Skip to comments.Burning Down The House: (Karl Rove - Bush Version)
Posted on 09/30/2008 6:55:09 AM PDT by RDasher
Unbelievable video of Bush promoting zero down loans for minorities....
We know they are all to blame.. and we are, too! We let them.
Every President wants to increase home ownership.
The 2003 Quote of the decade from Barney Frank (D)- “Fannie Mae and Freddie Mac are not in crisis.”
The 2003 Bill to step in and set up a Banking styled Regulator for Fannie May & Freddie Mac needed 60% support to get out of the House Committee and to the House Floor for a vote. The committee was made up of 20 members, 11 Republicans & 9 Democrats.
To get 60% to get the Bill out of Committee, the Republicans needed just one Democrat’s support. Not a single one of the nine would vote with the Republicans to get this Bill to regulate Fannie May & Freddie Mac out of Committee.
In 2003 Barney Frank, Maxine Waters, etc expressed utmost faith in Fannie May CEO Franklin Raines, however, on December 21, 2004 Raines resigned from his position as CEO of Fannie Mae after being charged with shifting of losses so senior executives, such as himself, could earn large bonuses.
Note that McCain, the GOP, Alan Greenspan, and Bush were all warning of this in 2001, 2003, 2005 and 2006. Legislation for reform and oversight of Fannie-Freddie was proposed and was blocked every time - on party line votes - by the Democrats. Ignoring it won’t change it.
Even better that you found it. Doing our side real good! Hey could you post some Pro-Obama You-Tubes links as well?
“Gingrichs four-point plan includes:
(1) suspending immediately mark to market provisions (the accounting practice of valuing a financial position in an investment at its current market price) in the hopes of stopping the downward spiral in asset values and eventually replacing it with a three year rolling average;
(2) repealing immediately Sarbanes-Oxley, the 2002 accounting law Gingrich described as an enormous drag on small business;
(3) setting the capital gains tax rate at zero matching the Chinese and Singapore (to encourage private capital to flood into the market picking up properties without the taxpayers being at risk); and
(4) passing an extraordinarily powerful energy bill (to return $500 billion a year to the American economy that are currently going overseas).”
I take it you did not watch this video.... WATCH IT
PC run amok.
I am a McCain / Palin Supporter... but How could Bush complain about Freddie and Fannie and do this at the same time?
Yep. As bad as the Democrat plan was in propping up Fannie and Freddie, President Bush and the 6 years of Republican Congress did nothing about it.
I’m mad at all of them frankly. I’m still voting for McCain because Obama is just, well, ridiculous. But I’m good and mad at them all!
See my tagline.
The truth is the truth. Look up Mel Martinez and Alphonso Jackson both Bush appointees as Secretary of HUD. They turned out to be just as bad as Raines and the other guy from Fannie.
Never FEAR or HIDE FROM the truth. Bush should be exposed too. This whole scheme needs to be dealt a death blow. This is bigger than politics.
>> Doing our side real good!
Hmmm... I don’t know what “our side” is.
The only thing I can speak about with any authority is *my* side. And *my* side is — I want to know the WHOLE TRUTH about this mess. I want to know who screwed up and how so maybe we can keep it from happening again. I don’t care what letter is by their name — if a politician was wrong or corrupt, I want to KNOW.
What’s YOUR side?
yeah. Republicans had total control of Washington for 6 years, but were too busy telling everyone how great the Bush economy was, about how the Dow was hitting 14,000 and how so many people were now homeowners. Everybody ignored the man behind the curtain until it was too late.
“Then would someone please explain what the Heck is going on so that we can know”
the govt tried to get poor minorities in houses by ignoring reality and everybody lost their shirts, so now they need you to pay for it and everything will be fine and dandy.
cheer up, we are the world, we are the children
see for the world to be equal, the USA must be brought down a peg or two...or three...it’s all for the good. don’t be a sourpuss...soon there won’t be any racial problems because w’ll all be a warm coffee color, and there won’t be anyreligious tension because we’ll all believe the govt and do away with the old superstitions. we will all be equal except for our leaders who live on that golden hill,...w3e never see them, we just hear thier warm voices in our heads, soothing us and guiding us in harmony...isn’t that nice?
Man, that is heartbreaking to listen to.
I cringed when he said those things initially and here I was cringing all over again.
This mess goes way beyond Barney frank and Franklin Raines. The whole boom economy of the last several years was as fragile as a house of cards, but everyone was so busy cashing in on it that they ignored all the warning signs.
I suppose that the problems that I have with this bailout is that those who were responsible for getting us to this point are not only still in office but also are the ones writing laws to fix the problem.
your vote counts in the good ole USSA
Yeah, I knew Bush had addressed this. The ADDI 2003 was the Bush version of the pile on when it looks good. Busha lso gave a speech where he was crowing about home ownership being super high and how good that was.
Bush has gone around the bend. Poor people should have mansions too, even if they cannot afford it. Uncle Sam will pay.
It’s up to the voters to rescue America. Free market solutions are the only solutions.
Hadn’t seen that...good to know.
It cannot be denied that in many aspects, the Bush presidency has been a disaster....he still sucks less than the democrats, but not by much.
Are their any honest leaders left in the Gov’t?
Now we know why McCain and Bush have not attacked the Democrats for the Fannie and Freddie problems.... Bush's finger prints are all over this thing as well.
Now we are allowing them to hang this TOTALLY around our neck. Where is Bush's outrage at Nancy going off on him in front of the world...right after she is arm in arm with him on this bill? There was none.
This is what happens when we elect people like Bush (and maybe McCain) who think they can "work" with the other side of the aisle. Maybe after 2 years of Obama and 2 years of a dem controlled congress...the GOP will grow a set...implant a spine...and a REAL leader who does what is RIGHT will emerge. One who stands tall...rather than tries to sit around a campfire and sing cumbaya.
mortgage...from the French..death pledge
Why would i pledge unto death to repay something that i have no stake in?
a mortgage is a farce without a DOWNPAYMENT, because without one, i have nothing to lose.
More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home. That's a homeownership gap. It's a -- it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future. We've got to work to knock down the barriers that have created a homeownership gap.
I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families. (Applause.)
Tell us how that's different from what Fannie and Freddie did? They did what Bush directed: Make homes affordable to the poor.
No one paid any attention to the ADDI 2003, the final chapter in the failure. It is becoming increasingly clear it is a minority meltdown ... And very likely a huge percentage of it due to loans to illegals. Now do we have the last piece, why AMNESTY was so important.
ADDI stands for American Dream Downpayment Initiative — No money down, interest only loans. Now America’s nightmare.
I can’t watch as I am behind a firewall.
Anything said by Bush after 2003?
The point is that every time you advocate liberal, race based democrat policies, you get failure. Bush “reached across the aisle” and advocated against common sense.
These policies are democrat ideas. I don’t see any democrats defending Bush for his championing of their policies.
I wonder if Franklin Raines was sitting there in the audience that Bush was addressing.
No....we got to HIDE the truth. /sarcasm
I swear....some republicans can be such hypocrites at times. If the president had been a dim...this poster would have been wanting to scream it from the church steeple. We accuse the dems of the same bias...yet we are willing to exhibit it? Truth and honesty will set you free.
I told folks weeks ago Bush was up to his eyeballs in this shite too and got lambasted for it.
and I used to LOVE Bush
They are going to push the bailout, nothing else.
Very revealing video!
The point is that every time you advocate liberal, race based democrat policies, you get failure. Bush reached across the aisle and advocated against common sense.
These policies are democrat ideas. I dont see any democrats defending Bush for his championing of their policies.
I wonder if Franklin Raines was sitting there in the audience that Bush was addressing.
Yeah I supported Bush too, but I must have missed this episode. (Some people work.) LOL
Cuomo's predecessor, Henry Cisneros, did that for the first time in December 1995, taking a cautious approach and moving the GSEs toward a requirement that 42 percent of their mortgages serve low- and moderate-income families. Cuomo raised that number to 50 percent and dramatically hiked GSE mandates to buy mortgages in underserved neighborhoods and for the "very-low-income."
That June Post story focused its critical reassessment of HUD's affordable-housing goals on the department's 2004 decisionduring the Bush re-election campaignto juice them up again, pushing the target to 56 percent by 2007.
If you watch and listen to the talking heads(Hannity,Rush,etc.,,)they are still doing their damn best to hide these facts.They're still pointing to the other side and ignoring the plank in their own eye.Still carrying the water.
The DOW at 14,000 was just last year when Democrats were in congress.
Freddie Mae -- Fannie Mae and Freddie Mac -- I see the heads who are here; I want to thank you all for coming -- (laughter) -- have committed to provide more money for lenders. They've committed to help meet the shortage of capital available for minority home buyers. From here.
I don't' know who the heads were on Oct. 12, 2002.
This explains a lot of Bush’s recent behavior. He has been essentially AWOL in this debate. Paulson was his emmisary to try to get the quick fix so that expose’s like this would never see the light of day. In all matters, other than the ‘war on terror’ Bush, the compasionate conservative, is a moderate-liberal democrat....Kennedy writing the education bill, Immigration position, spending, expanding Medicare to cover prescription drugs, and now, we see, the mother-ot-all spending——the credit crisis with all of its machinations. Can a conservative, a real conservative, be elected? It seems not. And, no, kerry would have been no better, but would he have been worse?????????????Probably...we will never know.
This should be no surprise to anyone who’s stayed reasonably informed since Bush took office. He has often crowed about the “ownership society” and that was echoed by many party spokesmen. He also bragged about the increase in minority home ownership often. Nothing new in that video.
Republicans are also culpable on some deregulation. I’ve thought since this crisis broke that the Dems. are about two-thirds responsible and Republicans one-third responsible. But McCain still needs to hit back harder where the Dems. are responsible, as they set in motion the laws and rule changes that resulted in so many loans to unqualified borrowers. Bush just kept it going and bragged about it.
What a disaster
Bush is a naive fool
Most of the democrats do things like this to get votes and keep their black base happy
Bush does it because he believes it
Well they say the road to hell is paved with good intentions
He is so OUT OF TOUCH
He actually believes the Compassionate Conservative crap
“Bust up these Beasts”: Steve Forbes bailout plan - break up Fannie Freddie monopoly status
“I am a McCain / Palin Supporter... but How could Bush complain about Freddie and Fannie and do this at the same time?”
Looking back to two speeches in 2002 ignores the multiple calls for greater oversight and regulation of the GSEs in 2003, 2005 and 2007.
Could it be that there was a proposal from the administration to do this without committing fraud? Could it be that the GSEs were operating with a capitalization of only 2% when banks hit 4% they are in trouble? Could it be that Freddie and Fannie were out of control paying bonuses to executives well over 100% of base salary while driving the company into the ground?
A policy speech is not the same as blocking attempts to regulate, and add oversight. Let’s quit this handwringing bullsh*t and focus the blame on the corrupt politicians that were in the pockets of Fannie and Freddie.
And at some point in the future, the self-delusion by so many that these enormous and growing trade deficits are nothing to worry about will also explode into another realization of how stupid our policies have been.
But that will take more time.
Worse thing you can do is LIE to yourself
You want the truth or not