The Financial Mess: How We Got Here
By Abraham H. Miller
“As you can imagine, wonderful things happen when the government strong arms corporations as to how they should spend their money and, better yet, how they should assess the qualifications of home buyers. So the country’s biggest buyers of mortgages were pressured into lowering the qualifications of applicants, in order to increase the percentage of poor that got mortgages. By 2006, 30% of all mortgages went to people who in any other circumstances wouldn’t qualify.”
Thanks for the article, but this is just so much more Bush administration propaganda.
It makes no mention about Bush's involvement in this mess vis-a-vis, Partnership for Prosperity Agreement (with Mexico) or the New Alliance Task Force.
FWIW, the government didn't make the banks do anything that they didn't already want to do themselves. That's why they backed Bush in 2000 and that's why Bush met with Vicente Fox to discuss the terms of the P4P agreement 3 weeks after he was inaugurated and why the agreement was signed 7 months later on September 6, 2001.
The USA Patriot Act of 2001 is what gave banks the authority to accept Mexican Matricula Consular cards as ID to open accounts, etc. Congress wrote it and Bush signed it.
From the article:
After all, the Bush administration in 2003 and Senator Phil Gramm even earlier, in 1999, had been working to change the system.
Can you explain what Bush was doing in 2003 to change the system?
As part of the mandate contained in the P4P agreement, the New Alliance Task Force was created in 2003. It was a working group (that included the FDIC, banks, banking regulators, etc.) put together to bring banks, their goods and services and Mexican illegal aliens together.
What else was Bush doing in 2003 to change the system?