Bush has gotten a bad rap for the worldwide meltdown.
The Democrats and their media boot-lickers are going to contine to blame Bush as long as it continues to work.
Hoover was blamed for the Great Depression through the 1970s; it was a powerful “agrument” used by the left for decades.
As long as the msm continues to kiss Obama’s butt...they will make this argument.
1)Bush never fought back.
2)The GOP communication skills are pathetic.
3)The state run MSM has mind control over the public educated morons.
Clinton started the housing crisis with commanding the banks to give those loans and Barney Frank, et al, fought the Bush admin when they questioned them on it. CSPAN has a video of it all; yet, the lies persist because the lies are repeated and the truth isn’t.
Obama says whatever he thinks idiots want to hear and the congress will buy. But, I repeat myself.
This was actually true in Europe, too, particularly in Spain under Zapatero. Housing prices inflated enormously because just about anybody could get credit (thanks to government programs ensuring this) and the Socialist Zapatero government also “guaranteed” housing to various groups, such as “youth,” which in Spain is anybody under about 40, especially if among the lifetime unemployed. I remember hearing an interview with one woman, a perpetual student, who had “bought” an apartment with the government’s money despite the fact that she had no job, no prospects of one, and lived entirely on government money to begin with. Naturally, this was bound to collapse in no time at all...as it did.
The most expensive meal of all is the free lunch.
Barney Frank and the Democrats started this mess, but they have all the idiots convinced it was Bush.
Obama Wrong! But I repeat myself!
Lets climb out of the housing mess using the same rates as incentives...
3.5% downpayments until July 1, 1013
4.5% downpayments until January 1, 2014
5.5% downpayments until July 1, 2014
7.5% downpayments until January 1, 2015
10.0% downpayments thereafter...
Bankers and mortgage companies are the main culprits for our financial meltdown. When the CRA was implemented, the bankers legitimately complained about the risks of waiving lending requirements. Clinton placate them by having Fannie Mae and Freddie Mac buy these subprime notes along with other mortgage notes after the banks held them for six months or more. When the bankers discovered that FMFM were not auditing the mortgage notes, because the fed gov assumed bankers would not jeopardize themselves via fraud and losses from mortgages based on false applicant data. The gov was deadly wrong, because their policy of buying all the mortgage notes unaudited meant bankers can make tons of money in the six month holding period just on application fees and points. Bankers no longer cared about loan integrity and more on how much volume of mortgages they can get in the six month period. Encouraging prime applicants to falsify income so they can use their good credit history and new false income to qualify for larger loans (and larger dream house) became widespread practice. Subprime loans did not hurt as severely as false application prime loans because the subprime are clearly marked while liar loans are hidden toxic assets sold as AAA rated investments. Country Wide and WaMu were not the few rotten apples, nearly all the large US banks were involve with liar loans and selling it to FMFM. Conservatives need to stop spreading the myth that gov is the major cause of the real estate and financial collapse of 2008. If the bankers knew the gov was not auditing the mortgage notes they were buying, they at least should not have taken advantage of the gov blindspot and flooded the market with liar loans.
No mention here of the disasterous monetary policy pursued by Greenspan.
government debt/gdp 1945 / 2008
compare private debt / national gdp levels of 1929 and 2008
government stepped in a made the banks whole as promised (moral hazzard)
All true (read Morgenson and Rosner’s “Reckless Endangerment” for the whole gruesome story) - but I’ve never heard one prominent Republican stand up and assert the falsehood of the blame of Bush, including Romney in the campaign when he was accused of wanting to return to the “failed policies” of the last administration - pathetic......