Bush dismissed warnings from people inside and

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Unformatted text preview: g market was running; “top advisers to Mr. Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming”( Becker et al.). President George Bush advisors portrayed themselves as incompetent; such as, Treasury Secretary Mr. Paulson, who used to work for Goldman Sachs, did not do a good job on informing the American public the problems with the housing market. Mr. Paulson seemed to construct himself as someone with a lack of knowledge on how to inform the American people with issues containing problems with the housing market; Mr. Paulson declared, “the housing market is at or near the bottom,” with the problem “largely contained”. (qtd. in Becker et al.). This statement from the Bush administration portrayed to the American people that they did not know what was going on and could not give us specific details on what was about to come. Then, “President George W. Bush signed a $150 billion fiscal stimulus package into a law on February 13, 2008, and both monetary and fiscal policy actions were too little too late” , and fiscal policy takes years to come into effect and even monetary policy isn’t immediate. Because the stimulus package enabled the Federal Reserve to cut the Federal Funds rate, which is a monetary policy, and gave a tax rebate to middle class citizens, which is a fiscal policy; these policies came too late to fix the housing market in time before it collapsed (Sunwoong, 64). As economist Sunwoong mentioned, George Bush policies were too late. President George Bush could have prevented the crash of the housing market if he did something sooner. Nevertheless, Bill Clinton’s presidency on the employment rate has contributed to making millions of people obtain jobs and be able to provide for their families. “The Unemployment dropped from more than 7 percent in 1993 to just 4.0 percent and in November 2000”; shows that President Bill Clinton policies kept the e...
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This note was uploaded on 02/05/2014 for the course ENGL 1101 taught by Professor Kirlew during the Fall '08 term at Georgia State University, Atlanta.

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