Facts regarding the blame for the housing bubble and 2008 recession

[healthmyths]

I frequently read how the housing bubble and 2008 recession was solely the fault of the GOP and Bush.
These are the facts folks and Barney Frank admits it!
Remember Barney was one of the several Democrats involved directly with the cause of the housing bubble and 2008 Recession that had its beginnings in a 1995 court decision case that Obama was an Acorn attorney.

 

[edthecynic]

Fake News and Revisionist History!

 

[healthmyths]

Fake News and Revisionist History!

WOW... THAT"S IT?
No wonder people are leaving your point of view by the droves as totally subjective, hyperbolic statements like that just reinforce the vast majority of people anymore.
Keep making those statements because the more you do the diminishing respect for your comments.
Thank you again for proving the point that people like you "FEEL" before you think.

 

[jwoodie]

OF COURSE it was due to government sponsorship and pressure to increase home ownership among non-credit worthy applicants. The fact that there weren't concomitant restrictions on bank lending practices (a fig leaf added after the fact by the original perpetrators) only accelerated the inevitable meltdown.

Fannie and Freddie led the way by legitimizing these bogus home loans, and the lending industry followed suit. No wonder Dodd and Frank had to retire after their roles in this debacle.

 

[edthecynic]

Fake News and Revisionist History!

WOW... THAT"S IT?
No wonder people are leaving your point of view by the droves as totally subjective, hyperbolic statements like that just reinforce the vast majority of people anymore.
Keep making those statements because the more you do the diminishing respect for your comments.
Thank you again for proving the point that people like you "FEEL" before you think.

Always playing dumb so you can lie without shame. Everybody knows Frank was talking about how BUSH had perverted Fannie and Freddie by making no downpayment loans to people with bad credit who could not afford to make the payments as part of his 2004 reelection bid to lure minority voters away from the Dems.

Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) is what changed the rules to allow no downpayment loans to people with bad credit for more than the house was worth and who were at least 20% below the standard of living for the neighborhood they were buying into.

President Hosts Conference on Minority Homeownership
George Washington University
Washington, D.C.

1:55 P.M. EDT
THE PRESIDENT: Thank you, all. Thanks, for coming. Well, thanks for the warm welcome. Thank you for being here today. I appreciate your attendance to this very important conference. You see, we want everybody in America to own their own home. That's what we want. This is -- an ownership society is a compassionate society.

More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home. That's a homeownership gap. It's a -- it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future. We've got to work to knock down the barriers that have created a homeownership gap.

I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families. (Applause.)

 

[deanrd]

We were just coming off a 5 year GOP majority in both houses and a failed president who tried to stoke the economy with trillions in tax cuts for billionaires and millionaires. Remind you of anything?

And Bush fought two unnecessary wars. We still have more than 45,000 Americans maimed and killed to get one man.

It seemed like some financial institution died every other day. Looted and leaving the workers to hold the bag.

Now we have a president who is even worse.

He quit NAFTA and then signed the new NAFTA which was like the old but with a couple of small tweaks.
And crowed over a bill someone else made and you know he has no understanding of.
Look at Carrier.

It has to be someway he screws the American people. Like he did with his fake tax cuts and what he is doing to healthcare. It just hasn't been discovered yet. Like his taxes.