Lol, There is blame to go around, but it wasn't Bush pushing people and the big banks to take anyone and everyone who applied for a mortgage. You can look at one of the loudest mouths currently ,and a few of his cohorts including our cuurent president for that b.s.. Barney Frank is a kingpin, far ahead of Bush, as is Obama, and a few others, most likely a few Republicans too. I was a Bush supporter intially, but when he decided to be a Demonut I lost respect. He is as much big government as the Dems. We need much less government and the gov we have needs to actually do some work, ie SEC. We need to remove every incentive Congress has to do business based on who buys them with the most $$$. Back to work.
Fixed that for you. http://articles.latimes.com/1999/may/31/news/mn-42807 http://www.businessweek.com/the_thread/hotproperty/archives/2008/02/clintons_drive.html
CORRECTAMUNDO! Barney Frank deserves to be enshrined into America's Hall of Shame.... should be put on FBI's most wanted list... "Wanted Dead or Alive"...
The majority of no-doc mortgages and foreclosures emanated from the years 2004-2007.........the problem began when Bush declared that "everyone should be a homeowner". He gave the Green light to the mortgage industry and he and his admin turned a blind eye to the process, so that "free market" could run its course. The only thing that you can blame Clinton for is that he helped introduce Credit Default Swap instruments during his tenure. To hang this on Clinton, is like blaming Obama for Pearl Harbor.
Wrong! You don't know the history. Don't get me wrong, I'd like to personally kick Bush in the balls... It was the DemoCraps in CONgress in 1999 who declared, "everyone should be a homeowner"... [especially if they'll vote DemoCrapic, of course]. Bush merely "jumped on the band wagon of DemoCrapic legislation in 1999, to promote Affirmative Action Lending"... Bush was actually against it, but had to join in because he saw it couldn't be defeated... That's how politicians roll... IF they have any principles, they're quickly abandoned as soon as it looks like they're on the losing side... BUSH WAS NOT IN OFFICE WHEN THIS SHIT STARTED!!! I'm not a Bush fan... I almost HATE that SOB for what he did to the USA... just calling BULLSHIT where I smell it.
gnome, It may be so, but I clearly recall Bush stating this as well....I remember the speech vividly. And the irrational exhuberance began under his watch for sure. The proliferation of CDO's, CDS's, risky and unethical mortgage vehicles and practices, the corruptness of the MBS ratings game, etc., etc., etc, all came under Bush's watch. You can't hang Clinton, for something that Bush pushed to the maximum extreme. DISCLAIMER: I hate Bush as well, and was never a big Clinton lover either, but looking back on things as a true Independent, there was NO comparison between the 2.
You are correct. All I'm saying is that he didn't START it!. Lot of people piled on and added to the mess, but Bush was NOT responsible for its beginning. There NEVER should been such a thing as irresponsible Affirmative Action Lending... and without the "start" perhaps none of this would have ever occurred.
No, the problem began when Clinton said everyone has the right to own a home. Read the news around 98/99 - that's when Clinton directed fannie and freddie to lower their lending standards.