” Bush spent less than half of the $780 billion requested for the bailout.
He also had two key fiscally conservative stipulations to his bailout actions:
1. All money must be paid back
2. Money must be paid back to taxpayers with interest.
Those features do not exist in democrat/Obama spending actions.
Incidentally, the bank bailout has been paid back and with interest just as Bush promised.
The blind rage of Republican=Democrats is one of the most serious threats to the republic.”
What was the national debt in 2001, and what was it in 2008?
” . Democrats uncorked fannie mae and freddie mac and directly caused the housing crash destroying 6 trillion dollars in assets for homeowners.”
The banks didn’t start full throttle on sub-prime until 2002. THe banks/mortgage companies then opened the floodgates from 2002-2007. Bush gave a half hearted attempt to slow it down, but when rebuffed, he jumped on the sub-prime bandwagon. FReeper Sickoflibs saved the proof if you want it.
” Even in this thread the ridiculous gloss about Clinton boom is offered.”
There was a boom, and Clinton lucked out. He had nothing to do with any of it. No “gloss” here.
You won’t acknowledge the deficit going down prior to dems taking control in jan 2007.
Bush pressed for tighter GSE regulation throughout. One frank and Dodd controlled the question in 2007 all restraint was gone. Franklin Raines said mortgages were without risk.
Clinton did not get lucky.
He got republicans in congress who saved the economy from exactly what is choking it now— looming massive healthcare.
Yes those waskally Dems twicked Bush into a housing bubble that he took credit for in 2004 to get re-elected, new homeowners, cash in pocket, happy days are here again. That Bawny Fwank is an evil genius getting Bush to say this.
GWB 2002 Speech :More and more people own their homes in America today. Yet we have a problem here in America because fewer than half the Hispanics and African Americans own their own homes. Thats a home ownership gap; a gap that we got to work together to close. And by the end of this decade well increase the number of minority homeowners (future Obama voters ) by 5.5 million families.
One of the major obstacles to minority home-ownership is financing. Fannie Mae and Freddy Mac (who I will bail out in 2008) have committed to provide more money for lenders, they committed to meet the shortage of capital available for minority home-buyers. Freddie Mac just began 25 initiatives around the country to dismantle barriers (like income requirements) and create better opportunities for home-ownership. One of the programs is designed to help families with bad credit histories to qualify for home ownership loans (by faking their income) . You dont have to have a lousy home for first time home-buyers. You put your mind to it the first time low income home buyer can have just as nice a house as anyone else (till those adjustable rates go up).
President Bush Mortgage Speech 2002(Helping those w bad credit buy houses)
I recall the last time this came up just a few months ago a Bush-bot claimed that by 2006 or 2007 GWB had changed his mind 180 degrees on handing out those home loans to anyone who applied, so that made it OK.
Well by 2006 it was too late and 2007 it was WAY too late.
Like a fantastic airplane ride to 20K feet with little fuel left and only the bankers get the parachutes.