Cheney Flat out Wrong: Bush Aministration is Responsible for the Damage to our Economy
March 16, 2009 - 3:04pm.
Capitol Hil lBlue - blog
www.capitolhillblue.comVice President Cheney recently asserted on CNN’s State of the Union that the Bush Misadministration should not be blamed for the current economic crisis. ISZATSO? Cheney neglects some basic facts about this economic crisis as he tries to avert responsibility for the economic wreckage we are currently experiencing. Eight years of the Bush Administration’s incompetence has left Americans poorer, America weaker, and our National Economic Security seriously damaged. There can be no doubt this economic Pearl Harbor was caused by The Bush Administration and the six years of a Republican controlled Congress that rubber stamped Bush/Cheney policies and budgets.
1) In the same way that Bush was warned about the impending attack of Al-Qaida before September 11, 2001 but chose to do nothing about it. So to the Bush administration was warned by the FBI in 2004 of the widespread mortgage fraud and chose to do nothing about it. [See Paul Shukovsky. “FBI saw mortgage fraud early,” (01-28-09) Seattle Post-Intelligencer. (03.14.09), ].
2) Similarly, we now know that for 10 years the SEC knew about the Madoff fraud but repeatedly chose to do nothing about it or even to investigate the evidence exposing it presented to them by whistleblower Harry Markopolos. The irresponsibility and incompetence of these Bush operatives on the SEC has led to the greatest investment fraud in American History, but it was entirely in line with other see no evil antics of the Bush Administration. [See Aaron Smith, “Madoff: ‘I knew this day would come,” (03.12.09), CNNMoney.Com, (03.14.09), ].
3) The Bush administration hid the expenses of the two wars it chose to fight, [see Adam Levine, “The dirtiest word in the budget,” (02.26.09), AC360, (3.14.09),
and savaged the economy by adding an additional $4 trillion in to the National Debt during its eight years in power. [See Mark Knoller, “Bush Administration Adds 4 Trillion to the National Debt,“ (9.29.08), CBS News: Couric & Co., (03.14.09), ].
4) The eight years of the Bush administration progressively damaged the economy as it looked the other way as wide spread looting of the American Treasury through government corruption and war profiteering, sweetheart deals and kickbacks, high level officials on the take, trillions of missing and unaccounted for dollars, non-bid contracts, as well as fraudulent contractor billing for reconstruction projects took place. [See Stephen Lendman, “Exposing Bush Administration Corruption,” (06.16.08), The Populist Party, (3.14.09), ]. Any honest description of the fiscal misbehavior of the last eight years would catalog the most astonishing lawlessness which gave away Billions to Bush’s Republican friends and allies.
5) Much of the financial crash we have experienced is directly the result of the Bush Administration’s deregulatory policies and incompetence. Bush’s allies in congress, especially conservatives such as Senator Phil Gramm, were strong voices for freeing the markets from regulation on the notion they would be self regulating. Hell bent to dismantle the New Deal safeguards against Stock market misbehavior, Conservatives in Congress promoted the massive use of risky new financial products as they shut down FDR’s long respected traditions of oversight and regulation. Their misguided notion that the markets could regulate themselves opened the flood gates for massive securities fraud, the results of which we see all around us in our disappearing 401Ks. [See “The Consequences of Conservative Policies in our Housing and Financial markets,” (10.21.08), Center for American Progress Action Fund, (3.14.09), ].
6) When the Bush administration’s wrecking crew had brought down the American Banking Industry, they launched the most audacious demand for $700 Billion to bail-out the banks, a fund they originally wanted complete control of without any oversight from Congress. [See David M. Herszenhorn, “Administration is Seeking $700 Billion for Wall Street,” (09.21.08), The New York Times, (03.14.09), ]. Even with the controls Congress demanded, we have lately discovered that in bailing out the banks there was some $78 billion given out which was not guaranteed by any asset whatsoever: a flat-out gift to the corporate friends of Bush and the Treasury Secretary. Scandalously, the Bush Administration poured $254 billion into financial institutions but received only $176 billion in value in return. [See Reuters, “Regulator Says Bailout Fund is Misleading the Public,” (02.06.09), New York Times, (03.14.09), ].
That the American Treasury and the personal wealth of American Investors and Retirees were looted during the Bush Administration is incontrovertible. The horror stories of the origins and effects of this wreckage continue to emerge almost daily. We should thank God that they were blocked from turning over Social Security funds to Wall Street. Let us admit that we are well rid of G. W. Bush and his looters. Let us hear no more that our current economic troubles were caused by anyone else but George W. Bush as president and chief cheerleader of his “anything goes” attitude towards government.
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