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    Bush took office with a balanced budget. With his last budget reveled this week, the deficit will reach an all time high, and that is WITHOUT counting the Iraq war money. So how is borrowing billions more and giving to the citizens going to help? They are going to buy goods from over seas,(no electronics made in America anymore), while the debt from that sits there accruing interest. And at the same time, the Feds keep cutting interest rates, which is helping slow the economy, and causing the dollar to reach its all time low. How is a continuation of the borrow and spend policies that put us in recession going to help us get out? Will Bush ever learn that "staying the course" only works if the course is a good one? he found that out the hard way in Iraq, but i guess he forgets quickly.

    Hey Bush family member, you get your news from a cracker jack box? over building had nothing to do with the housing crisis, and the housing crisis is only a SMALL part of the problem. The dollar is weak due mainly to inflation stemming from the feds rates cuts. And the housing crisis was caused by subprime lenders giving loans to those who could not afford them. Hence the foreclosures. Nice try, but extremely embarrassing that you do not know any better. SHAME on you!

    Hey bush member #1 Freddie mac and fannie may do not buy subprime paper #2 Mortgage insurance, PMI it is called, is still around. It was ALWAYS part of the PRIVATE sector, and the government NEVER had any part of it. #3 Subprime mortgages are not backed by banks and bonds, they are backed by wall street, and Mortgage backed securities. #4 Federal lending laws, called RESPA are not controlled or changed by the president, and clinton made no changes to RESPA. Neither did Bush. Are you trying to make a fool of yourself? Please pull your head from your *** and act like an adult. Its pitiful watching you squirm and try and blame everyone but your hero, our idiot king Bush. I am so conservative i make you look like hillary, have a Masters in Economics, and have working in the title insurance industry for longer then you have been alive. School is now over, and you have been bitchslapped by the truth!

    No. The economy was going well until the housing problems started. Federal tax revenues was up. (Tax revenue growth is a good sign of how the economy is performing. The budget deficit was the lowest in five years. "Federal Budget Deficit Falls To Lowest Level In Five Years" ) It was overbuilding caused home prices to fall in the south which caused a complex chain reaction that has spread globally. Even Germany is suffering now from decreasing real esate values. It was illegal labor that motivated homebuilders to build millions of new homes which resulted in "supply outstripping demand". Builders were making huge untaxed profits on each home they were building. Most new homes and condos selling for $500,000 cost less $100,000 to make just because they hired illegal immigrants. And it was Clinton created the home loan mess. Clinton changed the mortgage lending rules which caused the credit crunch / housing problem. Clinton thought everyone with a $5 an hour job should be able to buy a house. So he change the rules and got rid of most mortgage insurance. ( Getting rid of mortgage insurance is contributing to the high number of bankruptcies.) He allowed GSE's (government sponsored enterprises) like Freddie Mac (, etc) to purchase subprime loans that were created by lenders. He basically formally approved subprime lending. It is documented by the FTC (Federal Trade Commission) Clinton's changes: "Freddie Mac, one of the primary government-sponsored enterprises involved in the purchase of mortgages, recently announced plans to enter the secondary market in subprime loans by purchasing significant numbers of "A minus" subprime mortgages by 1998 and the higher-risk "B and C" loans by 1999.(20) " "On June 6, 1996, President Clinton announced that he had directed FHA to reduce the up-front mortgage insurance premium (UFMIP) for first-time homebuyers who receive housing counseling" also picked his subordinates that made it happen. And in 2001, it was President Bush that reversed Bill Clinton's disasterous decision. But the damage was done. Bill Clinton basically told the industry subprime loans are a good thing. ""Freddie Mac will no longer invest in subprime mortgages with prepayment penalty terms that exceed three years, effective for all subprime mortgages originated on or after October 1, 2002." Edit: Clinton approved changes in mortgage insurance. The changed allow PMI to be removed after refinancing a home that has a soaring price. "On July 29, 1998, President Clinton signed into law a bill, The Homeowners Protection Act of 1998 ... WHAT THE NEW LAW DOES The Homeowners Protection Act of 1998 will allow homeowners with good payment records to request that their PMI be cancelled once they have 20 percent equity " Clintons decision was bad for lenders since "Mortgage lenders require homebuyers to take out PMI if the buyers put less than 20 percent down when they take out the mortgage. It protects the lender against losses if a homeowner defaults on the mortgage"

    "And those few bushbots who will try and blame Clinton can just skip this question. All economists know the budget was balanced in 2000, so just give the embarrassment a rest ok?" Uh, yeah, it was, thanks to the republican congress that forced Clinton to sign a fiscally responsible budget. Clinton was all set to triple the national budget with Hillary's little socialized medical care scheme. You think he just switched gears? No, he was smacked over the head and almost literally drug to the table by Newt. Then, 1999, Clinton sic'ed Janet Reno on Microsoft for what he considered to be an anti-trust deal and it literally burst the tech bubble. His one action on that one day burst the old bubble. Millions lost their jobs, me included . Millions lost BILLIONS in retirement fund value, me included. And the nation dove rapidly into recession. I've talked to you before about this Jack, but the government can't pay it's bills when the country is in a recession. The revenue is simply not there. It's simple, basic economics. No jobs, no taxes, no money. Get it? But still the government has to spend money because they have commitments. Gotta give it to Dubya. He lost no time turning the economy around. Today the government revenues far exceed expenditures. So much so that the budget deficit has been cut in half in the last two years. Now, Jack. What's going to happen to the deficit if we go into another recession? I'll let you think about that, but here's a hint: Read the previous paragraph. And good luck.

    Back up for a second about the housing crisis. The FOMC started cutting interest rates 2 years ago because of inflationary pressures brought on by a declining dollar on the international currency market. The dollar was declining due a runaway federal deficit. The rising interest rates stalled the housing market. A very large number of people had bought homes beyond their means with an ARM mortgage. Their intention was to hold the house for a few years and sell at a 50% profit before the increased interest in the ARM took effect. With the housing market receding, however, this became impossible. As a result, tons of people started to default. With that arose a banking crisis. It was the perfect storm, all started by deficit spending, which goes back to a trillion dollars dumped in Iraq.

    Subject: Media & Jay Leno's take on Pathetic Negativity Jay Leno wrote this; it's the Jay Leno we don't often see... "The other day I was reading Newsweek magazine and came across some poll data I found rather hard to believe. It must be true, given the source, right? The Newsweek poll alleges that 67 percent of Americans are unhappy with the direction the country is headed, and 69 percent of the country is unhappy with the performance of the President. In essence, 2/3's of the citizenry just ain't happy and want a change. So being the knuckle dragger I am, I started thinking, ''What are we so unhappy about?'' Is it that we have electricity and running water 24 hours a day, 7 days a week? Is our unhappiness the result of having air conditioning in the summer and heating in the winter? Could it be that 95.4 percent of these unhappy folks have a job? Maybe it is the ability to walk into a grocery store at any time, and see more food in moments than Darfur has seen in the last year? Maybe it is the ability to drive from the Pacific Ocean to the Atlantic Ocean without having to present identification papers as we move through each state? Or possibly the hundreds of clean and safe motels we would find along the way that can provide temporary shelter? I guess having thousands of restaurants with varying cuisine from around the world is just not good enough. Or could it be that when we wreck our car, emergency workers show up and provide services to help all, and even send a helicopter to take you to the hospital. Perhaps you are one of the 70 percent of Americans who own a home. You may be upset with knowing that in the unfortunate case of a fire, a group of trained firefighters will appear in moments and use top notch equipment to extinguish the flames thus saving you, your family and your belongings. Or if, while at home watching one of your many flat screen TVs, a burglar or prowler intrudes, an officer equipped with a gun and a bullet-proof vest will come to defend you and your family against attack or loss. This all in the backdrop of a neighborhood free of bombs or militias raping and pillaging the residents. Neighborhoods where 90 percent of teenagers own cell phones and computers. How about the complete religious, social and political freedoms we enjoy that are the envy of everyone in the world? Maybe that is what has 67 percent of you folks unhappy. Fact is, we are the largest group of ungrateful, spoiled brats the world has ever seen. No wonder the world loves the U.S., yet has a great disdain for its citizens. They see us for what we are. The most blessed people in the world who do nothing but complain about what we don't have , and what we hate about the country instead of thanking the good Lord we live here. I know, I know. What about the President who took us into war and has no plan to get us out? The President who has a measly 31 percent approval rating? Is this the same President who guided the nation in the dark days after 9/11? The President that cut taxes to bring an economy out of recession? Could this be the same guy who has been called every name in the book for succeeding in keeping all the spoiled ungrateful brats safe from terrorist attacks? The Commander-In Chief of an all-volunteer army that is out there defending you and me? Did you hear how bad the President is on the news or talk show? Did this news affect you so much, make you so unhappy you couldn't take a look around for yourself and see all the good things and be glad? Think about it...are you upset at the President because he actually caused you personal pain Mobile is it because the "Media" told you he was failing to kiss your sorry ungrateful behind every day. Make no mistake about it. The troops in Iraq and Afghanistan have volunteered to serve, and in many cases may have died for your freedom. There is currently no draft in this country. They didn't have to go. They are able to refuse to go and end up with either a ''general'' discharge, an ''other than honorable'' discharge or, worst case scenario, a ''dishonorable'' discharge after a few days in the brig. So why then the flat-out discontentment in the minds of 69 percent of Americans? Say what you want, but I blame it on the media. If it bleeds, it leads; and they specialize in bad news. Everybody will watch a car crash with blood and guts. How many will watch kids selling lemonade at the corner? The media knows this and media outlets are for-profit corporations. They offer what sells , and when criticized, try to defend their actions by "justifying" them in one way or another. Just ask why they tried to allow a murderer like O.J. Simpson to write a book about "how he didn't kill his wife, but if he did he would have done it this way"...Insane! Stop buying the negativism you are fed everyday by the media. Shut off the TV, burn Newsweek, and use the New York Times for the bottom of your bird cage. Then start being grateful for all we have as a country. There is exponentially more good than bad. We are among the most blessed people on Earth, and should thank God several times a day, or at least be thankful and appreciative. "With hurricanes, tornados, fires out of control, mud slides, flooding, severe thunderstorms tearing up the country from one end to another, and with the threat of bird flu and terrorist attacks, "Are we sure this is a good time to take God out of the Pledge of Allegiance?" Jay Leno 2007

    Borrowing more is only going to increase the already huge deficit. What has to happen is big time spending cuts by the federal government as well as some modest tax increases.

    He knew 8 years ago he'd be draining our economy, manipulating it so as to get the focus off his little foreign slaughter for oil. Now media says, "Iraq is of no longer the number one issue on Americans minds, it is the Economy." Bush never cared about America.

    Nothing said by a Bush is true, you are thinking right any other view is pure rhetoric. Spend your way out of debt? How stupid is that? by Bush I mean the above one as well as W

    The economy has been bad for years, inflation is out of control because of the federal reserve and govt involvement in the economy. elect Ron Paul

    It's an election year, and many people aren't too bright and think that this is free money.

    Excuse me but both house of congress have the purse strings!

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