Partisans are just so dumb.[/QUOTE]
”Thanks to our policies, home ownership in America is at an all time high!” ~ George Bush[/QUOTE]
Cherry picked quote of a politician claiming credit for something good. You got nothing kid[/QUOTE]
You take credit, you own it.
Of course, the numbers back his claim too...
[/QUOTE]
Yeah well the major point is the raiting agencies were corrupt and so were the morgauge lenders. That was the heart of the problem. Because of that both dems and Republicans did what they could to encourage home ownership[/QUOTE]
Yeah, good idea to ignore the fact that the subprime lending didn’t explode until 2004.[/QUOTE]
Add to the fact that right around that time the bush boy was bragging that he deregulated Fannie Mae to allow more people to buy houses. What he didn't say was the deregulation was to allow Fannie Mae to buy those sub prime loans, bundle them with a couple good loans then rate them prime loan bundles. Then sold them around the world and in America as all prime loans.
There's a reason why those regulations were established in the first place. Because the same lending practices were happening in the 1920s and helped to cause that real estate and stock market crash.
Practices that were illegal and categorized as predatory lending before the bush boy became very legal and lethal to our economy and nation. A lot of bankers and people on Wall Street made billions though.
Unregulated capitalism destroys economies. All you end up with is monopolies with a small amount of people with a lot of money and power.
Capitalism needs the free flow of money throughout the whole economy to work properly and benefit everyone. That can't happen without the proper regulation on commerce. Which the founders of this nation knew so they included the power for the government to regulate commerce in the constitution it's called the Commerce Clause.
I really wish people would read that document.
