Re: re Aw yea, short memories of delusions

Rockwall TX

Description

"The recovery was well established by Bush after the democrat disaster of forcing loan companies to give home loans to deadbeats." It's amusing that MAGAs believe that Democratic presidents control everything in the world. Right now they think Biden controls the global oil market and the economy in every nation, (inflation, fuel prices are all Bidens fault, even though both are high in every country on the planet.) Apparently, Republicans just can't wield that kind of power. So now the the claim is that presidents control bank's lending practices. Actually, the Republican congress effectively neutered the Glass Stiegall act in 1999. This allowed banks to speculate with depositor money. They used that cash to invest in questionable mortgages that would never have been approved by FANNIE MAE, or FREDDY MAC. They could now take big risks with customer money because the FDIC (taxpayers) would cover the losses. They could then bundle all these bad mortgages into CDOs (bonds) that they sold to investors and governments worldwide. They bribed/scammed Moody's and S&P to give them AAA ratings, so buyers were told that they were as secure US Treasury Bills. They conned AIG into selling them. "credit default swaps" (bond insurance) on the ones they kept. This was the primary driver of the crash of 2008. The recovery hadn't even begun when Obama took office. Bush handed Obama the first ever budget with a trillion dollar plus deficit ( 1.4 trillion). By 2015 it was down to 439 billion. The GDP grew by nearly 20%, the stock market grew 298%. By 2020 Trump had the deficit up to the all time record of 3 trillion, GDP grew about 4%, DJIA grew about 50% I guess you don't remember Reagan's recession that lasted the entire decade of the 1980s, the "jobless recovery" as it was called under Bush and the budget surpluses under Clinton. I know that most MAGAs won't even try to read this, those that try won't understand any of it but all will flag it out of fear. That's always their reaction to the truth.