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No one can say that the so called "market values" were not subject to manipulation by those who would be able to pocket the most cash. I saw a collapse coming even in the late 90s when I noticed the home prices rising in spite of cheaper and cheaper construction and I am no financial expert as the money lenders should be. The crooks got their money and BUSH protected them by signing papers before he left office. The deal was made and the public paid. The real estate agents that mislead people as to what the homes were worth should have been arrested for fraud . They knew they were not being honest and were scamming people,,we wont even mention the "financial planners" role in all of this. They are worse than the real estate con artist.
President Bush warned several times over a multi year period prior to the housing collapse that Fannie Mae and Freddie Mac in particular were making loans that were too risky and posed a threat to the economy. He also warned that lax lending legislation that forced banks to make loans to low income individuals who were poor credit risks posed a serious danger to the entire economy and urged Congress to undo those laws in order to reduce the risk.
The Democrats opposed every warning and stated repeatedly that he was wrong, accused him of discriminating against the poor and minorities and refused to heed the warnings blocking any attempts to change the legislation.
This is documented fact. There are even videos of both sides of it (as well as it being on official public record), including one of Barney Frank saying that the system was safe, that Fannie Mae and Freddie Mac were completely sound and that President Bush was wrong.
The Bush administration was warning since at least 2003. The Bush administration was 100% right and what they warned about came to be exactly as they warned. As you will read in the article, Fannie Mae and Freddie Mac pushed back and the Democrats took their side (the wrong side). The result was a near collapse of the financial system several years later.
I mentioned this in an earlier debate analysis. It demonstrates a key difference between Obama and John McCain. When McCain saw the potential for crisis, he took action by co-sponsoring Chuck Hagel’s Fannie/Freddie reform bill that would have increased regulation on the two GSEs. He spoke in the Senate for its passage.
What did Barack Obama do? He wrote a letter. He didn’t bother to co-sponsor the bill that could have prevented this year’s financial collapse, or to even allow it to come to a vote. Obama talked (allegedly — we have yet to see this letter) while McCain took action.
Now Obama and the same Democrats who pushed Fannie and Freddie to buy a trillion dollars in bad loans want to blame “deregulation” for the crisis. It wasn’t deregulation, and as Wallison points out, the industry didn’t get deregulated at all. Congress created this crisis by pushing Fannie and Freddie into not just buying subprime pa
No one can say that the so called "market values" were not subject to manipulation by those who would be able to pocket the most cash. I saw a collapse coming even in the late 90s when I noticed the home prices rising in spite of cheaper and cheaper construction and I am no financial expert as the money lenders should be. The crooks got their money and BUSH protected them by signing papers before he left office. The deal was made and the public paid. The real estate agents that mislead people as to what the homes were worth should have been arrested for fraud . They knew they were not being honest and were scamming people,,we wont even mention the "financial planners" role in all of this. They are worse than the real estate con artist.
There it is
Its Bush's Fault
Sometimes I think that to be a Liberal one must abandon reason, consistency, and accountability.
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