Marlon said: While much of what Mario says is true, the problem with Mario's analysis is that he is very partisan and is not willing or able to accept the fact that President Bush (Dubya) and the US Republican party, jumped into the home ownership bandwagon that resulted in the mess that ensued. marlon menezes ----- Hi All, Reply: 1. There is a similarity between 1929 crash and today's. 2. Both US Presidents were not fit to be Presidents (Dubya and Hoover).
Partisan comments should fall on deaf ears. While Marlon says home ownership, we forget that Dubya stake/shares in oil, he wanted to keep oil flowing at any cost to boost his shares - home ownership was Republican agenda. -------- 1) http://www.whitehouse.gov/about/presidents/HerbertHoover/ - "After the crash Hoover announced that while he would keep the Federal budget balanced, he would cut taxes and expand public works spending". -------- Remember Dubya saying? "I don't know much about finance, but I know how to cut taxes". (you tube ------------- http://en.wikipedia.org/wiki/Herbert_Hoover - "Hoover easily won the Republican nomination despite having no previous elective office experience. Hoover was a professional mining engineer and author. Hoover deeply believed in the Efficiency Movement (a major component of the Progressive Era), arguing that a technical solution existed for every social and economic problem. That position was challenged by the Stock market crash of 1929. The consensus among historians is that Hoover's defeat in the 1932 election was caused primarily by failure to end the downward spiral into deep Depression. - (Does ring a bell?). Hoover's stance on the economy was based largely on volunteerism. From before his entry to the presidency, he was a proponent of the concept that public-private cooperation was the way to achieve high long-term growth". - (Ditto - Dubya's policy too) ---------- 2) Both Dubya and Hoover had money invested in stocks and shares and made a lot of dosh out of it - BUT! When it started getting out of control both did nothing, while, Joe Kennedy (JFK's father) got out of it saying - "if a shoeshine boy knows as much as I do, it is time to get out". This kept Joe in the money. Housing market is entirely a different story, Property ownership was started by Mrs Thatcher and Mr Reagan. The banks including UK banks were giving loans to people in USA who were living on Kentucky fried chicken and McDonald diet and didn't have the money to pay back the loans, it was given to them at what they now call it 'liars loan' (self certification, where by any beggar could declare they earned millions) and no checks were made to find if they did earn that sort of money. Where did the UK Bank's money go? to the USA people living on food coupons to buy houses which are now sold for $1/. ED.
