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Bush said over and over that Fanny Mae and Freddie Mac needed some Congressional oversight and the Dems said they could see no reason for this.
the big picture is that Bush was promoting "homeownership" just like most politicians of the day. You hear some interesting points made about Fannie and Freddie, around 4:25
Yes, I held my nose and voted for McCain/Palin because, even then, there was enough of an indication to foresee what a total disaster Obama would be.
Bush had his many faults and certainly opened the door for Obama's run of destruction by the overspending, the end of term TARP fiasco and the unconstitutional expansion of government (Patriot Act). Obama happily took up the reins and proceeded on a spending spree that made even Bush look like a skinflint.
Every single decision Obama has made has been to the detriment of this country - the bailouts, the ramming of the healthcare bill down our throats, cash for clunkers, an energy policy that will only increase the costs of fuel, etc, etc. etc. His economic policies have been disastrous, his foreign policy is unbelievably naive, dangerous and against our best interests - on immigration he stands with the illegals.
He seems to be on a mad dash to see how many freedoms he can take away in the shortest time possible. They want to tell us what to eat, what lightbulbs we must use, what cars to drive - and they're not above taking away the freedom of choice. It's a Big Brother government with a grinning Bro'bama at the wheel of runaway government power grabs.
He and his Justice Dept. simply ignore laws that they don't deem worthy of upholding
and run a racially selective form of justice.
I'm not a fan of Palin, but if she is the nominee in 2012 I will pull that lever - anyone would be preferable to the complete insanity of Obama's policies.
the big picture is that Bush was promoting "homeownership" just like most politicians of the day. You hear some interesting points made about Fannie and Freddie, around 4:25
One of the political facts that is being ignored here is that politicians "say" the right thing to get votes in public. What goes on behind the scenes is entirely different most of the time. President Bush did, indeed, order that Fannie and Freddy be cleaned up so that we would NOT have the housing crash that we did have BECAUSE Barny, Maxine, Chuck and Cris (those are the ones we can prove via tape on C-SPAN) blocked any reform every time anyone even mentioned same.
IMHO, the mess we are in comes right down on the shoulders of these 4 and any others who fought against reforming Freddie and Fannie! Why in the world would these people be "RE"elected. They should be thrown out as totally incompetent or self-serving or both!
Again, it is we, the voting citizens that are causing our problems by voting for the wrong people.
One of the political facts that is being ignored here is that politicians "say" the right thing to get votes in public. What goes on behind the scenes is entirely different most of the time. President Bush did, indeed, order that Fannie and Freddy be cleaned up so that we would NOT have the housing crash that we did have BECAUSE Barny, Maxine, Chuck and Cris (those are the ones we can prove via tape on C-SPAN) blocked any reform every time anyone even mentioned same.
IMHO, the mess we are in comes right down on the shoulders of these 4 and any others who fought against reforming Freddie and Fannie! Why in the world would these people be "RE"elected. They should be thrown out as totally incompetent or self-serving or both!
Again, it is we, the voting citizens that are causing our problems by voting for the wrong people.
I agree totally. Bush is on record as calling for oversight and reform of F&F and the Dimocrats you mention are on record as blocking such efforts. Yet, libs will not face facts about the housing mess nor accept any blame for it. How the constituency of those people can keep re-electing them is a mystery to me other than to assume they are funneling so much money into their respective districts--and conducting such good campaigns when up for reelection--that the voters there just automatically cast their votes for these people.
The signs were all there that Obama would try and impose radical social changes once in office--which he did--and any savvy voter has to know that once in office, a new president will become privy to information he didn't have before. Thus it should be no surprise when a president is unable to implement some of the changes that were promised during his campaign.
I didn't "vote for Palin". I held my nose and voted for McCain. Palin was a tag-along on the Republican presidential ticket.
Make no mistake about it: The Great Recession belongs to George Bush. His war in Iraq, his tax cuts for the wealthy, and his refusal to plug newly discovered tax loopholes, have all taken the United States from the 10-year projected budget surplus of $5.6 trillion that he inherited from the Clinton administration to a projected deficit over the same period of more than $2.4 trillion. That’s a swing of $8 trillion.
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wow total lies
oh please
there are TWO problems right now, that is causing 'wall street' to collapse............JOBS and HOUSING...and they go back to BEFORE bush
let this INFORM you, these problems stem from: 1993, 1995, and 1999 and you can thank the liberals for it, and most of it goes back to the clinton era. why because ECONOMICS run in 10(+/-4) year CYCLES and what we are facing NOW is in DIRECT RELATION to what happened back in the 90's
1993 NAFTA-originally pushed by Brezezenki and his puppet carter,,moved along by reagan----negotiated by another brezezenki puppet bush1--- passed in 1993 by the democrat controlled congress, pushed by clinton, signed by clinton-inceased with CAFTA by bush2--the consequence ...... 60+ million HIGH PAYING jobs have been lost, 2 trillion worth of debt from the lost wages.(and obamy wants to increase it too,,,hmmm)
1995 clinton (through his chief of HUD (Henry Cisneros and later his second chief andrew coumo)) eased the rules on obtaining mortgages allowing more 'exotic' mortgages and 'no-doc/low doc' mortgages-----the consequence ......housing SKYROCKETED causing low inventories causing a 'not normal' increase in home prices, sellers got greedy, buyers got even greedier (looking to PROFIT in a skyrocketing market by flipping) and bought THINKING that prices would still increase and their ADJUSTABLE mortgage would pay it self off in MINIMUMAL years...EVEN THOUGH THESE INCREASES IN HOME VALUES WERE TOTALLY UNHEARD OF, AND MORTGAGE RATES WERE AT 40 YEAR LOWS( what did they think an adjustable mortgage gotten at 40 year lows would do in the term(3 months-3years) when it adjusted...of course it would go up, their CONTRACT even said after the term it would be 6% PLUS PRIME)))
For many potential homebuyers, the lack of cash available to accumulate the required downpayment and closing costs is the major impediment to purchasing a home. Other households do not have sufficient available income to to make the monthly payments on mortgages financed at market interest rates for standard loan terms. Financing strategies, fueled by the creativity and resources of the private and public sectors, should address both of these financial barriers to homeownership."
The above is the start of the mortgage meltdon: Clinton's National Homeownership Strategy
1996 clinton signed The Telecommunications Act of 1996 (The Act was claimed to foster competition. Instead, it allowed industry consolidation whose actions reduced the number of major media companies from around 30 in 1993 to 10 in 1996, and reducing the 10 in 1996 to 6 in 2005.) causing MONOPOLIES, which can RAISE PRICES
1998 clinton does not allow drilling for OUR OWN OIL..the liberals say 'it will take ten years before we seee the oil'...guess what its been ten years
1999 Clinton DEREGULATES the banking industry
2000 clinton signs the China trade bill
2000 clinton signs the Commodity Futures Modernization Act of 2000..(which paves the way for ENRON)
2000/1 clinton pushes to get china into the world bank
2003/4/5 republicans try to reighn in fanny and freddie...the liberal opposition leaders (barney frank and cris Dodd) say "there is nothing wrong with fanny/freddy..its a witch hunt"........boy does barney have egg on his face now
1965 liberals push medicare....say it will only cost 10 billion by 1995....in 1995 it cost 100 billion...in 2010 it cost 500 billion AND CLIMBING
it aint the gop.....its the liberals that have cost us
One of the political facts that is being ignored here is that politicians "say" the right thing to get votes in public. What goes on behind the scenes is entirely different most of the time. President Bush did, indeed, order that Fannie and Freddy be cleaned up so that we would NOT have the housing crash that we did have BECAUSE Barny, Maxine, Chuck and Cris (those are the ones we can prove via tape on C-SPAN) blocked any reform every time anyone even mentioned same.
So you're saying that not only is he lying, here in this video -- but he's also incompetent, because he did NOT successfully clean up the GSEs, and we had a financial crash on his watch. Great.
Furthermore -- if "Fannie and Freddie" were the real cause of the housing bubble, how is it that a housing bubble (and then crash) also occured in the Netherlands, Australia, Denmark, Hong Kong, Spain, Ireland, France, Italy, South Africa, Vietnam, Dubai, Russia, Belgium, the UK, Canada, Norway, Sweden, Iceland..... and most of the developed world? Can you explain that? You dodged my earlier, similar question about the CRA.
So you're saying that not only is he lying, here in this video -- but he's also incompetent, because he did NOT successfully clean up the GSEs, and we had a financial crash on his watch. Great.
Furthermore -- if "Fannie and Freddie" were the real cause of the housing bubble, how is it that a housing bubble (and then crash) also occured in the Netherlands, Australia, Denmark, Hong Kong, Spain, Ireland, France, Italy, South Africa, Vietnam, Dubai, Russia, Belgium, the UK, Canada, Norway, Sweden, Iceland..... and most of the developed world? Can you explain that? You dodged my earlier, similar question about the CRA.
Exactly...... loan origination and unregulated Wall Street are two wires that should never have crossed.
If you are really going to understand this you have to get past the "blame the dems & CRA" thing. CRA did not say a bank had to loan money to a bad credit risk. The growth of sub-prime, cmos and other derivatives made CRA a dinosaur anyway. The collapse was not about a few low-income loans, it was systemic across all price ranges.
you are right, the CRA in and of itself is not responsible for the financial issue we face today. HOWEVER, it was the foot in the door so to speak. it gave a legal club to community organizations, like acorn, to sue lenders to force then to make bad loans. it also gave the clinton administration the opportunity to relax regulations on the loan markets to allow creative loans such as arm's and interest only loans, and it allowed them to relax requirements on income and other things that would normally prevent people from getting loans they could not afford.
because of all that people who made $50,000 per year were buying $700,000 houses. people were also allowed to roll old loans into new ones to expedite home sales, which increased what was owed on new homes. these were also allowed when buying cars as well.
how this has affected other countries and their housing markets, part of it was that the bad mortgages were packaged up, then sliced up and sold off to foreign banks to minimize the risk in american banks. i would imagine that many foreign countries were under pressure to allow similar loan packages in those countries that were available in the US.
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