What was President Bush warning about when he said the following in 2002?
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, Government-sponsored corporations that help create our mortgage system—I introduced two of the leaders here today; they call those people Fannie Mae and Freddie Mac—as well as the Federal Home Loan Banks will increase their commitment to minority markets by more than $440 billion. I want to thank Leland and Franklin for that commitment. It’s a commitment that conforms to their charters as well and also conforms to their hearts. This means they will purchase more loans made by banks to African Americans, Hispanics, and other minorities, which will encourage homeownership.
Read more at the American Presidency Project: George W. Bush: Remarks at St. Paul AME Church in Atlanta, Georgia http://www.presidency.ucsb.edu/ws/index.php?pid=62687#ixzz1l4dHkgZP
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How soon they forget. There was no pushback from the Bush administration nor was there any initiative when they had a veto proof congress.
How was he supposed to know in '02 that the Democrats would allow and even encourage the meltdown or that he wouldn't be able to do anything to stop it? I suppose not being able to see 6 years into the future is an impeachable offense.
Of course, even with the crash looming they were all working behind the scenes to prevent it while not making statements that would shake the markets. That's what the '08 tax rebate checks were about. Try reading the other side, you'll learn something.