Mortgage Crisis: Blame Bush

[Joe Steel]

As always, at the core of the problem lies Bush.


Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago.

Fact Sheet: America's Ownership Society: Expanding Opportunities (http://www.whitehouse.gov/news/releases/2004/08/20040809-9.html)

Did Bush just decide he liked poor people and wanted to help them?

Don't be silly.

Bush was emulating Margaret Thatcher who worked a similar scam in 1980s England. She figured moving the less affluent into their own homes from public housing would make them loyal to her Conservatives. Bush tried it and, in typical fashion, he screwed-it-up so badly our financial system is collapsing.

He's so stupid he'd be pitiful if he wasn't so evil.

[Mr. P]

Blame Bush all you want, just include Bill too. These loans were being given out like candy during his term.

[Joe Steel]

Blame Bush all you want, just include Bill too. These loans were being given out like candy during his term.

Clinton hasn't been President for almost eight years. Blaming him would be tough.

[-Cp]

As always, at the core of the problem lies Bush.



Did Bush just decide he liked poor people and wanted to help them?

Don't be silly.

Bush was emulating Margaret Thatcher who worked a similar scam in 1980s England. She figured moving the less affluent into their own homes from public housing would make them loyal to her Conservatives. Bush tried it and, in typical fashion, he screwed-it-up so badly our financial system is collapsing.

He's so stupid he'd be pitiful if he wasn't so evil.

Don't meant to burst yer bubble, but:

http://patriotroom.com/?p=2135

[Joe Steel]

Don't meant to burst yer bubble, but:

http://patriotroom.com/?p=2135

Don't worry. It won't be my bubble bursting:



Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

Giving Bush control of the mortage after-market would be foolish in the extreme. Even the Republcon controlled Congress of 2003 could see that.

[-Cp]

Don't worry. It won't be my bubble bursting:




Giving Bush control of the mortage after-market would be foolish in the extreme. Even the Republcon controlled Congress of 2003 could see that.

Original NY Times story:
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B 63&sec=&spon=&pagewanted=print

[Mr. P]

Clinton hasn't been President for almost eight years. Blaming him would be tough.

He had a BIG part in it. As far back as early '94 these loans were being given, it's not tough at all to include him. He did 8 too ya know.

[theHawk]

You should listen to Daniel Mudd's speech to the Congresional Black Caucus, joe steel. He kissed their ass and bragged about giving mortgages to minorities in record numbers. The sub-prime loans were pushed by politicians to get minorities in houses. Bush, is the one who wanted to reform Fannie Mae and Freddie Mac, but Dems fought it.

[darin]

Hawk - he's NOT interesting in the truth - he's interested in feeding his own lusts and hallucinations and fantasy.

[red states rule]

Clinton hasn't been President for almost eight years. Blaming him would be tough.

You and other libs still blame Pres Reagan for many things. He has not been President since 1/20/1985

Facts are, Bill Clinton had a hand in setting the stage foe this mess- and Dems like Barney Frank, Chuck Shumer, and Obama are up to their necks in it

[Joe Steel]

Original NY Times story:
http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B 63&sec=&spon=&pagewanted=print

What's your point?

[Joe Steel]

He had a BIG part in it. As far back as early '94 these loans were being given, it's not tough at all to include him. He did 8 too ya know.

Fannie and Freddie buy mortgages. They don't make loans.

Clinton may have wanted to expand home ownership among the less-affluent but it wasn't to buy their votes. To the extent they voted, they were likely to vote Democratic anyway. When Bush did it, he was doing it make them vote for Republicans instead of Democrats. He was using public money for partisan purposes.

[red states rule]

What's your point?

Try reading

While you are at it, try this as well

http://www.debatepolicy.com/showthread.php?t=17861

[Joe Steel]

You should listen to Daniel Mudd's speech to the Congresional Black Caucus, joe steel. He kissed their ass and bragged about giving mortgages to minorities in record numbers. The sub-prime loans were pushed by politicians to get minorities in houses. Bush, is the one who wanted to reform Fannie Mae and Freddie Mac, but Dems fought it.

No one has a shred of evidence Bush wanted reform for the sake of reform. He may have wanted to change something but that was only so he could pervert it to partisan purposes.

[Joe Steel]

Try reading

While you are at it, try this as well

http://www.debatepolicy.com/showthread.php?t=17861

Obviously you didn't or you didn't understand it.

It proves my point not the poster's.

I'd like to know why he would post something which disproves his own argument.

[avatar4321]

Partisan purposes are good. Because the only time bipartisanship occurs is when the party's political elite unite to screw over the little people.

While we are passing the blame around, why not blame the Democrats who stood in the way of reform and then benefited in the way of campaign contributions. Such as Senator Obama.

[Joe Steel]

You and other libs still blame Pres Reagan for many things. He has not been President since 1/20/1985

Facts are, Bill Clinton had a hand in setting the stage foe this mess- and Dems like Barney Frank, Chuck Shumer, and Obama are up to their necks in it

Sorry, no.

This mess belongs exclusively to the Republicons. They had control of Congress during the time the crisis developed and they conspired with Bush. It's their fault.

[avatar4321]

Sorry, no.

This mess belongs exclusively to the Republicons. They had control of Congress during the time the crisis developed and they conspired with Bush. It's their fault.

Okay, how about we say for the sake of argument that it is all the Republicans fault. How does that make socialism somehow work?

[red states rule]

Obviously you didn't or you didn't understand it.

It proves my point not the poster's.

I'd like to know why he would post something which disproves his own argument.

Joe the facts show Dems blocked reform, took campaign cash, and looked the other way as the signs of the problem grew and grew

[red states rule]

Sorry, no.

This mess belongs exclusively to the Republicons. They had control of Congress during the time the crisis developed and they conspired with Bush. It's their fault.

and the last 2 years what have Dems done about the problem, except take campaign cash?

[Yurt]

Sorry, no.

This mess belongs exclusively to the Republicons. They had control of Congress during the time the crisis developed and they conspired with Bush. It's their fault.

bulllaketiticaca, are you saying that clinton did not push the mortgage program to those who could not afford it...why hasn't the dem congress stepped in for the past 2 years?

you're delusional

[red states rule]

bulllaketiticaca, are you saying that clinton did not push the mortgage program to those who could not afford it...why hasn't the dem congress stepped in for the past 2 years?

you're delusional

There is still one fact Dems do not want to mention

The number of home loans in default is about 1.5% to 2%

Also, it was libs whgo demanded banks loosen their requirements on loans so a more diverse group of people could own a home

[mundame]

The number of home loans in default is about 1.5% to 2%

I think it may be higher by now. It's MUCH higher in the subprime sector, but that's only 1/7 of the mortgage market, the WSJ said yesterday. Problem: if housing prices continue down, exacerbated by unemployment, defaults even on prime mortgages will presumably rise and they don't have to rise much to be more than the subprime problem, because there are seven times as many prime mortgages. Fascinating op-ed by David Roche in the journal yesterday. He also observed that "other consumer credit" is fully four times the subprime mortgage amount -- credit cards, car loans, student loans, I suppose -- so if joblessness raises default levels in that market, trouble.

So we should hope for no recession that involves unemployment, and low oil prices.



Also, it was libs whgo demanded banks loosen their requirements on loans so a more diverse group of people could own a home

I suppose you are speaking of Fannie May and Freddie Mac, and I agree that's just been dumb. However, I've been following this crisis minutely and there is general agreement that compensation terms (they were paid on commission) to the people who ran around pushing mortgages on mostly black, poor people, and the poor people TAKING these mortgages on simply ruinous terms that NO ONE could afford, much less them --- balloon mortgages, mortgages with no interest payments so the principle got bigger and bigger ---- that is behind the whole problem.

After that came the ratings agencies, which had no idea what these new, experimental securities of bundled mortgages WERE, so they...............

Rated them AAA? Bad move, turns out.


I am disturbed that Obama is running around yesterday and today making speeches about bailing out the people who took those mortgages. What? They're the CAUSE of this whole crisis, why should we give them yet more money and housing when they couldn't pay on the terms they signed up for??

Darn. They bring down our financial system then we give them free houses? This is not a good idea, IMO.

[red states rule]

I have not heard about a higher number

The liberal media is saying it as bad as the depression. Only problem is, the default rate was about 50% - not the 2% it is now

[Joe Steel]

Okay, how about we say for the sake of argument that it is all the Republicans fault. How does that make socialism somehow work?

Socialism is the best method of serving the highest goal of any economy, equitable distribution of resources. By subjecting economic activity to consensus, we can assure ourselves each will have enough.

[mundame]

I have not heard about a higher number

The liberal media is saying it as bad as the depression. Only problem is, the default rate was about 50% - not the 2% it is now


They say 50% of all home mortgages were in default during the Great Depression.

That one was a biggie. So far, this is nothing like that.

We aren't even technically in a recession yet. 6.1 unemployment, low inflation -------- let's don't cry till we're hurt, I agree.

[Yurt]

Socialism is the best method of serving the highest goal of any economy, equitable distribution of resources. By subjecting economic activity to consensus, we can assure ourselves each will have enough.

where does motivation come from if each will have "enough" regardless of their input

and why haven't you moved to a socialist country?

[Joe Steel]

Joe the facts show Dems blocked reform, took campaign cash, and looked the other way as the signs of the problem grew and grew

Change is not necessarily "reform" in its highest sense. Bush wanted change for evil purposes. The Democrats blocked his nefarious scheme.

[mundame]

McCain was right that the fundamentals are sound!!

I hated that Obama backed McCain off that statement, because it was a good one and good to remember. No hobos jumping freight trains, no Okies travelling to California in rust buckets, no soup lines.

McCain should say it again, louder: people want hope that things will get back to normal, it could win him the election.

[red states rule]

They say 50% of all home mortgages were in default during the Great Depression.

That one was a biggie. So far, this is nothing like that.

We aren't even technically in a recession yet. 6.1 unemployment, low inflation -------- let's don't cry till we're hurt, I agree.

One of the few things I agree with McCain on is the basic fundamentals of the economy are good

Low inflation, low interest rates, oil prices dropping, decent unemployment rate, wages increasing, and fair GDP numbers

The fact we are not in a recession will not stop the Dems from saying we are. Facts never get in the way of their rants

[Yurt]

I have not heard about a higher number

The liberal media is saying it as bad as the depression. Only problem is, the default rate was about 50% - not the 2% it is now

the worse the media can portray our country now, the better for obama and his socialists like joe steel...

[red states rule]

the worse the media can portray our country now, the better for obama and his socialists like joe steel...

To their dismay, the truth and real numbers do get out

That is why the election is so damn close, and why Obama lost his big lead

[Joe Steel]

bulllaketiticaca, are you saying that clinton did not push the mortgage program to those who could not afford it...why hasn't the dem congress stepped in for the past 2 years?

you're delusional

I'm saying they would have voted for Clinton anyway. If he pushed the program, it was to provide a valuable service to American citizens.

When Bush did it, it was to get more political power so he could exploit them further.

[red states rule]

I'm saying they would have voted for Clinton anyway. If he pushed the program, it was to provide a valuable service to American citizens.

When Bush did it, it was to get more political power so he could exploit them further.

http://politicalpartypoop.com/wp-content/uploads/2007/10/bush67.jpg

[Yurt]

I'm saying they would have voted for Clinton anyway. If he pushed the program, it was to provide a valuable service to American citizens.

When Bush did it, it was to get more political power so he could exploit them further.

:lol:

you bias is too funny

provide proof

[PostmodernProphet]

Sorry, no.

This mess belongs exclusively to the Republicons. They had control of Congress during the time the crisis developed and they conspired with Bush. It's their fault.
thus Joe demonstrates how the Democrats remain a major political party despite generations of screwups......

[Kathianne]

Interestingly enough, it's the media who seems to be saying that at least two presidents attempted to rein in Fannie and Freddie, but Congress in general, Dodd in particular, kept them loose:

http://www.courant.com/news/opinion/commentary/hc-commentaryhubbard0914.artsep14,0,6889610,print.sto ry



Rein In Fannie, Freddie? Not Dodd

By AL HUBBARD AND NOAM NEUSNER

September 14, 2008

Taxpayers face a tab of as much as $200 billion for a government takeover of Fannie Mae and Freddie Mac, the formerly semi-autonomous mortgage finance clearinghouses. And Sen. Christopher Dodd, the Democratic chairman of the Senate banking committee, has the gall to say in a Bloomberg Television interview: "I have a lot of questions about where was the administration over the last eight years."

We will save the senator some trouble. Here is what we saw firsthand at the White House from late 2002 through 2007: Starting in 2002, White House and Treasury Department economic policy staffers, with support from then-Chief of Staff Andy Card, began to press for meaningful reforms of Fannie, Freddie and other government-sponsored enterprises, known GSEs.

The crux of their concern was this: Investors believed that the GSEs were government-backed, so shouldn't the GSEs also be subject to meaningful government supervision?

This was not the first time a White House had tried to confront this issue. During the Clinton years, Treasury Secretary Larry Summers and Treasury official Gary Gensler both spoke out on the issue of Fannie and Freddie's investment portfolios, which had already begun to resemble hedge funds with risky holdings. Nor were others silent: As chairman of the Federal Reserve, Alan Greenspan regularly warned about the risks posed by Fannie and Freddie's holdings.

President Bush was receptive to reform. He withheld nominees for Fannie and Freddie's boards — a presidential privilege. While it would have been valuable politically to use such positions to reward supporters, the president put good policy above good politics....

[manu1959]

As always, at the core of the problem lies Bush.
Did Bush just decide he liked poor people and wanted to help them?
Don't be silly.
Bush was emulating Margaret Thatcher who worked a similar scam in 1980s England. She figured moving the less affluent into their own homes from public housing would make them loyal to her Conservatives. Bush tried it and, in typical fashion, he screwed-it-up so badly our financial system is collapsing.
He's so stupid he'd be pitiful if he wasn't so evil.

so people took out loans they knew they could not afford and then defaulted on the payment and that is someone elses fault....

[manu1959]

Sorry, no.

This mess belongs exclusively to the Republicons. They had control of Congress during the time the crisis developed and they conspired with Bush. It's their fault.

uhhhhhhhhhhhhhhhhh the dems have been in control of congress since 2006.......

[Joe Steel]

so people took out loans they knew they could not afford and then defaulted on the payment and that is someone elses fault....

They were duped...like you.

[Joe Steel]

uhhhhhhhhhhhhhhhhh the dems have been in control of congress since 2006.......

uhhhhhhhhhhhhhhhhh they weren't from 2001 through 2005.

[emmett]

What is happening right now is happening because Americans did not listen to the Libertarians in the 80's and 90's. IT"S THAT FUCKING SIMPLE!!!!!

Pretend to yourselves it's something else if you want to!




VOTE LIBERTARIAN for a real change!

[emmett]

HARRY BROWNE (former Libertarian Presidential candidate) warned everybody about this many years ago. This financial genius told us exactly what was going to happen and it did!


The Mortgage industry MUST be private...............PERIOD!





Oh Emmett, you're just capitolizing on the situation...............

LOOK IT UP FOLKS! Just look it up!