At what point is it Obama's fault?

der_kommissar said:
Rubin and Summers are Republicans? that's news to me...

"In 1997, Rubin and Federal Reserve chairman Alan Greenspan strongly opposed giving the Commodity Futures Trading Commission oversight of over-the-counter credit derivatives when this was proposed by Brooksley Born, the head of the CFTC. Rubin's role was highlighted in a Public Broadcasting Service Frontline report, "The Warning".[16] Over-the-counter credit derivatives were eventually excluded from regulation by the CFTC by the Commodity Futures Modernization Act of 2000. According to the Frontline documentary, they played a key role in the 2008 financial crisis.

Arthur Levitt Jr., a former chairman of the Securities and Exchange Commission, has said in explaining Rubin's strong opposition to the regulations proposed by Born that Greenspan and Rubin were "...joined at the hip on this. They were certainly very fiercely opposed to this and persuaded me that this would cause chaos."[17] However, in Rubin’s autobiography, he notes that he believed derivatives could pose significant problems and that many people who used derivatives did not fully understand the risks they were taking.[18]

Rubin and his deputy Lawrence Summers also steered through the 1999 repeal of the Glass–Steagall Act (1933), which had separated investment banking from the retail side. It allowed the banks to develop and sell the mortgage-backed instruments that became a principal factor in the financial collapse. In September 2011, the UK Independent Commission on Banking released a report in which it recommended a separation of investment and retail banking to prevent a repeat of the 2008 crisis.[19]". Wikipedia
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Frederick Foresight said:
As ET's tmarket pointed out almost 7 years ago, the bill was introduced by Republicans, passed both houses but never debated and signed by the lame-duck president, Bill Clinton.

"The loophole was added at the last minute to a 262 page bill, which was itself belatedly and quite suddenly attached in a lame duck session on the Senate floor by then Senate Finance Chairman Gramm to an 11,000 page consolidated appropriations bill for FY 2001."

So, yeah, the Democrats should have somehow spotted this monster at the last minute, since that is when it was intentionally slipped into the 11,000-page omnibus bill, but remember who slipped it in. At the very last minute.

Know your history.
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Tsing Tao said:
I was going to title this thread "Good Job Mr. President" or "See, we had this thing called the recession" (the latter being an obvious trolling of Ricter), but seriously - when is Obama at fault for some of this? One could argue it's the Fed (I do) and I certainly believe they are more to blame for this than Obama, although he did reconfirm Bernanke and appoint Yellen, so he's right there with them.

I know the hard right blamed Obama for the economy 16 seconds after he was elected, and the hard left has never blamed him. Where is the truth? When did he become responsible? More people live in poverty now than before the great recession. And we're on 7 years of the Obama Presidency.

20150927_pov.jpg
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Wait, what? At what point is it Obama's fault that the Republicans screwed the economy masterly and hard? Is that your question?
 
Frederick Foresight said:
Wait, what? At what point is it Obama's fault that the Republicans screwed the economy masterly and hard? Is that your question?
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No, that's not my question, even if you try rewording it to fit your needs. My question was what I asked. If that's too difficult to grasp, I'll try to elaborate further.

We heard "It was Bush's fault" for the first four years or so. Obama was elected with a majority in both the senate and the house, and somehow this means it's still Bush's fault? Or the Republicans?

At what point does the Commander in Chief accept blame for a poor economy? After he leaves office? Never? If so, why is that different than what you were all yelling regarding Bush for so long?
 
Don't forget: someone totally unprepared, deceitful and incompetent will always blame his predecessor, the Congress, climate change, ISIS, etc etc And will never accept responsibility for anything he did or did not do. So, that's, imo, the answer to the question posted in this thread. "Never, no way, nada, zip, I'm black and you can't touch me, because if you did that would make you a racist." Unfortunately, he finds many who will support him, because their goal deep down is not to help the country but grab someone else's stuff.
 
Frederick Foresight said:
You're right. It only took Typhoon George 8 years to decimate everything in its wake. It shouldn't take any additional time to rebuild from the rubble.
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You tried this argument with the house building example (last month). Good to see you haven't moved on from that.

It's Bush's fault forever (until the left says otherwise).
 
Frederick Foresight said:
A good argument continues to stand. Perhaps for this very reason you should consider changing yours.
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Your whole "good argument" is to blame Bush and republicans for everything, even when Democrats had all the power and could bypass them.

A good argument also makes sense. When will yours? When will you look at anything - anything at all - on the left with critical eyes? Ever?
 
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