Posted on 12/01/2008 6:16:35 PM PST by Kaslin
Housing Crisis: A new report from the Associated Press claims that the mortgage meltdown is due largely to President Bush's failure to act in 2005. Sounds plausible — until you actually look at the facts.
"The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed," the report asserts.
The report goes on to catalog what it says are Bush's crimes. Namely, that his administration bowed to "aggressive lobbying" by banks and delayed doing anything for a year. This, says the AP, is "emblematic of a philosophy that trusted market forces and discounted the need for government intervention in the economy."
All utterly wrong.
Here at IBD, we've done more than a dozen pieces — most recently, in yesterday's paper — detailing how rewrites of the Community Reinvestment Act in 1995 under President Clinton, along with major regulatory changes pushed by the White House in the late 1990s, created the boom in subprime lending, the surge in exotic and highly risky mortgage-backed securities, and the housing boom whose government-fed excesses led to inevitable collapse.
(Excerpt) Read more at ibdeditorials.com ...
Link does not work for me?
The link seems to be a bad one.
We must not lose this war on the truth.
I don’t know what happened. I asked the moderator to fix it.
for later
GWB got the blame regardless of democrats direct involvement but GWB did not sound the alarms either because he did not want an end to the boom, which was his boom. So he may have made some low key warnings but he did take credit for all the new home-owners. Democrats knew that GWB and republicans would get the blame and they got rewarded at election.
Some low key warnings! No less than 22 times. The Baker hearings in 2004. What else could they hyave done. They cowered to the real racist in America.
>>In 2005, Fed chief Alan Greenspan sounded the most serious warning of all: “We are placing the total financial system of the future at a substantial risk” by doing nothing, he said. When a bill later that year emerged from the Senate Banking Committee, it looked like something might finally be done.
Unfortunately, as economist Kevin Hassett of the American Enterprise Institute has noted, “the bill didn’t become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn’t even get the Senate to vote on the matter.”
Had they done so, it’s likely the mortgage meltdown wouldn’t have occurred, or would have been of far less intensity. President Bush and the Republican Congress might be blamed for many things, but this isn’t one of them. It was a Democratic debacle, from start to finish.<<
BS! Bush is President and he loves Executive Orders. He writes them all the time about what laws he isn’t going to obey during his administration. All it would have taken to get it straightened out would be one EO when Congress was in recess. The same goes for the oil shortage. One EO when Congress was in recess and we would have been drilling.
Bush was adding gasoline to the Democrat fire with his own American Dream Downpayment Initiative, a remarkably stupid plan for giving “free” downpayments to those who couldn’t or wouldn’t save a downpayment themselves.
The Money Masters - How International Bankers Gained Control of America
http://video.google.com/videoplay?docid=-515319560256183936&hl=en
No, Bush was not primarily to blame. But neither he nor the Republicans in congress made a genuine effort to oppose or end all those subprime loans. They were afraid to speak out against affirmative action. It did absolutely nothing to gain them any black votes, but it did wreck our economy.
Nor did Bush speak up when the crisis broke. He let the treacherous Paulson and Obama set the agenda and guide the news organizations. Not a word about who was really responsible. I wonder if Bush even KNEW who was responsible?
McCain, of course, did nothing to explain what had happened either.
This is old news. Bush, as usual, never meaningfully blunted the demrat campaign to blame subprime only on him. Fact is, he is complicit in the subprime debacle. Apparently, he is on record back in 02 or so murmering something about subprime problems. It couldn’t have been a loud murmer because I don’t remember it. And it could not have been a very long murmer, because nothing ever came of it.
So, a pox on all their houses.
LOL I read it 10 minutes ago. I guess somebody printed something that stirred to fires in DC. LOL
I doubt if McCain knows whether or not he’s wearing briefs or shorts.
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