Bush’s Place In The Current Crisis

December 22, 2008

US (ChattahBox) – President Bush has always been vocal about his support of Americans becoming homeowners, and the country’s responsibility in making that happen. However, a series of interviews with past and current officials within his administration make it clear that his intentions may have done more to stoke the flames of the current economic burn out then he had ever anticipated.

The full scope of the recession, as well as the implications for a global disaster, become clear to Bush and his White House team on September 18th, the day his advisers sat him down and explained the true extent of the damage done.

According to people who were at that meeting, Bush was shocked by the news, and so were many of his other officials. But warnings of coming trouble were being ignored long before we had gotten to this point, and when his financial advisers came to him in 2006 saying that house prices had been effected by inflation and foreclosures were imminent, he dismissed them, calling it a ‘rough patch’.

The decisions that were made as a consequence of that mentality led to some very dangerous short-term solutions to a growing problem.

“There is no question we did not recognize the severity of the problems,” Al Hubbard, former chief economics adviser admitted. “Had we, we would have attacked them.”

Even after the problem began to become more obvious, further actions led to more Americans being pushed to buy homes they couldn’t pay for, and other home owners who had bought houses in the past were facing higher interest rates on mortgages that they could no longer handle.

“The Bush administration took a lot of pride that home ownership had reached historic highs,” John Snow, another of Bush’s advisers commented in a recent interview. “But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost.”

That cost is being felt by Americans all over the country, from the lower to the upper middle class, and it only looks to be getting worst from here. All we can hope is that the revelations of these mistakes will lead to a better picture of how to fix the problem, and how to avoid it from happening again in the future.


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