Comments on: Dispelling The Herbert Hoover Myth

NRO: Liberals Love To Point To A Do-Nothing President Hoover And Blame Conservatives For The Economic Crisis

[taxguydave]

Amazing how the wingnuts are trying to turn this back onto the Democrats. Anyone with half a brain (which excludes most of the right wingers in this country) can easily see that this crisis wasn''t brought on by bad mortgages, but by massive, unchecked securities fraud.

The mortgages going bad by themselves, would have, at worst, caused a number of banks to fail. But when the income (but not the collateral) of the mortgages were sold to more than one party via derivatives contracts, so much imaginary wealth was created on paper that the entire GDP of the American economy couldn''t back it up.

In the year 2000, less than $10 billion in derivatives were sold. Between 2001-2003 (on Bush''s watch), that number increased to the hundreds of billions a year. By 2006, sales were in the trillions per year.

But there wasn''t anything backing most of it up. This is what is known as fraud, and Bush turned a blind eye to it. Until last week, of course, when the FBI was suddenly put on the case.

Warren Buffett warned several years ago that this would happen, and his company didn''t buy any derivatives contracts.

Do your own *** research.

[jsl45]

Georg W. Bush, the Herbert Hoover of the 21st Century......!!!

[ubrew12]

incog-nito said: "Stay tune for the next article, where NRO will explain to the readers how McCarthy was really a nice guy who was just misunderstood. "

They are all misunderstood. Hoover, McCarthy, J Edgar Hoover, Nixon, Bush Jr. The GOP is full of misunderstood geniuses whose genius just coincided with horrific results, policies, and economies.

[incog-nito]

Stay tune for the next article, where NRO will explain to the readers how McCarthy was really a nice guy who was just misunderstood.

[nodemotwit]

This was mentioned by Glenn Beck (10-1-08) on CNN:

www.cnn.com/video/#/video/bestoftv/2008/10/01/gb.real.story.cnn?iref=videosearch

and is detailed in the above article
and to a further extent in a fast-paced (just pause A.R.):
www.youtube.com/watch?v=NU6fuFrdCJY

You can%u2019t expect a liberal to have enough ethics to do the research (they are too busy trying to convert independents into like-minded lemmings, blaming conservatives for this financial meltdown, when it was actually decades of liberal ''''progressive'''' bank loan policies)
but perhaps independents will.

Also, not mentioned in the article above (but by Glenn Beck and in the youtube) is Obama participation in the 1994 %u2018Acorn%u2019 lawsuit forcing Citibank (and setting a legal precedent for other banks) to make more subprime home loans to financially unqualified applicants,
Which started the whole ARM and interest-only fiasco,
all courtesy of someone who wants to be the next president of the US...

Research it.
Think about it.