26 X World Champs

Another great testament to deregulation, tax cuts and audacious gluttony by the Bush Administration has set yet another negative record. Hard to fathom how in the 21st Century a President can govern so incredibly badly. With this and other great Bush achievements he has cemented his legacy.

Source: http://www.nytimes.com/2008/01/29/bu...29econ.html?hp

DarkWizard12

The president really has no control over the housing industry, so, I guess you can say its the fault of unregulation, but then again, no president has control over housing industry, including the times it did well so...hmmm...

26 X World Champs

The sub=prime loans that are the root cause of this problem are a direct result of the Bush Administration deregulating the mortgage industry and allowing for these balloon loans and loans to people without a credit check and no down payments.

You most definitely can blame Bush for this...it would never have happened under a Democratic President.

128shot

Woot

I can finally pay cash for a house!

DarkWizard12

Wow, I stand in awe of your power to know so much about every democrat candidate that you know that none of this "housing crisis" would have happened under their leadership...because democrats are always right.

Binary_Digit

Loans are easier to get, and that caused fewer people to get loans for houses? Is that what you're saying?

And why does the Fed need to regulate the mortgage industry to begin with?

RightinNYC

Champs, before you get too excited talking about how bush ruined home prices, why don't you look at those graphs and think about why they only show 18 months of data. Then go back and look at what the numbers were like for the other 5 years of Bush's term.

(Of course, your post and my response assumes that falling house prices are unquestionably bad, which is a pretty fallacious assumption as it is.)

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DeeJayH

champs, why am i not surprised you would try to tie this to bush
what a pathetic post

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RightinNYC

Or, god forbid, we could blame the irresponsible people who took out loans they couldn't afford in the first place.

Oh, and about this tidbit:

Incorrect.


The share of subprime mortgages to total originations was 5% in 1994, 9% in 1996, 13% in 1999, and 20% in 2006.

So approximating the numbers for 2000, in just 6 years of Clinton, we saw a 300% increase of the proportion of subprime mortgages. In the following 6 years of Bush, we saw a 33% increase.

How are you claiming that Bush was responsible for this when the explosion of sub-prime lending happened almost entirely under Clinton?

__________________
People sleep peaceably in their beds at night only because rough men stand ready to do violence on their behalf.

ARealConservative

This is the mentality we have to deal with in the country though. The problem is always "deregulation" or the regulation was simply bad.