In my opinion these are the key pieces of legislation: both brought in under the Clinton administration.
The CRA forced banks to make loans effectively on the basis of skin color, rather than the ability to repay.
The GLB act tied a bank's ability to grow to their performance in CRA exams, and also allowed them to merge savings and investment functions - and so become 'too big to fail'.
I can't find that Bush did anything to try and rein in the trainwreck set in motion by the CRA and GLB acts - in fact he tried to capitalize on it - but we can't say he was the source.
Oops, posted too soon.
The CRA (of course) goes back to the infamous Carter: I should have made it clear that I was referring to the regulatory changes to the CRA brought in under Clinton.
True.
But, it was Bush who changed the US banking laws to allow Mexican illegal aliens to apply for, and obtain credit cards, auto, home and business loans using only the phony-baloney Matricula Consular ID cards.
He also changed the laws to allow US banks to claim CRA credits for providing home loans to Mexican illegal aliens.
I can't find that Bush did anything to try and rein in the trainwreck set in motion by the CRA and GLB acts - in fact he tried to capitalize on it - but we can't say he was the source.
We can say, with some certainty that is was Bush's policies put into place during his first term that set into motion the real estate crash suffered during the latter half of his second term.
For the details, visit my FR home page.
Its a real credibility problem to try to claim that Bush bear no responsibility for the BAD economy after his 8 years. It didn't sell in 2008 nor could it.
I mean we would never buy that if Dems try that in 2016.
RE :”I can't find that Bush did anything to try and rein in the trainwreck set in motion by the CRA and GLB acts - in fact he tried to capitalize on it - but we can't say he was the source. “
I can see that happening, but that supports my original point.
Given Bush and Rove went through such great pains to take credit for the wrong people getting loans, I assume to win 2004, then that made the counter narrative spread by talk radio and repeated by many here that Bush either knew nothing about it, or fought against it, completely unbelievable.
Obama has been in office for five years, got re-elected, so however the economy blew up in 2008 he still owns todays problems, its not 2009 anymore