Studies Show Bush Responsible For Deficit

August 2, 2012...
The Center on Budget and Policy Priorities (CBPP), a nonpartisan not-for-profit think tank, found that the
wars, spending cuts, and The Bush Economic Meltdown  account for nearly all of the budget deficit.



So all you Right Wing Conservatives who kept sneering and rolling your eyes when you heard...
"IT'S ALL BUSH'S FAULT"...
will just have to admit you've been WRONG!

( Note the virtually nonexistent deficit indicated by the black line toward the bottom of the graph
estimating the deficit without those factors)

The Real Deal

So who is to blame? There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role." Here’s a partial list of those alleged to be at fault:

    The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
    Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
    Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
    Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
    The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
    Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
    Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
    Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
    The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
    An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
    Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

–by Joe Miller and Brooks Jackson  http://www.factcheck.org/2008/10/who-caused-the-economic-crisis/

Quoted from Shadow

The Real Deal

Your post is interesting... but in this case irrelevant.

The graph shows the amount of debt caused by TARP, Fannie & Freddie...
The housing disaster of the Bush years... regardless of who is to blame... accounts for a minuscule
part of the US debt.
Blame the entire issue on the Democrats and look at how much of the debt is caused by the 2 Bush Wars,
the Tax Cut for the Rich, and the Bush Economic Meltdown.  Almost ALL OF IT!

I really wouldn't bring up debt because Obama has that record all already. Bush was responsible for a lot of our debt about 4 trillion dollars of it, the housing disasters belongs to Carter, Clinton, Barney and Dodd with their American dream of everyone deserves to own a house even if they can't afford it and that was one of the big causes of the financial collapse. The Federal Reserve messing around with the interest rates and lending costs did a lot of damage to finances. Congress and I mean both Reps and Dems who have not had the stones to reform the tax codes, tackle entitlements, and cut spending is a big cause for the state the country is in today. There's enough blame to go around and both parties share in that blame.

Quoted from Shadow

I really wouldn't bring up debt because Obama has that record all already. Bush was responsible for a lot of our debt about 4 trillion dollars of it, the housing disasters belongs to Carter, Clinton, Barney and Dodd with their American dream of everyone deserves to own a house even if they can't afford it and that was one of the big causes of the financial collapse. The Federal Reserve messing around with the interest rates and lending costs did a lot of damage to finances. Congress and I mean both Reps and Dems who have not had the stones to reform the tax codes, tackle entitlements, and cut spending is a big cause for the state the country is in today. There's enough blame to go around and both parties share in that blame.

LOL!  Blame everyone but the administration responsible for the vast majority of the problem!  Figures.

the studies show that america has come this far since it's inception......