- Oct 24, 2017
- Reaction score
I'm with you, I don't like both parties. Some of these dem candidates are just scary. BUT at the end of the day Bush was the worst president we ever had and he has really caused the bulk of all our problems: he inherited a Government budget surplus and caused a total financial meltdown, the mess in the Mid East, and he gave NKorea nukes by canceling to working deal.I was a Republican until the blinders came off after the Bush Depression. I don't belong to any party anymore & hate Democrats & Republicans! I am only stating FACTS!I am sorry guy, but you are white washing. You are wearing blinders and that is sadly an epidemic today on both sides.You are brainwashed by FAKE NEWS!Dude... why do you keep saying Bush Bush Bush?Bush went around Fannie & Freddie who only did 2,5% as subprime by using other shadow banks to lend government backed loans! Bush increased subprime lending from Clinton's 2.5% to 14% on only a 3% reserve ratio. Anyone can see that 3% reserves can't cover 14% faulty loans. Your man Bush fleeced US taxpayers by backing this shit!!The spike in Sub-Prime lending only happened after Bush Signed American Dream Down-payment Act In 2003.
Bush did force Fannie and Freddie to make 55% of their mortgage purchases sub-prime mortgages.
Much, much worse than Clinton's 50% mandate.
You act as if there was no Congress/Senate during his 8 years.
Bush wasn't that involved. He went along with what he was told to support.
Ever hear of Barney Frank? Never heard of him? Rubin a name that sounds familiar?
There is a MAJOR HUGE DIFFERENCE between Fannie & Freddie backing a few loans of vetted hard working people WITH DOWN PAYMENTS & JOBS who have short loan history and how REPUBLICANS & BUSH made DOWN PAYMENTS for irresponsible BUMS who couldn't even scrape together a small down payment to qualify for PMI insurance! Because they had NO JOBS. Income or Assets!, (NIJA Loans) One page LIAR LOAN application!
SB. 811 (108th): American Dream Downpayment Act 2003
All 9 cosponsors were REPUBLICANS
Sessions, Jefferson “Jeff” [R-AL]
Crapo, Michael [R-ID]
Brownback, Samuel “Sam” [R-KS]
Burns, Conrad [R-MT]
Hagel, Charles “Chuck” [R-NE]
Santorum, Richard “Rick” [R-PA]
Campbell, Ben [R-CO]
Enzi, Michael [R-WY]
Murkowski, Lisa [R-AK]
Passed by REPUBLICAN House & Senate, REPUBLICAN Majority Leaders Senate: Frist, William H. (R-TN) House: Tom DeLay (R-TX) unanimous consent & signed into law by REPUBLICAN President BUSH!!!
If I cared to, I could sit here and play tit for tat with you all day showing how Democrats took part. And then you could bounce back showing how Republicans did it.
The truth is BOTH SIDES did it.
Quite frustrating for those of us who removed the blinders and abandoned the rock throwing contest between the two sides to see people, such as yourself, who are smart... but make yourself ignorant by only paying attention to what the other side does..
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There was not a subprime problem until 2003! Prior to that democrats only helped people with incomes & down payments, who maybe bought in a bad area, had no credit history or was late on a few bills at one time. Those type only had a 1% default rate that was easily covered by 10% bank reserves.
The disaster was caused by Republicans making down-payments for people who did not have enough income to live on & pay mortgage. Deregulated Shadow Banks were allowed to only keep 3% reserves because prior default rate was only 1%. Government making down-payments skyrocketed defaults to 18% & increased subprime lending ratio from 2% to 14% of all loans. That increase in people borrowing on homes drove prices up so fast bankers figured they could make money selling foreclosure if the borrower defaulted and borrowers thought their house would go up to bail them out even if they made negative equity payments. There is no way 3% reserves will ever cover an 18% default rate!
Now we have a wacko in the WH that has mortgaged the entire future of our country with his permanant $1.2T deficits. I think the recession is still a few years away, but when that hits were fucked, we will have $2+ T deficits and we won't be able to properly stimulate our economy. We're going to be just like Europe with negative interest rates.