April 10, 2009

Opinion: Obama has short memory

Posted: 12:49 AM ET

By John Bruns

For the last two years of the Bush administration the Democrats were in charge of both houses of Congress and they increased spending every year and blocked all attempts to reform Fannie Mae and Freddie Mac that most people agree is the genesis for the current economic problems.artobamamondaygi

So for the last four years President Obama has known, or should have known, what he was voting on, and if he was opposed, should have expressed that.

The only thing that I remember him being opposed to was the Iraq war and he commented the other day that he was surprised how that appears to be "the least of the problems."

Those of us who can remember farther back than Jan. 20, 2009, can also recall that when President Bush came to Washington from Texas there were a number of economic problems.

As I remember, unemployment was about 7 percent and we were still in the midst of the dot-com bubble burst, Enron, etc.

He also inherited 19 terrorists that were in the country courtesy of a Clinton administration policy known as "visa express." We all know what they caused!

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Filed under: Economy • Larry King Live • Politics • President Obama

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Aynes54   April 10th, 2009 1:04 am ET

Excellent article John!

Judith   April 10th, 2009 8:23 am ET

It seems like many have a short memory.

New Jobs Created in the Clinton adm was 21,000.
New jobs in the Bush was 3,000 till all blank broke out.While ones that support the Rep Party.
Ones complain about Clinton but Bush and the GOPs strongly promotes free trade agreements, most notably NAFTA, CAFTA and now an effort to go further south to Brazil, Peru and Colombia.

As far as jobs and losing of homes with the healthcare that just didn't start in Jan 20,09.While Bush was our President he sat on everything
like he was already retire letting the new President deal with the issues.One example,Bush told the Big 3 he was going to think about how to help them over the weekend in Washington when in fact he was sneaky and flew out of the Country getting shoes thrown at him.

The Mortgage Lie started before 2006 when banks were given mortgages to ones that usually would not be able to get it had it been regulated.Banks started to re sell them then turn around selling them around the globe telling lies that ones here in the USA could afford the home.
The crisis began with the bursting of the United States housing bubble which peaked in approximately 2005–2006
High default rates on "subprime" and adjustable rate mortgages (ARM), began to increase quickly thereafter. Lax regulation, deregulation of government policies and investment from the private sector had greatly increased Wall Street's involvement in higher-risk lending
Subprime mortgages increased 292%, from 2003 to 2007.

Housing prices nearly doubled between 2000 and 2006, a vastly different trend from the historical appreciation at roughly the rate of inflation. While homes had not traditionally been treated as investments subject to speculation, this behavior changed during the housing boom. For example, one company estimated that as many as 85% of condominium properties purchased in Miami were for investment purposes. Media widely reported condominiums being purchased while under construction, then being "flipped" (sold) for a profit without the seller ever having lived in them. Some mortgage companies identified risks inherent in this activity as early as 2005, after identifying investors assuming highly leveraged positions in multiple properties.

Bush came in office with Clinton handing him a surplus and the debt down.

Unemployment rose with Bush.Plants laying off workers in 2002 already.Just like when Reagan was in when plants were closing around the Country,farmers lost farms.The GOPs can argue all they want but President Obama received the mess when moved into the White House

Judith   April 10th, 2009 8:54 am ET

State unemployment.
From 1992 to 1999, State unemployment. was below 3 percent.

April 23,03 there was an article by Bruce Shapiro is in Tampa, Florida, where the unemployment rate has risen to five per cent, the highest since the 1980s, while at the same time real estate prices are wildly escalating

Shawn   April 10th, 2009 12:52 pm ET

I recall the democrats had to pass these spending bills during the Bush admin. To pay for Bush jr.'s bogas war, and lets not forget the Halliburton no bid contracts. Also, Bush sr. was appointed by Nixon!!
Bush sr. then, trained, armed, paid these terrorist which we are plaiged with today. Thank You Republicans.....

Dave of Detroit   April 10th, 2009 1:05 pm ET

At least Obama has a memory-the entire Republican Party is either in denial, was mentally absent, or out of the loop about their continuing efforts for a Free Market Economy! Reagan tried to deregulate banks and the Government had to bail them out. G.W. tried to deregulate everything and we all know what happened next. Now the Republicans can and will knock the Democrats for their spending but when will they realize that their deregulation has resulted time and time again in bank bailouts and economic downturns-Knock Clinton all you want, he actually did balance the budget-first time in over 40 years of predominately Republican Administrations and the Republicans are supposed to be the "Conservative" Party! Another "Free Market" devotee from either party should just about wipe the U,S, out as an economic power!!!!

hugh ~ california   April 10th, 2009 2:18 pm ET

John Bruns, you've got excellent 20/20 hindsight! More accurately, like a Monday morning quarterback. It seems to me Bruns has the short memory as his article reads, "I don't remember President Bush ever complaining about his predecessor." I don't believe Bruns did his homework with that comment. George Bush or members of his former staff complained on numerous occasions that they inherited all sorts of trouble from his predecessor–Bill Clinton. Talk about memory loss!

Rich   April 10th, 2009 6:22 pm ET

Boy must have had to "dig deep" to dredge up this drivel to post on your blog!!

Mr. Bruns likes to comment on the last 2 years of the Bush administration and the "unraveling" of the economy..........Maybe if he took a longer look at the he would come up with that at this poing in Dubya's first term, he was already planning his vacation to Crawford, TX while his chief terrorism head, Richard Clarke, was warning him of the Al-Queda threat. He wasn't given the time of day because he was a Clinton hold-over!!........but that has nothing to do with his domestic economic policy of just keep shopping at the malls and driving your SUV's and relaxing of regulations at the SEC that removed the "uptick" rule allowing Wall St. traders to "short" stocks driving their values into the ground decimating the retirement savings of average working Americans such as teachers, policemen, and firefighters!!

Mr. Bruns......where was the alternate budget from Senator McCain, Senator McConnell, and the GOP leadership?? No one likes poor losers. Restore your party and come up with some solutions to the problems facing our country!!

Dodie in Irvine, CA   April 10th, 2009 6:34 pm ET

This is NOT my opinion, these are facts!!!

With no fanfare and little notice, the national debt has grown by more than $4 trillion during George W. Bush’s presidency.

It’s the biggest increase under any president in U.S history.

On the day President Bush took office, the national debt stood at $5.727 trillion. The latest number from the Treasury Department shows the national debt now stands at more than $9.849 trillion. That’s a 71.9 percent increase on Mr. Bush’s watch.

Taken from cbsnews and Wikipedia, the free encyclopedia

Need I say any more!!!!!

ge   April 10th, 2009 8:30 pm ET

has this guy been in acloset for eight years wake up the stupid generation is slowly dying

Aynes54   April 11th, 2009 1:01 am ET

And exactly what was Obama doing in the senate ?????Voting "present."
He needs to quit whining about what he inherited and get on with it and at least make an attempt at Bipartisanship!! Did he just wake up on January 20th and say, Wow, what mess did I get into???
Sooner or later he will have to accept the responsibility for all the trillions that are being spent by HIS he may as well quit whining. He does have a short memory as John wrote. Fantastic article!!!

ed,vancouver canada   April 11th, 2009 1:42 am ET

obama has spent 10% of the debt in 2 months. at that rate ,the debt will be double or 20 trillion in 2 years.
small potatoes when you figure that the wall street boyz duped the world for 40 trillion worth of real estate paper.
the question still remains....where is all that money?
afghanistan,iraq and iran.pakistan?

hugh ~ california   April 11th, 2009 10:57 am ET

Why don't YOU quit whining. It was failed republican leadership that got us into this financial mess with their deregulation platform, led by former President Bush and a Republican led congress.

Bipartisanship is a MYTH! When did the Republican party ever act with bipartisanship? The party in power leads, and the American people were fed up with the GOP and their failed policies that got us into this near depression. YOU have the short memory!

this hangover hurts   April 11th, 2009 12:54 pm ET

Judith--why not talk about the 19 terrorists that Clinton (i didnt inhale) let in?? Always bashing Bush. GET OVER IT

Jay   April 11th, 2009 3:00 pm ET

The Republicans do not have the will or the ability to work with this administration. They have the short memory, Bush wouldn't listen to no one.

Pietro Sirianni   April 11th, 2009 4:49 pm ET

Yes, and lets not forget the surplus left by the Clinton administration, or the trillions of dollars that Cheney made with Haliburton on no bid government contracts.

The republicants have been unmasked, and their true nature revealed; sniveling cowards that will do anything to stay wealthy.

Joe G. (Illinois)   April 11th, 2009 5:35 pm ET

If 53% of Americans can side with Obama on Abortion.. Why then would anybody ever care, much less get frustrated by anything he or anyone of his supporters might say or do.. That I can’t understand.. Unless.. You.. Yourself share the same pathology and can find excuses to praise his core values. Is it the money..? Is it about money..? Is it about the economy?

Eric   April 11th, 2009 9:16 pm ET

It's just a matter of time that the voters that voted superobama in will turn on him like a pack of stupid wolves that they are!

sharron   April 11th, 2009 9:36 pm ET

I do not understand why people are so ignorant to the fact President Obama is going to save the world. He is making things a lot worst. Bush has started this war and Obama is going to finish it. People are so blind to the fact things are going to go down pretty soon. Which means that we are going into depression. Crimes rates are going rise. WAKE UP people!!!!!!!!!

Tatjana   April 11th, 2009 10:08 pm ET

Never thought that Obama was presidential material and so far I haven't seen him do anything that would change my mind.
He lacks substance and leadership skills and just once I would I like to see him speak to us without that darn teleprompter.

Pietro Sirianni   April 11th, 2009 10:25 pm ET

Here's a fact:

G.W.Bush will go down in history as the worst US president ever! Obama will be rated as one of the best ever.

Aynes54   April 11th, 2009 11:09 pm ET

Keep dreaming Pietro...keep dreaming. AMerica is safe today because of the Bush administration....something that AMerica has taken for granted and btw/ Have you seen what Obama is going to leave your children and grandchildren. Trillions in debt...Keep dreaming!

Aynes54   April 11th, 2009 11:12 pm ET

@ Joe G....Praise his core values???? What a joke.

Aynes54   April 11th, 2009 11:22 pm ET

@ Hugh....It was Mr. Barney Franks and Chris Dodd and Fannie and Freddie that helped get us into this mess with the subprime loans but this mess has been coming for a long time and to blame this all on the past 8 years of Bush is childish at the least. Most of us have a short memory because up until two years ago, we were ALL riding pretty smoothly...low unemployment..etc. That is so shallow to keep blaming the previous administration. I will be the first to acknowledge that I did not approve of many decisions that GW made but I also do not believe that the country is in the mess that it is in today simply because of those decisions. Decisions over spending over the years have just caught up. My real concern is now that we are in this mess, what do we do?? I do not believe Obama and his administration, congress dems and republicans have a clue either. The scary thing is the government taking over these companies and banks and they can't even run the post office??? Go figure???

ricky   April 12th, 2009 12:15 am ET

this man has humiliated our country ,and is a disgrace to our nation,bowing to the saudi king, he shows how weak he really is and is putting our country in danger, he is the most uneducated person in world politics and I'm ashamed that he is our president,I hope this country is still standing in the next 31/2 years," I VOTE TO IMPEACH"

hugh ~ california   April 12th, 2009 1:51 am ET

You're weak. YOU humiliate our country!

Daniel Lewis Frommherz   April 12th, 2009 3:11 am ET

Larry K., I know the pirates and the Sea Captain has been talked to death. I read that the life boat is drifting and might go ashore. Wondering if a team of International Frog Men such as the Navy Seals might attach a tow line with enough space or protection that they could tow that damned thing away and give the pirates a ride they would never forget.

Pietro Sirianni   April 12th, 2009 12:31 pm ET

And by the way, Fannie Mae and Freddie Mac had nothing to do with Bush' depression. It was all the Bush administration de-regulation that almost killed America and made his buddies billionaires.

Tara , Canada   April 12th, 2009 3:51 pm ET

I disagreed with a lot of things the Bush administration did but to blame the financial fiasco on them is sheer stupidity and lack of understanding.
Look no further than Franks , Dodd and some of the Clinton policies ( otherwise I thought he was a great President ) and you have some of the culprits and if you check their records , you find the cause.
Borrowing more and more money is not going to get us out of this mess.

Aynes54   April 12th, 2009 4:27 pm ET

@ Pietro Keep dreaming Pietro....I am not the ignorant one here. You have been listening to too many liberals but hey, maybe you need to find out how much Summers made over the past years??? Actually, maybe you need to check how well Obama and Michelle did financially over the past eight years...Wasn't Obama in the sentate and didn't he vote present 90% of the time??? Actually, you might just check to see and I'll bet you did quite well over the past eight years....keep dreaming and I will check back in with you in 3 1/2 years!

Pietro Sirianni   April 12th, 2009 7:55 pm ET

I need only say:


Aynes54   April 12th, 2009 11:44 pm ET

@ Pietro...Because that is ALL you can say....I never said I agreed with the way GW did everything especially over the past few years but to put the blame totally on Bush and the past 8 years is ludicrous and very naive. What about Johnson and Tony Rezco and you still haven't answered the question that when Bush called on congress to do something about Fannie and Freddie in 2003...there is NO record of your then Senator Obama doing anything but voting "present". Maybe you should wait a few more months to see what Obama's spending is going to do to this country. You still haven't answered my statement on how much money Summers and Obama and many others in Obama's administration benefited from the past 8 years of Bush. I don't think it was just the Republicans that got rich!!

Pietro Sirianni   April 13th, 2009 7:53 pm ET

Fannie and Freddie have nothing to do with this, Bush could have used his exective power as he did so frequently in the past. Do you deny that?
Who cares about Rezco, he's a glorified real estate salesman who helped Obama purchase a house? So?
Look the republicants ruined the country, just accept that fact and move on.

Aynes54   April 14th, 2009 11:08 pm ET

Fannie and Freddie had everything to do with it...what planet are you living on??? Where was your Obama when this was all going on? I will agree that the Republicans are not without blame for many things that transpired BUT I also know that for the past two years, we had a democratic run congress...did you forget??? Run by Pelosi, Reid and Dodd ( who looks like he is in trouble in his own state for re-election in 2010) and Mr. Franks who pushed these subprime loans...It all began with the real estate market..people who had loans who did not earn enough yet YOUR congress insisted that the banks give mortgages to them. Did you forget that Obama was also involved with ACORN in making sure that these sub prime loans were given out!!! Now who has the short memory??? Seems like someone has tunnel vision. I at least will put some blame on the Bush administration but to put all blame on them is ludicrous and very childish!

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