Oh WCH, had you done 30 seconds of research, you’d have found out that republicans controlled congress before and during the Bush Mortgage Bubble. And if you had even bothered to read your link you would see it was debunking the claim that Gramm-Leach-Biley caused the Bush Mortgage Bubble. I agree, GLB had nothing to do with the Bush Mortgage Bubble. And Wch, if you can find the courage to read through just the first couple of pages of this thread, you’ll quickly realize that “bush failed to do something” is actually a lie. Now the GSEs didn’t cause the Bush Mortgage Bubble but in your world they did so here are some of the GSE policies Bush “accomplished.”
Bush killed GSE reform in 2003
Bush forced Freddie and Fannie to buy more low income home loans 2004
Bush got Freddie and Fannie to buy 400 billion in subprime loans in the secondary market 2004
Bush reversed the Clinton rule that restricted Freddie and Fannie’s purchases of abusive subprime loans 2004
Bush killed GSE reform again 2005.
Yea WCH, Bush with a republican congress (say republican congress as many times as necessary until it sinks in) twice stopped GSE reform. The other GSE policies did not require anything from the republican congress. Oh WCH, before you slink away for good, read what bush said when stopped GSE reform in 2005
STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
Yea, that’s Bush saying he’s against it because it “would lessen the housing GSEs' commitment to low-income homebuyers”. See how that one sentence shreds everything you believe?