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Thank goodness for the internets way back machine.
Pay attention to the date of this article by Robert Stowe England, published in the National Review Dec 27, 1993.
For the liberals, notice the date? Who was President? (For liberals with short memories it was Bill Clinton). Who controlled BOTH houses of congress? (For liberals with short memories it was Democrats).
Dec 27, 1993 is sort of important for those who want to blame Bush.
In case you really want to know this is where the whole housing mess started.
QUIETLY, behind the scenes, the Clinton Administration is preparing for the biggest regulatory crackdown of recent years. Attorney General Janet Reno is linking up with banking regulators and with HUD Secretary Henry Cisneros to end the supposed epidemic of discrimination against minorities in making home loans. The implications for society at large are ominous.
Here, as in affirmative-action efforts in hiring, college admissions, and the drawing of voting districts, the Washington establishment is obsessed with "disparate impact," which it equates with racism. In the mortgage-lending area, there is ample evidence of disparate impact to feed this obsession. Data collected by the Federal Government reveal that in 1992, while 16 per cent of white applicants for mortgage loans were rejected, 36 per cent of black applicants were rejected.
snip
Faced with a series of costly law suites the mortgage lenders were supposed to do what, exactly?
I remember when we purchased our first home in the mid 1970's it was an older two story we wanted for $29,000.00. I was employed earning $16,000.00/year and with my wife working we had an annual income of around $22,000.00 so we fell well within the guidlines.
It took forever to get the loan the mortgage company wanted everything about us to make sure we had the ability to repay the mortgage. We had to supply three years back tax returns, signed statements from both of our employers and documentation that the 10% down payment was our money and not borrowed. I had to provide written documentation from the bank showing that we added a little over time which would account for the down payment. They, the mortgage lender, wanted to make sure I had skin in the game.
After Clinton forced mortgage lenders to lower their standards liar loans proliferated and with money being so easy to get housing costs skyrocketed. Everyone was making money but we were trading in tulips. As long as the price continued upward it seemed nobody had a problem but just like tulips in Holland prices could only go up so far.
Cheaply built condo's were springing up all over south Florida and with prices going up by as much as 10% a month you couldn't get hurt even with a liar loan because it was all speculation. Cheap condo's were selling for $300k that shouldn't have sold for $80k and today are selling for as little as $30k.
This downturn is natural, it was (or should have been) anticipated by anyone with half a brain and the people who got wiped out were never victims; they were just greedy people out to make an easy buck. They got caught with their pants down and we're supposed to believe they're victims?
Many republicans saw it coming and tried to stop it but what could they do? Imagine the outcry if Bush in 2004 would have attempted to increase mortgage requirements, such as requiring a 10% down payment as in the olden days of the baby boomers, causing a "crash" in the market.
So now we have Obama and a democratic congress trying to clean up the mess originally created by a democratic President under a democratic congress.
The moral of the story is get government the heck out of mortgage lending and, by extension, student loans and education which is the next big bubble. When are people going to learn government can do nothing but screw things up?
Actually he is cleaning up Bush-1's mess (Iraq war-Kuwait). That is why BushDaddy was kicked out after 1 term. Oh, and he is cleaning up Reagan's idiotic releasing of all the mentally ill so they can become our countries homeless mess.
Actually he is cleaning up Bush-1's mess (Iraq war-Kuwait). That is why BushDaddy was kicked out after 1 term. Oh, and he is cleaning up Reagan's idiotic releasing of all the mentally ill so they can become our countries homeless mess.
Good job Ronnie, trickle down moronics.
Egads! Were you actually living during the years you describe? If so, did you have your head buried in the sand? Or do you have a prolific imagination?
Actually he is cleaning up Bush-1's mess (Iraq war-Kuwait). That is why BushDaddy was kicked out after 1 term. Oh, and he is cleaning up Reagan's idiotic releasing of all the mentally ill so they can become our countries homeless mess.
Good job Ronnie, trickle down moronics.
bush 41 was kicked out of office because he backtracked on his campaign promise of no new taxes, by turning around and signing a big tax increase into law. gulf war one was quite the success, saddam was kicked out of kuwait, and it was done with a minimum of casualties, and a minimum of time as well.
Thank goodness for the internets way back machine.
Pay attention to the date of this article by Robert Stowe England, published in the National Review Dec 27, 1993.
For the liberals, notice the date? Who was President? (For liberals with short memories it was Bill Clinton). Who controlled BOTH houses of congress? (For liberals with short memories it was Democrats).
Dec 27, 1993 is sort of important for those who want to blame Bush.
In case you really want to know this is where the whole housing mess started.
You want to know what's really funny? Is that the part of the CRA that you're talking about... was signed into law 28 Oct 1992. And who was in power to sign that bill into law? Bush.
Bill Clinton...was sworn in on 20 Jan 1993.
LOL! Another Republican attempt FAILED! Too funny...too funny.
Egads! Were you actually living during the years you describe? If so, did you have your head buried in the sand? Or do you have a prolific imagination?
I have never heard such drivel!
I was in California. witnessing it all first hand.
The truth hurts doesn't it? Especially when you have to come face to face with conservative LIES.
You complain about the crazy homeless problem in places in San Francisco and LA?
Well you can thank Ronald Bozo Reagan for that. Hindsight is 20/20.
bush 41 was kicked out of office because he backtracked on his campaign promise of no new taxes, by turning around and signing a big tax increase into law. gulf war one was quite the success, saddam was kicked out of kuwait, and it was done with a minimum of casualties, and a minimum of time as well.
GBUSH 1 didn't finish the job. His little boy had to do it. Too bad he sacrificed finding THE REAL ENEMY who was in Afghanistan to save face for his daddy. DOH
Thank goodness for the internets way back machine.
Pay attention to the date of this article by Robert Stowe England, published in the National Review Dec 27, 1993.
For the liberals, notice the date? Who was President? (For liberals with short memories it was Bill Clinton). Who controlled BOTH houses of congress? (For liberals with short memories it was Democrats).
Dec 27, 1993 is sort of important for those who want to blame Bush.
In case you really want to know this is where the whole housing mess started.
Faced with a series of costly law suites the mortgage lenders were supposed to do what, exactly?
I remember when we purchased our first home in the mid 1970's it was an older two story we wanted for $29,000.00. I was employed earning $16,000.00/year and with my wife working we had an annual income of around $22,000.00 so we fell well within the guidlines.
It took forever to get the loan the mortgage company wanted everything about us to make sure we had the ability to repay the mortgage. We had to supply three years back tax returns, signed statements from both of our employers and documentation that the 10% down payment was our money and not borrowed. I had to provide written documentation from the bank showing that we added a little over time which would account for the down payment. They, the mortgage lender, wanted to make sure I had skin in the game.
After Clinton forced mortgage lenders to lower their standards liar loans proliferated and with money being so easy to get housing costs skyrocketed. Everyone was making money but we were trading in tulips. As long as the price continued upward it seemed nobody had a problem but just like tulips in Holland prices could only go up so far.
Cheaply built condo's were springing up all over south Florida and with prices going up by as much as 10% a month you couldn't get hurt even with a liar loan because it was all speculation. Cheap condo's were selling for $300k that shouldn't have sold for $80k and today are selling for as little as $30k.
This downturn is natural, it was (or should have been) anticipated by anyone with half a brain and the people who got wiped out were never victims; they were just greedy people out to make an easy buck. They got caught with their pants down and we're supposed to believe they're victims?
Many republicans saw it coming and tried to stop it but what could they do? Imagine the outcry if Bush in 2004 would have attempted to increase mortgage requirements, such as requiring a 10% down payment as in the olden days of the baby boomers, causing a "crash" in the market.
So now we have Obama and a democratic congress trying to clean up the mess originally created by a democratic President under a democratic congress.
The moral of the story is get government the heck out of mortgage lending and, by extension, student loans and education which is the next big bubble. When are people going to learn government can do nothing but screw things up?
This is what Bush said about home ownership during his 2004 nomination acceptance speech at the RNC.
Quote:
Another priority for a new term is to build an ownership society, because ownership brings security, and dignity, and independence. Thanks to our policies, homeownership in America is at an all-time high. Tonight we set a new goal: seven million more affordable homes in the next 10 years so more American families will be able to open the door and say welcome to my home.
2004 George W. Bush's Republican Convention Acceptance Speech - Wikisource (http://en.wikisource.org/wiki/2004_George_W._Bush's_Republican_Convention_Accept ance_Speech - broken link)
How many of those 7 million affordable homes do you think were repossessed?
Location: By the sea, by the sea, by the beautiful sea
68,329 posts, read 54,389,283 times
Reputation: 40736
Quote:
Originally Posted by rbohm
bush 41 was kicked out of office because he backtracked on his campaign promise of no new taxes, by turning around and signing a big tax increase into law. gulf war one was quite the success, saddam was kicked out of kuwait, and it was done with a minimum of casualties, and a minimum of time as well.
IF the gulf war was "quite the success" we wouldn't still be involved in Iraq now, would we? The gulf war was a colossal waste of $$$. IF you truly believe you are fighting a real enemy and you have him on the ground with your boot on his throat, you DO NOT lift your foot.
IF the gulf war was "quite the success" we wouldn't still be involved in Iraq now, would we? The gulf war was a colossal waste of $$$. IF you truly believe you are fighting a real enemy and you have him on the ground with your boot on his throat, you DO NOT lift your foot.
the gulf war, was in defense of kuwait, and it was a sucess. the only problem is the POLITICIANS (both right and left) tied the hands of 'stormin norman' and prevented him from taking out iraq back in 91
signed a desert storm, AND iraq freedom vet
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