Friday, June 06, 2008

Recession Time

We had a song called "Check Out Time" back when I worked as a campus cop whenst going to college. It was a jovial toe tapper and we'd sing it when signing out for the night. However the same tune could be applied today, given the news on the unemployment rate;

It's recession time!
Yes recession time!

Hey, buy me a beer with a quarter and a dime.

"The stimulus package will work," don't give me that line.

"Just a temporary lull," don't be so asinine.

Now I'll say it again, just one more time
Cause it's recession time, yeah recession time!!!

My question is this; how much you want to bet they'll blame Bush and Republicans for the recession we'll be in, even though it's the sub prime deadbeats and the corrupt mortgage lenders/bankers that are truly to blame?


Jesse Zinn said...

Would blaming President Bush and the Republicans for the recession be justified if they were partly to blame for the mortgage/finance crisis?

Here's an article claiming he is partly to blame. A quote from said article:

"The White House. A few sounded the alarm early on. In 2000, during the final months of the Clinton administration, Treasury official Gary Gensler, while commending banks for making more prime loans to people and communities that had been underserved, noted that subprime lending had also expanded, with some troubling accompanying trends, including a worrying increase in foreclosures.

Eight months later, George W. Bush became president. The new administration paid no attention to the developing crisis. On the contrary. In 2001, the Department of Housing and Urban Development barred class-action suits on complaints about kickbacks that brokers receive to steer borrowers into pricier loans. At the same time, Bush, heralding the subprime market for opening doors to home ownership, said that it didn't need more rules. (He should have talked to his dad, who, as vice president under Ronald Reagan, saw the same mistake being made during the S&L scandal.)"

Reminiscent of Herbert Hoover, eh?

Captain Capitalism said...

Only very tangentially. And revolving around something like not starting an investigation earlier on.

This still is a free market and banks, as well as people, are allowed to goof up as much as they want. Alan Greenspan, Bush, congress, Republican and Democrat alike are (for once) not to blame for this. It's actaully the people's fault and a bunch of greedy bankers' faults.