The Bear stock market started September 2007 NOT September 2008 a year later.
Yes, it peaked in Sept 08'. Rahbini Dr Doom made his call on CMO's etc the same weekend, I remember the posting here, trying to figure out what the heck he was talking about... Those of us that got out around then or shorty their after ( Thank you Glenn Beck ) faired ok....
Bush bragged about CRA type housing risky loan policies to minorities that he promoted. He gave speeches bragging about it easy to find on the internet.
Yes, and at the same time GWB. McCain, Chris Shay's etc were on a screed to reform Fannie and Freddie numerous times only to get blocked by the likes for Bwanney Fwank and Maxine Waters and the Rest of the Black Caucus.
The crash was a result of bubble that was started back in 2002 and 2003. By 2007 it was little late to reform home loans as prices were at their peak of the bubble.
The Clinton / Gingrich / Lott passing of the last fiancial reform act in 99' changed the home exemptions up to 250k single and 500k married if you lived in for 2 years. I want to know how many in the House and Senate became flippers with that one.. Na this had no effect on the housing market... Ya think? IMHO it was the reason all the over 50 crowd empty nesters starting flipping and probably one of the major reasons for the housing bubble It was tax free money!
IMHO all homes are a capital asset and if ya like the 15% rate, treat them as such and make long term 1 year as well. Then all capital endeavors are on an equal footing, it is your abilities that would determine your gains in a given market / endeavor...
They had zero power to block anything in the house from 2001 to 2006 under Republican control. You think the House has a filibuster?
As I already pointed out by 2007 it was too late, Housing prices had reached levels they could never be sustained at. They were going to crash and the big fall started Sept 2007 with a brief suckers rally in mid 2008 when Bush and Bernake assured the country that the economy was sound.
Earlier Bush was too busy taking credit for home loans to minorities with bad credit to propose reforms that would end his own programs.
GWB 2002 Speech :”More and more people own their homes in America today. Yet we have a problem here in America because fewer than half the Hispanics and African Americans own their own homes. That’s a home ownership gap; a gap that we got to work together to close. And by the end of this decade we’ll increase the number of minority homeowners (future Obama voters ) by 5.5 million families. “
“One of the major obstacles to minority home-ownership is financing. Fannie Mae and Freddy Mac (who I will bail out in 2008) have committed to provide more money for lenders, they committed to meet the shortage of capital available for minority home-buyers. Freddie Mac just began 25 initiatives around the country to dismantle barriers (like income requirements) and create better opportunities for home-ownership. One of the programs is designed to help families with bad credit histories to qualify for home ownership loans (by faking their income) . You don’t have to have a lousy home for first time home-buyers. You put your mind to it the first time low income home buyer can have just as nice a house as anyone else (till those adjustable rates go up).
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)