- Joined
- Dec 9, 2009
- Messages
- 134,496
- Reaction score
- 14,621
- Location
- Houston, TX
- Gender
- Male
- Political Leaning
- Conservative
Did you not just read that Countrywide, the originator of 20 % of all morgages in 2006 was not subject to the CRA. As such Acorn had zero racial gun pull on Countrywide or similar companies
And how does this relate to the thread topic? There is plenty of blame to go around regarding the housing bubble but too many here simply want to blame Bush. Think the Democrats didn't want home ownership for minorities and didn't think home ownership was a civic right.
So you accept the fact that the CRA was not the driving factor behind the housing bubble then
Where does personal responsibility rest in the liberal world? Apparently there are no consequences for individual failures. No one held a gun to the head of people forcing them to buy homes that they could not afford. Barack Obama was elected to fix the problem and here we are 2 1/2 years later and the results are worse.
I'm an airplane mechanic. In being one, we have a mechanic's motto: Don't give the plane back to the owner with more problems than it came to you with.
Basically, Obama was given an airplane that didn't fly very well and was underpowered. He's given us back a plane without a propeller and a few thousand pounds overweight.
I'm an airplane mechanic. In being one, we have a mechanic's motto: Don't give the plane back to the owner with more problems than it came to you with.
Basically, Obama was given an airplane that didn't fly very well and was underpowered. He's given us back a plane without a propeller and a few thousand pounds overweight.
what was the driving factor behind the housing bubble but again this is off thread topic?
The housing bubble peaked in late 2005 - early 2006. Being that along with asset bubbles in commercial real estate, and unregulated derivatives markets were the catalyst for the financial crisis and thus the great recession, the seeds for the crisis were indeed planted when the government was under complete Republican control.
Extremely low interest rates, poor state banking regulations ( Texas being subject to the CRA but having strict mortgage regulations did not have a housing bubble), and the popularity of MBSs as investments would be the top three I believe. Getting rid of the Glass Stegal act and lowering of reserve requirements would also be up there.
Had other states had the same mortgage regulations as Texas the housing bubble would have been far smaller and have had far fewer abuses
So what you're saying is, it's Bush's fault.
Video.. Smideo... It's still all the Republicans and Bush's fault.
<sarcasm OFF>
Scary sad perception you've got going there, home skillet. I'm in Minnesota, going for a walk around the lake before we head for iHop. :2wave:
Apparently the situation is so dire that the President is going to Address Us. It's so important he's even cancelled this month's vacation.
You know, in 2008 I jokingly wrote that soon Obama would learn the difference between making speeches about policy, and the difficulty of actually trying to implement it. I wonder if I was giving him too much credit.
Apparently the situation is so dire that the President is going to Address Us. It's so important he's even cancelled this month's vacation.
You know, in 2008 I jokingly wrote that soon Obama would learn the difference between making speeches about policy, and the difficulty of actually trying to implement it. I wonder if I was giving him too much credit.
I don't think Obama is the only policy maker here. Since 2010 the Republicans also had substantive number in Congress. Of course, he is the president and is most visible. However, with that said, he and members of the congress are just trying to fix the economy as best they can. Look at japan, took them 10 years after a similar recession that was also driven by housing crash, still they are only half back. I mean we all hope a recession that's the worst since the great depression can be recovered quickly, but look at all the countries around the world, Greece only getting worse, Spain is defaulting on debt, Ireland also getting worse despite all the measures. I think this thing is global maybe except China, it means rest of the EU troubles have to lessen as well if we are to expect a recovery here. This is a global economic crysis, I doubt we can just get better on our own w/o everyone else also get back on track.
We were getting way off topic, so I did not respond. If I don't respond to your response to this, its because I am getting a long run in before it gets too hot out.
So what you're saying is, it's Bush's fault.
What he is saying that the Federal Govt. didn't force states to change their oversight and lending policies and that TX did the right thing
what was the driving factor behind the housing bubble but again this is off thread topic?
Obama record, 15.1 million officially unemployed TODAY 2 1/2 years later, 16.2% total unemployment or over 20 million TODAY
and a rising misery index