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W:1083,1531:2983:3137]******Bush Mortgage Bubble FAQs

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Re: Bush Mortgage Bubble FAQs[W:1083,1531:2983]]

Vern said:
oh DC, this post is ridiculous and I'm even giving you the benefit of the doubt that you meant to type Clinton instead of Obama (and its not a definite that you meant to). First, please name the policies under Clinton that allowed Banks to stop checking the borrowers ability to repay the loan. And name the policies that prevented Bush's regulators from doing their jobs.

Anyhoo, while we wait for that to never happen, lets discuss "pushed back". "Pushed back" tells me that you know republicans controlled congress. Please explain how magically makes the republicans not responsible. Oh and fyi, democrats "pushed back" against trumps deficit ballooning tax cuts. Guess what, they passed. Here's the best part about your obedient "pushed back" narrative. You cant push back against something that's not there. Yea, not only did Bush stop GSE reform in 2003 and 2005, he said that GSEs were perfectly fine. His reform was about "enforcing GSE quotas for low income loans". yea, your conservative masters never told you that did they. Here's Bush's treas sec telling barney frank there is nothing wrong with Freddie and fannie in 2003



Yes DC, he said "far from it". Well that completely obliterates your false and obedient narrative about "pushed back". And just for laughs, here's bush derailing GSE reform again in 2005. Pay close attention to why he was against it



HOLY CRAP!!!! He literally derailed GSE reform because it "would lessen the housing GSEs' commitment to low-income homebuyers." poor DC, if I was clinging to a false narrative that GSEs were responsible for the Bush Mortgage bubble then I would be crushed to learn bush is still responsible.
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I made an mistake on the first item ... the policies started under Clinton, not Obama. My apologies.

As for the rest, those are selective quotes that I may address when I have more time.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531:2983]]

dcsports said:
I made an mistake on the first item ... the policies started under Clinton, not Obama. My apologies.
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now that you're up to speed, I asked you to name the policies under Clinton that allowed Banks to stop checking the borrowers ability to repay the loan. And name the policies that prevented Bush's regulators from doing their jobs. Before you waste too much time looking, just be aware, they don't exist.

As for the rest, those are selective quotes that I may address when I have more time.
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Dc, to call Those clear straightforward in context statements" selective quotes" is simply false. And in the case of the Bush's Statement of Administration Policy it is hysterically false. He's literally stating his policy. And you look just a couple of posts up, you'll see Bush stopping reform in 2003 and reversing the Clinton rule that restricted GSE purchases of abusive subprime loans (to name just a few of his GSE related actions and policies). And if you read the congressional testimony, you'll see Sec Snow reiterating that there was nothing wrong with Freddie and Fannie and stating that we needed the "reform" to make sure GSEs meet their quotas for low income loans. And two years later Bush is reiterating his commitment to low income loans. So there is nothing "selective" about those quotes. You're simply looking for a magic phrase or sentence fragment to not hold bush accountable.

And DC, its "selective quotes" that made you think the GSEs caused the Bush Mortgage Bubble. It "selective quotes" that made you think Bush tried to stop them from causing the Bush Mortgage Bubble and its "selective quotes" that made you think "mean ole Barney prevented the republican congress from passing this magic reform".
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531:2983]]

dcsports said:
I made an mistake on the first item ... the policies started under Clinton, not Obama. My apologies.

As for the rest, those are selective quotes that I may address when I have more time.
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It had nothing to do with Fannie and Freddy. You have to remember than Fannie and Freddy are not fully government controlled. They weren't allowed to get involved in the risky subprime game initially. Then rules were loosened and their shareholders wanted to get in on the subprimes which were making everyone rich. So they got into the game very very late. They weren't a cause, they were just another victim.

The causes are rating agencies, the banks creating all kinds of crazy synthetic derivatives and the mortgage lenders selling crap mortgages to the banks to fulfill high demand.

Not enough regulation was the problem. Just the opposite of what conservatives preach.

I highly recommend the movie "The Big Short." It does a great job at trying to explain to laypeople what happened.
 
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Re: Bush Mortgage Bubble FAQs[W:1083,1531:2983]]

dcsports said:
I made an mistake on the first item ... the policies started under Clinton, not Obama. My apologies.

As for the rest, those are selective quotes that I may address when I have more time.
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er uh DC, I think you've had enough time to respond to the facts.
 
Re: Bush Mortgage Bubble FAQs[W:1083,1531:2983]]

Vern said:
er uh DC, I think you've had enough time to respond to the facts.
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Moderator's Warning:
er uh Vern, I think it is not a good idea to necro threads. Closing.
 
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