Polishprince
Diamond Member
- Jun 8, 2016
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More mythologyMore mythologyHe didn’t cause itexplain how Bush caused the Great Recession
But his denial and deer in the headlights reaction to an economic disaster made it worse. It was not till he told his trusted advisors to go fuk themselves and listened to Paulson that things started to look better
Bush Admin. Had a Plan To Create An Agency for Fannie Mae and Freddie Mac In 2003-Truth! - Truth or Fiction?
Bush did try to reform mortgage policies, but the Democrat congress called his plan.....wait for it......RACIST
It wasn’t poor people getting mortgages that caused the housing bubble to burst
It was rampant speculation, derivatives, fake bond ratings
Poor people don’t control that
your right, it wasn't poor people getting mortgages, but people with shitty credit that didn't pay back the money.
Subpar borrowers, not the poor.
Sure, some subpar individuals are poor. But many poor people pay their bills.
It was people taking out loans on the newly inflated value of real estate. I used to get 3-4 calls a week trying to get me to refinance back then. They said ....why not refinance and get a new car, boat or RV..you deserve it
Once those inflated values crashed, those loans went under water and people defaulted
Loans "going under water" doesn't mean shit, if people pay their bills. The value of the collateral for a loan only makes a difference if people refuse to pony up the money when due.
Ordinarily , lenders don't want to take action on collateral, they just want their fucking money.