VIDEO: Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown

Youtube ^ | 9/28/10 | fox

[Nachum]

The Bush Admin and Senator McCain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis -- starting in 2002 (and actually even earlier -- in the Clinton and Carter White Houses. Democrats resisted and kept to their party line, extending loans to people who couldn't afford them -- just like you would expect of socialists.

[sickoflibs]

Not again. It makes no sense to try to rehash this non-sense Bush fictional narrative now with Republicans finally recovering the economy trust issue.

All you have to do is google to see all these references to Bush promoting home-ownership to those minorities that couldnt afford it, or even read the contracts (probably many illegals too since those were the worst areas.) Then when it crashed these poor-bad credit minorities blamed Republicans and elected Democrats. Compassionate conservativism was a disaster.

President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)

President Bush Reiterates Goal on Homeownership, Remarks by the President on Homeownership, Department of Housing and Urban Development Washington, D.C. (2002)

Early in George W. Bush’s first administration, a home ownership initiative was introduced, sometimes referred to as the Blueprint for the American Dream, to close the homeownership gap by 5.5 million minority families. Along with this homeownership initiative, there were other policies implemented to dismantle barriers to homeownership in minority communities.” from :
The Great American Mortgage Scam & The Latino Community

George W. Bush, The White House.gov: Homeownership Continues to Increase in 2002 , HUD Statement on Record Homeownership Rates in 2002

George W. Bush, The White House.gov: National Homeownership Month, 2003, By the President of the United States of America A Proclamation

[sickoflibs]

RE :”I wish people would learn the truth. Bush and his admin were just as much a part of this as anyone else.”

Another sane person here. Try these references: Bush minority homeownership links at #21

[Ol' Dan Tucker]

Those were the same goals that Bush increased.

I might add that Bush made two major changes:

1. He changed the banking regulations/laws so that banks could legally serve Mexican illegal aliens who had neither a Social Security number or valid US identification.

A provision hidden inside the PATRIOT Act allowed banks and lending institutions to accept the Mexican Matricula Consular card as valid ID and they could use the IRS ITIN in lieu of a SSN.

2. Banks who served the 'low income market' (guess who they're talking about?) would receive credit under the CRA.

Once these changes were made, banks put their reps in all the Mexican Consulates to explain to Mexican illegal aliens how they could take advantage of the US banks' goods and services (checking/savings accounts, credit cards, auto, home and business loans, etc.) while they waited in line for their Matricula Consular card.

The others before him were bad, but Bush is the one who really broke the back of the US economy.

[rabscuttle385]

Sure, but the goal was to increase the purchase of shaky loans.

"Increasing homeownership, particularly among minorities, is a priority for the Bush Administration," said HUD Secretary Mel Martinez. (01/27/2003) (georgewbush-whitehouse.archives.gov)

In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. (08/09/2004) (georgewbush-whitehouse.archives.gov)

In June, President Bush announced an aggressive homeownership agenda to dismantle barriers to homeownership by providing down payment assistance, increasing the supply of affordable homes, increasing support for self-help homeownership programs, and simplifying the homebuying process and increasing education. The President also issued "America's Homeownership Challenge" to the real estate and mortgage finance industries to join in his effort to increase the number of minority homeowners by taking concrete steps to tear down the barriers to homeownership that face minority families. The Bush Administration is working to increase homeownership among minority Americans through a number of new and expanded initiatives, as well as through ongoing programs administered by HUD and other federal departments..." (10/15/2001) (georgewbush-whitehouse.archives.gov)

S. 811: American Dream Downpayment Act (govtrack.us)

Note that the S.811, which provided tax-free "down payment" grant assistance using your tax dollars, was written, sponsored, and supported entirely by Republicans!

The establishment (both Dems and Republicans, including statist "conservatives" like Santorum and Sessions, both of whom were sponsors of S.811) really screwed the pooch this time around.

[rabscuttle385]

Bush was a RINO, and I’m glad the SOB is no longer in office.

[Randy Larsen]

Mark

[sickoflibs]

RE :”The others before him were bad, but Bush is the one who really broke the back of the US economy.”

It is sad to have to rehash all this again. Why this was posted now is beyond me. It wasnt all Bush's fault but he certainly wasnt the hero that a few delusional freepers claim. He was a progressive and a big part of the problem.

Much of these actions created a phony housing bubble that appeared to be economic growth in overdrive. The stock market, tax revenues, home values, all seemed too good to be true and it was. The credit contraction took almost two years to wipe out the expansion that lasted about three or so, leaving a Sea of debt and lots of angry voters. The re-writers wanted to take Bush credit for the bubble expansion, and then pass blame for the crash which was a part of it. It never sold, never could.

See comment #21 also.

[Cheetahcat]

Who is Bush or anyone else to give this country away lock stock and Barrel, Compassionate !!!!!!!!!!!!!!!!!!! How being compassionate for this Country for once and Not Mexicans, Muslims and everyone else who does NOT belong here.

[raybbr]

It wasnt all Bush's fault but he certainly wasnt the hero that a few delusional freepers claim. He was a progressive and a big part of the problem.

Yes.

Thanks for the support, guys. It seems there are still so many that want to laud Bush for pumping air into the bubble.

My fervent hope is that one day Limbaugh would see this thread and stop spouting the line that this thread takes. I would bet that's where all these people who think Bush tried to stop this get their talking points from.

[sickoflibs]

RE :” My fervent hope is that one day Limbaugh would see this thread and stop spouting the line that this thread takes. I would bet that's where all these people who think Bush tried to stop this get their talking points from.”

Yes, This is my biggest problem on Rush and why I cannot believe him again when he promotes other ‘conservatives’. He still has this need to put a positive spin on the Bush economy.

Yesterday a woman called his show who said she voted for Obama in 2008 because she was fed up with Republicans, even though now she cant stand Obama. So Rush went into this long back and forth with her asking her why she didn't listen to him in 2008 when he was warning us how bad Obama was as a socialist. I was thinking that I would have like to have told Rush , “I couldn't trust you because you were the Bush apologist for so many years and even today try to spin him as a positive”. To me someone has no credibility going after democrats if they cant admit what went wrong with Republicans(and i don't mean blaming it all on the media like Obama does now.) .

I think part of it is Bush cut taxes so Rush feels he has to promote Bush legacy to promote tax cuts, but this is just speculation.

[TwelveOfTwenty]

Well, I went through your links. I didn't see anything mandating F&F's reckless behavior, but I did find this here.

"Early in George W. Bush’s first administration, a home ownership initiative was introduced, sometimes referred to as the Blueprint for the American Dream, to close the homeownership gap by 5.5 million minority families. Along with this homeownership initiative, there were other policies implemented to dismantle barriers to homeownership in minority communities. In December of 2003, President Bush signed into law, the American Dream Downpayment Act, which incorporated three steps to broaden the homeownership. The first rule was to warn buyers about mortgage costs up front so that they could make informed decisions about their purchase. Funds for home counseling services were doubled (some funds went to faith based groups to provide such counseling). The second rule was supposed to make it easier for home buyers to decipher closing costs, and the third rule was to make the paperwork for home loans easier to read."

Read what follows at your like to see what F&F did, which kind of ties in with:

Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown

and

How the Democrats Created the Financial Crisis: Kevin Hassett

So yes, Bush took steps to increase minority home ownership, but he didn't enact mandates/quotas to force banks to make those bad loans.

But, you and others did open my eyes to one thing. Bush took way too much initiative on this issue, rather than just letting the free market work. THAT, I disagree with.

BTW, I believe our problems started with the collapse of our auto industry in the 70's. It's easy to ignore now because we're used to seeing so many imports on the road, but there was a time when GM had about 60% of the US market to itself. Now, it's considered good news when all of the US makers have 50%. You can't lose a third of your home market by the 90's, and now over half, to imports without taking an economic hit. If the US auto industry wasn't bleeding American jobs, and if other industries hadn't lost so many jobs, then more people would have been able to make their payments and the mortgage problem may not have been as bad as it was.

[sickoflibs]

RE :”...and the third rule was to make the paperwork for home loans easier to read.”

That really worked well, didn't it? No time in the history of the US was there more uninformed home buyers than during that subprime credit disaster. Many of those loans were preditory and those minorities Bush tried to help with them were not at all really to those handle complex contracts. Getting rid of down payment requirement was a recipe for disaster, as was the removal of capital gains for flipping houses. Great for short term credit bubble creation though.

Bush wasn't the only problem, obviously this was a win-win for Democrats, but he benefited short term for this long term disaster, and he was at the wheel driving with his Republican congress back when defenders claim he was fighting tooth and nail to fix it.

I bet when Obama claims that the economy is recovering slowly because Senate minority Republicans blocked some of their great jobs bills, you don't buy it (anymore than me.) Then we cant have it both ways. Either the president with his own party holds much of the responsibility or not.

I have always thought that conservatives should group Bush and Obama together, Bush-Pelosi, then Obama-Pelosi. progressivism has failed.

[TwelveOfTwenty]

That really worked well, didn't it? No time in the history of the US was there more uninformed home buyers than during that subprime credit disaster. Many of those loans were preditory

That's the fault of the lenders, especially F&F, not the government.

and those minorities Bush tried to help with them were not at all really to those handle complex contracts.

If so, it wasn't because no effort was made to educate them, as your own link confirms.

Getting rid of down payment requirement was a recipe for disaster, as was the removal of capital gains for flipping houses. Great for short term credit bubble creation though.

Trying to manipulate the free market in this way was a move that I don't agree with, but it didn't force F&F or any bank to make risky loans.

Bush wasn't the only problem, obviously this was a win-win for Democrats, but he benefited short term for this long term disaster, and he was at the wheel driving with his Republican congress back when defenders claim he was fighting tooth and nail to fix it.

Not just his defenders.

I bet when Obama claims that the economy is recovering slowly because Senate minority Republicans blocked some of their great jobs bills, you don't buy it (anymore than me.) Then we cant have it both ways. Either the president with his own party holds much of the responsibility or not.

Apples and oranges. Obama has passed his agenda through (porkulus, Obamacare), and the result has been failure. Remember, unemployment would only be 8% if porkulus passed. If he fails to pass any more through, it will be because his own party backed away from his agenda. OTOH, the Dems had sufficient numbers to block GOP attempts to reign in F&F, and used them.

I have always thought that conservatives should group Bush and Obama together, Bush-Pelosi, then Obama-Pelosi. progressivism has failed.

That's an opinion that I can at least respect. I'll grant that he "reached across the isle" far more than he should have, especially after the 2004 elections when he had a crystal clear mandate.