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Originally Posted by Jim in CT
No, he did not. He pushed banks to make loans to minorities that could be paid back, based on traditional qualifying criteria. Spence, let's put it out there, OK? If you have evidence to suggest that Bush was a fan of reckless mortgages (subprime), either post it, or admit that you made it up.
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Nobody is going to propose lending to people who "can't" pay it back. What the politicians on both sides did was encourage lending into the poorer and minority communities to expand home ownership. This is where the sub-primes exploded as people refinanced into ARMs.
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For the 10th time, Bush was so alarmed by the recklessness of subprime mortgages, that he wanted to regulate Fannie and Freddie, with rules that they couldn't buy those crappy pieces of paper. The Democrats blocked that legislation. I'm sorry, Spence, if that fact doesn't support your personal agenda, but it's a fact nonetheless.
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If it's a fact then it should be easy to find a link to a Bush proposal to ban Freddie and Fannie from taking sub-prime loans. Please help me out here because I can't find one...
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Can you support that please? You may well be right, I have no knowledge. But you seem to take great liberties, at times, in creating your own realities which promote your agenda. If you can't back that up, please admit you made it up.
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H.R. 1427, 313-104
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Do you ever, ever get tired of being 100% wrong? When I say the "Republicans" were out of power, I mean because they LOST CONTROL OF CONGRESS IN JANUARY 2006.
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Earlier you said I was 100% right. I can't be both...
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You see, Spence, this country is not a totalitarian dictatorship. It's a democracy with seperation of powers and checks and balances. In our system of government, the LEGISLATURE, not the executive branch, writes legislation.
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Yes, I did see School House Rock. Loosing Congress didn't mean that Bush was out of power, just as the GOP taking the House doesn't mean that Obama is not still ultimately in charge. i.e. the buck stops there.
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I also see that once again, you cowardly dodged my other question, which was this. If you say there's blame on both sides (although you go on and on and on about the GOP, I haven't seen you post anything you think the libs did wrong), what do you think of Obama repeatedly saying it was all the Republican's fault?
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It's always funny when people throw words like "cowardly" around in an Internet discussion without knowing much about the other people.
The fact is (search able in old threads) that I've mentioned mistakes by Democrats many times. And have pretty much described this as a systemic problem in every instance, counter to the assertion that liberal ideology and (gasp) Barney Frank are the root cause of the financial meltdown. This simple isn't founded in the reality you claim is the basis for a clean bill of mental health.
Obama gets to point the finger at the Republicans because he's the President and they're doing it to him. Hell, Obama wasn't even sworn in yet before the GOP was branding it his recession, and has blamed Obama for not being able to magically fix it every since.
Do we really think that a hallmark of Republican party -- lower regulation -- is the answer to preventing a similar calamity with our economy? I'm not sure I know anyone who seriously thinks so.
-spence