Finger-Pointing in Financial Crisis Is Directed at Bush

New York Times ^ | September 19, 2008 | MARK LANDLER and SHERYL GAY STOLBERG

[politicket]

Read Article II Section 3 of the U.S. Constitution and get back to me...

[politicket]

I direct your attention to this:

http://www.whitehouse.gov/infocus/homeownership/

And I quote:

"The Federal Government must not prolong necessary corrections in the housing market, bail out lenders, or subsidize irresponsible borrowing and lending, at the expense of hard-working people who have played by the rules. GSE reform and FHA Modernization represent the appropriate next steps to address the housing downturn by creating a stronger and more effective regulatory regime for Fannie Mae, Freddie Mac, and the Federal Home Loan Banks. More effective regulations would help ensure that these firms do not take actions that place taxpayers or the financial system at increased risk." (Emphasis theirs)

[politicket]

Please refer to the following link:

http://www.whitehouse.gov/infocus/achievement/chap7.html

I quote:

"The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership - including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade."

And again, I quote:

"President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs."

And, yet again I quote: "The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone."

And, lastly I quote:

"The President proposed $2.7 billion in USDA home loan guarantees to support rural homeownership and $1.1 billion in direct loans for low-income borrowers unable to secure a mortgage through a conventional lender. These loans are expected to provide 42,800 homeownership opportunities to rural families across America."

I think that my argument holds pretty accurately...

[ex 98C MI Dude]

You have an awfully wide reading of that.

I am presuming you are speaking of the “Measures as he shall judge necessary and expedient” portion, yes?

[raybbr]

And I suppose it was President Bush that was responsible for the reckless loan practices of these failed investment banks.

You can want it not to be Bush's fault all you want. The truth is something else. Bush pushed for the subprime mortgages just as hard as anyone else.

Go here. A lot of what happened happened under Bush's administration and his crony HUD secretary appointees Martinez and Jackson.

Prior to HERA, the Secretary of HUD was the mission regulator for the GSEs, with oversight authority to ensure that both GSEs complied with the public purposes set forth in their charters. HUD had general regulatory authority for oversight responsibilities, which included establishing housing goals; monitoring and enforcing compliance with housing goals; new program approval; collecting loan-level data from the GSEs on their mortgage purchase activities; making available to the public a database on non-proprietary GSE loan purchase data; and ensuring GSE compliance with fair lending requirements.From here.

Maybe this is why Bush is pushing just as hard as the dems in using your and my money to bail out Fannie and Freddie.

Go to this thread and read the links.

[reasonisfaith]

No, it’s not Bush’s fault. The democrats are to blame.

The current financial crisis is simply part of the normal cycle of a system in which there is too much government intervention in the markets. The cause of this system is democrat behavior.

The Clinton administration, suffering from full blown leftist ideology, wanted to dictate that loans be given out based on inappropriate, non-economically based criteria. Throw in the obligatory incompetence of government bureaucracy and this is what you get.

[r9etb]

He has done a horrendous job at managing the U.S. economy.

What, precisely, is that supposed to mean? How does a president "manage" an economy?

[politicket]

You can want it not to be Bush's fault all you want. The truth is something else.

I never said that it was all Bush's fault. I said that it is Bush's responsibility during his watch and he largely failed.

If you can't see Bush's Socialistic economic tendencies in my previous posts then I don't know what else I can say.

We all know the games that the Demonrats played. That's a given. However, Bush gave in far too many times.

Aside from economics, Bush was/is a very good President.

[HighlyOpinionated]

Congress is to blame. There was a bill in 1999 that was brought before Congress to rein in mortgages being given to marginally eligible people. Congress laughed that one under the table. There was a bill by Sen. McCain in 2005 to try to tighten the eligibility for mortgages, it, too, went no where.

GREED, nothing but pure GREED, is the ultimate reason for the stock market crash.

American Middle Class still has their ability to recover . . . because we are a people who know how to pick ourselves up, dust off the dirt, and get back to work. We may go down, but we don’t go ‘out.’ We may have hard times, but we have friends and community who understand and who lift a hand. (The Federal Government doesn’t need to take our money and spread it out. We’ll give to charity on our own and we’ll help our own neighbors.)

It may take a while, but the stock market will go up again and oil prices will come down again and house sales will recover, too.

The USofA is still the best place in the world to live.

[politicket]

Sorry,

I misread your post and didn't read the 'not' correctly...

[EVO X]

http://www.ustreas.gov/press/releases/js2369.htm

[reasonisfaith]

If Bush acts like a democrat and thus contributes to a small extent to the crisis and chaos driven mostly by the behavior of leftist democrats, the lesson for all of us is not that we should be sure to point the finger at him.

The lesson for us all is to fight against the democrat ideology at all times. We must oppose them at all costs.

[politicket]

How does a president "manage" an economy?

I realize that words mean things - and "manage" was a poor term for me to use.

I should have said: "It is his job to lead and make sure that the given laws are applied in a proper manner that is befitting to the protecion of the United States." He didn't do that in the economic arena for the most part - especially when it came to him seeming to want a home in every pot.

[politicket]

The current financial crisis is simply part of the normal cycle of a system in which there is too much government intervention in the markets.

I beg to seriously differ, my FRiend.

Do you realize that there should have been a bank run beginning Friday morning? They delayed it a little while, but their "solution" isn't going to work. The derivatives market is a steam cooker that is about to explode.

[politicket]

GREED, nothing but pure GREED, is the ultimate reason for the stock market crash.

I wholeheartedly agree.

It may take a while, but the stock market will go up again and oil prices will come down again and house sales will recover, too.

This can't and won't begin to happen until the market is allowed to correct itself. All they're proposing to do right now is put more tension in the spring.

[Freedom_Is_Not_Free]

It has been a short while now since my posting evidence of problems in the economy and banking haven’t been rewarded with replies of “you are a doom and gloom troll helping the Dems elect Obama”. Fannie and Freddie collapse, more people seem to be on board that there is real, severe trouble in Financial Land. I can understand all the hate I got since cynicism of the MSM runs high and I can see why many people here would not put it past them to completely make up problems in the economy from whole cloth in order to support their boy. I for one hate to see the MSM given ammuntion to shoot me, but the sad reality is, this is one of those times when all the MSM has to do is tell the truth and it works pretty well in their favor. All they have to do is cover up a few little inconvenient truths.

That said, lets look at the facts.

FACT: The economy is hurting.

FACT: The US financial system is on the brink of collapse.

FACT: Both political parties are complicit in causing this crisis. Neither can point to the other and honestly claim greater culpability.

FACT: The MSM will spin this to put all the blame on Baby Bush and tie McCain to Bush until they are joined at the hip.

FACT: The American electorate are none too bright and those who are still undecided are gullible enough to be swayed by propaganda.

The facts end there, but I am still sticking to my prediction that an avalanche of negative ads about the real dangers in the economy by Obama in the last two weeks of the campaign will lead to an Obama victory.

FACT: Then, I shoot myself...

[politicket]

Your link speaks volumes - if people will actually take the time to read it.

[Freedom_Is_Not_Free]

Wow! 67% support is FABULOUS for McCain from a TV station poll in downtown San Francisco!

[politicket]

FACT: Then, I shoot myself...

Naw....God is in control of all events. We are simply to remain faithful to Him in all things.

[Freedom_Is_Not_Free]

Just another irrational Bush-bot who wants to pretend ALL sins are committed only by Clinton and the Democrats, while Bush and the Republicans are squeaky clean innocent little lambs. The FACT that you are too blind to see and too scared to want to learn is that both are equally culpable. Both wanted the fun and games and automatic re-election of all incumbents that comes from a roaring economy. Neither party gave a damn if everything collapsed as long as it didn’t collapse on their watch, and most of them are too power-mad and stubborn conceited to bother to ask anyone of economic expertise if a collapse could come from their short term idiocy.

If ignorance is bliss, then Bush-bots are very happy indeed!