Ex-president Carter slams Bush on market crisis - Page 5

Iriemon · 10-12-08, 02:28 PM

Quote:

Originally Posted by sazerac

The GDP increased by 4 trillion a year under Bush. You don't think that's good? This is the most important indicator of tax revenue. The government is always going to collect about 19% of this number in tax revenue.

No that is not particularly good. GDP increased 41% in Bush's first 7 years, compared to 46% during the previous administration.

Meanwhile, during that same period, revenues grew 27% under Bush but 67% during the previous administration.

The tax cuts have not made GDP grew any faster; in fact its grown more slowly, and revenues under Bush have lagged way behind GDP growth. Meanwhile, he's more than doubled spending on the military.

Result: $4+ trillion more debt.

No, that is not good.

sazerac · 10-12-08, 06:38 PM

Quote:

Originally Posted by Iriemon

It wasn't about about oversight that the Bush administation was denied. The Republicans controlled congress. It was about oversight that wasn't exercised. His administration pushed Fannie to expand low income housing lending and oversaw the growth of lending cap limits from less than $400 to $625k, and under his watch Fannie tripled its subprime lending.

Clinton asked for and got a hell of a lot more money out of Fannie Mae for minorities than Bush ever did! Clinton got them to commit 2 trillion dollars in 4 years!

Bush got 440 billion for 8 years! And if Bush would have gotten the oversight he asked for none of Clintons's or his loans would have been a problem!