Which point? That Dubya.GOP policy left US in the biggest hole since Harding/Coolidge great depression, and GOP has worked against US/Obama from day one?
How funny
just spreading the love ain't he (please note the sarcasm).
Remember when Greenspan went in front of the GOP Congress in 2001, to support Dubya's tax cuts, because we were in danger of paying down the debt to fast under Clinton policies?
Heritage said the 2001 tax cuts would actually create so much economic activity, it would pay off the debt by 2010 though.
WHAT HAPPENED AFTER 8 YEARS OF DUBYA/GOP "JOB CREATOR" POLICIES?? lol
Uh, Greenspan warned Congress long before the crash what they were doing was not sustainable. You going to blame Bush on all the lying banksters too? Why not put it back on where the problem truly lies. Start looking at where those banksters got their education. I'm wondering does MIT endorse fraud in those higher education classes. Is that like the norm of their professors there or what?
"Uh, Greenspan warned Congress long before the crash what they were doing was not sustainable"
WTF ARE YOU TALKING ABOUT? YOU DENY HE WENT IN FRONT OF CONGRESS IN 2001 TO SUPPORT GUTTING REVENUES VIA DUBYA'S TAX CUTS?
BANKSTERS LEARNED THEIR FRAUD FROM UNIVERSITIES? LOL
Hint Dubya WAS warned
FBI saw threat of loan crisis
"It has the potential to be an epidemic,"
A top official warned of widening mortgage fraud in 2004, but the agency focused its resources elsewhere
"We think we can prevent a problem that could have as much impact as the S&L crisis,"
They ended up with fewer resources, rather than more.
DUBYA GUTTED 1,800+ FROM THE WHITE COLLAR CRIME DIV INSTEAD!
FBI saw threat of loan crisis
DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Bush is gone you'll have to find another excuse.
Predatory lending came by way of claiming a good thing would ensue for the poor. The fact is that it was just one more way to tax the poor by using and abusing the people money to get it all started.
https://research.stlouisfed.org/wp/2012/2012-005.pdf
By the time the the late 90's hit prime bankers had sold so many bad loans it was starting to take out the banking industry but it did not fully hit until 2008. (big wheels move slow)
You really are not worth trying to educate on the matter so I'll pass on posting all the links for you.
YOUR LINK:
"We find no evidence that lenders increased subprime origination or altered loan pricing around the discrete eligibility cutoffs for the Government-Sponsored Enterprises' (GSEs) aordable housing goals or the Community Reinvestment Act"
Lest We Forget: Why We Had A Financial Crisis
It is clear to anyone who has studied the financial crisis of 2008 that the private sector’s drive for short-term profit was behind it.
Lest We Forget: Why We Had A Financial Crisis
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups March policy statement acknowledged that 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.
BANKS KNEW FOR 30 YEARS THE CRAP THEY PRODUCED THAT'S WHY THEY LOBBIED TO "DEREGULATE" SO THEY COULD RUN THEIR PONZI SCHEME ON THE WORLD DUMMY
Again, the
Bush Administration gutted the White Collar Crime Division after 911.
The bureau slashed its criminal investigative work force to expand its national security role after the Sept. 11 attacks, shifting more than 1,800 agents, or nearly one-third of all agents in criminal programs, to terrorism and intelligence duties. Prosecutions of frauds against financial institutions dropped 48 percent from 2000 to 2007, insurance fraud cases plummeted 75 percent, and securities fraud cases dropped 17 percent.
This is what less government can look like
More from the NYtimes:
During these years, the bureau asked for an increase of $800 million, but received only $50 million more.
In the 2007 budget cycle, the F.B.I. obtained money for a total of one new agent for criminal investigations.
In 2004, one senior F.B.I. official, Chris Swecker, warned publicly that a flood of fraudulent mortgage deals had the potential to become “an epidemic.”
Yet the next year, as public warnings about fraud in the subprime lending markets began to approach their height,
the F.B.I. had the equivalent of only 15 full-time agents devoted to mortgage fraud out of a total of some 13,000 agents in the bureau.
That number has grown to 177 agents, who have opened 1,522 cases. But the staffing level is still hundreds of agents below the levels seen in the 1980s during the savings and loan crisis.
Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:
Financial Crimes Report to the Public 2005
The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.
This helps explain why many of the FBI and DOJ cases now being addressed are for crimes committed
WHEN THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.
The historical "originate and hold" mortgage model was replaced with the "originate and distribute" model. Incentives were such that you could get paid just to originate and sell the mortgages down the pipeline, passing the risk along.
