Nothing to do with Bush, he just happened to be in office when the Dem-Controlled Congress let the disaster reach full proportions, so they could get a democrat elected as President.
And the same Democrats are going to cause AN EVEN BIGGER financial disaster by trying to make sure everyone has give “Affordable Heatlh Care”.
Actually, Bush and the Republican Congress bear some blame for the Fannie Mae and Freddie Mac meltdown.
Specifically: They knew it was coming. They heard the testimony from the whistleblower in the toothless watchdog agency. Consequently, the House passed a Financial Reform Act in 2005, designed to address the problem. But the Democrats filibustered the measure in the Senate...and the Republican Senate caved in and gave up.
Had they been responsible stewards of the government, the GOP would've stood their ground and made a big issue out of the Democrats' recalcitrance -- indeed criminal behavior.
Instead, they threw their hands in the air and continued "business as usual" -- leaving the Democrats to pull the plug on Fannie Mae and Freddie Mac when it best suited their interests...in September of an election year.
Aside from the Democrats, the one GOPer who was most to blame was, yes, wait for it, Sen. John Sidney McCain. He sponsored the reform measure in the Senate and, in a floor speech, described the probable consequences of inaction with prescient accuracy. Then, after the successful filibuster, he led the détente.
It was ironic justice that it was his presidential campaign that got derailed by the failure of Fannie and Freddie.
Sorry, this is simply not true.
Anyone with three functioning neurons could detect the inflating housing bubble by mid-2005 or so.
All Bush would have had to do would be to go public then with the announcement that there would be no bailouts of investors on his watch, that those holding mortgage backed securities did so entirely at their own risk.
Not a single Democrat vote needed.......