"Bush credited Republican policies for driving homeownership to record levels. Of course, he gave them credit before anyone realized they had created a housing bubble on its way to exploding."
Now please point out where you weren't blaming Bush/Repubs for "creating a housing bubble".... Either you don't remember what you type, or you are just being disingenious...
Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.
Alexis de Tocqueville
I find it hard to blame people for offering a deal too good to be true .. anymore then the people that get sucked in by it ….. it's called personal responsibility, and common sense .. something most liberals are very weak on.
Besides that foreclosures was only part of the problem .. the larger problem was that it allowed commercial lenders to begin buying and selling these toxic, but highly rated, bundled securities and that is exactly what the repeal of Glass–Steagall Act allowed commercial lenders to do.
In just two posts, you just went from claiming I "tried to say that the housing bubble was solely Bush's fault." to pointing out I was blaming Bush and Republicans.
I like how you realize you stuck your foot in your mouth and tried to sneak in the "/Repubs" thing. How could I be blaming "solely" Bush AND Republicans at the same time??j-mac: "You however, tried to say that the housing bubble was solely Bush's fault."
j-mac: "Now please point out where you weren't blaming Bush/Repubs"
Obviously I can't and obviously you tried to cover your own comprehension issues up with this snide remark of yours:
I know what I typed, but as I accurately pointed out, you were incapable of comprehending what I posted.j-mac: "Either you don't remember what you type, or you are just being disingenious..."
The Subprime Mess and Phil Gramm: An Experiment in Deregulation | InjuryBoard Los AngelesShortly after George W. Bush was elected president, Congress and President Clinton were trying to pass a $384 billion omnibus spending bill, and while the debates swirled around the passage of this bill, Senator Phil Gramm clandestinely slipped a 262-page amendment into the omnibus appropriations bill titled: Commodity Futures Modernization Act. It is likely that few senators read this bill, if any. The essence of the act was the deregulation of derivatives trading (financial instruments whose value changes in response to the changes in underlying variables; the main use of derivatives is to reduce risk for one party). The legislation contained a provision -- lobbied for by Enron, a major campaign contributor to Gramm -- that exempted energy trading from regulatory oversight. Basically, it gave way to the Enron debacle and ushered in the new era of unregulated securities. Interestingly enough, Gramm's wife, Wendy, had been part of the Enron board, and her salary and stock income brought in between $900,000 and $1.8 million to the Gramm household, prior to the passage of the Commodity Futures Modernization Act.
Here (IMO) is a good site for what happened:
What Caused the Mortgage Crisis?
Hey, Conservative! I see you peeking.
Quote The Barbarian
But and we always have a butt.Personally .. . I don't really care who started it ..
Bring another load of straw,this is gonna be a bigun.what I'm more interested in is that no one seems to be fixing it ..
of course for liberals .. fixing it isn't the problem ..
YE HA, dump it right here.
Hey, eight years of incompetence takes time to fix. Hard to do in thirty months, should be don’t by 2016 though.you have to first make sure that they take no responsibility for causing it, no responsibility for what has happened since they took over, and no responsibility for anything that might happen in the future because of their policies.
Whats more important is deflect any criticism of policy by stating it's Bush's fault.
The thread topic is “President Obama Takes a Break at Camp David “it was pretty well deflected when I got here.This is Tuesday, fun day, just lay back and poke fun at the winger day.
The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say