Bush (and Republican policies) caused the recession.
dear, affordable housing goals were pushed on the GSE's who ending up holding 31 million Alt and Sub prime loans when the crash came. THe GSE's existed to get people into homes the Republican free market said they could not support. Do you understand???
Barney Frank: (After Crisis) "I hope by next year we'll have abolished Fanny Freddie... it was a great mistake to push lower income people into homes they couldn't afford and couldn't really handle once they had it"
Barny Frank ( Before Crisis) "These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank
Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:
Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals