Now as almost all complicated issues... this requires just a little reading so I've highlighted in color what happened which WAS NOT Bush's fault!
Obama brought the housing bubble through his 1995 Lawsuit against Citibank which really dumb people like you either are unaware or ignore but either way this caused the collapse of 2008 as a Democrat
Obviously you never heard of the Citibank lawsuit of 1995 and according to a key DEMOCRAT leader, who said:
"it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it
NOW since YOUR responses generally have NO substantiation but GUESSES by you and exaggeration by you here are the FACTS about the housing bubble!
President Barack Obama was
a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark
1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices. As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.
President Barack Obama was a pioneering contributor to the national subprime real estate bubble.
dailycaller.com
"Redlining," the activists argued, was the antithesis of the American dream of owning a home. Moreover, they insisted, everyone had the "right" to own a home. So the banks were f
orced to issue loans to people who couldn't afford to pay them back. The banking system was forced to inflate a housing bubble that set us up for a near-catastrophic economic collapse.
As the Daily Caller relates, "
Obama's lawsuit was one element of a national 'anti-redlining' campaign led by Chicago's progressive groups, who argued that banks unfairly refused to lend money to people living within so-called 'red lines' around African-American communities."
That settlement was only the tip of the iceberg.
When Citibank, in April 1998, sought federal approval for a merger with Travelers Group, it only got OK from the Clinton administration progressives after it promised in May to provide $115 billion for anti-redlining loans. Anti-redlining promises made by other financial institutions added
up to $600 billion between 1993 and 1998, according to a 2000 Treasury Department report.
It was the progressive dreams of Barack Obama that would crash the nation's economy in 2008, wipe out at least $4 trillion in equity and help keep the unemployment rate above 8% for four years.
As president, Obama would blame his predecessor, George W. Bush, and Wall Street. But before the housing market finally collapsed, it was a young lawyer named Barack Obama who helped put the wrecking ball in motion
Housing Crisis: Previously unpublished court documents reveal that as a young lawyer from Chicago, President Obama's lawsuit against big banks started inflating the housing bubble that created the mess he... Read More
www.investors.com
NOW here is an important politician during this time WHO NOW SAYS IT WAS A MISTAKE!!!
For years, Barney Frank (Frank served as chairman of the
House Financial Services Committee from 2007 to 2011 and was a leading co-sponsor of the 2010
Dodd–Frank Act.) was a staunch supporter of Fannie Mae and Freddie Mac, the giant government housing agencies that played such an enormous role in the financial meltdown that thrust the economy into the Great Recession.
But in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"
I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that
"it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added, "I had been too sanguine about Fannie and Freddie."
Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time...
www.realclearpolitics.com