No, Bush encouraged banks to make risky loans.
So did the CRA, so did the low income housing credits to Fannie Mae and Freddy Mac. Are you honestly sitting here and telling me that the Democrats were opposed to subprime loans for low income households? Spare me. This is the Democrats economy now and has been since at least TARP.
credible academic sources do not portray the crisis as primarily a matter of partisan politics
"In my judgment, the origination of subprime mortgages -- as opposed to the rise in global demand for securitized subprime-mortgage interests -- was not a significant cause of the financial crisis,"
Allan Greenspan 2008
Greenspan: Subprime loans did not cause crisis - MarketWatch
So you've gone from asserting that the Subprime loans led to the housing crash due to Bush's actions to asserting that they played no roll at all. So are you now asserting that it was Greenspan lowering the interest rate to 1% that alone caused the housing crisis? Well then guess what, if that's your assertion, the reason why the interest rates were dropped was due to the Clinton recession which began in his last year.
So you've gone from asserting that the Subprime loans led to the housing crash due to Bush's actions to asserting that they played no roll at all. So are you now asserting that it was Greenspan lowering the interest rate to 1% that alone caused the housing crisis? Well then guess what, if that's your assertion, the reason why the interest rates were dropped was due to the Clinton recession which began in his last year.
historically, the argument is open to dispute---what caused this
POLITICALLY, there is none---who FAILED to fix it
history is for academics
politics, on the other hand, is IN THE GUT
historically, the argument is open to dispute---what caused this
POLITICALLY, there is none---who FAILED to fix it
history is for academics
politics, on the other hand, is IN THE GUT
That's a big part of the problem, isn't it? Politics is about managing our resources, about where to draw lines on a map, about rational things.
Why would you let your gut do your head's job?
Wasn't calling you dumb. But a HUGE number of Obama supporters are entirely clueless about anything on this planet, the least of which is governmental policy, economics, or the implications of one on the other.
Ok so we can't blame Obama when he fails to fix our economy (pretty far out of his control as an individual) but we can blame bush for individual citizens taking out loans they couldn't afford? .
Nope. Most could afford the loans until the interest rates went up and they couldn't refinance.Actually most could afford the loans until they lost their jobs.
Nope. Most could afford the loans until the interest rates went up and they couldn't refinance.
So they could afford the home when they purchased it. The number one reason for foreclosure is loss of job or change in employment. That's what got the foreclosure ball rolling.
Incorrect. As someone mentioned before, it was that housing prices stopped going up. Many people were buying homes as a speculation, rather than as a long term place to live. They got caught and it is easier to blame wall street fat cats rather than greedy voters, many middle income or lower that made a bet that went wrong.
what's subprime mean?