Just curious what you people would say.
Just curious what you people would say.
nope this has been in the works for years . Is he helping anything ? no. But what can he do with so many strings attached
Whether he takes blame or not...he's a huge reason why we are in this shape. The bubble bursting in 2001 is one thing, I can't really blame him for that because that probably was just the economy readjusting itself. But the out of control spending amidst cutting taxes I blame on him.
george Bush doesn't give a ****
Bush's fault. He's the top guy so he takes the blame imo. It may not have started under him but I didn't hear boo out of him or any of his administration warning of this over the last 7 years..
If a knucklehead like me could see the writing on the wall, someone in his admin should of as well
It happened on his watch, so he has to shoulder some of the blame. But Congress failed to act during his administration, (both Democratic AND Republican controlled) which to the shock of no one, didn't help.
But the out of control spending tendencies of the Bush administration was like adding fuel to the fire and then adding more fuel.
If Obama's elected and the state of the economy forces him to be fiscally responsible, you might have seen -- in just 10 years:
A spend crazy Republican and a Democrat who cut government.
Let's be honest: NEITHER candidate is going to be able to do the things he wants to do when he takes office. To do so would be borderline insane. I don't care what they say on the campaign trail, none of them is going to do much of anything in their first (and most important) hundred days. Nothing that includes dramatic spending in the short term, at least.
He's as responsible for this as Brandon Moore was for the Jets losing to San Diego. In other words, he's one of many, many people who contributed but shouldn't really stand out at all. In fact, he had been pushing since his second year in office for reform of Fannie Mae. It was constantly blocked by Congress.
1999 under Clinton...
Bush constantly tried but never succeeded in getting Congress to reform Fannie Mae....In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
And Paulson let the liberals block Fannie Mae reforms...For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Over a year ago, Treasury Secretary Hank Paulson refused to push for reforms of fraud-ridden government-backed mortgage giant Fannie Mae, even though colleagues in the Bush Administration had long been advocating them. Why? Because he thought it would look “political” and offend powerful liberal Senators like Charles Schumer and Chris Dodd and Congressman Barney Frank, who have long blocked any reform of Fannie Mae. Fannie Mae has long been managed by liberal power brokers, who engaged in a massive accounting scandal. Now, a federal bailout of it is being planned.
Last edited by jetstream23; 10-09-2008 at 06:24 PM.
He is mostly to blame
So wait a minute. Doing something in the last 2 years is too late. Yet, the policies set forth in 1999 which kicked off this whole thing deserve a pass? And, multiple attempts since 2002 and 2003 to reform Fannie Mae don't count? You are saying the President should have stood in the Rose Garden in 2003 and said, "I'm pushing the panic button. We are giving way too many home loans to poor people and those without down payments and this is going eventually doom the economy. We have to stop encouraging banks to lend to these people by not allowing Fannie Mae to buy the loans and making other FHA modifications"???
Look, I'm not a big fan of the George Bush presidency either, but blaming him for this is like blaming him for the Jets poor running game. Let's be real here. The same people who have said George Bush couldn't manage his way out of a paper bag is responsible for torpedoing the greatest economy on earth and no one - not Congress, not Wall Street, not the Treasury, not the Fed - were able to stop him these past 8 years? Come on. You're giving him too much credit.
The very people who are happy that Democrats pushed back on him and stopped certain policies are now saying that Bush is at fault for not fighting through all that Democratic opposition to Fannie Mae reform???
Put the blame where it deserves to be.
Last edited by jetstream23; 10-09-2008 at 07:16 PM.
Read the date. Read the article. Some people DID see this coming. And some were so worried about being politically correct and pushing unqualified people into homes they couldn't afford that they have put this country on the path to socialism now!
I have just one question - Barney Frank, are you f**king kidding me?New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
Last edited by jetstream23; 10-09-2008 at 07:04 PM.
Also, this is the same admin that boasted about record home ownership, so they are talking out of both sides of their mouth here.
Do I think Bush is the sole cause? Of course not, but as the head guy, he gets the majority of the blame. This is a disaster of historic proporations, and I can't give him a pass because Barney Frank is a bigger idiot then he is..