This is what Bush said in March 2008

[malaise]

“The temptation of Washington is to say that anything short of a massive government intervention in the housing market amounts to inaction,” Bush said. “I’m deeply concerned about law and regulation that will make it harder for the markets to recover — and when they recover, make it harder for this economy to be robust. And so we got to be careful and mindful that any time the government intervenes in the market, it must do so with clear purpose and great care. Government actions have far-reaching and unintended consequences.”

He also said it would be a mistake to block trade agreements that could generate new growth or fail to extend the tax cuts passed during his presidency.

“It’s important not to overcorrect, because when you overcorrect you end up in the ditch,” Bush said.

‘Good times and bad times’
He appeared to be counseling a certain amount of acceptance of economic difficulties.

“In a free market, there’s going to be good times and bad times, that’s how markets work,” Bush said. “The market is in the process of correcting itself; markets must have time to correct.”

Democrats said Bush is paying attention to the wrong statistics.
-------------------------------
http://www.msnbc.msn.com/id/23632324/

So what happened?

[benld74]

1. Thats 5 months ago folks,,,

I was reading internets blogs about the coming problems 1 year before that. Did they know about it? YES. Did they think it would get this bad? NO Are they doing all they can to correct the situation? Scary thought, BUT the GOP ALWAYS throws money at things THINKING they will go away, WITHOUT ANYTYPE of accountablility UNTIL it DOESN't work AND THEN THEY WANT TO PROSECUTE!
Like MCSAME stating he would fire the head of the SEC, sorry idiot you cannot!
I hope the hell they thought their fix out in advance, BECAUSE if it doesn't work we are all EFFED UP ROYALLY!

[malaise]

2. I do not trust Bush

This is another panic reaction and the Dems are going along just as they did with Iraq. Bush has never made a decision that did not favor Bush and his crony corporations. NEFUCKINGEVER.
Now is not the time for Dems to panic and go along with Bush. Think this one out.

Times poll: 75% blame Bush’s policies for deterioriating economy
http://articles.latimes.com/2008/jun/26/business/fi-poll26

Rekoning: The Economic Consequences of Mr. Bush
http://www.vanityfair.com/politics/features/2007/12/bush200712

add links

[aint_no_life_nowhere]

3. This is what Bush did in 2007

According to a New York Times article in February, 2007, just as the housing crisis started to appear on the horizon, the Bush Administration, the SEC, and other entities convened to study the problem of hedge funds and other arcane investment instruments. The Bush administration decided to leave hedge funds alone, stating that they could regulate themselves and report on themselves, according to non-binding principles. Any dissent (such as that voiced by former SEC Chairman William H. Donaldson - soon to be replaced by Bush appointee Chris Cox) was immediately attacked and heavily leaned upon by Republicans in Congress and the Bush administration itself.


http://www.nytimes.com/2007/02/23/business/23hedge.html

Officials Reject More Oversight of Hedge Funds

By STEPHEN LABATON
Published: February 23, 2007

WASHINGTON, Feb. 22 — The Bush administration said Thursday that there was no need for greater government oversight of the rapidly growing hedge fund industry and other private investment groups to protect the nation’s financial system.

Instead, the administration, in an agreement it reached with the independent regulatory agencies, announced that investors, hedge fund companies and their lenders could adequately take care of themselves by adhering to a set of nonbinding principles.

(...)

The decision came after months of study by a presidential working group of top officials and regulators. They looked at both the hedge fund industry, which has more than $1 trillion in assets, and the management of private equity firms, which take direct control and ownership of companies rather than relying on large numbers of outside stockholders.

In leading a deeply divided commission to adopt those rules in the first place, its then chairman, William H. Donaldson, said that hedge funds had been central figures in a variety of market trading abuses and that registration was a modest and essential way for regulators to begin to understand them. Although he had the support of two of the four other commissioners for his efforts on hedge funds, Mr. Donaldson came under heavy criticism from Republican lawmakers and top administration officials for suggesting that regulators shine a light on what he called “a dark corner” of the market.

[malaise]

5. Yes they have ignored every single sign until 40 something

days before a major election. They aren't fooling me. These criminals should be in jail.

[ColbertWatcher]

7. Well said. I wonder if there is anything in the old PNAC papers about this? n/t

[Warpy]

4. He really didn't connect the dots between all the peasants

losing homes and livelihoods and the hedge funds and banks taking a beating on the loans those peasants were no longer paying back.

Nobody with an "R" after his name is ever capable of connecting those dots.

It's why they always manage to crash an economy that was healthy when they took over. It's why they have no way to turn that economy around. It's why we need to keep them out of power, period.

[malaise]

6. 100% correct

They can loot, but they cannot govern.