings, or about 1.8 per week, over the 1996-98 period, which might be considered a "normal" amount.

However, this number jumped to 128 and 116 in 1999 and 2000, or 2.5 and 2.2 times per week, respectively. This was nothing compared with the huge rise in such meetings, especially at the White House, when George W. took office.

Mr. Greenspan had 149 political meetings in 2001 - 2.9 per week. This grew to 161 (3.1 per week) in 2002 and 170 (3.3 per week) in 2003.

Thus, the most recent three-year period of 2001-2003 averaged 160 meetings, or 3.1 weekly, compared with just 96, or 1.8 weekly, during 1996-98. This can be interpreted to mean that Mr. Greenspan has become 67% "more political" over this period.

This is a significant finding.

In the 1996-2000 period it was apparently necessary for the chairman to visit the White House about 12 times per year, or once per month. For no apparent reason, Mr. Greenspan's visits to the White House tripled from just 12 in 2000 to 37 in 2001, when Bush took office. Starting in January 2001, the same month Mr. Greenspan began cutting rates and flip-flopped on the Bush tax cuts, he visited the White House at least three times per month, with the only slowdown in June and July of that year.

What were previously monthly meetings continued to skyrocket to over one per week in both 2002 (55 meetings) and 2003 (68 meetings).

These White House meetings since 2001 were with officials at the highest level, something Mr. Greenspan did not do in 2000 or apparently since 1996 based on his monthly meetings there. For example, in 2003 he met with the President once, Vice President Cheney seven times, Condoleezza Rice six times, and Chief of Staff Andy Card three times. In March 2003 he had 14 White House meetings, and in July 2003 he met with six members of the Cabinet, including Colin Powell.

Such increasingly frequent meetings at the most senior level, including the Oval Office, are appropriate for a politician but not a central banker, whose political independence is paramount. The noteworthy increase in these meetings since 2001 is puzzling and problematic...."

Anonymous said...

Oops, forgot the cite for that last article by Kenneth H. Thomas:

http://bigpicture.typepad.com/comments/2004/05/fed_chiefs_cale.html

Mort said...

Between the Bushco criminal cabal and the MIC this country is screw hoo hooed. When the S hits the F I am going to laugh, because there are a lot of stupid a-holz in this country that have it coming.

Lucass Boukass said...

You just don't get it.

This is a no-brainer.

God told him the housing market will be just a-ok.

So fuggeddaboudit...

Anonymous said...

Bush is at it again!

Tornado's in the south!

Tall order for such a Dumb college frat boy don't ya think?

Morons!

Anonymous said...

Liberalism appeals to emotion over the cold facts of reality. The entire concept of "getting people into houses" that they cannot afford, rather than telling them the hard truths in life (i.e., rent for a bunch of years, save for a down payment, marry-up, etc.) is entirely liberal.

ORLY? I wonder who all the CEOs of subprimers and flashy mortgage brokers vote for?

Conservatism also appeals to emotion over the cold facts of reality. The entire concept of "getting democracy into Iraq and out of the United States" in a delusionary bloody scheme that we can't remotely afford, instead of the hard truths of life (i.e. don't get in an unwinnable land war in Asia, save your army for something strategically important, don't piss everybody off with torture and death) is entirely conservative.

Anonymous said...

Fed & Political influence.

Econocrime labs give the smoking statistic:

http://bp2.blogger.com/_yBU2IH33oeM/ReeNyfi0j6I/AAAAAAAAAGE/2LU_VxJtj_o/s1600-h/Fed+Independence+3,+Table+1.jpg

Anonymous said...

Fed & Political influence.

Econocrime labs give the smoking statistic:

http://bp2.blogger.com/_yBU2IH33oeM/ReeNyfi0j6I/AAAAAAAAAGE/2LU_VxJtj_o/s1600-h/Fed+Independence+3,+Table+1.jpg

Mort said...

Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family
Bush Crime Family

Anonymous said...
This comment has been removed by a blog administrator.
Anonymous said...

Can't stand Bush. And I blame him for a LOT of things. But really, the prez coming out a couple times a year with his "ownership society" speech vs. the constant hounding of "equity! equity! equity!" day in day out by you friendly local realtor? And the bank and lender gouging with the crap loans that were designed to fail?

Bush is at the way bottom of this list, if he's even on it at all.

the stupid "flip shows" on TV are way more culpable than him.

Bush has committed madness. No reason to dilute that with blaming the RE mess on him.

Anonymous said...

Keith I think you way overstimate the power of the presidency. Do you really think someone heard Bush's ownership society speech and thought hmm you knwo I'm going to go out and buy a $800,000 home on my $40,000 salary.

I know HP and reality don't have much to do with each other, but even you should realize nobody payst attention to anything politicans say.

Anonymous said...
This comment has been removed by a blog administrator.
AmazingRuss said...

"What does "liberalism" have to do with the current housing meltdown?"

It's always liberalism...be it hemorhoids, gout, teenage sex, male pattern baldness, or The End Of The World As We Know It.

You see, God hates filthy liberals, because they hate America and want to convert all children into homosexuals (the ones they don't devour, anyhow). God is punishing conservatives for not exterminating liberals....liberals being defined as people that have ideas that differ from conservatives in any way.

Disagree with Bush? You're a LIBERAL! Have qualms about locking people away forever without pressing any charges? LIBERAL SCUM! Feel sick about the largest additions to government debt in American history! LIBERAL TRAITOR!!!!

Hangin's too good for em! BURNIN's TOO GOOD FOR EM! THEY OUGHT TO BE TORN INTO ITSY BITSY PIECES AND BURIED ALIIIIIIIVEEEE!

Anonymous said...

Disagree with Bush? You're a LIBERAL! Have qualms about locking people away forever without pressing any charges? LIBERAL SCUM! Feel sick about the largest additions to government debt in American history! LIBERAL TRAITOR!!!!

Spoken like a true far-left member of the Democrap party and the reason we will be kiled. You're right, locking away people who want to kill you is silly. We should be kind and let them all go.

Noodles said...

Hate GWB!!! Hate the POS!!! However, he didn't cause people's greed or stupidity. That was all human nature to abuse the system as far as it would go...everyone jumped on board and didn't care about anyone else but just to get theirs...now the markets and $$$ has dried up and corrections are coming...is it his fault?...No.

He is responsible for financially breaking this country, for getting innocent people killed, for destroying the military and the topper selling country out to Money Barons who will suck the living dry (Haliburton, Enron, Worldcom, countless mercenary companies and defense arms contractors)

However, greed killed the market

Anonymous said...
This comment has been removed by a blog administrator.
AmazingRuss said...
This comment has been removed by a blog administrator.
Anonymous said...

Hey you S.O.B., how come you can have Bush Crime Family, but when I send Gore's a Hypocrite, you won't post it!!!!

You Hypocrite!

Anonymous said...

I think the "worst president ever" title will go to a future President Rudy Giuliani.

Knowing Giuliani's record as NYC mayor... he'll appoint a few cronies who's job it will be to make Giuliani look good. When things go bad, Giuliani will complain about people's "negative thinking" that's causing the crash... and he'll pursue whatever solution appeals to bankers, AIPAC, and blue collar union workers.

In short, it will make Bush look like a genius.