What was George Bushs biggest mistake in his 8 years?

[CHOPTALK]

This is a question for everyone.
There are plenty of mistakes to go around for sure.

If I would have to say one it would be Bush removing the 16 to 1 leverage on the banks.

Meaning that the banks no longer has to have at least $1 for every $16 that they lend out.

Then they combine that problem with the lower requirements for credit.

This caused the banks to be way over leveraged like never before.

Now they have less leverage because the 16 to 1 ratio is gone, now its more then twice that, and the default rate on loans is at an all-time high.

Combine these two things, and this is the reason why we are here right now.

I think this was the biggest mistake. Bigger then IRAQ.

Whats your thoughts?

 

[levistep]

Why would they have less leverage now because the 16:1 ratio is gone?

 

[BetIt]

He made mistakes?

 

[CHOPTALK]

Why would they have less leverage now because the 16:1 ratio is gone?

They were required to have $1 for $16 that they lended out, now they dont even need that.

They can lend fake money that dont even exist without anything to back them up if the loans default.

You do realize that when a bank lends you money that they are not lending you real money dont you? All they are selling you is zeros on a computer screen. They use to have to have at least $1 for every $16 that they lent though. Now they dont even have to have that.

So when these loans default, they have no money to pay the obligation because they lended money that they never even had to begin with.

 

[levistep]

They were required to have $1 for $16 that they lended out, now they dont even need that.

They can lend fake money that dont even exist without anything to back them up if the loans default.

You do realize that when a bank lends you money that they are not lending you real money dont you? All they are selling you is zeros on a computer screen. They use to have to have at least $1 for every $16 that they lent though. Now they dont even have to have that.

So when these loans default, they have no money to pay the obligation because they lended money that they never even had to begin with.

If it goes from 1:16 to 1:32 that means they have more leverage. The leverage goes from 16:1 to 32:1. I agree with you very strongly that this move was very bad and hurt the economy significantly. I'm not sure if this move was the worst move, but it was definitely the worst move that no one understands. Everyone knows about Iraq, but no one knows what changing the reserve ratio does. Anything less than 1:1 is fraudulent.

 

[Risk44]

Getting elected.

 

[zeeman]

Abandoning the War on Bin Laden, to invade Iraq!:money8:

 

[paftraft]

Bush biggest mistake was running for president in the first place. He should have known himself better. Invading Iraq & having Alberto Gonzalez serve as AG top the list!

Only such an ineffective president such as Bush could have possibly lead to the ascension of a lightweight like Obama to be his possible replacement!

 

[steaktartar]

Bush biggest mistake was running for president in the first place. He should have known himself better. Invading Iraq & having Alberto Gonzalez serve as AG top the list!

Only such an ineffective president such as Bush could have possibly lead to the ascension of a lightweight like Obama to be his possible replacement!

agree with post 100%

 

[cincy_]

Bush biggest mistake was running for president in the first place. He should have known himself better.

Yup ... it's like me going to coach the New England Patriots, fucking up the franchise and then asking what my biggest mistake was.

Hey, I have a question:

What was Saddam Hussein's biggest mistake?

 

[Uno]

iraq. give the country that 600B and 4000 lives back and see what we can do with it.

 

[mamatried]

Not conceding Florida to Gore.

 

[Uno]

Not conceding Florida to Gore.

haha, who knows how screwed up things would be.

 

[rolltide]

entering into the SPP with our border neighbors

 

[Doug]

not getting assassholeinated

 

[barman]

What was George Bushs biggest mistake in his 8 years?

SH: Likely one of his biggest errors is one that was made and continues to be made by higher level federal elected officials (including notably John McCain at this moment).

That is, Ignoring the Internet for the communication vehicle it is in the 21st century.

I'm fairly confident that Bush - along with many higher level federal officials both Repub and Dem - if quizzed today would still give a dismissive shrug in response to the potential power of the Internet for both uniting and also potentially dividing the American electorate.



In similar vein, Bush's equally big mistake during the past eight years is telling lots of whoppers to the American people in an era where if you tell whoppers you get caught virtually within a few hours at most.

Historically, politicians of all stripes have been able to pretty much lie their asses off without much fear of being brought to task.

In the 21st century that is becoming harder and harder to do.

Elected and/or appointed officials who continue to ignore this incredible social paradigm shift do so at their own political peril.