Apparently you didn't notice that the date was in 2004 warning about the eventual collapse of the housing bubble, that was created by the liberals who had people purchasing housing they couldn't afford. But since you are a goosestepping, koolaid drinking, mindnumbed, low information, useful idiot, you continue to follow those that have and are still ruining America. Everyday, I see more people on the streets, who look for change, and I tell them that Obama has 7 million dollars, I don't, go ask him for change.
That's it, taunting the Homeless, that's what Jesus would do!
Okay, guy, the housing collapse didn't happen because banks were required to loan to people in poor neighborhoods who otherwise qualified for loans. (Which is all the CRA does.)
The housing collapse happened because a lot of middle class folks bought McMansions they couldn't afford, sunk a bunch of money upgrading them with pools and granite counter tops hoping to flip them in a couple of years.
And your Boy Bush was all for this, because it gave the illusion of economic progress while we continued to bleed manufacturing jobs on his watch.
http://www.nytimes.com/2008/12/21/business/21admin.html?pagewanted=all&_r=0
“We can put light where there’s darkness, and hope where there’s despondency in this country. And part of it is working together as a nation to encourage folks to own their own home.” — President Bush, Oct. 15, 2002
He pushed hard to expand homeownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.
Mr. Bush did foresee the danger posed by
Fannie Mae and
Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal.
And the regulator Mr. Bush chose to oversee them — an old prep school buddy — pronounced the companies sound even as they headed toward insolvency.
As early as 2006, top advisers to Mr. Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Mr. Bush and his team misdiagnosed the reasons and scope of the downturn; as recently as February, for example, Mr. Bush was still calling it a “rough patch.”
