How did the Democrats manage to blame Bush for the housing loan crisis?
Posted on July 29th, 2010 | 12 Comments
Question by netjr: How did the Democrats manage to blame Bush for the housing loan crisis?
Bush asked for reforms and regulation of fannie mae \ freddie mac in 2003 and the Senate voted it too the floor where the democrats lead by Dodd and Shumar held it up and got it killed.
McCain co sponsored another regulatory act in 2007 but the Democrats wouldn’t even let it out of committee.
Now they get away with blaming Bush and McCain – how?
Best answer:
Answer by flashy d
Basically the democrats have a history of blaming others for their own mistakes. Democrats blame anything on Republicans that are their own fault.
What do you think? Answer below!
July 29th, 2010 at 12:11 pm
Cause people are gullible
And the 1993 congress and president clinton caused the crisis by making it law that the banks had to loan to minority status even though they couldn’t pay the money back.
Which means it wasn’t Bush’s economic plan that failed but rather one introduced under clinton and then signed rather than vetoed as should have been done.
July 29th, 2010 at 12:28 pm
It is called media disinformation, and their refusal to give the true facts of the causes of the housing and market crisis.
There is no way that anyone that truly knows the circumstances of this and who has read the statements during the Fannie / Freddie Hearings could ever blame the Bush Administration or the Republicans for this crisis.
It is a story that the media refuses to tell solely because they are in the tank for the Democrats and Obama.
July 29th, 2010 at 12:37 pm
Bush wanted the credit. Let him take the blame:
“…
# The President set a goal to increase the number of minority homeowners by 5.5 million families by the end of the decade. Through his homeownership challenge, the President called on the private sector to help in this effort. More than two dozen companies and organizations have made commitments to increase minority homeownership – including pledges to provide more than $1.1 trillion in mortgage purchases for minority homebuyers this decade.
# President Bush signed the $200 million-per-year American Dream Downpayment Act which will help approximately 40,000 families each year with their downpayment and closing costs.
# The Administration proposed the Zero-Downpayment Initiative to allow the Federal Housing Administration to insure mortgages for first-time homebuyers without a downpayment. Projections indicate this could generate over 150,000 new homeowners in the first year alone.
…”
July 29th, 2010 at 1:19 pm
The Republicans controlled both houses of Congress for the first six years of Bush’s presidency. Once upon a time we used to believe that the buck stops at the president’s desk. I guess that’s not true anymore, huh?
July 29th, 2010 at 1:23 pm
Democrats are experts at blaming anyone other than themselves for what they do. It is taught in public schools that they are victims and cannot be held responsible for their actions.
Even Video of Barney Frank proving that he obstructed reform and claimed there was no problem is too great hurdle to deny.
July 29th, 2010 at 1:39 pm
Ummm, perhaps he was president with a GOP congress for 6 years and did nothing about it? Could that be it, do you think?
July 29th, 2010 at 2:16 pm
Unfortunately because they pay the media off to withhold certain information and leak false others. This is why it is important to get McCain and Palin in office who has already challenged the media. It’s absolutely time to put the media back in its place, and by doing so, also the political parties.
July 29th, 2010 at 2:35 pm
The crisis was caused by corrupt businesses, supported by Republicans, who foolishly lended money to people who were unable to pay back. Then the liberals wanted to make sure that even those who couldn’t afford their homes could keep them. So it is both their fault.
July 29th, 2010 at 3:16 pm
Quite simply, it happened on his watch. Absent meaningful regulation lenders issued loans with no proof people could pay them back because they didn’t care. They got their commission and sold the note to investment banks which were not regulated and thought their risk was managed with default swaps, and investors in fixed assets bought the bonds because ratings agencies that were not regulated gave them high ratings and they earned high interest when Treasuries did not even though the underlying mortgages were toxic debt.
At any point from 2003 until the begining of the collapse in October 2006, the Administration could have jumped in and demanded a halt to the lending practices, asked for reserve requirements on swaps, and so on, butthey did not. Neither did the Republican Congress, and they did not because they had a rigid ideology that held all regulation is bad and a lot of people were making a lot of money off the fiasco.
Now the remainging solvent lenders and investment banks are asking for regulation because they don’t want to compete in a market were there are no cash reserves and where risk is hidden.
Your dates are wrong, Dodd became committee chairman in 2007, and Republicans controlled both branches entirely including the committees while that orgy was underway.
July 29th, 2010 at 3:52 pm
Lack of oversight by his administration. It was not just a housing crisis
but also a greed feeding frenzy. Millions of people borrowed against
the inflated values of their homes so they could vacation or buy a new
SUV, OR WHATEVER THEY WANTED MONEY FOR.
Regulators are usually lax when GOP is in power
July 29th, 2010 at 4:32 pm
The investigations have just begun. We will see that groups like “ACORN” are just as much to blame as the Democrats with Barney Frank at the helm.
July 29th, 2010 at 5:29 pm
The media can cover it up by the way they present the story.
When the GOP was in control of Congress, the story was that the weak GOP “failed” to do this or that. (It wasn’t that the “obstructionist” Democrats blocked it.)
When the Democrats took over, the story was that the poor heroic Dems couldn’t get something wonderful done because the evil “obstructionist” GOP was causing trouble again.
The GOP is ALWAYS wrong.
Even now, Obama and Biden say that the world started in 2001 when Bush was Inaugurated. Then it went to hell.
Nobody calls them on this.
The problems with Fannie and Freddie started in 1993 when the Clinton Administration started new programs for low-income lending.
There was a BIG recession in the late 1990s.
More foreclosures in 1999 than there are today.
Higher unemployment in 1999 than today.
Why weren’t the Democrats and media screaming????
They wanted to elect Al Gore.
The Clinton recession lasted for several years.
We were just coming out of it on 9/11…..
Even with 9/11, there has been steady growth in the economy in every quarter of every year during the entire Bush Administration.
As bad as the economy seems, last quarter the economy GREW 3.3%, mostly due to exports.
And those weren’t exported “jobs.” Those exports created MORE new jobs in the US than have been lost due to trade agreements – the exact OPPOSITE of the lies that Obama and the Democrats tell to keep the unions happy.
If the media ever told the truth, they would never get invited to any more fancy Democratic dinner parties.
It would ruin their social lives.