[1rudeboy]

See, read, listen, and weep:

Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown.

[dragnet2]

Forget your timeline...

Here’s Bush’s *own* words, in a speech pushing home loans for totally unqualified minorities.

http://www.youtube.com/watch?v=MqR15H0gNBU

[Pelham]

“See, read, listen, and weep:”

There’s nothing in that video indicating that Bush &Co were concerned about subprime lending.

And for good reason because that never was their concern about Fannie and Freddie. You can see what their worry was in the McCain clip where he states that it is the ‘sheer magnitude’ of the two companies.

They were worried about the capitalization ratios of the two GSEs, which incidentally happened to be public companies listed on the stock exchange. There was no legal requirement for the American government to backstop them.

In the end it didn’t matter what stodgy Fannie and Freddie were doing as they were dwarfed by their private sector rivals who were cranking out trillions of dollars of high risk paper and that’s where the meltdown began.