Democrats were the ones who blocked any GSE reform. Bush shares some blame, even though he warned of the potential problems 11 times, but it was Democrats who blocked GSE reform and said there was not a problem with Fannie Mae and Freddie Mac when there was. They actually attacked the regulator who was investigating the GSEs as racist against Franklin Raines.
You're all over the place in this thread. Somehow Bush had all this power to destroy the Economy but Obama has no power to fix it, even though Obama got everything he wanted initially which was supposed to be the cure. His stimulus was supposed to fix it remember? For some reason people like you never want to talk about the projections and promises Obama's own economic team made if we passed his stimulus. You're still blaming a guy that hasn't been President in more than 4 years. It's a useless distraction and waste of everyone's time.
And it does and they don't.
The numbers you're citing ... discouraged workers, constitute only 69,000 gone from the labor force since Obama became president.
And your bizarre notion that underemployed are not counted in the laborforce defies all logic. Those are folks who are working.
Did the Community Reinvestment Act (CRA) Lead to Risky Lending?
Democrats blocked GSE reform in committee, questioned the regulator's motives as racist, and stated clearly they believed there were NO PROBLEMS with the GSEsDid the Community Reinvestment Act (CRA) Lead to Risky Lending?
Yes, it did. We use exogenous variation in banks’ incentives to conform to the standards of the Community Reinvestment Act (CRA) around regulatory exam dates to trace out the effect of the CRA on lending activity. Our empirical strategy compares lending behavior of banks undergoing CRA exams within a given census tract in a given month to the behavior of banks operating in the same census tract-month that do not face these exams. We find that adherence to the act led to riskier lending by banks: in the six quarters surrounding the CRA exams lending is elevated on average by about 5 percent every quarter and loans in these quarters default by about 15 percent more often. These patterns are accentuated in CRA-eligible census tracts and are concentrated among large banks. The effects are strongest during the time period when the market for private securitization was booming.
James Johnson, a powerful Democrat insider and initially on Obama's committee to pick a VP, ran Fannie Mae for years and turned it into the most massive lobbyist organization Washington has ever seen.
"Thanks to our policies, home ownership in America is at an all-time high." ~ George Bush, 9.2.2004, RNC acceptance speech
He took the credit for the boom -- he gets the blame for the bust.
On the flip side, as soon as Democrats took over in 2007, Barney Frank pushed a bill through the House. And though it died in the Senate, it was later picked up in another bill which Bush signed into law. Meanwhile, in all the years Republicans were in charge, they couldn't even get a bill to Bush for him to sign; and it had nothing to do with Democrats, who were in the minority party.
It was designed to not impact unemployment as advertised?It worked as designed.
It was designed to line the pockets of green energy projects that were not profitable on their own?
It was designed to suck?
"Putting together these facts provides a striking result: Only 6 percent of all the higher-priced loans were extended by CRA-covered lenders to lower-income borrowers or neighborhoods in their CRA assessment areas, the local geographies that are the primary focus for CRA evaluation purposes. This result undermines the assertion by critics of the potential for a substantial role for the CRA in the subprime crisis. In other words, the very small share of all higher-priced loan originations that can reasonably be attributed to the CRA makes it hard to imagine how this law could have contributed in any meaningful way to the current subprime crisis." ~ member of Bush's economic team
FRB: Speech--Kroszner, The Community Reinvestment Act and the Recent Mortgage Crisis--December 3, 2008
They didn't need to block any legislation becuase Republicans never even put it to a full vote in the Senate.