Internal GOP Memo Attacks Bush Handling Of Economy

The Plum Line:

An internal GOP memo prepared to brief some House Republicans as part of an ongoing probe into the Bank of America-Merrill Lynch deal takes direct aim at an unlikely target: Former President George W. Bush.

The memo directly blames Bush's handling of the economic meltdown, and it coins a striking new phrase linking Bush and Obama and blaming both administration's bailout policies in tandem for exacerbating the meltdown: "The Great Bush-Obama Economic Intervention."

Read the whole story: The Plum Line

Comments

[MacQ]

Interesting: the memo actually condemns both Bush and Obama, but the headline only mentions Bush.
Apparently posters here only read that part (and they know it).
It's the sign of a propagandistic bent in a publication when they do that. Huffpo qualifies.

[jsgaetano]

It's because the GOP blaming Obama when they stub their toe or get a flat tire isn't news.

You won't see reports talking about the sun rising in the east, either.

[1differentdrummer]

Well, duh. Why don't we call it what it is, the Great Republican-Bush recession/­depression­? Rs need to wear the current economic meltdown albatross with Iraq around their necks. Two of the most disastrous events/movements in our history, Iraq and deregulation, have been brought to us by the Republican party. In poker, cards call themselves, shouldn't it be that way in politics? The R party tries to break the Pottery Barn rule, they broke it but don't want to own it. Reagan/Bush/Bush, the gifts that keep on giving.

[jsgaetano]

It's actually more of a depression than a recession.

They just keep fudging the numbers so they don't have to use the "d" word.

[Dodgeyaussie]

That's just hilarious

[Mas]

The watershed moment was March 2008, Bears & Stern failure. The administration then along with the Congress played the clock out. Word was leaking of the financial situation, but reread the news from March on, and see how the information flowed. During the month of April the public was treated to a whole month of Rev. Wright, 24 hour coverage, May and June the public was treated to the DNC convention and how it would play out. The PR people was on the news talk channels pushing non news. A flood was coming and those in the trusted position, just let the dam burst.

The people who let the dam burst just walks away and receive book deals that will make them money. While the guy who mut allow more water to cross so that the flow is not overwhelming and can be redirected while the dam is repair, gets to hear how he is changing the face of the America they know. Which is what exactly? That America with some Americans who tells you nothing is wrong, whiole they move their family out of harms way? After all, how many of those screaming the loudest, Rush, Hannity, Glen Beck, etc. are financially hurting? Close to losing their home or their children will not be able to attend college? Are they screaming the loudest so no one ask the question that in this hard time their income is increasing? While their supporters claim they are losing healthcare, their homes.

[Cunningham]

GOPers pillory others while not owning up to their huge role in creating our financial woes. Typical.

[MajorKong]

It wasn't that long ago they were all tripping over each other to prove who loved Bush the most.

Now they want to throw him under the bus.

[jsgaetano]

The must have caught "Bush Derangement Syndrome".

[gatogato]

Why is this a surprise? The "CEO" President failed at every venture before he went into politics.

[WilliamP]

“Given the role of government policies in creating the conditions for the housing bubble which caused the financial crisis, it is remarkable that the prescription of the Bush Administration and the Democratic Congress was more government intervention in the economy...”

This argument is way too simplistic: government brought about the crisis, so government can't help resolve it. By this reasoning, I suppose they should also have opposed the troop surge in Iraq because sending troops there caused the problem in the first place. Economic stimulus and bailouts didn't cause the housing bubble, so it's silly to lump them in with interest rates policies that did.

[jsgaetano]

It's all pretty simple-

Republican championed deregulation allowed banks to write fraudulent predatory loans and sell them to financial companies who would claim those loans were no-risk investments.

Then, deregulation and the Credit Default Swap market allowed insurance companies to gamble risk-free using federally insured money.

The entire house of cards was kept propped up until just before the "fiscal conservatives" left office, handing over another Great Depression for the next president to clean up.

[Quaoar]

How long before Fox News identifies Bush as a Democrat?

[WilliamP]

How long before they stop refering to John McCain as "President McCain"?

[RoofinReality]

Hadn't heard that one. But Bush as a Dem is not far down the road.

[iceage7]

Had obama done nothing we all lose our bank deposits and the catasrophic melt down that would take place. Wether you like it or not banks are essential for an economy. Look at any country that has had a bank melt down and the consequences are catastrophic. Obama had to do something. Things could have been worse. Look at the stock market, your 401k there has been some improvement. Its just that Americans live in a microwave society wereby they want things done right away. Hold your horses this situtaion will take 4 years or more to get back to normal if ever. No president has the magic wand to correct the economy at a whim. If you believe the repubs stop drinking the cool aid.

[Xaero]

The money is a short-term bandage for a catastrophic melt down will likely occur anyway but with even more dire consequences this time, such as an unprecedented country defect that makes even California look rich.

In reality our financial problem isn't one that can be solved simply by throwing money at it.

[HighPlainsDrifterToo]

The deficit is projected to be 20 trillion by 2020. No one is getting us out of this mess. The big banks have caused alot of our problems .They have far too much political influence. Paulson and many others belong in prison.

[vagabondvet]

The FDIC is a double-edged sword. For one, it invalidates your comment because the "catastrophic meltdown and loss of bank deposits" is avoided by not forcing depositors to examine their bank to see if it is insolvent or not and be prudent when they deposit their money. But at the same time, banks don't have to worry about losing depositors even when they are insolvent.

Our bailout nation is the new normal; there is no waiting for four years. But, all this "doing something" is a recent phenomenon that started in the Great Depression. Before that, there were no depressions, no long term economic downturns, and the banking panics that did occur only lasted for 18 months to two years at most. 19th Century economic policies created a long-term deflationary boom, interrupted by a few minor banking panics and wars. The 20th Century was an inflationary boom interrupted by government-created busts and the worst wars in history.

[SmootyBooty]

hmmm. so it's up to the consumer to make sure the managers aren't stealing?

[iceage7]

When i read this i said man this guys are blaming bush and then a few sentences later i see Obama.
They just cant not avoid to blame Obama for anything. They just had to. Now they are going to tie obama to the economic meltdown. Obama/bush meltdown. They just had to. when are they going to blame Obama for MJ's death.

[lungfish]

I have to wonder what we would be dealing with right now if Obama spent nothing and we just let it all come down... would the GOP on this list be blaming Obama for doing nothing? The fact is that the mess he inherited was created by the GOP and their enablers and try as they might they will always be known as Bush's party, the Party of Deficit, the Party of War on False Pretenses, the Party of Revenge on Joe Wilson, the Party of War with Iraq no matter what, the Party of No, the Party Against Science, the Party of Rascists, The Party of Corporate Interests, The Party of the Superstitious Right, and so on...
They can blame Obama all they want to and they will but unitl they read their history and learn the facts, they will continue to be just childish whiners....

[vagabondvet]

The Republicans are a great opposition party, they just suck when it comes to actually being in power. Imagine if the Democrats had been a "Party of No" and wanted President Bush's policies to fail; we might not have ran massive debts, started two unwinnable wars, or have to live under FISA or the Patriot Act. Being a Party of No has it's positives.

[lungfish]

I get your point but don't agree with the analogy... Essentially the US went Fascist after 911. I remember how nasty it was to criticize Bush and Cheney right up to 2006 or so. Any suggestion that malfeasance was afoot was met with flag drapped accusations of treason...
Now, except in the small numbers here on Huffpo I haven't met a Republican who will admit it and admit to voting for Bush in about two and a half years... and I meet a lot of people in my day.
The Dems would have had no effect on the GOP. They would have been vilified even worse, that is why a lot of them enabled the GOP out of fear of losing their offices. Nothing could be done because the GOP had control of everything and appointees until 2006 at least.
Now comes the accounting and I think its critical to conduct trials where warranted, disbar the attorneys, and take our country back from those who rode the Fascist agenda right into the ground...

[kjo46]

Joe Lieberman is a shonda for the goyim.

[Xaero]

The Obama administration is just as guilty with the huge stimulus bill and all the bank, GM bailouts, which just give government more control of the business which it shouldn't have.

Rest assured that the financial irresponsibility of both administrations will impact us and our children decades into the future; optimistically assuming future administrations don't make financial matters worse.

[Sweetbay]

So you didn't see a problem with another 7 million workers thrown out of work and the entire banking industry bringing global commerce to a screeching halt?

Sometimes, (and this is one of them) everything isn't obvious and as simple as we imagine it.

Globalization has created a complex web of business interests all interconnected and dependent.

Government is not in the business of being in business and this government is no different. But, these are different times and drastic action was necessary.

Hang in. It's all going to get better, but you must have patience. As the saying goes, Rome wasn't built in a day.

[MIKEBC]

Barack didn't put into place any of the economic policies that took us to where we are now, Bush will be the face of the GOP party for 20+ years.

[MacQ]

Actually, Mr. Obama's policies and actions have made the situation worse. He's bush on steroids.