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  1. #1 Ex-president Carter slams Bush on market crisis 
    Senior Member LogansPapa's Avatar
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    Fri Oct 10, 2008 9:09am EDT

    BRUSSELS (Reuters) - Former President Jimmy Carter said on Friday the "atrocious economic policies" of the Bush administration had caused the worst global financial crisis since the Great Depression of the 1930s.

    Carter told reporters on a stopover in Brussels that "profligate spending," massive borrowing and dramatic tax cuts since President George W. Bush took office in 2001 were behind the market turmoil and economic crisis.

    "I think it's because of the atrocious economic policies of the Bush administration," said the 84-year-old Democrat, who served in the White House from 1977-1981 during a period of high inflation and energy crisis.

    http://www.reuters.com/article/topNe...rpc=22&sp=true


    (well, jimmy would know);)
    At Coretta Scott King's funeral in early 2006, Ethel Kennedy, the widow of Robert Kennedy, leaned over to him and whispered, "The torch is being passed to you." "A chill went up my spine," Obama told an aide. (Newsweek)
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  2. #2  
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    The blind attempting to instruct the blind.
    Last edited by Cold Warrior; 10-11-2008 at 06:57 AM.
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  3. #3  
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    Looks like Carter hit all the Liberal memes except for the AIDS virus/WTC inside job/Etc. Must be he ran out of geritol before he could continue.
    Education without values, as useful as it is, seems rather to make man a more clever devil.
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    Very special that he chose to do it outside the US. That guy is all class.

    He should talk. The economy was terrible inhnis administration.
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  5. #5  
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    Jimmah got the ball rolling in his admin.
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  6. #6  
    I'm hyper. Lanie's Avatar
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    Quote Originally Posted by Teetop View Post
    Jimmah got the ball rolling in his admin.
    I don't think that should affect us 30 years later. :p

    Don't you all think that maybe lack of regulation with the banks might have led to this?

    And don't some of you all think that if we're gonna bail out some banks that maybe government should have the right to lay down some ground rules?
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  7. #7  
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    Boy oh boy. I'm really interested in what jimmy Carter has to say. It's along the lines of Teddy lecturing on highway safety.
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    Senior Member AlmostThere's Avatar
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    Quote Originally Posted by Lanie View Post
    I don't think that should affect us 30 years later. :p

    Don't you all think that maybe lack of regulation with the banks might have led to this?

    And don't some of you all think that if we're gonna bail out some banks that maybe government should have the right to lay down some ground rules?
    The original Community Reinvestment Act was enacted in 1977 under Carter. In 1995, under Clinton, this law was revised to be more aggressive in enabling low income people in securing home loans regardless of whether they could reasonably repay them. It wasn't deregulation but asinine regulation that has brought us to this point.
    Better to die on your feet than live on your knees.
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    I'm hyper. Lanie's Avatar
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    Quote Originally Posted by AlmostThere View Post
    The original Community Reinvestment Act was enacted in 1977 under Carter. In 1995, under Clinton, this law was revised to be more aggressive in enabling low income people in securing home loans regardless of whether they could reasonably repay them. It wasn't deregulation but asinine regulation that has brought us to this point.
    Okay, I didn't know that. Good point. I thought giving low income people high interest credit was a money making scheme on their part. I didn't realize the government took part in it. Now, credit cards to rebuild credit are not necessarily a bad thing. House loans though? That's wrong. If you can't pay for your credit cards, you can't pay for a house of high interest.
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    Senior Member AlmostThere's Avatar
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    Quote Originally Posted by Lanie View Post
    Okay, I didn't know that. Good point. I thought giving low income people high interest credit was a money making scheme on their part. I didn't realize the government took part in it. Now, credit cards to rebuild credit are not necessarily a bad thing. House loans though? That's wrong. If you can't pay for your credit cards, you can't pay for a house of high interest.
    The Feds were absolutely the driving force in banks making loans to low-income folks. I can't cite specific code but I'm fairly certain that banks were even required to accept welfare and unemployment as income when deciding on the issuance of a loan. Banks also knew that whomever they gave a loan to, no matter how unqualified, the loan could be sold to Freddie or Fannie, which the Feds guaranteed.
    Better to die on your feet than live on your knees.
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