Now, I'm sure you won't read it, so here is a small portion:
You see, the rise in housing prices was not caused by the mess...it hid the mess. And now, when prices are not rising, it's harder to hide any future messes.The problem is summed up succinctly by Stan Liebowitz of the University of Texas at Dallas:
From the current handwringing, you’d think that the banks came up with the idea of looser underwriting standards on their own, with regulators just asleep on the job. In fact, it was the regulators who relaxed these standards--at the behest of community groups and "progressive" political forces.… For years, rising house prices hid the default problems since quick refinances were possible. But now that house prices have stopped rising, we can clearly see the damage done by relaxed loan standards.
The point here is not that low-income borrowers received mortgage loans that they could not afford. That is probably true to some extent but cannot account for the large number of sub-prime and Alt-A loans that currently pollute the banking system. It was the spreading of these looser standards to the prime loan market that vastly increased the availability of credit for mortgages, the speculation in housing, and ultimately the bubble in housing prices.
The American Spectator : The True Origins of This Financial Crisis
Of course, that doesn't mean Obama hasn't been trying to create new messes:
Real Estate Shocker: Obama Brings the 'Zero-Down' Mortgage Back - Institute for Individual Investors
Obama had complete control of the govt for two years, he could have done anything he wanted to do. What did he do? passed obamacare in the dark of night on Christmas eve on a 100% partisan vote before anyone had a chance to read the bill. Passed a stimulus bill that wasted billions of OUR money.
What exactly makes you want to give him another 4 years to continue the damage?
"Just get the hell out of my way" John Galt to the government in Atlas Shrugged.
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
He isn't trying to blame Obama solely... he is trying to say this was caused by the very practices of easing mortgage lending that many people had fought for over time, including Obama throughout his entire career...
You also want to be so dismissive as if this happened solely as a result of his time as a lawyer in Chicago... Bush was president since 2001... the economic slowdown and crisis was from 2007-2009... its onset coinciding with the Democratic takeover of Congress in Bush's last term... Among them was Barack Obama... who has had an official national elected role since 2007... and the economy has been attrocious the overwhelming majority of that time (except the year he was hiring census workers and spent $1.2T trying to jumpstart the economy)...
I've never been attached to a single political party... but clearly, the Romney/Ryan ticket has been more active in saying what you just said... that both sides have caused the problem, but we need to stop pointing the finger, and come together to solve it...
Unfortunately, this isn't the case with the Obama campaign... and isn't evidence in Clinton's speech last night, as he tried to bash Republicans for causing problems, when I remember him entering office without any major crisis to handle (Republicans had already passed 3 balanced budget bills to handle the growing debt)... and leaving office with the dotcom bust and the early 2000s recession...
I am still waiting for you to present the "smoking gun", the admission from LENDERS, like Counrtywide, that the CRA, with HIGH lending requirements (ie "conforming loans) was the reason they LOWERED their own lending requirements (non-conforming loans). So far, NO source material presented by you does that.
If you are going to cling to a myth, you need to produce real fact, not opinion, about the LENDERS being influenced to support your myth.
You also still haven't answered how this myth applies to world-wide real property price increases or defaults.....or how it is that it is not causing price increases or defaults now.
PS...Oh, and just to note, lowered lending requirements does not cause more money to become available, it is just the opposite.....the increase in supply of dollars creates an easing of lending.
As usual, cons have economic understanding all backward.
Again, I not once blamed Bush, I honestly have no idea where you got that.
You talk about Bush's term starting in 2001 and the economy starting 2007-2009, it starting with the Democratic party taking the majority in congress. At this time we knew that the recession was coming, we didn't know how big it was yet, and we didn't quite know why as of yet.
Sorry, homey don't play that.
If you can't back up your myth, to defend it yourself with references to fact, to show THE smoking gun proving your assertion(s), then why would you expect me to do it for you?