Peaked in 2008? Oh right, Bush/GOP ponzi scheme he allowed and cheered the Banksters with his 'home ownership society' and gutting regulators AFTER warnings, was all Clinton, Barney and the Dems fault *shaking head*
The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008
US household debt doubled under Bush. Mortgage market went from $1 trillion a year in 2000 to almost $4 trillion a year by 2007. HMM
Who was in charge?
Like the GOP great depression, they allow HUGE bubbles to be created then are shocked it takes so long to correct itself!
You refuse to see any wrong doing with Democrats during the same time. As you will continue to refuse that Democrats refused to see anything wrong in the Housing Market. Your side was pushing for this as well, and were not trying to fix anything as the bubbles went to hell.
Both sides are guilty.
And both sides are equally guilty for what's upcoming.
One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.
The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008
Pretty boilerplate conservative, always blubbering excuses about how conservatives aren't responsible for the complete and utter failure of their policies
EVERY PREZ SINCE FDR HAD A HOMES PUSH, WHAT CHANGED UNDER DUBYA?
Conservative Ideas Can't Escape Blame for the Financial Crisis
The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.
Predictably, many conservatives sought to blame the bogeymen they always blamed
Politics Most Blatant | Center for American Progress
DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!
Bush drive for home ownership fueled housing bubble
He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.
Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.
And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down
