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“History will most liked judge Bush most harshly regarding the economic crash of 2008. His administration and the Federal Reserve clearly did not see the signs of the impending housing bubble burst.......”
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Welcome to FR, Neoavatara
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PS:
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
The Washington Times Fails To Research The Administration’s Efforts To Reform Fannie Mae And Freddie Mac
http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html
Excerpt:
Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
In fact, it was Congress that flatly rejected President Bush’s call more than five years ago to reform the GSEs. Over the years, the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.
2001
* April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.” (2002 Budget Analytic Perspectives, pg. 142)
2002
* May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President’s 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
* February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.
* September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
* September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration’s assessment, saying “these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” (Stephen Labaton, “New Agency Proposed To Oversee Freddie Mac And Fannie Mae,” The New York Times, 9/11/03)
Rest @ above link
CLEARLY, George W. Bush is the Man of the Decade. There is no other option.
Good for you, Starwise. I’m mighty tired of hearing certain Freepers claim that IT’S ALL BUSH’S FAULT.
exactly as starwise said, Neoavatara...I loved your piece until I saw the tired ol’ “Bush was responsible for poor response to Katrina”....
but then you possibly haven’t been keeping the best company, or been exposed to all the facts, just recently having become a FReeper. Welcome and keep up the nice work!