[citation][nom]rooseveltdon[/nom]dude do you really want to go into the nitty gritty of how the bush administration spent america's money? last time i checked we got into this mess because of republican ideology "tax less and spend more"[/citation]
Last time i checked, Bill Clinton admitted that the Democratic Party has more than its fair share in this economic mess. In fact he said the democrats were resisting efforts by the republicans to do something about the problems associated with Fannie Mae and Freddie Mac. Ever heard of them?
http/newsbusters.org/blogs/noel-sheppard/2008/09/25/fox-news-blames-democrats-financial-crisis-bill-clinton-agrees
I see that you are blaming the Republican ideology of taxing less. So can you explain to me how putting more money into the government's hands would have stopped this problem from happening? How is letting the government throw around trillions of dollars going to solve our problems, especially when people that made mistakes are getting bailed out. You see, by bailing those people out, they don't learn anything from their mistakes, because they did not have to endure any loss. This is what most people's parents tried to teach their children while growing up. You have to be punished for your mistakes so that you are less likely to make them again in the future.
And who started all of these mistakes? Who brought about people buying houses that they couldn't afford? Well the foundation was set with Jimmy Carter. He created the CRA (Community Reinvestment Act). Bill Clinton strengthened it. He made revisions to substantially increase the number and amount of loans to low and moderate income people. You can google Clinton's input into the CRA, but it comes down to eliminating the qualities a bank looks for (good credit, good savings history, income) when handing out a loan. Instead, banks were told that taking part in a "credit counseling program" qualified someone for a loan. George Bush tried to offer a solution to this failing program, but he was blocked by Democrats, and i am sure a few republicans as well.
So what happens after that? Well anyone and everyone can get a loan now and buy their hearts desire. Then they end up not being able to make payments. Then the government wants to help all of those people out. How do they do that? They take (tax) from the people that saved instead of spent, and then give it away to all of the people and corporations that simply bit off more than they could chew.
I do not find George Bush perfect in any way. Nor do i think that his presidency was ran quite like it should have been. There are both Republicans and Democrats responsible for this mess. But if you want to start pointing fingers, i suggest you try and point them back a little farther along the time line.