Posted on 02/14/2010 5:10:04 PM PST by bigbob
The Bush Admin and Senator McCain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis -- starting in 2002 (and actually even earlier -- in the Clinton and Carter White Houses. Democrats resisted and kept to their party line, extending loans to people who couldn't afford them -- just like you would expect of socialists.
If anyone needs a reminder why "they must go", this is it.
Tip of the hat to our friends up Nort': http://www.proudtobecanadian.ca/
These Demorats want to destroy AMERICA annd they will bend the Truth or tear it appear to fit their agenda..
Republicans and Dims are all responsible for Freddie and Fanny - they all took money from the lobbyists to look the other way...
ping
After this initial uptick, the two banks purchased $434 billion in securities backed by subprime loans between 2004 and 2006. The Washington Post noted this June that the GSEs' aggressive acquisitions "created a market for more such lending" by others, feeding the fire. No one knows just how big a bite the subprime mess is now taking out of the GSEs, or how much of that portfolio will ultimately go bad, but it has become axiomatic that, whatever the total, it is too much, since it will have seriously shaken confidence in these two linchpin institutions.
That June Post story focused its critical reassessment of HUD's affordable-housing goals on the department's 2004 decision—during the Bush re-election campaign—to juice them up again, pushing the target to 56 percent by 2007. From here.
And McCain should have said something about this every 20 minutes during his campaign — but said nothing. Imbecile.
btt
What a pity McCain and Bush didn’t tell the story during October of 2008, when the crisis broke and when it was most important to tell what had actually happened.
Don’t know for certain, but I’m afraid there might have been too many sound bites of Bush bragging about his “ownership society” and about the increase in minority home ownership. And who knows what McCain might have supported over the years. The story does need to be told, but the most crucial time to tell it has already been missed.
Several are probably writing books about now.
One can argue that Bush and Co. should have done a better job on pressing this issue to get reform passed instead of just letting it die. That’s one of the failures of the Bush Administration is that they, at many times, had no back bone to push their agenda. But then again, Bush is/was a RINO.
That is the most important article that I ever posted here on FR.
Yes, bless you and I tried to ping the members I thought would read it.
yeah it was embarrassing that we had to remind mccain that he warned against freddie
And as usual Bush just sat back and let the rats lie and didn’t say a word in his own defense. He should have called a press conference and played the video for everyone to see. That is the main thing I had against Bush. He let the libs and MSM define him. He never fought back and it hurt him and us badly. It also gave us Obama.
I said to a fellow co-worker, “Karl Rove has an outstanding article in today's WSJ.”
While I was reading a couple of paragraphs of this article to her, an attorney overheard and came out of his office to see the article on my computer screen.
Bush never once vetoed a budget. Not once.
It’s his baby.
Bush gave us No Child Left Behind spending. With Ted Kennedy more drug spending.
He was a compassionate( i.e., big spending ) conservative.
My only problem with this is that Republicans had unprecedented control of government and did absolutely NOTHING to prevent this disaster. In fixing this disaster today, Democraps are solely to blame; in preventing (or fixing earlier) the GOP is to blame. I wish we had the Tea Party earlier on.
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