Obama and his comrades on the Left are fond of blaming Bush.
They blame him for driving the economy into a ditch.
The two chief reasons they clam our economy ended up in a ditch are (1) "Bush's un-funded wars" in Afghanistan and Iraq, and (2) the Bush Tax Cuts.
These explanations are false. Blame-shifting PROPAGANDA. (More on their guilt later.)
(1) The wars did not cost as much as TARP and bailing out Fannie Mae and GM and Chrysler and Obamacare and the co-called "Stimulus".
(2) The highest amount of revenue EVER received by the feds was in 2007 - with the same tax rates we have now. We are getting less revenue now with the same rates because the economy sucks. We don't need higher rates; we need the economy to grow.
Another level of proof that "Bush's un-funded wars" are not to blame is available by examining the European Debt Crisis. None of the European nations in cries spent anywhere what we did on the wars in Afghanistan and Iraq. (HECK: I betchya they barely spend a penny for every dollar we spend on defense in general!)
Yet despite not spending money in these 2 wars, Ireland, Greece, Spain, Italy and Belgium are all in deep doo-doo. (And the stench is making the Germans and the French sick!)
How is it that these nations are in economic trouble and have a sovereign debt crisis?
COULD IT BE THE SOCIAL SPENDING!?
Yes. That's EXACTLY what caused it: the governments spent too much dang money!
Which is what is causing the problem here.
YES: the real estate bubble wasn't just limited to the USA. Lenders there were just as STUPID as lenders here: they all thought that real estate could only go up in value and this motivated them take on too much risk.
What made the housing bubble here in the USA worse was the CRA and FANNIE MAE. Fannie Mae made the mortgage lenders and those who bought derivatives based on these loans feel like they had a government guarantee. (Something leftists like Barney Frank denied , but which eventually proved true.)
This first became apparent in 2001 - when a whistleblower blew the whistle on Fannie Mae's bad accounting practices. As a result both Bush and McCain tried to re-regulate Fannie Mae - but were prevented from doing so by the Democrats and the liberals in Congress. (This ain't some Tea Party assertion; this is the truth - a truth spelled put in great detail by NYTIMES economic correspondent Gretchen Morgensen in her new book.)
THIS IS THE BLAME THEY ARE TRYING TO SHIFT ON TO BUSH - AND NOW ON TO THE TEA PARTY.
Obama and his comrades on the Left have no shame.
Their lies won't stand.
Europe did not have a Fannie Mae to speed their demise. They had the EURO:
The Euro misadventure is doing to Europe what the Fannie Mae misadventure did to the USA.
Both are the off-spring of socialism.
BOTH NEED TO BE DONE AWAY WITH.
THE SOONER, THE BETTER.