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Video: Timeline Showing President Bush Warning Barney Frank About the Impending Financial Crisis in 2001

February 17, 2009

 Below is a video that shows the time-line involved with the current financial crisis we are now in. The video shows us that President Bush warned of a possible crisis as early as 2001 and ratcheted up pressure on congress for reforms in 2003, these requests were ignored, leading directly to the crisis we are in today– the same crisis President Bush first warned us about in 2001.

 Watch the video, we will discuss this afterward.

 We have determined that President Bush warned congress in 2001 that something had to be done or there would be a meltdown, a financial crisis.

 We have also determined that he pushed even harder for reforms in 2003, warning of economic disaster.

 We have thirdly determined that Barney Frank and Chuck Schumer basically said “fuck you” to the president, and that Barney Frank wanted Fannie Mae and Freddie Mac to loan even more money to people who couldn’t afford it.

 There are only three possible reasons that I can think of that would lead Barney Frank, Chuck Schumer, and the rest of congress to ignore the president’s warnings.

 One: they truly didn’t believe the president. They thought that he was inflating the scope of the problem. And they were actually ignorant of the possible impending crisis.

 Two: They didn’t care about a possible problem because their main focus was getting their constituents into homes, even if they couldn’t afford the homes, for political reasons and just hope the crisis would pass.

 Or

Three: They wanted this crisis to occur during the Bush administration knowing that they could successfully pin the blame on the man who tried to warn them eight years ago.

 Judging by the success they have had with option number three that is my choice.

4 Comments leave one →
  1. Terrant's avatar
    February 17, 2009 10:44 pm

    Let time I checked, the republicans had control of both houses of congress in this time period. Why didn’t the republicans do anything then? They were the ones in control.

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    • Steve Dennis's avatar
      February 18, 2009 6:07 am

      According to the video legislation made it out of the senate banking committee along stict party lines but never came up for a vote because Republicans souldn’t get the votes. It appears to me that there was no Democrats equivalent to Snow, Collins, Specter, or McCain to help push the legislation through.
      Should this have been pushed harder? Yes.
      I was trying to show that while Obama and the Democrats are still blaming Bush for all of this that he sounded the warning and it fell on deaf ears.

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  2. Terrant's avatar
    February 19, 2009 12:52 am

    To me, it seems like the video is trying to put the blame on the democrats. It simlar to what the democrats tried to do in 2001; pin the blame for Clinton’s mess on Bush. Meh… YMMV.

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  3. KMullins's avatar
    KMullins permalink
    July 12, 2009 10:28 am

    Terrant, it doesn’t “try” to put the blame on the democrats it successfully plants the blame right where it belongs. The democrats. And today we see them dismantling our economic system piece by piece to further their agenda of communism.

    McCarthy was right.

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