Posted on 09/30/2008 6:55:09 AM PDT by RDasher
Unbelievable video of Bush promoting zero down loans for minorities....
The DOW at 14,000 was just last year when Democrats were in congress.
Freddie Mae -- Fannie Mae and Freddie Mac -- I see the heads who are here; I want to thank you all for coming -- (laughter) -- have committed to provide more money for lenders. They've committed to help meet the shortage of capital available for minority home buyers. From here.
I don't' know who the heads were on Oct. 12, 2002.
This explains a lot of Bush’s recent behavior. He has been essentially AWOL in this debate. Paulson was his emmisary to try to get the quick fix so that expose’s like this would never see the light of day. In all matters, other than the ‘war on terror’ Bush, the compasionate conservative, is a moderate-liberal democrat....Kennedy writing the education bill, Immigration position, spending, expanding Medicare to cover prescription drugs, and now, we see, the mother-ot-all spending——the credit crisis with all of its machinations. Can a conservative, a real conservative, be elected? It seems not. And, no, kerry would have been no better, but would he have been worse?????????????Probably...we will never know.
This should be no surprise to anyone who’s stayed reasonably informed since Bush took office. He has often crowed about the “ownership society” and that was echoed by many party spokesmen. He also bragged about the increase in minority home ownership often. Nothing new in that video.
Republicans are also culpable on some deregulation. I’ve thought since this crisis broke that the Dems. are about two-thirds responsible and Republicans one-third responsible. But McCain still needs to hit back harder where the Dems. are responsible, as they set in motion the laws and rule changes that resulted in so many loans to unqualified borrowers. Bush just kept it going and bragged about it.
What a disaster
Bush is a naive fool
Most of the democrats do things like this to get votes and keep their black base happy
Bush does it because he believes it
Well they say the road to hell is paved with good intentions
He is so OUT OF TOUCH
He actually believes the Compassionate Conservative crap
“Bust up these Beasts”: Steve Forbes bailout plan - break up Fannie Freddie monopoly status
http://www.freerepublic.com/focus/f-news/2093778/posts
“I am a McCain / Palin Supporter... but How could Bush complain about Freddie and Fannie and do this at the same time?”
Looking back to two speeches in 2002 ignores the multiple calls for greater oversight and regulation of the GSEs in 2003, 2005 and 2007.
Could it be that there was a proposal from the administration to do this without committing fraud? Could it be that the GSEs were operating with a capitalization of only 2% when banks hit 4% they are in trouble? Could it be that Freddie and Fannie were out of control paying bonuses to executives well over 100% of base salary while driving the company into the ground?
A policy speech is not the same as blocking attempts to regulate, and add oversight. Let’s quit this handwringing bullsh*t and focus the blame on the corrupt politicians that were in the pockets of Fannie and Freddie.
And at some point in the future, the self-delusion by so many that these enormous and growing trade deficits are nothing to worry about will also explode into another realization of how stupid our policies have been.
But that will take more time.
Worse thing you can do is LIE to yourself
You want the truth or not
Bush is a naif and was played like a fiddle by the compassion pimps. His domestic record is extremely liberal and the guy never vetos anything. His only conservative credential to speak of are the tax cuts and Alito/Roberts nominations.
The facts must come out. When the case is laid out in a solid, coherent way the public will realize that Obama was a main actor in this mess tugging hard (through lawsuits, acorn, Fannie lobbying) on Ma Bush to show his concern—at our expense.
Nevertheless, Bush may have been a sap but he still wanted accountablility and oversight—something the dems resisted violently (comparing Fannie Mae investigators to lynchers). The scandal demolishes the credibility of Obama, the mainstream press and the democratic Fannie gang and exposes Bush for what he is—a soft-headed compassion sap who strived forever to gain the love of liberals.
And this does not even address what happens when people who get these loans etc move into a neighborhood of people play by the rules
build a housing development for them outside the Crawford ranch
I watched this video in shock and disgust and doubt the MSM will report this anytime soon! I have seen the value of my home decrease a $100,000 just over the past year now not including my 401K etc...and what really sucks the most is that I did everything by the book to move here to the US. My family & I literally went though hell getting our Greencards. After 10 years now we are no further ahead than when we first started. All this hard work flushed down the toilet for what??? So George Bush can allow illegals to live the “American Dream” in owing a home with no money down or verification of income!!! Not to mention a race that has no intention of assimilating into American society.
All this pandering to minorities for votes by both the Democrats & Republicans is in my honest opinion treason to the American people. What dangerous times we live in when neither the Government or the MSM can be trusted to give us the truth.
Lest we forget — Bush leaves town in January and leaves 700 Billion Dollar debt to the next administration. I can hear it all now, “the congress made me do it”.
Yeah, like how Bush wanted to Reform Fannie and Freddie back in 2003 and was ignored. Didn't see that.
Heres the most telling part:
At the end is a foreclosure map showing the areas hit hardest.
The red and pink areas are the worse. Hmmmmm
Immigration liberally sponsored sanctuary places?
The video just enforced what the original video put out by using that map.
Yes, of course, that is why he waited until Congress was about to go back home to campaign for reelection, then put Paulson out to ram a 3 page document demanding $700,000,000,000.00 and demanded in that document that the legislature give unpresidented power to the Secretary of the Treasury which was NONREVIEWABLE. That means he, the Sec.Treas. can spend it any way he wants and he has to answer NO questions. Yes, thanks for that little bit of transparency.
The only thing you said which is correct is that Bush is a sap, Our sap, but that should demand of us, not the dems, a higher standard in Mr.Bush.
A high percentage of these “sub-prime” loans were made to speculators and slum-lords who picked up houses strictly for rental or flip purposes. Others were made to illegal aliens and most of the rest to Democrat “base” constituencies who have no clue what “home ownership” actually entails and who send off monthly mortgage payments thinking they are still sending money to “the landlord”. Many of these houses will be sold (in crappy condition) for less than the outstanding mortgage balance.
None of this “economic crisis” is any surprise at all to those who work in the industry.
The only surprise is that it took so long to happen.
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