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I will not allow myself to again get into this question of whether or not decisions made by the Bush43 administration caused the housing crisis, but we might want to remember that our friends at the Wall Street banks played an important role.
The implications for Goldman Sachs and, indeed, many of the major banks that engaged in unethical and possibly illegal practices within the context of Abacus-like deals could be massive. According to the recently released United States Senate Subcommittee Financial Crisis Report, Goldman Sachs "securitized high risk mortgages" from 2004-2007 for "lucrative fees," "magnified the impact of toxic mortgages on financial markets," "took a short position on the mortgage market." "created a conflict between the firm's proprietary interests and the interests of its clients," did not disclose "taking a short position" in the Abacus deal, and "used Credit Default Swaps … to bet against the mortgage market." — "Corporate Codes of Conduct and Business Principles in Light of the Goldman Sachs Lawsuit Settlement," Review of Business & Finance Case Studies, 2011, p.64
OK, I take what I said back. Here's some material that's been posted in this forum repeatedly. Looks like some useful stuff to me, and appears to answer this call:
The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007." — The President's Working Group on Financial Markets, Oct 2008
View attachment 67196612
Just more "opinions of others" and "charts that tell nothing," I suppose.
As I have stated over and over again but partisans who simply have been indoctrinated to blame Bush for everything ignore it. There are a lot of players that caused the housing bubble to burst INCLUDING Bush but NOT Bush alone. The bubble wasn't created in 2004-2007 but the term trigger means the bullets left the gun. The bullets were put into the gun long before 2004-2007. As I just posted here is a good article on the subject. Those who still want to blame Bush solely are going to do so and pick out of this article what they want. Those of us who see the bigger picture however understand that Bush alone didn't cause the problem and the problem was going to eventually burst in spite of Bush.
https://business.cch.com/images/banner/subprime.pdf