Posted on 09/06/2010 6:07:51 AM PDT by tobyhill
bump
Willie, are you an Obama supporter? What happened to Go Pat Go?
Are you not aware that the housing bubble was created by the energizing of the Community Reinvestment Act by ACORN and the Democrats? The CRA was passed in 1977 under Carter and spurred on again in 1997 under Slick Willie. (Are you guys the same person?) Are you not aware that it was Fannie and Freddie who made it all possible and that GW tried seven times to change it, only to be stymied by Dodd and Frank? Are you not aware that it was the Democrats, not Bush, who declared those operations were "too big to fail!"?
I guess I could have simplified the whole thing by simply asking, "Are you aware?" You don't seem to be.
The link to the "Burger flipping as manufacturing" article was from a small newspaper in Maine. Are you from Maine? Anyway, the Bush administration was questioning a report that separated jobs by classification by pointing out the vagueness of the manufacturing classification could be applied to fast food preparation, which is definitely not manufacturing. The administration was not advocating that but was questioning it. You, like the newspaper in Maine, distorted the whole direction of the statement into misinformation. Plus, that was published back in 2004. Why bring it up now other than to give a false impression?
To be fair, Bush was preaching the extension of homeownership in disadvantaged communities just as piously as the Dems were. Sure, he made some pitches to improve upon the Democrat-controlled GSEs—but not necessarily to lower their ratio of bad lending.
To me this proposal means contract bids and union jobs.
more jobs were created under Bush than obama and they were not just flipping burgers like the left wing kooks would have you think.
the lefts messiah has been a total disaster and to now see the far left kooks squirm is priceless and o get over Bush too, he’;s been gone for nearly two years.
This idiot who has never even ran a hot dog stand is messing this country up .
He spends and goes into debt, even my youngest kid knows you should not spend if you do not have the money.
Shame the kooks and their messiah plus his freeloading family do not understand this
I agree and this is why the GOP should get on live TV and call the media out and tell them that they are not doing a service by lying to their viewers and put them on the defensive.
le and that GW tried seven times to change it, only to be
Nobody cares about whiney excuses about what Jorge Arbusto TRIED to do.
His Administration is OVER. His policies were a dismal FAILURE.
The bubble blew-up on HIS watch.
It is HIS fault.
The Wall Street bailout is HIS fault.
Jorge Arbusto was the worst Repbublican President in living memory.
It was the failure of HIS dismal policies that put Obama in office and handed both houses of Congress to the 'Rats.
There is no amount of revisionist excuse-making that will change that shameful legacy.
I was thinking specifically of Bush trying to reform Fannie and Freddie and their internal practices. If successful that would have taken much of the incentive out of either backing such risky loans. Is my memory faulty?
Here’s a pretty good summary that the Bush administration put together for its case that it was pushing reform:
http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html
In my book, such advocacy for a new regulatory agency, minimum capital requirements and processes for receivership if necessary are nothing compared to his push to drop lending standards—which were at the heart of the bubble and collapse.
Here’s a pretty good piece looking at one of his speeches applauding just such lowering of standards for affirmative-action lending purposes:
I will agree that no amount of explanation will change your mind. I agree with Ralph Peter's article in the New York POst that it was the media who elected Obama. They spent eight years continually bashing Bush and misrepresenting his policies while refusing to even investigate Obama's background and ideas. It worked on people like you.
Thanks for the links and the additional information. However, there is a caveat. Bush repeats in all of this about homeowners, down payments, etc., “If they qualify.” He is saying that there are many situations where a person may have a good job and may be able to make monthly payments but they can’t come up with “the down” as some used to say. He IS suggesting more government involvement, which I disagree with, but he is not advocating what actually unfolded - lots of unqualified buyers in homes they never had a chance of affording.
That was ACORN and the Democrats, as well as Fannie and Freddie, who brought that about. I remember Karl Rove, on Hannity I think, saying that Bush tried on seven occasions to stop that but was rebuffed by Dodd and Frank. Then Bush was blamed, by the guilty, and that accusation stuck.
All people pushing AA talk about beneficiaries being ‘qualified’ in a sort of doublespeak that particularly addresses those who specifically aren’t (or there wouldn’t be the need for AA).
Same here. For very good reason, when banks were lending their own money they required down payments. It was a fundamental element of being ‘qualified’—until the government made it illegal due to its ‘disparate impact’. Those who can’t and haven’t come up with down payments on their own are bad mortgage credit risks, plain and simple.
Then there’s the use of Section 8 government handouts to ‘qualify’ people as able to make their monthly payments. How good an idea was that?
And how about this direct quote re: the GSEs:
“Freddie Mae — Fannie Mae and Freddie Mac — I see the heads who are here...They’ve committed to help meet the shortage of capital available for minority home buyers.”
More AA with government guarantees to bad risks. W’s intentions were no doubt good—as is your garden variety Democrat’s—but as far as policy was concerned, they were a disaster.
I prefer the free market over socialism that you promote..
Bush only really messed up on two big things, WMDs rationale for the Invasion of Iraq and the Housing Bubble crash.
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