jknowgood
Diamond Member
He stopped the Bush Destruction.
The Bush Destruction was caused by the aggressive expansion of home ownership to non-creditworthy borrowers. The Right blames Jimmy Carter and his 1977 CRA for expanding home ownership to risky borrowers; however, the program did just fine for decades until Bush opened the floodgates on leveraging and securitization. Bush created a conveyor belt where mortgages of the poor were seamlessly converted into securities and derivatives . . . to the tune of trillions in profits for Wall Street. They made money off of risky garbage. And then... when it all blew up, Wall Street got bailed out, and they foreclosed on the middle class.
If there is any confusion on Bush's role in the housing bubble, please watch this video. He spells out his plan to remove all borrowing obstacles to low income borrowers. George Bush detonated a nuclear bomb over this country's economy. He destroyed the housing and credit markets.
Obama fixed the problem created by this
Home Ownership and President Bush - YouTube
You forget clinton gave the program the legs it needed to run us into the housing bust. Bush warned it was gonna happen, but barney frank said he was wrong.