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Monday, December 22nd, 2008

Bush’s Role in the Economic Crisis

In the midst of a global economic crisis, President Bush has asked “How did we get here?”, according to sources close to the president.

Well, the New York Times has an answer for him.

A recent article said that Bush’s own policies and actions contributed to the economic collapse---and it has supporting evidence to back that claim.

The article contends Bush loudly pressed to expand homeownership (especially to minorities), much to the happiness of some of his largest campaign donors who were set to benefit from that approach.

The article further said that Bush’s policies on the housing market and his “hands-off approach” to industry regulation encouraged laid-back lending criterion.

If you’re struggling to make it through these tough times, check out Total Bankruptcy  for filing bankruptcy information on how you may be able to eliminate or reduce your debt.

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Posted in Bankruptcy and the Economy | 1 Comment »

Thursday, November 13th, 2008

Bush & Obama Front Line: What to Do About the Car Industry?

In his first press conference since he was declared the 44th president, Obama said that the U.S. auto industry is “the backbone of American manufacturing” and that the Bush administration should “do everything it can to accelerate the retooling assistance”.

At their Nov. 11 White House meeting, Obama stayed on this track and urged Bush to set aside $25 billion of the existing $700 billion bailout package for the limp auto industry.

It was reported that Bush “balked” at the idea of extending the rescue bailout package to businesses other than the banks and financial institutions.

But Bush reportedly told Obama that he was open to faster implementation of the separate $25 billion car-industry loan package that passed by Congress in September, which was designed to encourage the creation of more fuel-efficient cars.

He said he was hesitant to provide any more money than that.

Meanwhile, the Detroit-based auto industry is begging for help.

Stay tuned to Total Bankruptcy for more information as it develops.

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Posted in Bankruptcy and the Economy | No Comments »