Dad2three
Gold Member
And Clinton lifted the Glass Steigall Act, one of the root causes which led to the financial crisis of 2007-2009. Oh wait, don't tell me, the Reps held a gun to his head.
And it was all the Republican's idea to make credit easy, and to reduce the cost of borrowing money. Pooling mortgages to be used to back securities known as collateralised debt obligations (CDOs), and bribing rating agencies to give a grade A rating on them--- that was an evil Republican plot that Democrats fought tooth and nail.
Let's just all join a team. Go Republicans or Go Democrats! Yay Team! Let's spend our days picking out the ridiculous things that the other side does, and defend our party to the last. After all, one party has a monopoly on the truth and the other party is out to destroy America.
PLEASE, PLEASE TELL ME MORE OF THIS CLINTON DUDE AND THE GSA WHICH HAD IT'S ROOTS IN THE DUBYA SUBPRIME CRISIS? PRETTY PLEASE?
Why The Glass-Steagall Myth Persists
We're members at the Ayn Rand Center, covering economics and liberty.
There is zero evidence this change unleashed the financial crisis. If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions. Even President Obama has recently acknowledged that “there is not evidence that having Glass-Steagall in place would somehow change the dynamic.”
As for the FDIC-insured commercial banks that ran into trouble, the record is also clear: what got them into trouble were not activities restricted by Glass-Steagall. Their problems arose from investments in residential mortgages and residential mortgage-backed securities—investments they had always been free to engage in.
Why The Glass-Steagall Myth Persists - Forbes
TEAM HUH? LOL
Conservatives Can’t Escape Blame for the Financial Crisis
The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.
Predictably, many conservatives sought to blame the bogeymen they always blamed.
Politics Most Blatant Center for American Progress
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."
2004 Dubya allowed the leverage rules to go from 12-1 to 35-1+ which flooded the market with cheap money!
The SEC Rule That Broke Wall Street.
DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!
Bush drive for home ownership fueled housing bubble
He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.
Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.
And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down
June 17, 2004
Builders to fight Bush's low-income plan
NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
Home builders fight Bush's low-income housing - Jun. 17, 2004
Predatory Lenders' Partner in Crime
Predatory lending was widely understood to present a looming national crisis.
What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative
Eliot Spitzer - Predatory Lenders' Partner in Crime
MUCH, MUCH MORE HERE BUBBA.
FACTS on Dubya s great recession US Message Board - Political Discussion Forum
HOW LONG WERE CDO'S AROUND AGAIN??
Dubya not only ALLOWED the Banksters to run a credit bubble on US, he was head cheerleader. NOT a regulation issue, BUT A REGULATOR FAILURE (YOU KNOW THE EXECUTIVE BRANCH THING!!!)