Comments on: Headline: ”Bush Apologizes For Economic Woes” http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/ Come for the comics, stay for the off-topic political discussions Tue, 16 Mar 2010 14:32:45 +0000 http://wordpress.org/?v=2.3.1 By: Lola http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11876 Lola Thu, 04 Dec 2008 21:46:58 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11876 ha ha ha haaaaaaaaa ha Great headline DP. ha ha ha haaaaaaaaa ha Great headline DP.

]]> By: DPWally http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11874 DPWally Thu, 04 Dec 2008 19:21:59 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11874 "Bitter Bill doesn't know own stories" “Bitter Bill doesn’t know own stories”

]]> By: CIDU Bill http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11868 CIDU Bill Thu, 04 Dec 2008 18:30:47 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11868 You're right about that, Wally: I've heard that complaint from reporters often (and on the other side of the coin, I had an uncle who did some of the headline-changing for a Major Metropolitan Newspaper, but only when "absolutely necessary"). I've also had the titles of at least one magazine article and one short story of mine changed without my having been even told ahead of time -- which doesn't necessarily relate to all this, but I'm still bitter. You’re right about that, Wally: I’ve heard that complaint from reporters often (and on the other side of the coin, I had an uncle who did some of the headline-changing for a Major Metropolitan Newspaper, but only when “absolutely necessary”).

I’ve also had the titles of at least one magazine article and one short story of mine changed without my having been even told ahead of time — which doesn’t necessarily relate to all this, but I’m still bitter.

]]> By: DPWally http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11863 DPWally Thu, 04 Dec 2008 17:21:42 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11863 It's unfortunate that publishers sometimes change headlines without consulting the reporter who wrote the story. No one who read and understood the quote would put "apologizes" in the headline. Bush's "sorry" was intended as empathy, not apology. As in "I'm sorry for your loss". It wouldn't make sense for Bush, or anyone else, to apologize for the economy. It WOULD make sense for Bush to identify which of his actions contributed to this mess and apologize for those mistakes. But Bush continues to believe he has NEVER MADE A MISTAKE, EVER. So that kind of apology won't happen. It’s unfortunate that publishers sometimes change headlines without consulting the reporter who wrote the story. No one who read and understood the quote would put “apologizes” in the headline.

Bush’s “sorry” was intended as empathy, not apology. As in “I’m sorry for your loss”.

It wouldn’t make sense for Bush, or anyone else, to apologize for the economy. It WOULD make sense for Bush to identify which of his actions contributed to this mess and apologize for those mistakes. But Bush continues to believe he has NEVER MADE A MISTAKE, EVER. So that kind of apology won’t happen.

]]> By: Usual John http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11816 Usual John Wed, 03 Dec 2008 17:46:49 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11816 Mark in Boston - The thing is that there actually are ascertainable facts, though most people don't have time to spend all day figuring out what the relevant facts are. The claim that "Bush practically begged Congress to increase regulation on the banks" is based on a single legislative initiative, which would have placed stricter regulation on Fannie Mae and Freddie Mac. But Fannie and Freddie, which buy or guarantee higher-quality mortgage loans, did not really have that much to do with subprime lending. It's true that they did eventually start buying subprime mortgage loans, which was a significant factor in their being placed in conservatorship, but it was not a particularly significant factor in the overall rise of the subprime market. I can't think of any important Democratic initiatives to pass bank regulation. Democrats presumably would answer that there already was adequate regulatory authority, which is true. However, federal regulators largely chose not to act on that authority. This was not, strictly speaking, deregulation; it was a decision not to use existing authority to adopt regulations to address new risks and abuses. The initiative identified by Nicole, if adopted in its original strong form, would have had only a moderate effect, because that regulation would have applied only to banks, S&Ls, and credit unions, and most subprime lending was by other lenders. Still, it would have had some positive effect, and its adoption would have made it easier to adopt a regulation with broader impact. Mark in Boston - The thing is that there actually are ascertainable facts, though most people don’t have time to spend all day figuring out what the relevant facts are.

The claim that “Bush practically begged Congress to increase regulation on the banks” is based on a single legislative initiative, which would have placed stricter regulation on Fannie Mae and Freddie Mac. But Fannie and Freddie, which buy or guarantee higher-quality mortgage loans, did not really have that much to do with subprime lending. It’s true that they did eventually start buying subprime mortgage loans, which was a significant factor in their being placed in conservatorship, but it was not a particularly significant factor in the overall rise of the subprime market.

I can’t think of any important Democratic initiatives to pass bank regulation. Democrats presumably would answer that there already was adequate regulatory authority, which is true. However, federal regulators largely chose not to act on that authority. This was not, strictly speaking, deregulation; it was a decision not to use existing authority to adopt regulations to address new risks and abuses.

The initiative identified by Nicole, if adopted in its original strong form, would have had only a moderate effect, because that regulation would have applied only to banks, S&Ls, and credit unions, and most subprime lending was by other lenders. Still, it would have had some positive effect, and its adoption would have made it easier to adopt a regulation with broader impact.

]]> By: Nicole http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11809 Nicole Wed, 03 Dec 2008 15:15:30 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11809 Mark M Well -- when I said “trashed the country” I was talking more generically than just the economy. Could Bush or the Congress have stopped the meltdown -- there is, of course no way to know. What we do know is that the sub-prime lending played a huge part in the financial mess we are in now. We also know that Bush was warned and did nothing. This from the article I posted above "The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown" The fact is that there were warnings, the president knew about them and did nothing. He deferred once again to big business. His belief that the free market is self regulating has proven to be false and that is at least in part what has brought us to this place. Even Alan Greenspan admits this now. The free market can only be self regulating if businesses are small enough to fail and not bring down the world economy, however without regulation they continue to get bigger till they are too big to fail, negating the free market theory. This is the paradox of free market theory -- unless you really are willing to let the world economy collapse. Mark M

Well — when I said “trashed the country” I was talking more generically than just the economy. Could Bush or the Congress have stopped the meltdown — there is, of course no way to know. What we do know is that the sub-prime lending played a huge part in the financial mess we are in now. We also know that Bush was warned and did nothing. This from the article I posted above

“The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown”

The fact is that there were warnings, the president knew about them and did nothing. He deferred once again to big business. His belief that the free market is self regulating has proven to be false and that is at least in part what has brought us to this place. Even Alan Greenspan admits this now. The free market can only be self regulating if businesses are small enough to fail and not bring down the world economy, however without regulation they continue to get bigger till they are too big to fail, negating the free market theory. This is the paradox of free market theory — unless you really are willing to let the world economy collapse.

]]> By: Mark M http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11807 Mark M Wed, 03 Dec 2008 14:44:17 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11807 Nicole, I won't argue with your list. However, I thought we were talking strictly about the economy. I have a hard time believing there is much, if anything, he could have done about it. Nicole, I won’t argue with your list. However, I thought we were talking strictly about the economy. I have a hard time believing there is much, if anything, he could have done about it.

]]> By: Mark in Boston http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11795 Mark in Boston Wed, 03 Dec 2008 04:50:22 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11795 Democrats and Republicans seem to live in parallel worlds of parallel facts. When I talk to a Republican, he tells me that Bush practically begged Congress to increase regulation on the banks, but the Democrat-majority Congress we had for all those eight years refused to do it. When I talk to a Democrat he tells me that the Democrats, who were in the minority all those eight years, kept trying unsuccessfully to pass legislation regulating the banks, and Bush vetoed most of the bills that came out of Congress anyway. Democrats and Republicans seem to live in parallel worlds of parallel facts. When I talk to a Republican, he tells me that Bush practically begged Congress to increase regulation on the banks, but the Democrat-majority Congress we had for all those eight years refused to do it. When I talk to a Democrat he tells me that the Democrats, who were in the minority all those eight years, kept trying unsuccessfully to pass legislation regulating the banks, and Bush vetoed most of the bills that came out of Congress anyway.

]]> By: Tim http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11791 Tim Wed, 03 Dec 2008 03:42:02 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11791 Nicole, I agree with you. We are responsible, but WE seem to be giving the congressional leaders a bye on the economic disaster that they did nothing about until it was waaaaaayyyyy too late. They were warned years ago, but did nothing to prevent it. A few years ago, Hagel and McCain co-sponsored a bill that would have tightened regulations on Freddie and Fannie. It was killed by allllll of the democrats and a few republicans. In the end, there was not enough Republican support for Hagel's bill to warrant bringing it up for a vote because Democrats opposed it (along with a few republicans). The measure died at the end of the 109th Congress. Unfortunately, we let them do nothing and we will forget that it ever happened (some already have). Nicole,
I agree with you. We are responsible, but WE seem to be giving the congressional leaders a bye on the economic disaster that they did nothing about until it was waaaaaayyyyy too late. They were warned years ago, but did nothing to prevent it. A few years ago, Hagel and McCain co-sponsored a bill that would have tightened regulations on Freddie and Fannie. It was killed by allllll of the democrats and a few republicans.

In the end, there was not enough Republican support for Hagel’s bill to warrant bringing it up for a vote because Democrats opposed it (along with a few republicans). The measure died at the end of the 109th Congress.

Unfortunately, we let them do nothing and we will forget that it ever happened (some already have).

]]> By: Nicole http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11785 Nicole Wed, 03 Dec 2008 00:05:25 +0000 http://comicsidontunderstand.com/wordpress/2008/12/02/headline-bush-apologizes-for-economic-woes/#comment-11785 Mark -- off the top of my head Outing a CIA agent The firings in the justice department The patriot act illegal wire tapping getting us into a unjust war destroying the good the world had for us after 9/11 Enron Ignoring economic warnings Don't get me wrong -- I am no fan of congress, but they report to US -- or at least they are supposed to. If we let them go their merry way then we are responsible. The constitutions starts "We the people" - not "The congress of the United States" - We are a government "of the people, by the people, for the people" All I am saying is that if Congress is not doing what we want it to then it is OUR responsibility to fix it. Mark — off the top of my head

Outing a CIA agent
The firings in the justice department
The patriot act
illegal wire tapping
getting us into a unjust war
destroying the good the world had for us after 9/11
Enron
Ignoring economic warnings

Don’t get me wrong — I am no fan of congress, but they report to US — or at least they are supposed to. If we let them go their merry way then we are responsible. The constitutions starts “We the people” - not “The congress of the United States” - We are a government “of the people, by the people, for the people” All I am saying is that if Congress is not doing what we want it to then it is OUR responsibility to fix it.

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