Why housing collapsed: New Prosperity Initiative

[shintao]

I hear a lot of freddy & fanny, but I don't hear anything about Bush's 2000 New Prosperity Initiative. Perhaps because rightys don't want you to know the rest of the story. Because this is the seed that grew to destroy the American housing Industry.

You see Bush was trying to out do Clintons record for putting Americans into houses, and like his other programs, he failed.


New Prosperity Initiative
April 11, 2000

“I propose a New Prosperity Initiative…A plan to
help remove obstacles on the road to the middle class…
Instead of helping people cope with their need, we will
help them to move beyond it. With the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
Governor George W. Bush

http://campus.murraystate.edu/academic/faculty/mark.wattier/Purpose.pdf

 

[California Girl]

I hope you're on some kind of pain management program.

 

[shintao]

I hope you're on some kind of pain management program.

I should expect that from an over-bleached blonde from the California coast. Of course, personal attacks are good, the leading indicator I hit the root canal and the message cannot be defeated. How can you defeat Bush's own words??? LOL!

 

[johnrocks]

I think it was mainly our reckless monetary policy we have had for years and years.

 

[PoliticalChic]

I hear a lot of freddy & fanny, but I don't hear anything about Bush's 2000 New Prosperity Initiative. Perhaps because rightys don't want you to know the rest of the story. Because this is the seed that grew to destroy the American housing Industry.

You see Bush was trying to out do Clintons record for putting Americans into houses, and like his other programs, he failed.


New Prosperity Initiative
April 11, 2000

“I propose a New Prosperity Initiative…A plan to
help remove obstacles on the road to the middle class…
Instead of helping people cope with their need, we will
help them to move beyond it. With the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
Governor George W. Bush

http://campus.murraystate.edu/academic/faculty/mark.wattier/Purpose.pdf

If you'd like to make this about Bush, I'd be happy to document the timeline which indicts Democrat policy...but I think you put your finger on the basis of the problem.

"...putting Americans into houses..." rather than allowing Americans to put themselves in homes.

As usual in human endeavors, the road to hell is paved with the best of intentions.

 

[shintao]

I hear a lot of freddy & fanny, but I don't hear anything about Bush's 2000 New Prosperity Initiative. Perhaps because rightys don't want you to know the rest of the story. Because this is the seed that grew to destroy the American housing Industry.

You see Bush was trying to out do Clintons record for putting Americans into houses, and like his other programs, he failed.


New Prosperity Initiative
April 11, 2000

“I propose a New Prosperity Initiative…A plan to
help remove obstacles on the road to the middle class…
Instead of helping people cope with their need, we will
help them to move beyond it. With the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
Governor George W. Bush

http://campus.murraystate.edu/academic/faculty/mark.wattier/Purpose.pdf

If you'd like to make this about Bush, I'd be happy to document the timeline which indicts Democrat policy...but I think you put your finger on the basis of the problem.

"...putting Americans into houses..." rather than allowing Americans to put themselves in homes.

As usual in human endeavors, the road to hell is paved with the best of intentions.

Bush made a big deal of this at the time. This wasn't for Sec. 8 people being housed, this was for low income people who were working but couldn't get the down payment together, meaning they were already in over their heads and couldn't afford these homes.

From link above:

Establish the "American Dream Down Payment Fund" to provide $1 billion
of matching grants to lenders over five years to help as many as
650,000 low-income families, who are not enrolled in Section 8, to
become homeowners.

 

[Toro]

Housing did not collapse because of Bush.

Housing collapsed the same way all bubbles collapse - interest rates rose and people stopped being stupid bidding things higher and higher on fantasy.

 

[Toro]

Housing did not collapse because of Bush.

Housing collapsed the same way all bubbles collapse - interest rates rose and people stopped being stupid bidding things higher and higher on fantasy.

 

[The Rabbi]

So a proposal (I didnt follow up to see how much was actually passed) led to a collapse 8 years later?
Really? Really??

Housing collapsed because of Nancy Pelosi. The market was fine and healthy until she became the speaker. Then buyers were scared by her face.
It's just as plausible,