Dad2three
Gold Member
looking at those charts I would say that it looks like Bush 1 actually got the economy moving in the right direction, then it took a few years of clintons errors to turn it back around. By the time clinton left office the surplus was already gone and the downward trend was fairly steep, however, Bush 2 was able to turn it back around and start heading back up, until clintons housing bubble finally burst, the real decline during the Bush 2 admin appears to have come about the same time that the democrats took over congress and the senateThe Deficit Explained And Fiscal Conservatism Debunked (In Two Graphs)
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Note that the last five times we’ve had budget surpluses (four of them were Clinton budgets), revenue was near 20% of GDP. So that is a good guideline for the minimum size of govt Americans actually want in the modern age. But the Clinton surpluses were squandered in the Bush years when revenue dropped to below 15% of GDP and spending soared to 25%.
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I think we can look at the chart and extrapolate the data that clearly shows the republican leadership worked and the democrats continuously undo all good done.
LMAOROG
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups March policy statement acknowledged that 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.
Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
2004 Republican Convention:
Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...
Thanks to our policies, home ownership in America is at an all- time high.
(APPLAUSE)
Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."
FACTS on Dubya's great recession | US Message Board - Political Discussion Forum
Republican's Responsibility for the Market Meltdown
hrough the Republican Congress in 2003 and the Bush Administration's work through HUD and the FHA, the Bush Administration forced Fannie Mae and Freddie Mac to, for the first time, make available riskier loan products to minority and low income buyers.
The Federal Housing Administration Mortgage Program.In 2002, the President issued America’s Homeownership Challenge to increase first-time minority homeowners by 5.5 million through 2010. The Federal Housing Administration (FHA) mortgage program is an important tool for reaching that goal. In 2006, 31 percent of those using FHA mortgages were minorities purchasing their first home. The 2008 Budget continues Administration efforts to modernize FHA by improving its ability to reach traditionally underserved homebuyers (aka those who do not normally qualify for loans), such as low- and moderate-income families, individuals with blemished credit, and families who have little savings for a down payment.
(From Bush Administration’s White House Press Release entitled, "Focusing on the Nation’s Priorities – Meeting America’s Housing Needs").
The Bush Administration through HUD, also required Fannie and Fredde to give a higher percentage of their loans to loan-income and minorities that otherwise would not qualify for the loans.
BUSH ADMINISTRATION ANNOUNCES NEW HUD "ZERO DOWN PAYMENT" MORTGAGE Initiative Aimed at Removing Major Barrier to Homeownership
LAS VEGAS - As part of President Bush's ongoing effort to help American families achieve the dream of homeownership, Federal Housing Commissioner John C. Weicher today announced that HUD is proposing to offer a "zero down payment" mortgage, the most significant initiative by the Federal Housing Administration in over a decade. This action would help remove the greatest barrier facing first-time homebuyers - the lack of funds for a down payment on a mortgage.
Speaking at the National Association of Home Builders' annual convention, Commissioner Weicher indicated that the proposal, part of HUD's Fiscal Year 2005 budget request, would eliminate the statutory requirement of a minimum three percent down payment for FHA-insured single-family mortgages for first-time homebuyers.
"Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," said HUD's Acting Secretary Alphonso Jackson. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this historic initiative will help meet this goal."
Preliminary projections indicate that the new FHA mortgage product would generate about 150,000 homebuyers in the first year alone.
The Administration, through HUD, further forced Fannie Mae and Freddie Mac to offer riskier 3, 5, and 7 year arm loan products to low income and minorities.
BUSH ADMINISTRATION ANNOUNCES NEW ADJUSTABLE-RATE MORTGAGE PRODUCTS TO ENHANCE HOMEBUYING OPPORTUNITIES
40,000 More Families Expected To Benefit From New Offerings
WASHINGTON – The Department of Housing and Urban Development is proposing to enhance homebuying opportunities by expanding its offerings of adjustable-rate mortgage (ARM) products on FHA-insured mortgages. Potential homebuyers would be able to choose mortgages with periods of three, five, seven or ten years, depending on their needs, during which time the interest rate would be fixed.
"By offering additional types of FHA-insured ARMs tailored to the financial conditions and desires of the borrowers, we are creating more homeownership opportunities," said HUD Secretary Mel Martinez today in a speech to America’s Community Bankers. "We estimate that as many as 40,000 families a year will choose these new adjustable-rate mortgages as their way of financing their home purchase."
(HUD Press Release).
Bush and the Republican Congress forced Fannie Mae and Freddie Mac to make zero-down loans and adjustable rate 3, 5, and 7 year arms to the riskiest buyers. Fannie Mae and Freddie Mac were forced to effectively finance 103 percent of the mortgage (including closing costs).
The Administration often pointed to the huge increase in housing as one of its greatest successes.
[The Administration has] Helped Americans buy homes, expanding the homeownership rate to nearly 70 percent and the minority homeownership rate to over 51 percent nationwide. With approximately three million minorities owning a home for the first time, the Nation now has the highest minority homeownership rate in its history. Furthermore, the Administration is ahead of schedule in achieving the Presidential goal of adding 5.5 million new minority homeowners by 2010.
ONE BILL THE DEMS PASSED TO CHANGE DUBYA'S POLICIES 2007-JAN 2009? oops