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Bush started the Mortgage mess. proof

Discussion in 'Politics & Religion' started by pizzaman, Oct 1, 2008.

  1. #1
    pizzaman, Oct 1, 2008 IP
  2. SFOD_D223

    SFOD_D223 Peon

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    #2
    Are you crazy...why not post the youtube video that was pulled and stated how Jimmy Carter and the Demon-cats manhandled and extorted banks into giving loans to deadbeats from the blighted inner city neighborhoods?

    http://www.weightlossinfo.us/blog/?p=1010
     
    SFOD_D223, Oct 1, 2008 IP
  3. pizzaman

    pizzaman Active Member

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    #3
    get with the program dude. Bush speaks for himself and tell us how he is going to f-ck up the economy.
    This is pretty straight forward. Maybe someone wants to find the transcript.
     
    pizzaman, Oct 1, 2008 IP
  4. GRIM

    GRIM Prominent Member

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    #4
    Both sides are to blame, those of you who only target one side are just as much to blame IMHO.
     
    GRIM, Oct 1, 2008 IP
  5. pizzaman

    pizzaman Active Member

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    #5
    did you watch the video?
     
    pizzaman, Oct 1, 2008 IP
  6. GRIM

    GRIM Prominent Member

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    #6
    I know full well about Bush's 'record home ownership' and his policies.

    I have linked to the Whitehouse's own site multiple times where it brags about his policies and what they accomplished before this flop.
     
    GRIM, Oct 1, 2008 IP
  7. pizzaman

    pizzaman Active Member

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    #7
    it has happened exactly as he wanted.While he is the president. I do not see how it could be a fair conclusion to blame anyone else.
     
    pizzaman, Oct 1, 2008 IP
  8. GRIM

    GRIM Prominent Member

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    #8
    Never thought that policies set forth by previous administrations could have been used by him?

    I'm not saying that is what happened, however when I look at any legislation I try to figure out what could the worst administration do with it. Like the Patriot Act that so many used to support, I always tried to get them to imagine what would happen if one of those evil liberals had that same power.

    Many professionals I have watched have said the situation started back in Regan, Bush SR added the wood/base, Clinton started the fire and then Bush Jr simply poured gasoline on it.
     
    GRIM, Oct 1, 2008 IP
  9. LogicFlux

    LogicFlux Peon

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    #9
    There's plenty of blame to go around on both sides of the aisle.
     
    LogicFlux, Oct 1, 2008 IP
  10. Crazy_Rob

    Crazy_Rob I seen't it!

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    #10
    I just think it's funny when people blame Clinton.

    I'm no economist but come on.... :p :p :p
     
    Crazy_Rob, Oct 1, 2008 IP
    guerilla likes this.
  11. pizzaman

    pizzaman Active Member

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    #11
    there has been a building made of wood.
    bush poured the gasoline and throw the first match.
    other people might have made the matchbook, drove the gasoline truck and whatever but he made the fire.
    affordable housing is not the problem. bad management and planning is.
     
    pizzaman, Oct 1, 2008 IP
  12. GRIM

    GRIM Prominent Member

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    #12
    Haven't you learned anything yet?

    Good = Republican

    Bad = Evil Liberals!

    I'm no politician but come on.

    :D
     
    GRIM, Oct 1, 2008 IP
  13. pizzaman

    pizzaman Active Member

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    #13
    no. just look at the video. It is all according to his plan. It is Bush's program
     
    pizzaman, Oct 1, 2008 IP
  14. soniqhost.com

    soniqhost.com Notable Member

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    #14
    Bush Also wanted to limit the size of Freddie and Fannie but wasn't allowed to by Democrats in congress, and guess who in the last two years became the largest buyers of subprime mortgages. Fannie and Freddie.
     
    soniqhost.com, Oct 1, 2008 IP
  15. TechEvangelist

    TechEvangelist Guest

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    #15
    pizzaman, have you watched the videos? They don't even hint about you are insinuating that they say. All Bush is doing is proposing a tax credit and encouraging the banking industry to grant more loans to low income people so that they can get into home ownership. Proposing and being responsible for something are two very different things.

    There are a lot of factors that were part of this mess. It wasn't just the people who could not afford the mortgage. Nonetheless, I repeatedly have to ask, "How can someone sign up for an Adjustable Rate Mortgage and not understand that the mortgage rate is adjustable?" Also, people were strongly encouraged to get out of ARM loans since 2005 and go to conventional mortgages.

    In the area where I live, over 50% of the homes were being bought by investors in 2005 with very little down payment, many of which have simply walked away from the mortgages because they cannot flip them now for a profit. Those are not poor people who cannot afford the mortgage.

    Clinton and Janet Reno did threaten to prosecute the banking industry if they did not take on a greater percentage of high risk loans. The avoidance of granting mortgages in high risk areas was called redlining, and it was banned by Carter with the Community Reinvestment Act.

    http://en.wikipedia.org/wiki/Community_Reinvestment_Act

    During the Bill Clinton years the Gramm-Leach-Bliley Act passed, which deregulated the industry. The Senate vote was 90 to 8. It wasn't Bush that deregulated the industry, as is frequently reported, but there were obviously a lot of Republicans involved in the deregulation and it was supported by Clinton. That and the threats made to prosecute the mortgage and banking industry are valid reasons for including Clinton on the blame list.

    You can also try to blame Bush, but Bush repeatedly sought increased regulation for Fannie Mae and Freddie Mac. He is on record for doing this over 10 times. There was also a committee set up to strengthen the regulation of these government-created institutions, but a number of prominent Democrats fought against it and won. Watch that video. The comments are interesting.

    http://www.youtube.com/watch?v=_MGT_cSi7Rs

    There are a lot of factors that came together and a lot of people on both sides of the political fence that led to the problem. Bush is mostly a free market guy and had less to do with the failure than most of the senior people in the Senate and Congress.

    For several years the largest growth area in the economy was housing and a lot of people tried to keep that moving, but housing bubbles always eventually burst.

    You can't blame Bush for everything, although it is obvious that it doesn't stop you from trying.
     
    TechEvangelist, Oct 1, 2008 IP
  16. browntwn

    browntwn Illustrious Member

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    #16
    Yeah, man democrats have always been against home ownership for those in the "subprime" categories. It is all those evil republicans who forced those people into buying homes.

    Both sides pushed for it over time, for different and sometimes overlapping reasons, but the result, today, is the same. Trying to place blame singularly on one side or on a single policy is just simplistic thinking.

    By the way, are you for or against home ownership for Americans? ;)
     
    browntwn, Oct 1, 2008 IP
  17. SFOD_D223

    SFOD_D223 Peon

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    #17
    lol..it wasn't slick willy (Clinton) , it was the fool peanut farmer (Carter) back in the 70's who created the Community Reinvestment Act. check out how all the Demon-cats in 2005 were praising Fannie Mae and Freddie Mac, getting ready for the big palm greasing (Obama) (Raines)
     
    SFOD_D223, Oct 1, 2008 IP
  18. homebizseo

    homebizseo Peon

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    #18
    You're not an economist?

    I had you pegged wrong.
     
    homebizseo, Oct 1, 2008 IP
  19. bogart

    bogart Notable Member

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    #19
    The housing bubble started in 1997. When Bush took office the combination of the Fed lowering rates and the Clinton policies of pushing banks to make risky loans caused housing to catch fire.

    O'Reily owned Congressman Barney Frank for his part in the financial crisis and opposition Bush administration and Congressional Republican efforts to regulate the mortgage industry.

    http://www.youtube.com/watch?v=o0c7aGIocIw

     
    bogart, Oct 2, 2008 IP
  20. pizzaman

    pizzaman Active Member

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    #20
    I f we look at the mortgages that have gone bad, a large number of them have some things in common.
    A-Low or no down payment.
    in the video bush clearly recognizes that Down payment is required at the time of the taping and this requirement stops a lot of people from buying houses. He also thinks that this down payment is a problem.
    Actually having invested in the house in the form of a down payment, would make it harder to walk away from it. A lot of people bought homes as a form of investment in the hope of fliping them. These people took advantage of the no down payment loans. These people are walking away from these houses now without losing much.
    b- People signed up for loans that they could not afford.
    In this video you can also clearly see him saying that he wants to remove the fine prints. The exact thing that was informing the customer of the pitfalls of the loan. He also talks about taking the apprehension that people had in buying a home. This apprehension as we can now clearly see was a good thing
    c- size of the problem
    In the video he clearly suggest that the size of this initiative should be big. he talks about 440 billion at some time. This certainly illustrate that he encouraged an acceleration of investment in these kind of mortgages beyond the speed and amount that they were accustomed to in prior administration
    d-fannie and freddie
    he clearly talks about how he has influenced multiple changes that would encourage a less restrictive process. He sets the goal at increasing the number of loans to less qualified buyers at a large scale.
    e-a tax credit for builder artificially increased the amount of new home built beyond the market levels.
    This is not about housing. this is about a reckless policy to pursue unrealistic goals. This is about miscalculation of reality.
    To try to blame clinton for this is like trying to blame the gun for the murder. Bush is clearly starting the change of speed and direction of the mortgage industry with this program, What is also undeniable is that these changes are the main reason why this problem is so big and uncontrollable
     
    pizzaman, Oct 4, 2008 IP