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Not exactly new, we knew this back in 2003 when Bush started to push congress to make changes.
Not sure if someone else, posted this before but its worth reminding the liberals of their mistake.
More "FINGER-POINTING". Some of the "bad loans" they've pointed to were not bad at the start. They went bad some twenty years later.
The economy was destroyed by a number of bad choices over a period of decades, by BOTH SIDES OF THE AISLE. Sending the good manufacturing jobs overseas, corporate greed (housing prices, executive pay with 600% increase over just 10 years, not counting food and energy in the CPI, and STAGNANT WAGES.), and "bad loans" becomes the SCAPE GOAT... Meant to keep our minds off the real issues so they can keep it going in their favor. As long as you keep believing all their studies, they've got you right where they want you. You all need to start thinking for yourselves. Look around you, look at the past, and understand what you see.
Houses were being priced around $250K, but only cost the developer around $60K. $100K would have given him a fair profit, but then he wouldn't be able to buy that Rolls Royce.
The economy was destroyed by everyday Americans who bought things they could not afford. That, and Bush putting a $1 trillion war in Iraq on a Chinese credit card were the chief culprits. Eventually, the bills become due.
Nobody put a gun to someone's head and forced them to sign on the dotted line for a loan they could not pay back. Blaming the government, Wall Street, or "big banks" is simply the easy way out.
The economy was destroyed by everyday Americans who bought things they could not afford. That, and Bush putting a $1 trillion war in Iraq on a Chinese credit card were the chief culprits.
Nobody put a gun to somebody's head and forced them to sign on the dotted line for a loan they could not pay back. Blaming the government, Wall Street, and big banks is simply the easy way out.
Actually, the wars had a Keynesian stimulative effect on the economy. The only difference between Obama and Bush is Bush hired more public sector workers and they were laid off under the Obama admin - usually by state and local governments.
While people did buy things they could not afford, the banks were encouraged to make loans they would not normally make AND when the loans were bundled up and sold the rating agencies had given AAA ratings to them; which lead to investors overpaying or investing in things they would not normally have invested in.
While people did buy things they could not afford, the banks were encouraged to make loans they would not normally make AND when the loans were bundled up and sold the rating agencies had given AAA ratings to them; which lead to investors overpaying or investing in things they would not normally have invested in.
Encouraged isn't the right word. Banks were forced by the government to make bad loans. The hope was a booming housing market would cover bad loans.
More "FINGER-POINTING". Some of the "bad loans" they've pointed to were not bad at the start. They went bad some twenty years later.
The economy was destroyed by a number of bad choices over a period of decades, by BOTH SIDES OF THE AISLE. Sending the good manufacturing jobs overseas, corporate greed (housing prices, executive pay with 600% increase over just 10 years, not counting food and energy in the CPI, and STAGNANT WAGES.), and "bad loans" becomes the SCAPE GOAT... Meant to keep our minds off the real issues so they can keep it going in their favor. As long as you keep believing all their studies, they've got you right where they want you. You all need to start thinking for yourselves. Look around you, look at the past, and understand what you see.
Houses were being priced around $250K, but only cost the developer around $60K. $100K would have given him a fair profit, but then he wouldn't be able to buy that Rolls Royce.
I've been trying to preach this forever. The problem indeed is post like the OP's that tries to blame only one side for our problems.
Bush pushed for expanding housing also. Bush spent recklessly also. It's argued on here all the time when Obama has failed to live up to his promises that the Dems had both the Senate and the House and could have accomplished many things with it if they had wanted to.
Bush also was in the same position and he did nothing about the mess the banking system was in because he was too busy spending money we did not have.
How did Bush push for expanding bad loans? All I remember is he trying to stop it but all Nanacy Pelosi and friends did was complain about the 2000 election, the war and how racist it was for not giving loans to people with no money.
Quote:
Originally Posted by pknopp
I've been trying to preach this forever. The problem indeed is post like the OP's that tries to blame only one side for our problems.
Bush pushed for expanding housing also. Bush spent recklessly also. It's argued on here all the time when Obama has failed to live up to his promises that the Dems had both the Senate and the House and could have accomplished many things with it if they had wanted to.
Bush also was in the same position and he did nothing about the mess the banking system was in because he was too busy spending money we did not have.
How did Bush push for expanding bad loans? All I remember is he trying to stop it but all Nanacy Pelosi and friends did was complain about the 2000 election, the war and how racist it was for not giving loans to people with no money.
I appreciate your attendance to this very important conference. You see, we want everybody in America to own their own home. That's what we want. This is -- an ownership society is a compassionate society.
More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home. That's a homeownership gap. It's a -- it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future.
We've got to work to knock down the barriers that have created a homeownership gap.
How did Bush push for expanding bad loans? All I remember is he trying to stop it but all Nanacy Pelosi and friends did was complain about the 2000 election, the war and how racist it was for not giving loans to people with no money.
The lobbying of the banks to give loans to deadbeat minorities began in earnest in the 1990's. Jesse Jackson led the charge in Chicago, demonstrating and extorting banks in that area, then expanding the racket in NYC. The reason Glass-Steagall was repealed in 1999 was to allow banks to increase their loans beyond the capital reserve limits that legislation allowed.
After that, the mania took off. By 2005 or so, illegals were buying 5 or 6 homes on their incomes in jobs like hotel maid. When it all crashed, neither the lobbyists for this catastrophe, the pols who let it happen, nor the bankers who knew better were held accountable.
When the current money-printing racket crashes and burns the economy beyond recognition, you'll hear Obama blame republicans somehow. Leftists can never forsee consequences of their actions, so they believe they aren't responsible. It's part of their mental illness.
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