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It is amusing, and strange, to repeatedly hear democrats on this site blame Bush for the the financial meltdown of 2008.
Ironically, Bush and the republicans attempted to reform the mandate to Fannie Mae and Freddie Mac to make home loans to unqualified borrowers in 2005. This measure was killed by the democrats (Barney Frank and Chris Dodd were heavily supported by Fannie and Freddie).
Oddly, these same democrats, who have driven the economy to the brink of disaster over the four years of thier control, are asking (to borrow an inane Obama analogy) for the "keys to the car". These are the same fools who caused the financial disaster and then deepened it.
It is certainly entertaining to see the short memories of the libs and how they twisted a disaster authored by the liberals into a problem caused by George Bush- the only man who tried to stop the problem.
It is amusing, and strange, to repeatedly hear democrats on this site blame Bush for the the financial meltdown of 2008.
Ironically, Bush and the republicans attempted to reform the mandate to Fannie Mae and Freddie Mac to make home loans to unqualified borrowers in 2005. This measure was killed by the democrats (Barney Frank and Chris Dodd were heavily supported by Fannie and Freddie).
Oddly, these same democrats, who have driven the economy to the brink of disaster over the four years of thier control, are asking (to borrow an inane Obama analogy) for the "keys to the car". These are the same fools who caused the financial disaster and then deepened it.
It is certainly entertaining to see the short memories of the libs and how they twisted a disaster authored by the liberals into a problem caused by George Bush- the only man who tried to stop the problem.
The left just wants to sit back and drink their Kool-Aide and belive Obammy is the best. They will never admit the truth and know how to play the blame game like pros.
None of them will even read the link or acknowledge thier history. They will simply cover their eyes and ears, rock back and forth, and shout, "No, No, No!"
Denial is easier than evaluating the facts.
Libs- please read and inform yourself of your liberal heritage in causing the financial meltdown. It simply reinforces that you cannot trust a liberal with fiancial issues, as they usually cause chaos. The fiancial meltdown is the best example of this.
A true reflection of O's actions. Voting present is O's hallmark.
I had an article saved that has him in Harry Reid's corral and he was instrumental in filibustering against a proposal introduced by Republicans to reign in Fannie & Freddie - it was his 'swan song' when he arrived in the Senate.
I'll search again, that was on a hard drive that bit the dust recently.
Funny thing is O's mortgage F&F loan that is FAR over the legal limits for such loans. Sure is nice to have 'connections'.
that must be why the bush administration ordered the OCC to prevent states from enforcing state mortgage loan laws... AND THEN... they implemented new rules that prevented states from enforcing any of their own consumer protection laws against national banks.
all 50 state attorneys general, and all 50 state banking superintendents, fought the Bush administration's rules. And y'all act like the Democrats are the only "Big Government" act in town... both parties are crooked as hell, so let's not pretend otherwise.
None of them will even read the link or acknowledge thier history. They will simply cover their eyes and ears, rock back and forth, and shout, "No, No, No!"
The blame-Bush mentality is ingrained so deeply in so many liberals that most will refuse to acknowledge any part in this disaster.
And I do blame the GOP for not stepping up to the plate. Anytime a concern was expressed about FNM by the Republicans, Maxine Waters or Barney Dodd would come out swinging and accusing the Republicans of racism.
The GOP was so concerned about the racist label that they would walk away and let FNM go about corrupting the housing market. And look what political correctness got us...hundreds of thousands of foreclosures, an economy in tatters, millions out of work, a left-leaning president and congress takeover of the best health care system on the planet. You liberals proud of this mess?
We need leaders who can resist labels and tell people to screw off.
From the George W. Bush white house archives, a speech given in 2002 in Atlanta.. which by the way is the poster child for 2009-2010 bank failures:
Quote:
President Bush:
That's why I've challenged the industry leaders all across the country to get after it for this goal, to stay focused, to make sure that we achieve a more secure America, by achieving the goal of 5.5 million new minority home owners. I call it America's home ownership challenge.
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.)
I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts. This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)
Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)
The evidence is out there. Democrats were instrumental in this debacle. Complicity has been proven.
However the pomp & circumstance to have a black president clouded peoples (black, white, democrats, Republicans, independents) minds and desires and his campaign promises and his burning Bush at every turn for the last four years - is what got him elected. Nothing else explains it. If his record and competence had been publicized by the lame ass media this country has, perhaps there would be a different outcome.
Now, the public has informed themselves on this character. Now more Americans know of his exploits, his aspirations, his agenda. And nobody wants it.
you mean President Bush's words, that I just posted, that clearly support Fannie Mae and Freddie Mac's reckless lending?
you seem to be denying them quite well.
and let's not get into the REAL crux of the matter... which is that the GSE's were secondary problems. the primary causes were (A) Deregulation (in the case of states, FORCED deregulation) of non-conforming subprime mortgages, (B) low rates, and (C) unregulated securitization of mortgages in the secondary markets, as well as (D) unregulated credit default swaps, and for good measure toss in (E), the Gramm-Leach-Biley act (3 republicans), which allowed these FDIC-backed commercial banks to suddenly become huge casinos using taxpayer fiat money created by the Fed.
A, B, C, D, and E can be traced back to the conservative ideologies of blind deregulation, "let the market regulate itself" while the problems were being built, followed with, "don't let our buddies on wall street go bankrupt", when this dog and pony show came to a halt circa 2008.
So in the earlier stages of the bubble, factors A, B, C, D, and E created a surge of $$$$ flowing into the subprime, non-Fannie/Freddie mortgage markets. These people were basically printing money, making it hand-over-fist... people like Countrywide, for example, and WaMu.
That began to crowd Fannie and Freddie out of their markets, upsetting their shareholders, and politicians of all stripes. In response, (which was only after the problem had already started) then Fannie and Freddie jumped on the crappy-mortgage-bandwagon by lowering their standards.
Last edited by le roi; 10-28-2010 at 08:34 AM..
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