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Actually, no. It's analyzed from the Federal Reserve's H.4.1s from 2008 to current. That is, unless you can prove the $2 trillion to bail out Fannie and Freddie came from elsewhere.
Where'd the $2 trillion come from to fund the following?
Your contention is that Fannie and Freddie were the cause of the mortgage crisis. If that is the case, then did Fannie and Freddie create the housing bubbles in other OECD nations? France had even steeper price increases than the U.S. between 1995 and 2006 (+112.6%). The UK, Spain and Ireland had even faster rates of appreciation than France.
So I see only two possibilities here. Possibility #1 is that Fannie and Freddie inflated real estate assets all over the world even in countries with extremely disparate fiscal and monetary policies. Possibility #2 is that the financial sector was a chief cause of the mortgage crisis. Which one seems more likely to you?
Your contention is that Fannie and Freddie were the cause of the mortgage crisis. If that is the case, then did Fannie and Freddie create the housing bubbles in other OECD nations? France had even steeper price increases than the U.S. between 1995 and 2006 (+112.6%). The UK, Spain and Ireland had even faster rates of appreciation than France.
So I see only two possibilities here. Possibility #1 is that Fannie and Freddie inflated real estate assets all over the world even in countries with extremely disparate fiscal and monetary policies. Possibility #2 is that the financial sector was a chief cause of the mortgage crisis. Which one seems more likely to you?
Didn't your idol, Peter Wallison, say that Fannie and Freddie weren't really serving low income communities at all back in 2002?
I don't even know who that is. The first inkling I got that the Federal Reserve was creating $2 trillion in QE to bail out Fannie and Freddie was from John P Hussman PhD pointing out the $2 trillion fraud.
Under Obama there was a general malaise, and pessimism. We were constantly told we were unworthy, racist, sexist, homophobic, and selfish to want to get ahead. We were also told we exploited our own people, and the world unfairly, and needed to be taken down several pegs. Economic growth was anemic at best. That has all changed under Trump.
Thanks! Reading the likes, memoirs written by the presidents themselves, auto-biographies, biographies, takes a bit more time than most Americans are willing to invest these days, so instead we're given to what we learn on Facebook, our favorite blogs and social media forums like this one...
Yes, Bush wrote in his own memoirs that he was partly to blame for the mortgage crash. That pretty much destroys the argument that IT WAS ALL THE DEMOCRATS' FAULT!!!!
Quote:
Bush proposed zero-down-payment legislation earlier this year. The Congressional Budget Office has contended for months that the proposal would generate huge losses, an assessment that could be a stumbling block for the bill's passage. But the Department of Housing and Urban Development thinks the program could be run on a break-even basis.
Bush contends that reducing the required 3 percent down in the Federal Housing Administration mortgage program to zero down would help 150,000 first-time buyers in the first year. Homeownership rates are now about 69 percent nationwide, compared to about 64 percent 10 years ago. The FHA insures many private-lender home loans.
The proximate causes of the crash are still not entirely clear. I think you could lay some blame on both Democrats and Republicans of the mid 90s through Mid 00s and a more deregulatory climate that existed then (and still exists now). But to blame poor people, or the "gubmint," and "the Dems" without assigning any blame to banks or Republicans, even after Bush admitted that he pushed policies that exacerbated the crisis, is disingenuous.
Seriously, though, I've never gotten a response from the "It was all Fannie's fault" crowd to these questions. The mortgage crisis wasn't just a domestic crisis, it was an international crisis where real estate assets all over the world were vastly inflated. I don't see how people with subpar credit in the American Southwest could be single-handedly responsible for the near collapse of the international economic order. Or perhaps they have more power than they ever knew!
Nope. Both Obama & Hillary were US Senators leading up to the crisis.
Thank goodness they are gone. Defeated by their own policies.
So Obama was supposed to stop the real estate bubble from exploding when he joined Congress in 2005?
Will Trump stop this stock market bubble from exploding? And when it explodes (not if), will you blame him, or will that be Obama's fault as well?
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