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If Bush didn't like the bills congress was proposing he could have overrode anything they proposed. Where was the leadership for all these problems during his last term? Where was the presidential focus on the problems with the financial industry, Fannie Mae, automobile industry?
The republican congress had control for his first term and what did they accomplish besides passing Medicare prescription drug. I didn't hear any cries of socialism when that went through seems that term was just invented in the last year.
The republican congress under Clinton deserves credit but leadership starts at the top that is why he was successful.
Read it and weep.
The republicans tried to reform the subprime mortgage impending disaster, but were thwarted by the dems. The dems took complete control in 2007 and have destroyed the nation.
Policies of the Bush Administration
President Bush advocated the "Ownership society." According to the New York Times, "he pushed hard to expand home ownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards." He insisted that Fannie Mae and Freddie Mac (the GSE) meet low-income housing goals and advocated government loans to help low-income homeowners make down-payments. The Bush administration also replaced Fannie and Freddie's chief regulator in 2003 immediately after the regulator published a report warning of the risks posed by the GSE.[67]
Efforts to control GSE were thwarted by intense lobbying by Fannie Mae and Freddie Mac.[68] In April 2005, Secretary of the Treasury John Snow repeated call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." Then house Minority Leader Harry Reid rejected legislation saying " we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." [69] A 2005 Republican effort for comprehensive GSE reform was threatened with filibuster by Senator Chris Dodd (D-CT).[70]
The republicans tried to reform the subprime mortgage impending disaster, but were thwarted by the dems. The dems took complete control in 2007 and have destroyed the nation.
Policies of the Bush Administration
President Bush advocated the "Ownership society." According to the New York Times, "he pushed hard to expand home ownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards." He insisted that Fannie Mae and Freddie Mac (the GSE) meet low-income housing goals and advocated government loans to help low-income homeowners make down-payments. The Bush administration also replaced Fannie and Freddie's chief regulator in 2003 immediately after the regulator published a report warning of the risks posed by the GSE.[67]
Efforts to control GSE were thwarted by intense lobbying by Fannie Mae and Freddie Mac.[68] In April 2005, Secretary of the Treasury John Snow repeated call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." Then house Minority Leader Harry Reid rejected legislation saying " we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." [69] A 2005 Republican effort for comprehensive GSE reform was threatened with filibuster by Senator Chris Dodd (D-CT).[70]
The dems?? Did you actually read what you posted:
"But his housing policies and hands-off approach to regulation encouraged lax lending standards." He insisted that Fannie Mae and Freddie Mac (the GSE) meet low-income housing goals and advocated government loans to help low-income homeowners make down-payments. The Bush administration also replaced Fannie and Freddie's chief regulator in 2003 immediately after the regulator published a report warning of the risks posed by the GSE.[67]"
No question Dodd, Reid, Frank etc deserve part of the blame but Bush knew of the problem since 2002. This should have been a large part of his focus instead he removed the FHO regulator responsible for oversight, Falcone do you know why? Falcone had written a paper in 2003 indicating Fannie Mae could become insolvent because of high risk mortgages and investments. Bush called him on the phone while he was doing a speech in Manhattan and fired him. He then hired one of old friends to take his place but later had hired him back when he realized the truth. Do you think that was good leadership?
There is enough blame to go around to many who let the taxpayers down.
Bush took our economy from the strongest it's ever been to the worst in only 8 years. It takes a real dummy to pull that off.
strongest? you have been drinking koolaid again haven't you? because in order to have a good economy, you have to have as little goverment involvement as possible, and clinton was anything but little goverment.
Many who are complaining about the debt would be against ANYTHING that provided a solution. Some people don't want things to work out. They want to have a reason to continue complaining. As long as the media is not giving them what they want, they will gripe endlessly and feel satisfaction in doing so. It's the perverse nature of the following(s).
I gave a great solution, default on both the funded and unfunded debt.
Then cut all taxes and goverment programs by 80%-90%, and fire all those federal workers.
strongest? you have been drinking koolaid again haven't you? because in order to have a good economy, you have to have as little goverment involvement as possible, and clinton was anything but little goverment.
Government spending was reduced under Clinton and we had a surplus for the first time in decades. During Bush’s reign we went from a surplus to record deficits because of government spending.
Do you actually believe government involvement was reduced under Bush?
- Dates with his wife while not doing anything for jobs!
- Appologizing to other countries and bowing to the Muslim Kings, while not bowing for the Queen of England....and still we are losing more jobs every day!
-Having raised racism to almost a high....while I think most people expected him to break the bridge and create more understanding and unite....remember the cops who he accused immediately before knowing all ins and outs while defending his friend the professor.
Any one ever noticed how he always is saying "My VP, My ....".....everything is MY! While all other presidents always said "The VP, The..."
Obama thinks he owes the entire country and is entitled to everything....Well he is doing a job for just a few years in public service and it isn't his!
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