More economic GOOD News...DOW hits new record..on track to hit 17K.

[rightwinger]

Left by Bush, yet it was the democrats that took over majority power in 2007. The democrats have had majority power since and still have it now.

You all credit Clinton for a robust economy, yet you all do not even hold him to account for repealing Steagall Glass Act. They have no clue what that is. They will not credit the republicans who controlled Clinton's spending for 7 of his 8 years in office.

The last time republicans had majority power, the unemployment rate was 4.6 percent. Then Pelosi took over power and democrats have had it since, and they blame Bush.

Rightwinger is so stupid that he blames Bush for the housing bubble, yet I have provided conclusive proof that Bush warned no less than 17 times about the bubble. All ignored by Dodd and Frank deliberately.

Here folks is the list, to provide every time a cocksucking dickbag moron like rightwinger brings up such a cliche like blaming Bush for the fall in the economy and the real estate bubble.

Briefing Room | The White House

President Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

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.

The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:

** 2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

No question Bush left quite an economic disaster

It is a wonder that our Messiah even volunteered to take on the challenge. But he did. He saved the auto companies and banks and prevented a Depression

I present facts, you present bullshit. You are dumb.

There is no doubt that when Republicans fuck up an economy they really fuck it up

They led us into a Depression in 1929
They led us into a near Depression in 2008

Thankfully, we had two Messiahs like FDR and Obama to rescue us

 

[Iceweasel]

Trying to talk economics with a dimocrap is like explaining the value of money to a screaming spoiled child demanding candy in line at the grocery store.

That's what the capitalist pigs get for charging money for candy.

 

[Theowl32]

No question Bush left quite an economic disaster

It is a wonder that our Messiah even volunteered to take on the challenge. But he did. He saved the auto companies and banks and prevented a Depression

I present facts, you present bullshit. You are dumb.

There is no doubt that when Republicans fuck up an economy they really fuck it up

They led us into a Depression in 1929
They led us into a near Depression in 2008

Thankfully, we had two Messiahs like FDR and Obama to rescue us

Stop man. You are only embarrassing yourself now. Then again, every post (which is the actual phenomenon really) is dumber than the one before.

I have never seen you post anything that ever makes any sense. Your book bag of cliches are all you and people like you are about.

You should be used to this from me by now......

 

[bedowin62]

"Stay the Course" is prettty much exactly what dems did. poor left-wing morons; you would be hard-pressed to find bush or republican policies democrats DIDNT vote for, vote to continue, extend...etc even long after bush left office and dems became a majority of the government

it really is that simple

 

[Vigilante]

 

[Sallow]

"Stay the Course" is prettty much exactly what dems did. poor left-wing morons; you would be hard-pressed to find bush or republican policies democrats DIDNT vote for, vote to continue, extend...etc even long after bush left office and dems became a majority of the government

it really is that simple

Sorry but what?

Democrats go along with Republican policies and you guys are like:

"Suckers!"

Really?

Did you just post that?

 

[RKMBrown]

"Stay the Course" is prettty much exactly what dems did. poor left-wing morons; you would be hard-pressed to find bush or republican policies democrats DIDNT vote for, vote to continue, extend...etc even long after bush left office and dems became a majority of the government

it really is that simple

Sorry but what?

Democrats go along with Republican policies and you guys are like:

"Suckers!"

Really?

Did you just post that?

He said you were a moron for screaming about Bush's policies for eight years then defending Obama for continuting Bush's policies.

I called you a moron for screaming about the republicans blocking spending bills from the democrats, then claiming victory in cutting spending.

Let's face it, libtards like you are complete morons.

 

[Theowl32]

Check out liberals ignoring the facts I presented in regards to the documented official evidence of the Bush administration warning about the housing bubble over and over and over again. Notice folks how they retort back with nothing other than nanny nanny boo boo stick your head in doo doo. They actually went right to the cliche (rightwinger did then the moron sallow thanked him for the cliche response.)

They do not address the fact that the last time the republicans had majority power the unemployment rate was at 4.6 percent, and then the democrats took over power from 2007 till this day. Yet, they blame Bush for the housing bubble and the rise in unemployment rate.

Notice folks how they do not put any responsibility on Clinton who in fact repealed Glass Steagall Act. Hell they are so stupid they still don't acknowledge that Clinton signed the Iraq Liberation Act for WMDs, voted for the war, and the fact the country went into a recession in the Summer of 2000. They are too stupid and thoroughly brainwashed to even know about it, and too ridiculous to care.

They keep posting in threads with childish responses to facts laid out by the thinkers. Watch folks, how they either respond to this with a cliche or not at all.

This is funny stuff. Every day sallow posts are dumber than they were the day before. As he claims Obama has never lied and all of the scandals are myths.

 

[DiamondDave]

The DJA is not the economy..

You dolts act as if we have not had false highs and bubbles before (cough, Dot.Bomb bubble)..

The lefties will grasp to anything to praise their cult leader

I remember you folks saying the same thing about Clinton.

Yep.. and the bubble then as well...

Increased taxation and government intervention does not bring about economic prosperity

Though I would much rather have a Clinton back than the likes of Obamalama

 

[natstew]

Check out liberals ignoring the facts I presented in regards to the documented official evidence of the Bush administration warning about the housing bubble over and over and over again. Notice folks how they retort back with nothing other than nanny nanny boo boo stick your head in doo doo. They actually went right to the cliche (rightwinger did then the moron sallow thanked him for the cliche response.)

They do not address the fact that the last time the republicans had majority power the unemployment rate was at 4.6 percent, and then the democrats took over power from 2007 till this day. Yet, they blame Bush for the housing bubble and the rise in unemployment rate.

Notice folks how they do not put any responsibility on Clinton who in fact repealed Glass Steagall Act. Hell they are so stupid they still don't acknowledge that Clinton signed the Iraq Liberation Act for WMDs, voted for the war, and the fact the country went into a recession in the Summer of 2000. They are too stupid and thoroughly brainwashed to even know about it, and too ridiculous to care.

They keep posting in threads with childish responses to facts laid out by the thinkers. Watch folks, how they either respond to this with a cliche or not at all.

This is funny stuff. Every day sallow posts are dumber than they were the day before. As he claims Obama has never lied and all of the scandals are myths.

The above is the truth.

 

[Theowl32]

The DJA is not the economy..

You dolts act as if we have not had false highs and bubbles before (cough, Dot.Bomb bubble)..

The lefties will grasp to anything to praise their cult leader

I remember you folks saying the same thing about Clinton.

Yep.. and the bubble then as well...

Increased taxation and government intervention does not bring about economic prosperity

Though I would much rather have a Clinton back than the likes of Obamalama

Well, Clinton with a republican House and Senate like he had for most of his presidency. Make no mistake, he was trying to spend like the cocksucker he is.

He tried to pass a version of Obamacare but Republicans stopped him. Of course, he was president during a period of time where there was no cold war (thanks to Reagan) for the first time in close to 40 years. That opened up several opportunities as far as trade with many countries that they had not had previously.

He benefited clearly from the internet revolution where many people became millionaires. They knew that, that was why Gore took credit for the internet. Of course the morons on the left still think that was due to Clinton and Gore.

That is what the majority of the voting base is in this country. Hippy, brainwashed idiots who have no ability to think for themselves.

 

[RKMBrown]

The DJA is not the economy..

You dolts act as if we have not had false highs and bubbles before (cough, Dot.Bomb bubble)..

The lefties will grasp to anything to praise their cult leader

I remember you folks saying the same thing about Clinton.

Yep.. and the bubble then as well...

Increased taxation and government intervention does not bring about economic prosperity

Though I would much rather have a Clinton back than the likes of Obamalama

Zero taxation on the majority leads to tyranny over the minority.

There are two types of government intervention, intervention that brings about prosperity and intervention that prevents prosperity. Intervention is one of those really broad terms.

 

[rightwinger]

I present facts, you present bullshit. You are dumb.

There is no doubt that when Republicans fuck up an economy they really fuck it up

They led us into a Depression in 1929
They led us into a near Depression in 2008

Thankfully, we had two Messiahs like FDR and Obama to rescue us

Stop man. You are only embarrassing yourself now. Then again, every post (which is the actual phenomenon really) is dumber than the one before.

I have never seen you post anything that ever makes any sense. Your book bag of cliches are all you and people like you are about.

You should be used to this from me by now......

Look....there are Recessions and then there are Republican Recessions. They are not the same thing

When you get a full blown Republican Recession the future of the country is at stake. You can't resolve it through normal means

That is why it takes Messiahs like FDR and Obama to save us

 

[bedowin62]

There is no doubt that when Republicans fuck up an economy they really fuck it up

They led us into a Depression in 1929
They led us into a near Depression in 2008

Thankfully, we had two Messiahs like FDR and Obama to rescue us

Stop man. You are only embarrassing yourself now. Then again, every post (which is the actual phenomenon really) is dumber than the one before.

I have never seen you post anything that ever makes any sense. Your book bag of cliches are all you and people like you are about.

You should be used to this from me by now......

Look....there are Recessions and then there are Republican Recessions. They are not the same thing

When you get a full blown Republican Recession the future of the country is at stake. You can't resolve it through normal means

That is why it takes Messiahs like FDR and Obama to save us

lovely; left-wing nutjob sits in his high-chair; spoon-feeding himself excuses and talking points; in between playing with the poo in his diaper

 

[Theowl32]

There is no doubt that when Republicans fuck up an economy they really fuck it up

They led us into a Depression in 1929
They led us into a near Depression in 2008

Thankfully, we had two Messiahs like FDR and Obama to rescue us

Stop man. You are only embarrassing yourself now. Then again, every post (which is the actual phenomenon really) is dumber than the one before.

I have never seen you post anything that ever makes any sense. Your book bag of cliches are all you and people like you are about.

You should be used to this from me by now......

Look....there are Recessions and then there are Republican Recessions. They are not the same thing

When you get a full blown Republican Recession the future of the country is at stake. You can't resolve it through normal means

That is why it takes Messiahs like FDR and Obama to save us

Yeah, keep on ignoring the facts. "There are recessions and republican recessions."

Notice folks, like I predicted, they will not acknowledge the facts about the Bush administration presenting official warnings over and over again. Of course they ignore that. I mean how would they ever be able to acknowledge what the democrats did and did not do that directly resulted in the bubble bursting and the unemployment rate sky rocketing.

Remember folks, these are the same people that cheered and celebrated when the media reported the fraudulent 7.8 unemployment number in October of 2012. It has been proven that was yet another lie by this administration. Not that they would care. They think those are all myths regardless of the conclusive evidence.

They sure as shit yelled and screamed in 2006 about the price at the pump and ignored the 4.6 percent. They then ignored the highest gas prices EVER in 2012, and cheered about 7.8 percent.

Those are facts folks and rightwinger keeps posting stuff that would make a 10 year old proud.

In case you ever want to know why are country is being dismantled and destroyed to loud cheers from the left, look no further than the ridiculous blather from left wing pieces of steaming shit like rightwinger.

 

[bedowin62]

"Stay the Course" is prettty much exactly what dems did. poor left-wing morons; you would be hard-pressed to find bush or republican policies democrats DIDNT vote for, vote to continue, extend...etc even long after bush left office and dems became a majority of the government

it really is that simple

Sorry but what?

Democrats go along with Republican policies and you guys are like:

"Suckers!"

Really?

Did you just post that?

He said you were a moron for screaming about Bush's policies for eight years then defending Obama for continuting Bush's policies.

I called you a moron for screaming about the republicans blocking spending bills from the democrats, then claiming victory in cutting spending.

Let's face it, libtards like you are complete morons.

exactly. no leftard; i didnt call you a sucker for going along with Republican policies. i was pointing out the massive intellectual dishonesty you left-wingers emit daily.
you cant rightly say, or even imply that you opposed policies that supposedly appall you; when FACTS and history shows you didnt

 

[KissMy]

Amazing how many adults don't realize that the stock market is not the economy.

Where did anyone here claim it was?

Where was Bush's Veto Pen prior to 2007?

How did he wield his Presidential Bully Pulpit Power?

What were Bush Cabinet Tzars doing to the economy?

 

[Theowl32]

Amazing how many adults don't realize that the stock market is not the economy.

Where did anyone here claim it was?

Where was Bush's Veto Pen prior to 2007?

How did he wield his Presidential Bully Pulpit Power?

What were Bush Cabinet Tzars doing to the economy?

How did he do what with his bully pulpit? Is this your way of acknowledging that after the democrats took over power that the bubble burst? Who repealed Glass Steagall? You have any idea how that effected the economy?

According to FactCheck, "The Bush administration is doing a fair amount to fight corporate corruption, convicting or indicting executives of Enron, Arthur Andersen, Tyco International, Worldcom, Adelphia Communications Corporation, Credit Suisse First Boston, HealthSouth Corporation and others, including Martha Stewart. The Department of Justice says it has brought charges against 20 executives of Enron alone, and its Corporate Fraud Task Force says it has won convictions of more than 250 persons to date. Bush also signed the Sarbanes-Oxley legislation in 2002, imposing stringent new accounting rules in the wake of the Arthur Andersen scandal."

See all of those companies? You know when they were doing their scams? If Bush was such a crony capitalist, I am wondering why Bush would pursue those companies for their illegal practices. Why didn't Clinton?

So, are you going to ignore the warnings the Bush administration gave over and over again about the housing bubble? Warning after warning, and Barney Frank and Dodd....

Well listen for yourself.



I know the timeline is probably wrong, since it is Fox News, regardless of the factual timeline and the role Barney Frank played. They pushed hard with that "bully pulpit."

Listen to the leader of the House. Democrats took over power in 2007 (majority.)

Since many will not listen to Fox News, lets look at the documentation of Pelosi shall we?



-----------------------------------------------

More facts in regards to what directly caused housing crisis.

LiveLeak.com - Obama: Giving loans to people that cant afford them A good Idea!

^^^^^^^^^^^^^^^^^^

Please watch that......

State Sen. Barack Obama and crackpot priest Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.
The Daily Caller reported:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices…

…Obama has pursued the same top-down mortgage lending policies in the White House.

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

-------------------------------------------------------------

Facts facts facts facts.

Some people simply cannot handle the truth.

 

[Mac1958]

Amazing how many adults don't realize that the stock market is not the economy.

Where did anyone here claim it was?

Where was Bush's Veto Pen prior to 2007?

How did he wield his Presidential Bully Pulpit Power?

What were Bush Cabinet Tzars doing to the economy?

Why all the weird questions? You appear to think I'm a Bushie. Sorry.

And yes, the inference is that the stock market is the economy.

It's not important to me that you admit it.

The last thing I expect from partisan ideologues is honesty.

.

 

[KissMy]

Amazing how many adults don't realize that the stock market is not the economy.

Where did anyone here claim it was?

Where was Bush's Veto Pen prior to 2007?

How did he wield his Presidential Bully Pulpit Power?

What were Bush Cabinet Tzars doing to the economy?

How did he do what with his bully pulpit? Is this your way of acknowledging that after the democrats took over power that the bubble burst? Who repealed Glass Steagall? You have any idea how that effected the economy?

According to FactCheck, "The Bush administration is doing a fair amount to fight corporate corruption, convicting or indicting executives of Enron, Arthur Andersen, Tyco International, Worldcom, Adelphia Communications Corporation, Credit Suisse First Boston, HealthSouth Corporation and others, including Martha Stewart. The Department of Justice says it has brought charges against 20 executives of Enron alone, and its Corporate Fraud Task Force says it has won convictions of more than 250 persons to date. Bush also signed the Sarbanes-Oxley legislation in 2002, imposing stringent new accounting rules in the wake of the Arthur Andersen scandal."

See all of those companies? You know when they were doing their scams? If Bush was such a crony capitalist, I am wondering why Bush would pursue those companies for their illegal practices. Why didn't Clinton?

So, are you going to ignore the warnings the Bush administration gave over and over again about the housing bubble? Warning after warning, and Barney Frank and Dodd....

Well listen for yourself.

I know the timeline is probably wrong, since it is Fox News, regardless of the factual timeline and the role Barney Frank played. They pushed hard with that "bully pulpit."

Listen to the leader of the House. Democrats took over power in 2007 (majority.)

Since many will not listen to Fox News, lets look at the documentation of Pelosi shall we?

More facts in regards to what directly caused housing crisis.

LiveLeak.com - Obama: Giving loans to people that cant afford them A good Idea!

Please watch that......

State Sen. Barack Obama and crackpot priest Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.
The Daily Caller reported:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices…

…Obama has pursued the same top-down mortgage lending policies in the White House.

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

Facts facts facts facts.

Some people simply cannot handle the truth.

Yes I know what stupid shit Clinton signed that Republican congress passed & the crap democrats did. But Bush & Repubs had all 3 branches of government power & did not fix jack shit. This shit was going off the rails way back before Democrats had power in 2007. Bush's Fed Chairman kept his foot on the gas increasing sub-prime lending. Bush pushed for home ownership by making HUD provide down payments.

The law's Clinton signed were to create a Consumer Financial Protection Bureau to replace all the regulation that was being gutted. Bush stopped the creation of the CFPB. Republicans had all the power they need to stop this disaster, but they did not really too.