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To what extent is the Wall Street meltdown that started in September 2008 really a consequence of the policies and actions of George W. Bush? Jo Becker, Gay Stolberg and Stephen Labaton have at this question in Saturday’s New York Times. I put it aside to read until this morning, and after shoveling snow (well, you can’t really call it “shoveling” when you need a hammer and chisel) finally got to finish it:
There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk. But the story of how we got here is partly one of Mr. Bush’s own making, according to a review of his tenure that included interviews with dozens of current and former administration officials. From his earliest days in office, Mr. Bush paired his belief that Americans do best when they own their own home with his conviction that markets do best when let alone.
He pushed hard to expand homeownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.
Even at 5,000 words this is not an in-depth examination, but it seems reasonable as a survey. Still, there is much, much more to be learned. And look at the White House’s response to the Times broadside. It’s so lame you could almost append it to the charge sheet as “Exhibit A.” In a 600-word rejoinder, the White House finds no actual mistakes and focuses its charge on the Times’s failure to hold Congress to blame—as if Congress were the source of economic policy. The response also ignores the fact that, as the recent bailout votes show, Congress has done Bush’s bidding for eight years.
More from Scott Horton:
Conversation — August 5, 2016, 12:08 pm
Sidney Blumenthal on the origins of the Republican Party, the fallout from Clinton’s emails, and his new biography of Abraham Lincoln
Conversation — March 30, 2016, 3:44 pm
Joseph Hickman discusses his new book, The Burn Pits, which tells the story of thousands of U.S. soldiers who, after returning from Iraq and Afghanistan, have developed rare cancers and respiratory diseases.
Flor Arely Sánchez had been in bed with a fever and pains throughout her body for three days when a July thunderstorm broke over the mountainside. She got nervous when bolts of light flashed in the sky. Lightning strikes the San Julián region of western El Salvador several times a year, and her neighbors fear storms more than they fear the march of diseases — first dengue, then chikungunya, now Zika. Flor worried about a lot of things, since she was pregnant.
Late in the afternoon, when the pains had somewhat eased, Flor thought she might go to a dammed-up bit of the river near her house to bathe. She is thirty-five and has lived in the same place all her life, where wrinkled hills are planted with corn, beans, and fruit trees. She took a towel and soap and walked out into the rain. Halfway to the river, the pains returned and overcame her. The next thing Flor remembers, she was in a room she didn’t recognize, unable to move. As she soon discovered, she was in a hospital, her ankle cuffed to the bed, and she was being investigated for abortion.
Average number of new microwave food products introduced every day In 1987:
Cocaine addicts prefer $500 in cash now to $1,000 worth of cocaine later.
Scientists in the Galápagos Islands credited an endangered giant tortoise named Diego with saving his species by fathering more than 800 offspring.
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“Matt was happy enough to sustain himself on the detritus of a world he saw as careening toward self-destruction, and equally happy to scam a government he despised. 'I’m glad everyone’s so wasteful,' he told me. 'It supports my lifestyle.'”