It wasn't the left that exempted credit default swaps from regulation. It wasn't the left that pushed the notion that Wall Street could be largely self-regulating. And although the left pushed the notion of lowering credit standards for home ownership, the Bush Admin went along with promoting higher rates of home ownership at the expense of creditworthiness of mortgages.
As long as folks on the right deny the GOP's role in the financial crisis, we will have no credibility with independent voters.
It WAS the left who blackmailed the banks making bad loans in the name of “affordable housing”. Bush did NOT “go along”, he in fact protested twice, only to have Franks and Dodd suggest it was racist not to cooperate.
It WAS Paulson from Goldman Sachs that gave Bush such bad advice.
Wall Street regulation, or lack thereof is a red herring.
The September 15th run on U.S. Treasuries WAS in fact an orchestrated effort, when $550 Billion were called in less than 2 hours. That was the catylist for the banking problems.
although the left pushed the notion of lowering credit standards for home ownership, the Bush Admin went along with promoting higher rates of home ownership at the expense of creditworthiness of mortgages
Under Clinton home ownership rates went from 63.7 to 67.5 NEARLY 4 percent. Under Bush those rates went from 67.5 to 68.4 or LESS THAN A percent.
http://angrybear.blogspot.com/2007/07/comparing-presidents-home-ownership.html
So, perhaps more of the blame goes to the lefties?
AND
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html