Hmmmm, Maybe It Is Bush's Fault

Discussion in 'Current Events' started by rayboyusmc, Dec 1, 2008.

  1. rayboyusmc
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    rayboyusmc Senior Member

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    Maybe it isn't the CRA, Barney Franks and Chris Dowd who screwed up the whole thing. Maybe it is the blind trust in the open market. The signs were there and some people warned of this, but they just couldn't get the $$$$$$$$$$$$$$$$$$$$$$$$$$$ out of their minds.

    AP IMPACT: US diluted loan rules before crash - Yahoo! News
     
  2. editec
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    editec Mr. Forgot-it-All

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    No it is NOT all Bush's fault.
     
  3. rayboyusmc
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    rayboyusmc Senior Member

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    I thought none of it was his fault. The dems set this up years ago, the sneaky bastards.:lol:
     
  4. WillowTree
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    WillowTree Diamond Member

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    Everything damn thing is Bush's fault. Everydamn thing. Got an ingrown toenail? Blame Bush..
     
  5. Red Dawn
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    Red Dawn Senior Member

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    Private sector loans, not Fannie or Freddie, triggered crisis


    WASHINGTON — As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.

    Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.

    Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis.

    Subprime lending offered high-cost loans to the weakest borrowers during the housing boom that lasted from 2001 to 2007. Subprime lending was at its height from 2004 to 2006.

    Federal Reserve Board data show that:

    * More than 84 percent of the subprime mortgages in 2006 were issued by private lending institutions.

    * Private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year.

    * Only one of the top 25 subprime lenders in 2006 was directly subject to the housing law that's being lambasted by conservative critics.


    McClatchy Washington Bureau | 10/12/2008 | Private sector loans, not Fannie or Freddie, triggered crisis
     
  6. editec
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    editec Mr. Forgot-it-All

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    Jesus Christ on a crutch, what is the obsession some of us have with wanting to pin this problem on ONE cause?

    Must we simplify everything down to a simple, but completely wrong, answer?

    The players who caused the mortgage crises include the FED, the BANKS, the BONDS RATINGS COMPANIES, the people too stupid to realize that they could not afford those mortgages if the economy went belly up, too.

    And combined even those people are not wholly responsible for the economic meltdown that we're currently facing either.

    If the economy was essantially sound, this blip in the economy would have passed unnoticed.

    But this blip was merely the initial crack in the foundation which was poured stupidly by the bankers and planners of our economy.

    Do you folks relize how the mortgage crises is dwarfed in size by the insanity of the derevitives market?

    Apparently not.

    Some of you either don't want to know the truth about our economy, or you are refusing to acknowledge the problems for partisan reasons.

    BUSH was NOT responsible for this mess, folks.

    I mean I think Bush might very well be the worst POTUS this nation has ever had, but his responsibility regarding the mortgage crises is miniscule if any at all.

    Do ANY of us really think BUSH was on top of the day to day operations at the FED or any of the major banks?

    Come on, folks, get real.

    They wouldn't let that man anywhere near real policy.

    He's a beard for crimmy's sakes.
     
    Last edited: Dec 1, 2008
  7. rayboyusmc
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    rayboyusmc Senior Member

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    In that it happened on his watch, he does bear responsibility for this. Not the only one, but he was in charge at this time. When the ship runs aground, you blame the captain on watch.

    On the other side, if the money lenders had not made these loans so easy to get, the borrowers would not have gotten them, and we might not be in this mess today. Granted the people were greedy or stupid or just uniformed, but the Bankers, come on, this is their job. They knew what they were doing and went for the big bucks.
     
  8. WillowTree
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    WillowTree Diamond Member

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    [​IMG]
     
  9. Truthmatters
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    Truthmatters BANNED

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    Bush screwed the Pooch.

    He and his adminisration were warned this would happen. THAT IS A FACT people.

    This is going to be a big part of his leagacy.

    He did NOTHING when a timely change in law would have prevented the vast majority of the problem.

    ITS HIS FAULT!
     
  10. WillowTree
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    WillowTree Diamond Member

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    Every damn thing is Booosh's fault!


    got eczema? Blame Boosh.





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