Bush Admin Blamed for Economic Crises Blame the DEM Congress ..Esp Barney Frank

[rh287]

And as far as the economic crises..The bottom line is that the crisis is mainly the result of the Democraticly LEAD Congress mandating and pressuring lenders into home loans to people who could not afford them...Bush could get nothing done without bi-partisian support..so he let the Democrates continue to drive unqualified home buyers into HUGE mortgages relative to their income via Freddy and Fanny...You can thank (D) BARNEY FRANK and (D)NANCY PELOSI as the main creators of the economic collapse..I'm not saying Bush is not partly to blame, but Congress had strong control over most the triggers that caused the collapse...Barney Frank with his inluence over and very tight ties to Freddie and Fanny and unbridaled WALL STREET GREED in the sub-prime lending is what caused this collapse. Bush's main failure is that he did not put his full Prez powers in effect to try to reign in these irresponsable lending practices, that was going on to targeted demographic groups, many who should have never qualified for homes less than 1/3 the price of the homes they were being qualified for. Bush was way to sensative to minoritys and the poor's equal rights to the American Dream..to their detriment and eventually to the detriment all of Americans of all economic statuses...

A housing burst was comming..everyone knew it...hell I even knew it..I knew places like Phoenix could not continue to have home prices appreciate at nearly 50% per year..that's a no brainer...housing busts are nothing new and generaly correct themselves within a few years at most and never have caused a US financial meltdown...its just that nobody but a handful of top economists saw the magnatude it was going to be....

Now having said that...WALL STREET GREED is a GOOD thing..without the greed ,(or desire to make more money like everyone else), that drives investors into the markets..this economy and indeed the World economy would collapse..it takes a certain amount of greed to invest your liquid assets into emerging technologies and high risk IPOs...even Blue Chips as well...investors come from all walks of life...from the poor, middle class and of course the rich and wealthy...from direct cash investments to 401Ks

 

[KittenKoder]

Bah! Everyone just wants to blame someone and no one wants to do anything to fix it ... same old shit.

 

[Alan Partridge]

it's everyone's fault that has been in government for the past 25 years.

To try to blame one party over another is dumb, especially when one was in power in congress for 2 years, or when one has controlled congress for the prior 6

 

[rh287]

Im just sick of the Obama Administration blaming Bush for the full financial collapse last September...it was, IMHO, the Democraticly controlled Congress and a few powerful Democrates that are mainly to blame...to be sure Bush fumbled the ball and should have stopped that lending madness way before it hit critical mass...its time for Obama to admit his mistakes and quit blaming the prior Administration...but he will get as much milage out of it as he can

 

[KittenKoder]

Im just sick of the Obama Administration blaming Bush for the full financial collapse last September...it was, IMHO, the Democraticly controlled Congress and a few powerful Democrates that are mainly to blame...to be sure Bush fumbled the ball and should have stopped that lending madness way before it hit critical mass...its time for Obama to admit his mistakes and quit blaming the prior Administration...but he will get as much milage out of it as he can

It's all publicity, the two parties are not really against each other they are just trying to keep the public split so they can get away with more. By blaming each other the public is easily fooled into the distraction while they make more policies that decrease our freedom.

 

[get_involved]

Recessions happen every 6 to 8 years. They are just part of a normal business cycle. They happen under Republicans and Democrats.

 

[Bfgrn]

And as far as the economic crises..The bottom line is that the crisis is mainly the result of the Democraticly LEAD Congress mandating and pressuring lenders into home loans to people who could not afford them...Bush could get nothing done without bi-partisian support..so he let the Democrates continue to drive unqualified home buyers into HUGE mortgages relative to their income via Freddy and Fanny...You can thank (D) BARNEY FRANK and (D)NANCY PELOSI as the main creators of the economic collapse..I'm not saying Bush is not partly to blame, but Congress had strong control over most the triggers that caused the collapse...Barney Frank with his inluence over and very tight ties to Freddie and Fanny and unbridaled WALL STREET GREED in the sub-prime lending is what caused this collapse. Bush's main failure is that he did not put his full Prez powers in effect to try to reign in these irresponsable lending practices, that was going on to targeted demographic groups, many who should have never qualified for homes less than 1/3 the price of the homes they were being qualified for. Bush was way to sensative to minoritys and the poor's equal rights to the American Dream..to their detriment and eventually to the detriment all of Americans of all economic statuses...

A housing burst was comming..everyone knew it...hell I even knew it..I knew places like Phoenix could not continue to have home prices appreciate at nearly 50% per year..that's a no brainer...housing busts are nothing new and generaly correct themselves within a few years at most and never have caused a US financial meltdown...its just that nobody but a handful of top economists saw the magnatude it was going to be....

Now having said that...WALL STREET GREED is a GOOD thing..without the greed ,(or desire to make more money like everyone else), that drives investors into the markets..this economy and indeed the World economy would collapse..it takes a certain amount of greed to invest your liquid assets into emerging technologies and high risk IPOs...even Blue Chips as well...investors come from all walks of life...from the poor, middle class and of course the rich and wealthy...from direct cash investments to 401Ks

So the whole world economy collapsed because more minorities were offered home ownership with a 20% default rate?

WOW...

 

[garyd]

Close but not quite, you forgot to add in derivatives based upon faulty paper and a US housing industry that has built far more 300k homes than there are people to buy them. And minorities weren't the only people getting subprime loans.

 

[Lumpy 1]

You have to wonder why the liberal media always seem to forget about the Democratic control of the House and Senate over Bush's last two years. Yet the Democrats trust them like lemmings. I suppose it calms them!

 

[DiveCon]

You have to wonder why the liberal media always seem to forget about the Democratic control of the House and Senate over Bush's last two years. Yet the Democrats trust them like lemmings. I suppose it calms them!

or that the dems had control of the senate for the first two years
and that the GOP's majorities the other 4 years were razor thin

 

[DiveCon]

it's everyone's fault that has been in government for the past 25 years.

To try to blame one party over another is dumb, especially when one was in power in congress for 2 years, or when one has controlled congress for the prior 6

i agree with your first line, but the rest is not accurate

 

[editec]

Don't crowd around, folks.

Plenty of blame to go around.

We won't run out of blame before every person in a position of leadership in this issue gets their full measure of my contempt.

 

[rh287]

Go back to the days when liberals were in the majority and Bush Cheney and other republicans called for MORE regulation in the housing market but because they were in the minority they were voted down.

Barney Frank opposed regulating Fannie Mae and Freddie Mac in 2003, but no one reminds him

Frank 'no crisis.' The New York Times reported on Sept. 11, 2003:

''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."

Barney Frank was destabilizing Fannie Mae as early as 1991:

" Although Frank now blames Republicans for the failure of Fannie and Freddie, he spent years blocking GOP lawmakers from imposing tougher regulations on the mortgage giants. In 1991, ..."

House Financial Services Committee hearing, Sept. 10, 2003:

" Rep. Barney Frank (D., Mass.): I worry, frankly, that there's a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios. . "

" Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . ". .

Rep. Waters: However, I have sat through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke. Housing is the economic engine of our economy, and in no community does this engine need to work more than in mine. With last week's hurricane and the drain on the economy from the war in Iraq, we should do no harm to these GSEs. We should be enhancing regulation, not making fundamental change.

Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. . . .

Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?

Mr. Raines?

Mr. Raines: No, sir.

Mr. Frank: Mr. Gould?

Mr. Gould: No, sir. . . .

Mr. Frank: OK. Then I am not entirely sure why we are here. . . .

Sen. Charles Schumer (D., N.Y.): And my worry is that we're using the recent safety and soundness concerns, particularly with Freddie, and with a poor regulator, as a straw man to curtail Fannie and Freddie's mission. And I don't think there is any doubt that there are some in the administration who don't believe in Fannie and Freddie altogether, say let the private sector do it. That would be sort of an ideological position.

Sen. Christopher Dodd (D., Conn.): I, just briefly will say, Mr. Chairman, obviously, like most of us here, this is one of the great success stories of all time. And we don't want to lose sight of that and [what] has been pointed out by all of our witnesses here, obviously, the 70% of Americans who own their own homes today, in no small measure, due because of the work that's been done here. And that shouldn't be lost in this debate and discussion. . . .

And is goes on and on. FofBS. These are from the housing hearing in 2003. So you can tell a lie long enough it sometime becomes true unless you know where to look for the information.

[Borrowed from a brlliant poster on another forum]