Here’s the problem. George W. Bush is already widely acknowledged as the Worst President Ever, but he also ran the most secretive administration ever. Which means there is a awful lot we don’t know yet.
On the financial meltdown front, there are two stories that cropped up today which indicate the Bush administration’s efforts to hide the truth about the American economy.
Greenspan and Bernanke Covered Up Housing Bubble Dangers
Last Friday, the Federal Reserve released the transcripts of Federal Open Market Committee (FOMC) meetings for 2004. Unlike the edited FOMC minutes, the transcripts are kept secret for five years. Then an entire year’s worth of transcripts are released at the same time.
In some of the 2004 FOMC meetings, several Federal Reserve bank presidents and Fed associate research director Stephen Oliner pointed out alarming levels of speculation in the housing markets. Instead, the minutes reflect Greenspan and Bernanke’s position that the rise in housing prices was nothing to worry about.
Speaker Nancy Pelosi Says Bushies Hid Wall Street Credit Crisis
Talking Points Memo asked Speaker Nancy Pelosi about the crucial meeting that led to the Wall Street bailout 18 months ago:
In a meeting that evening [September 18, 2008] with Congressional leaders and staff, [Treasury Secretary Hank] Paulson, Fed Chairman Ben Bernanke, and others offered a dire assessment, and made an appeal for intervention that ultimately resulted in TARP. Bernanke and Paulson beseeched the legislators to act quickly, warning that, the entire U.S. economy might collapse in days without rapid intervention. But Pelosi had a question. “I asked them, and said, ‘Why am I calling you – why didn’t you call me?,” Pelosi said.
Good question. Like 2004, of course 2008 was a Presidential election year. Perhaps the Bush administration was hoping to quietly stave off the collapse of the financial sector until they left office.
According to Speaker Pelosi’s account:
“Here’s what they said. They said, ‘We were not allowed to tell Congress, but since you called, we’re going to answer your questions.’”
OK, I hope we can find out more about this!
174.52.112.236#1 by brewski on May 3, 2010 - 4:53 pm
As a purely factual point, you can’t call the FOMC part of the “Bush adminstration”. That is why we have an independent central bank, so that are explicitly not part of the adminstration. The Fed Chairman serves a term which is independent of the sitting president, unlike the Secretaary of the Treasury.
That is not to say that Greenspan and the FOMC didn’t get it very wrong, as I have argued here many times. And that Bush 41 and Clinton 42 did not actually appoint him. However, the Federal Reserve is not part of the adminstration the way the Justice Department is or the Treasury is.
So while your facts may be correct, your description and attribution are not.
97.117.48.159#2 by Larry Bergan on May 4, 2010 - 1:18 am
Of course that didn’t happen, but due to our “watchdogs”, (lapdogs), in the media, Americans are confused as to who actually caused the problem. Most of the world isn’t! Maybe our inability to know what’s going on around us is due to our crappy, limited internet. Comcast and others, possibly including the FCC, seem more then happy to keep it that way despite overwhelming opposition from, virtually, everybody in America.
Americans are very busy trying to keep the dream going, but we are losing.
97.117.48.159#3 by Larry Bergan on May 4, 2010 - 1:22 am
If we lose the internet, our only option will be to try and figure out how to peacefully and legally take over the TV station. Good luck with that, Bubba. Break out the sound and microwave cannons!
Are sound cannons and microwave cannons conspiracy stuff?
Nope!
Is the “main stream media” reporting on sound cannons or microwave cannons?
Sorry, but nope.
166.2.124.88#4 by Richard Warnick on May 4, 2010 - 9:21 am
brewski is right, the Fed is supposed to be independent. But there is plenty of evidence that Alan Greenspan acted on political motives.
97.117.48.159#5 by Larry Bergan on May 4, 2010 - 9:51 am
Let me clarify things. I don’t have sound or microwave cannons. The people who are paid to subdue us do. They are only looking out for their families.
Richard:
Do you believe we have microwave or sound cannons?
Sorry for the hard question!
166.2.124.88#6 by Richard Warnick on May 4, 2010 - 10:02 am
Larry–
All I know is what I read on Danger Room. There are several non-lethal weapon systems in various stages of development, for example: microwave “pain beams” and sonic blasters. For some reason, these have never been deployed where they are needed, at checkpoints in Iraq and Afghanistan.
The Sea Shepherd whaling protest group is pioneering the development and use of non-lethal weapons at sea.
I’m pretty sure that the Federal Reserve and Wall Street are unarmed, except for what Warren Buffet once called “financial weapons of mass destruction.”
97.117.48.159#7 by Larry Bergan on May 4, 2010 - 11:43 am
As far as I can tell, non-lethal weapons have only been used in Pittsburgh; USA.
But the links are invaluably valuable, nonetheless!
174.27.131.58#8 by Selma Payne on May 10, 2010 - 11:17 am
Mr Warnick, In case you haven’t noticed we are now into the second year of Obamastruction. I am laughing my head off that you are still trying to dredge something up on Bush when your golden boy is flopping big time at every turn. You can say he got his healthcare adgenda passed but if you take a closer look it is not what he had lobbied for and it is not something to be proud of. If such a piece of legislation were to have been generated by conservatives you would have had every right to cry foul. But you remain silent on such issues as the failure to close Guantanamo or getting out of Iraq etc. Going even further we see that Obama has no idea what to do about oil rig explosions except jumping on the news and saying he won’t let this become his Katrina. Well, what do you think it is becoming? If there is a National crisis shouldn’t the government get in and start cleaning up? We can talk about who is going to pay later but right now we need to act. You libs are amazing, I am so amused by your blindly following the pied piper that you don’t see the precipice that you are all being led.
Now I see that you are going to attack your own best hope for the state of Utah and try to oust Matheson. And to think that you call yourselves the more intelligent party? Looking down your noses at the rednecks who vote for the republicans because they will protect gun rights.
You are a socialist and your blog is a vehicle to promote the new communism. This is not an accusation but is clearly evident by your posts. Any first year student can see the direct correlation to your blog and to communistic propaganda. Fascism, socialism and communism all thrive on the fear and panic of the masses to get them to surrender their freedom for a chance for some security. In the end they are neither free nor secure.
64.80.146.66#9 by Uncle Rico on May 10, 2010 - 12:48 pm
After cheerleading W’s brand of neo-fascism for almost a decade, any conservative who can accuse “the left” with a straight face of using fear and panic to get the masses to surrender their freedom for security has got to have balls the size of Alaska (figuratively speaking, of course).
64.80.146.66#10 by Uncle Rico on May 10, 2010 - 12:53 pm
In moderation.
12.73.19.32#11 by cav on May 10, 2010 - 1:14 pm
Madam Pain, lest we forget; the McCain/Palin regime would have made the situations you’re describing look like a Golden Age of Liberalism.
We libs truely are amazing. Thanks.