Rush2Judge of Portland, ME AmazedAgain you are right it was Bush and the congress (mostly Dems). However, I don't recall the President or his Treasury Secretary doing anything to say stop, danger. It wasn't on the scope for his second election. He let is all slide while he he focused on predictably not finding WMDs, borrowing $400 billion a year to not find WMDs and rebuild the country we blew apart. He took his eye off the ball while congress played. Clearly none of them thought the financial system would collapse, basically because none of them was thinking about it at all.report abuse

Rush2Judge of Portland, ME AmazedAgain the Carter comparison to Obama is really funny. Perhaps you weren't around in 1983, the 2nd year of the REAGAN administration when we last saw 10% unemployment. It happened because of oil prices, hostages, a bad world economy and Carter resisting getting the government involved as interest rates soared.

Now we are a mere 11 months into Obama's administration and again 10% unemployment. It happened because oil prices went out of control the previous summer causing inflation, housing prices were inflated by financial institutions, that were mismanaging the world's money and Bush resisted getting the government involved as until it started to collapse.

To each President is handed the blessing and mistakes of his predecessor. Obama, like REAGAN must now work with the banks and the people to undo the crap left by his predecessor. Hopefully he will be able to rewind to Clinton and the surpluses. It will take time. Reagan and Bush I never stopped borrowing once they started it.

Reagan's solution starting in 1981 was the horrible policy of deficit spending. Carter did nothing and interest soared. Reagan borrowed and spent and allowed the tax cuts to the rich begin the rapid movement jobs off-shore.report abuse

AmazedAgain of Augusta, ME Dear Ms. Prynne: President Bush didn't lead us to a disaster, The Democrats did.
Rep. Barney Frank, Chris Dodd and others along with Franklin Raine set the Fannie Mae/Freddie Mac disasters in motion. That what put the country in the financial mess that it is in.
Only problem I see with this, is how skilled the Democrat Leadership is, in convincing the populace that "W" did it. And people actually believe them!report abuse

HesterPrynne of HellNBack, ME Trying to fix the problems created by years of poor leadership is like trying to turn the Titanic with a tooth pick. Bush lead us to the brink of a world class depression. Obama pulled us back from the brink.

If you've got a broken bone, it doesn't heal the day after the cast is put on.

If your house is on fire, it's not all fixed the day after fire fighters extinguish the flame.

If you take over financial management of a 300,000,000+ employee agency, you don't fix it immediately.report abuse