Rightly or wrongly, will Americans come to blame George Bush (the worst president ever) and the GOP for the housing crash?
Bonus - will the housing crash be the #1 issue on voters' minds in 2008? And will large past campaign donations from the NAR and NAHB be candidate-killers?
34 comments:
Fed just did an emergency rate cut by 1/2 a point from 5.25% to 4.75% Now you know the $h!t has been hitting the fan lately. I'm sure the markets will jump on this but not sure if it will be too little too late!!!
I'm in the heart of the mid-west and everyone's attitude about the housing bust here is "ho-hum", especially if they are not selling. Don't see alot of foreclosures yet in my middle-class neighborhood. As for the drops in the stock market, they all say that is what it does and they don't care as long as the market is up by the time they retire. These are also the same knuckleheads that vote for George Bush. Jeshhhhh!
you're doing a hell of a job - bernie (as in bernanke)
Anon Aug 17, 2007 1:21 PM -
A little off there buddy. The Fed didnt cut rates from 5.25 to 4.75, he cut the discount rate.
Per CnnMoney.com-
"The Federal Reserve, reacting to concerns about the subprime lending crisis and the volatility in the financial markets that have resulted from it, announced Friday that it is cutting its so-called discount rate temporarily by a half percentage point, to 5.75 percent."
"The central bank did not change its more closely watched federal funds rate, which affects rates that consumers pay on various types of loans. That rate remains at 5.25 percent."
http://tinyurl.com/23kakv
You're doing a hell of a job -Bushie
you're doing a hell of a job -NOT!
Let's face it he's only the second worst President. We can write books on how bad Carter was, it's actually not even a contest.
The whole campaign will be about the economy. Maybe even the North American Union
"Anonymous said...
I'm in the heart of the mid-west and everyone's attitude about the housing bust here is "ho-hum", especially if they are not selling. Don't see a lot of foreclosures yet in my middle-class neighborhood."
It's the same here. Location, location, location! No bubble, so no concern. Sure, the high-end homes are sitting vacant, and the for-sale signs are sitting longer, and some blighted properties are popping up here and there. But, homes are still selling, people are still buying, so ditto on the "ho-hum". In my neck of the woods, it would take an alien space invasion to shake up the majority (although some are waking up, finally.)
However, if the Imperial Fleet just attacked the big cities, then it would still be "ho-hum."
Arghh!!!
Here we go again interjecting politics into the bubble. If you're looking for an administration to blame look into Clinton's passing the Tax Act of 1997 where we elevated RE to a "preferred asset class" by making transactions basically tax free.
The only reason the housing bubble didn't rear it's ugly head earlier is b/c the stock market was all the rage in the late 90's. Can we please stop with these threads? Please? It's not productive and it's sure not getting it right.
DinOR
"Rightly or wrongly" I said.
Bush isn't to blame for the housing crash - that would be giving him too much credit.
Who is #1?
Greenspan.
Not even close.
Hmmm-- worst president ever? NO debate. That would be the one who ballooned the size of federal gov., sent the deficit soaring, sat and watched the collapse of American jobs industry, sat and watched fuel prices soar beyond affordability, chased down wild idealist interventionist pipe dreams of peace and democracy in the middle east, pissed off the Iranians, and practically claimed that he was Jesus' candidate.
So.. are we talking about Bush or Carter
I say yes because all Politics are local and Real Estate is Local so you have two local things that will affect people in real ways. That and a little thing called the WAR. As comic book guy from the Simpson’s would say “Worst President Ever”.
Anonymous said...
"Let's face it he's only the second worst President. We can write books on how bad Carter was, it's actually not even a contest."
Carter's problem was he is an educated, honest, and decent man. Something you cannot say about W. These sadly are not traits that are not beneficial to being president.
Hate to say it but Bush isn't responsible for this debacle
Just:
Iraq
No bid Haliburton Contracts.
Tax cut to the wealthy of which I am one and I still think its a bad mistake.
Installing idiots like himself in key positions.
Polarizing the country.
ALSO JUST BEING A DUMBA$$
They say Greenspan's limo was parked at the White House about four times more often under Dubya than under Clinton.
So you tell me if we should blame that economic dimwit, Dubya.
Let's face it he's only the second worst President. We can write books on how bad Carter was, it's actually not even a contest.
_____
Sorry, that's wrong. Dubya has already done immeasurably more damage than Carter.
I'm no fan of either guy.
Bush isn't to blame for the housing crash - that would be giving him too much credit.
Who is #1?
Greenspan.
Not even close.
______
It appears you are glossing over the fact that Greenspan did what he did at the behest of Dubya.
No, it's Clinton's fault.
Does anybody remember a fellow named Robert Rubin? After Loyd Benson quit in disgust, Clinton tapped Rubin to make peace with Wall Street and save his 2nd term presidential ass-pirations. Rubin teamed up with Greenspan and sold our asses down the river. With Bubba's approval they cut the deals with China, Japan, and Korea that allowed them to expand the money supply with no inflation here in the U.S. One side effect was the decimation of our manufacturing base, but hey, who on Wall Street gives a sh*t?
Rubin's buddies made money hand over fist on transaction fees and the carry trade while at the same time dumping most of the risk on foreigners. Then Greenspan got spooked by a possible bank crisis in 98 and Y2K in 99 and dumped $2 trillion into the system. Can you say dotcom blowout?
Bush took office just as the economy was going in the crapper, and once again Greenspan flooded the rice paddies after 9/11 with cash for all. Money's gotta go somewhere and stocks weren't too popular - can you say housing bubble?
The Iraq war was inflationary as hell, and for that Bush gets gigged. His off-the-books war financing was paid 100% by money borrowed from BoJ and BoC. So here we are, 11 years after Rubin and Greenspan started this sh*t. Both are comfortably retired now (you think Rubin actually works at Citi?) and the rest of us are screwed.
Let's call it what it is, a Karl Rove bubble.
With the revelation of the massive Hatch violations, that meant that EVERYONE in the Federal Governamnet worked for the political wing at the WH, run by none other than Turd blossom himself.
Did you think we were going to have a recession on Bush's watch? '04 was coming, and then there was the '06 election to win..
The free money train that Greenspan ran for three years too long was done for Rove and his political machine. Bribes for everyone.
Too bad the dollar is going to be worthless after these RICO thugs are done with us.
Maybe we can use the ruble as our future currency. It is at least backed by oil assets.
King of the Bitter Renters
Rubin teamed up with Greenspan and sold our asses down the river. With Bubba's approval they cut the deals with China, Japan, and Korea that allowed them to expand the money supply with no inflation here in the U.S. One side effect was the decimation of our manufacturing base, but hey, who on Wall Street gives a sh*t?
This guy tells the truth. The emergence of a cheap pool of labor from China allowed US business to hose the high paid manufacturing workers of this country. We make nothing anymore except financial paper. Britain did the same thig around the turn of the century and paid dearly for it, so will we. In the 90's, the US government allowed the sale of high technology missile guidance system computers and parts to China so that Hughes Electronics and Loral Space & Communications Ltd. could benefit. So now they own our economy and can target our cities. God help us...
I had occasion to travel forward in time last night - and took the opportunity to read "The Decline & Fall of the American Empire" by Edmund Gibson. Bush, who ultimately was referred as "The Great *$/&+*!", gets a whole 3 chapters.
Is this a housing blog or another generic Bush-bashing blog?
I know it's cathartic to blame bad ol' Bush for most of life's woes, but it doesn't really address the problem or potential solutions.
MUST SEE TV!!
http://tinyurl.com/24hzfu
http://tinyurl.com/25omej
It's got it all:
1) Class warfare
2) Cheerleaders
3) Hard core ideologs
4) Sobber realists (Doug Cass)
5) Cheesy pin stripe suits
(who wears those anymore?! 'wiseguys'?)
Something for everyone in the whole family!!
ROFLMFAO!!
I love the defense of either Bush or Clinton by the party loyalist's. I am a 20 year registered republican and I think Clinton did some great things and some stupid things. I did not like NAFTA, however we did have a balanced budget and a federal surplus. He passed the omnibus budget reconciliation act of 1993 that called for a balanced budget by trimming government spending over the years.
Bush, well it is hard at this juncture in time to write to positively about him. I voted for him TWICE, I wince when I think about this. I agreed into going into Afghanistan, but I told my wife going into IRAQ would be a huge mistake. I was right..which is why I can not fathom why I voted for him the second time(scratches head). Besides Kerry just sucked as an option, in hindsight maybe I was wrong on that one.....
So here I sit, 45 years older, a little grayer and hopefully a little wiser.
I despise the liberal tax and spend philosophy..oh sure it is nice to say every american should have health care and a pension and social security. But just a quick question Mr. Democrat Presidential candidate, considering our deficit is 9 TRILLION dollars(thanks Bush, congress, senate, Washington D.C.) and ALL the income tax collected each year only pays the INTEREST on our national debt, where the hell will you get the money from???? Could you also quit pandering to every vocal extreme minority group in this country. We are all Americans, how about you just address the problems of the regular tax paying citizen.
And to my lovely EX-PARTY.
Dear Mr. Republican presidential candidate, quite pandering to the religious right, get us out of Iraq, and why the hell should I trust you. We gave you power of both the house and the senate and the Presidency and you gave us corruption, OUT OF CONTROL spending, big government, a crappy war(dont think the democrats are innocent here) and you were in the pocket of every lobbyist that came in your office(this also applies to the Democrats).
This year I shall vote against every incumbent up for election....regardless of party affiliation.
I will also vote for Ron Paul for president, if he does not win the primary then I will do a write in vote for him, and if that is throwing my vote away I will do it with a smile on my face.
"If a nation expects to be ignorant and free, in a state of civilization, it expects what never was and never will be." Thomas Jefferson
Nope, they are too stupid to figure out.
Hey Keith, another stupid question of the day for 'ya:
If Poole announced a few days ago on the MSM for the entire world to watch that, "the Fed would ease the rate only with a financial calamity", how do we call our current state of affairs then?
"This guy tells the truth. The emergence of a cheap pool of labor from China allowed US business to hose the high paid manufacturing workers of this country."
So what Bush and the GOP did about it to fix that during the last 6 years in office? And why Bush's brother Neil, it''s a major lobbyist for Chinese interests in Washington?
Of course Bush will be blamed for the housing crash. When the simple-minded can't figure out the real reason behind something, they blame Boogeyman Bush for it and all the rest of the sheeple nod their head in agreement.
Everything that has gone wrong in the past 7 years has been Bush's fault. What makes you think anything going forward for the next 9 years will not be blamed on Bush?
Bush and the republicans will be blamed. That is a fact. And not by Wall Street - by main street. As more and more people are foreclosed, and more of those people show up on the MSM telling their stories, it will be spun that the republicans kept Fannie Mae from stepping in. That they did not regulate the Wall Street banks from regulating the toxic mortgages, and sitting by while millions of people are foreclosed under the terms of that toxic paper. Even the people that are not being foreclosed will blame the Republicans for their home values going down because they did not step in and help the foreclosure problem.
I just saw a $1,677,000 home go in to Foreclosure here in Phoenix in the high end Golf Community of Desert Mountain right on the course. It is not just a poor persons problem anymore, it is everyone's problem because the terms of the paper virutally guarantee loss.
Bushes oversight will be to blame all the way up the line.
Period
The blame for the housing/credit quagmire is "Big Business" as political contributors extrodinaire. Greenspan, thru blessings of the Bush administration decided to pander to "Big Business" contributors' to help them escape their losses incurred in the .com mess. Also I believe this was the backdoor way of also funding the Iraq war. Please Keith, let us know who you believe are the real culprits.
Tony Snow said he is leaving the Bush White House speaker job today. The article said he makes $160,000 a year! OMG!
Reminds me of the 300 adjustable wrenches (@ $754 each) that the US gov purchased in the 70's.
We are so screwed!
You know this is the stock market crash all over again. The greed of regular old people is to blame. No one forced anyone to take on a mortgage that was more than half their take home income. In Arlington, VA, I saw people putting down deposits on $700K condos even though their income was $100K. Are you nuts? Notice the Bay Area is the place the benefited/got slammed the most in both.
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