If everyone who thought like you actually voted we may have had Gary Johnson, Jill Stein, Evan McMullen or Darrell Castle as President.
Ehm ... you know that we have a system what was heavy introduced by the USA to have this way after WW-2? OK, we have some differences to you in the USA but worse? I see it different. But the funny thing is that you see us normally worse ... but we see like you make a self destruction in your country which we still have behind us with all the mistakes we made there, you do again!
I am the mortgage expert and Bush played no role in the housing crash. Fact is it would be impossible for him since he tried but could not persuade the Congress, especially the Democrats, to solve the problems. Bush had a business degree so had a hunch things were going wrong.
He paved the way for a truly disgusting individual, Donald J. Trump, and all but endorsed Useless Hillary, another disreputable piece-of-work.
I don't know what you are or were, but Bush let fraud run rampant in the marketing of MBSs. By allowing the fraud, he incentivized lenders to package up dodgy loans, palming them off a AAA paper when they were bottom trench crap. Slick Willie Clinton went along with a lot of deregulation he should have opposed, but Bush was even worse. The disaster brought on by Bush not only no stopping what Clinton started, but making it worse. I remember a survey done at the time where more than half of home price estimators said they had been pressured to jack up their estimates. More than half...
Nonsense, Bush tried to rein in the abuses but was opposed by Congressional Democrats. From the New York Times: https://www.nytimes.com/2003/09/11/...ed-to-oversee-freddie-mac-and-fannie-mae.html "Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing. ''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'' Representative Melvin L. Watt, Democrat of North Carolina, agreed. ''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said."
No, Bush tried to save housing. Over a dozen times he tried. Democrats blocked him every time. Clearly you are no expert. By CA law I am.
Them blaming Bush is like me blaming them since they got the loans not me nor Bush. There is no doubt that Fannie and Freddie had the authority, the money and rule making apparatus to have prevented it.
You might want to give evidence for what you claim rather than just stating that you know it happened.
You gave no evidence thus you ask me. I have proven I know the facts here on this forum so many times, I lost count. Here is some visual proof.
That video showed two factors: Countrywide and law makers. They said that Countrywide was pressuring them and so were lawmakers. It never said that Democrats blocked Bush from trying to save housing. On a side note, I have not presented anything in this thread. I just pointed out that saying you know X without proof is not a good argument.
Horsesh't. He failed to regulate the securities market. That means lenders could package up crap loans and sell them to unsuspecting investors. It involved the connivance of lenders, rating agencies, house price estimators, and investment firms. Even if he tried--and I'm not sure he actually made much effort--Bush failed to use the regulatory levers available to him, nor did he take to the bully pulpit to decry the fraudulent MBSs hitting the market. If he had thrown some doubt into the market, he could have positively impacted the problem. He also had advisors telling him things were going wrong. BTW, Clinton knew he was creating a problem when he went along with the sort of deregulation promoted by sleazeball Congresscritters like Phil Gramm. Yes, and Democrats who saw constituents getting free money knew it was a growing problem.
Frank was in the House Minority from January 1, 1995 until January 1, 2007. He had very little influence on the legislative process, and the most you could say is that he tried to influence public opinion. Home prices started sliding in mid-2006.
Get a clue. No way did I support Useless Hillary. Or Crazy Bernie. You, OTOH, support the President Lard Bucket, the NY con artist.
Post 591 is a crock and Let's leave it there. I know exactly what took place and the housing market has no conscience as to MBS and those are not the cause of the problem. Lehman was kind of king of subprimes. Had Lehman done quality loans, at least it may have been worth saving. The typical poster is virtually ignorant and it is their politics yapping, not that they are experts on anything. By law I happen to be classified an expert.
Bush never walked the talk. He in essence created a Presidential version of a CYA memo with his phony opposition to expanded home ownership he promoted in the 2002 State of the Union. Watt and Frank were from the House minority.
Your first video with Berney Frank did not support your claim that it was democrats that blocked the legislation. This legislation started in Republican controlled house and got block by Republicans in the Senate. The second legislation (2007) started in a Democratic House was stalled due to fighting between Republicans and Democrats. The second video with Peter Wallison blamed the government hosing policy and the backing of the Fanie Mae and others by the Republicans--specifically, Newt Gingrich. He did not mention any Democrats. As for the government housing policy, he specifically stated that he did not think that it caused the crisis, but was something that allowed the housing crisis to occur. Across all these videos, it seems they did not blame Democrats. In fact, the party mentioned the most was the Republicans for the blame.
Total BS. Morthage brokers aren't economists or have business finance degrees. Bush could have tightened regulation through the SEC and the DoJ. He could have spoken against the widespread fraud in the marketing of MBSs. "Members, you and I will work together in the months ahead on other issues: productive farm policy... (APPLAUSE) ... a cleaner environment... (APPLAUSE) ... broader home ownership, especially among minorities... (APPLAUSE)" 2002 State of the Union http://www.washingtonpost.com/wp-srv/onpolitics/transcripts/sou012902.htm The fact is that some people can't afford to own a home.
Bush was the ship cap'n and bears a goodly measure of responsibility for what happened. Ditto Clinton for weakening regulation in his presidency.
