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Who came up with the crazy idea you could sell houses to people too poor to keep them? Geesh.
I don't know why these men aren't in jail.
President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.
Last edited by janelle144; 02-10-2013 at 01:31 AM..
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents."Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.
It was the banks that caused the mortage crisis with their risky, crap loans, not Fannie Mae and Freddie Mac necessarily. That myth has been debunked numerous times: http://www.nytimes.com/2011/12/24/op...e-big-lie.html
The Bush administration backed off proposed crackdowns on no-money-down, interest-only mortgages years before the economy collapsed, buckling to pressure from some of the same banks that have now failed. It ignored remarkably prescient warnings that foretold the financial meltdown, according to an Associated Press review of regulatory documents."Expect fallout, expect foreclosures, expect horror stories," California mortgage lender Paris Welch wrote to U.S. regulators in January 2006, about one year before the housing implosion cost her a job.
Worst. President. Ever.
Pure hypocrisy. You're doing exactly what you're blaming the Republicans for doing. Because Democrats supported the practices which led to the crash every step of the way.
I'm accessing Bush his fair share of the blame. This notion that the Dems wrecked the hunky dory U.S. economy beginning on January 2007 is pure BS. This mess was created by all of us, but Bush is hardly blameless. He put his fingerprints on the mortage crisis long before the Dems took over, when he had both the House and Senate in his back pocket.
You can not talk about the article the OP posted ... so back to typical left loony lies
That is addressing the topic. It's a right wing propaganda piece that is somehow trying to blame the democrats for the GOP's disaster of letting their big banker cronies run wild, and to self-regulate themselves which is something only a complete idiot would do, and that idiot was W.
The GOP owned the house, the GOP owned the senate, and the GOP owned the presidency. The housing crisis was theirs that they created from their greed. Not to mention to add insult to injury to the american people, W and the GOP bailed out their cronies that caused the disaster in the first place with 100's of billion of dollars of taxpayer funds.
I suggest the OP do a little more investigation and search
finacial derivatives and credit swaps.
If we fail to understand what truly happend, that could lead us down the same path.
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