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Because the objective of the Republican party was to repeal the Glass Steagal Act of 1933.
Repubs made repeated efforts over the years to repeal this important piece of legislation.
And with Bill Clintons "help" they finally did it.
As to WHY Bush did nothing. He is/was a Republican. He wasn't gonna rain on their parade.
So you claim that Clinton KNEW ahead of time when they nogociated the broker rules in the GLBact that the Bush admin would refuse to fully implement it?
GO GET YOUR PROOF
Proof of what? That Clinton signed the legislation mentioned? That's easy. Try using Google. He definitely signed that legislation into law.
Did Bush KNOW he wasn't going to fully implement all provisions in the law. I have no fucking idea. And neither do you.
But I will say that Bush figured out he wasn't gonna do anything to jeopardize the fact that his big supporters in the banking and investment houses were making a KILLING.
You all have no idea how much money was being made during this period.
But what was the running away comment all about?
By God marty, you finally said something I agree with.
Truthmatters not a bit with this dumb bitch.
How the hell could anyone provide an answer to a question that makes no sense.
And how the hell would I know what Bill Clinton knew or thought he knew about what George Bush would do with the legislation he (Clinton) signed.
Just the idea that this is an answerable question makes you truthmatters, look like a fool.
Don't have much time for stupidity this AM. Can you try and do better?
I keep forgetting TM's been off the board for a while, and some people are not familiar with her particular flavor of stupidity.
By God marty, you finally said something I agree with.
Truthmatters not a bit with this dumb bitch.
How the hell could anyone provide an answer to a question that makes no sense.
And how the hell would I know what Bill Clinton knew or thought he knew about what George Bush would do with the legislation he (Clinton) signed.
Just the idea that this is an answerable question makes you truthmatters, look like a fool.
Don't have much time for stupidity this AM. Can you try and do better?
I keep forgetting TM's been off the board for a while, and some people are not familiar with her particular flavor of stupidity.
Thanks for cluing me in. I think I will go contemplate my navel before I would continue trying to discuss ANYTHING with a truth don't matter.
What's really funny is that I am in no way wanting to let the Repubs off any hook for the housing collapse. They sure had their part. But Clinton did sign the legislation (without a gun to his head) that opened the door to the housing mess. That's a fact. And I like Bill Clinton. Voted for him Was really pissed when he signed this legislation. Among the loan officers I worked with, we all had pretty much the same opinion that allowing a basically unregulated mortgage loan market place would be a disaster. And it was.
The MAJORITY Party controls the HEADS of the committees, Dodd and Frank were ranking Dems on the committee headed by the GOP. None of the "reform" bills got out of committee controlled by the GOP when all it would have taken was a Party line vote. The GOP killed all reform in committee while TALKING about reform, a typical GOP tactic, say one thing and do the opposite.Let's remember that collapse started with Freddie Mac and Fannie Mae and the heads of the committed supposed to be overseeing them were Democrats Chris Dodd and Barney Frank this absolve Bush and the Republicans it just shows both blew it.
In a interview on CNBC six months before the Freddie and Fannie collapse Barney Frank claimed that both were on solid financial ground going foreword that's not exactly sounding a warning alarm as I said both sides of blame on this.
Jimmy Carter signed into law a well-meaning piece of legislation called the "Community Reinvestment Act."
Not a lot of attention was paid to it, not a lot of loans were made under it, not a lot of risk was taken because of it.
Until Bill the rapist Clinton had Janet Reno send Jamie Gorelick around the Country to warn Banks about the new and improved enforcement of the CRA.
"You don't meet our new CRA goals? Guess what? That new Branch in California you want to open? Forget it. That Expansion into Florida? Hang it up."
So Banks either bought bundled loans from lenders like Countrywide with a shitload of CRA loans in them or they sold them themselves.
If you were in a Bank that bought them, you were somewhat okay. If you were in a Bank that sold Mortgages.......??
Well, Fannie and Freddie promised to buy more and more loans, while lowering the standards more at the same time.
Here's where dimocrap scum leave the scene, where they're no longer at fault and GREED takes over.
Banking Executives saw an opportunity to get stinking rich by not just meeting the Clinton CRA quotas, but exceeding them. If you were a Bank Manager that didn't want to play the game of "If they can walk through the door, they qualify for a loan" you were shown the door.
The Bush Administration saw what was happening and tried to control Fannie and Freddie but were shot down by dimocrap scum.
The CRA, Fannie and Freddie are dimocrap institutions through and through. So what did dimocrap scum do?
They played the Race Card.
And that was the end of that.
Bush, et al (including me) saw the collapse coming but none of us thought it would be as bad as it was. We knew it was going to happen but we also knew that trying to stop it would be futile. dimocrap scum playing the 'Race Card'? Hang it up.
So we just let it go.
Oh, BTW........ Know who was a Lead Attorney on the ACORN Lawsuit against CitiBank that broke the CRA dam?
If you guessed Barack Hussein Obama, you get a prize.
This whole thing, top to bottom, inside and out was 100% on dimocrap scum.
100%.
And Jamie Gorelick? After serving her Masters, Janet Reno and Bill the rapist Clinton, she went to Fannie Mae and made MILLIONS of dollars during the build up to the collapse.
A fucking LAWYER, no banking experience, no financial expertise, no lending experience, but this whore ends up at Fannie Mae making MILLIONS of dollar off of the collapse of the Banking system.
Jamie Gorelick, the woman responsible for erecting the "Wall' between the CIA, FBI, NSA, and Military Intelligence that led to 9/11
This woman shouldn't be in prison, she should be executed for treason.
dimocraps are the scum of the Earth.
And that's what happened in the Mortgage Meltdown.
In short. Lots of other stuff, too. Like Credit Default Swaps, Hank Greenberg and Client #9.... And I didn't even touch on London, where most of the Financial Instruments came from. Complicated. Too complicated. Which is why dimocrap scum can get away with blaming Republican. It's just too complicated to explain in less than a three volume book
It's on dimocrap scum. But it happened while a Republican was sitting in the White House and dimocrap scum pulled off the biggest scam in American History by blaming it on Republicans and making it stick.
Of course, they had some SERIOUS help from their lapdogs in the DISGUSTING FILTH of the LSM.
As usual
Jimmy Carter signed into law a well-meaning piece of legislation called the "Community Reinvestment Act."
Not a lot of attention was paid to it, not a lot of loans were made under it, not a lot of risk was taken because of it.
Until Bill the rapist Clinton had Janet Reno send Jamie Gorelick around the Country to warn Banks about the new and improved enforcement of the CRA.
"You don't meet our new CRA goals? Guess what? That new Branch in California you want to open? Forget it. That Expansion into Florida? Hang it up."
So Banks either bought bundled loans from lenders like Countrywide with a shitload of CRA loans in them or they sold them themselves.
If you were in a Bank that bought them, you were somewhat okay. If you were in a Bank that sold Mortgages.......??
Well, Fannie and Freddie promised to buy more and more loans, while lowering the standards more at the same time.
Here's where dimocrap scum leave the scene, where they're no longer at fault and GREED takes over.
Banking Executives saw an opportunity to get stinking rich by not just meeting the Clinton CRA quotas, but exceeding them. If you were a Bank Manager that didn't want to play the game of "If they can walk through the door, they qualify for a loan" you were shown the door.
The Bush Administration saw what was happening and tried to control Fannie and Freddie but were shot down by dimocrap scum.
The CRA, Fannie and Freddie are dimocrap institutions through and through. So what did dimocrap scum do?
They played the Race Card.
And that was the end of that.
Bush, et al (including me) saw the collapse coming but none of us thought it would be as bad as it was. We knew it was going to happen but we also knew that trying to stop it would be futile. dimocrap scum playing the 'Race Card'? Hang it up.
So we just let it go.
Oh, BTW........ Know who was a Lead Attorney on the ACORN Lawsuit against CitiBank that broke the CRA dam?
If you guessed Barack Hussein Obama, you get a prize.
This whole thing, top to bottom, inside and out was 100% on dimocrap scum.
100%.
And Jamie Gorelick? After serving her Masters, Janet Reno and Bill the rapist Clinton, she went to Fannie Mae and made MILLIONS of dollars during the build up to the collapse.
A fucking LAWYER, no banking experience, no financial expertise, no lending experience, but this whore ends up at Fannie Mae making MILLIONS of dollar off of the collapse of the Banking system.
Jamie Gorelick, the woman responsible for erecting the "Wall' between the CIA, FBI, NSA, and Military Intelligence that led to 9/11
This woman shouldn't be in prison, she should be executed for treason.
dimocraps are the scum of the Earth.
And that's what happened in the Mortgage Meltdown.
In short. Lots of other stuff, too. Like Credit Default Swaps, Hank Greenberg and Client #9.... And I didn't even touch on London, where most of the Financial Instruments came from. Complicated. Too complicated. Which is why dimocrap scum can get away with blaming Republican. It's just too complicated to explain in less than a three volume book
It's on dimocrap scum. But it happened while a Republican was sitting in the White House and dimocrap scum pulled off the biggest scam in American History by blaming it on Republicans and making it stick.
Of course, they had some SERIOUS help from their lapdogs in the DISGUSTING FILTH of the LSM.
As usual
Here we go again, another racist blaming the CRA because the CRA made loans available to qualified minorities and to a racist, no minority is ever qualified for a loan. CRA loans were subprime loans because they had an adjustable rate, but not the high interest, high profit, high risk ARMs that caused the Bush housing crash. CRA loans were 2 points above prime but if the borrower paid on time for 2 years the rate adjusted DOWN to prime!!!! The ARMs that caused the Bush housing crash adjusted UP!!! CRA had nothing to do with the Bush housing crash. Bush's ADDI is the direct cause.
It was Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) that changed the rules to allow no downpayment loans for more than the house was worth to people with bad credit who could not keep up with the payments and who were at least 20% below the standard of living for the neighborhood they were buying into.
The ADDI was passed in Dec 2003 and everything in housing started to go bad in 2004. Even your MessiahRushie admits 2004 was the turning point for the Bush Housing Crash.
July 7,2010
BREAK TRANSCRIPT
RUSH: To illustrate my point even further: "Subprime mortgages accounted for 9 percent of all mortgage originations from 1996 through 2004." But that 9% became 21% from 2004 to 2006, 21% of all mortgages were subprime. Twenty-one percent of all mortgages were essentially money given away to people because they were loans made to people that everybody knew going in would never pay them back. And that 21% of the mortgage market being subprime equaled about $600,000 billion in 2006, which was at the time one-fifth of the US home loan market.
American Dream Downpayment Initiative - Affordable Housing - CPD - HUD
American Dream Downpayment Initiative
Summary
The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program.
Purpose
ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.
Type of Assistance
ADDI will provide downpayment, closing costs, and rehabilitation assistance to eligible individuals. The amount of ADDI assistance provided may not exceed $10,000 or six percent of the purchase price of the home, whichever is greater. The rehabilitation must be completed within one year of the home purchase. Rehabilitation may include, but is not limited to, the reduction of lead paint hazards and the remediation of other home health hazards.
Eligible Customers
To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.
What's the matter, dimocraps?
Gonna run away now that we have VIDEO PROOF of Republicans trying to do something and dimocrap scum lying and protecting the very agencies that created the mess?
Yeah, that's what I thought.
Now see if you can go crying to the Mods and pester them until one decides to move this to some other Board. Preferably one that gets visited by five people a day.
Can't have the lies and deceit of dimocrap scum getting out, can we?
Again, the GOP were all talk when it came to reform, but the GOP killed all the reform bills in the committees they controlled. The Dems were a powerless minority in the committees, they can't even filibuster in a committee, so only a Party line vote in committee would have brought the bills to the floor for a vote. But every bill died in the GOP controlled committees.Watch "Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown" on YouTube
https://www.youtube.com/watch?v=cMnSp4qEXNM&feature=youtube_gdata_player
