I thought this was settled. Even spades doenst post that lying IBD editorial anymore but I see some people keep trying to slip it into the conversation. So here we go again.
The President’s Working Group on Financial Markets October 2008
The Presidents Working Group’s 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.
Banks and Mortgage companies lowered their lending standards. Greed replaced common sense and good standards
I agree 100%. Republicans like to blame Clinton as usual but the republican congress voted it in and Clinton was required to sign. Even if the republicans were against it Bush had 8 years to undo it.
... that don't fit his agenda.
Go back and read all of the threads and try to answer the hard questions again.
Was there a single Demo that was warning about the Mortgage Crisis, just one. There were a lot of Republics.
What was supposedly George W Bush's, Tom Delay's, and Bill Frist's motives? The Demos was getting most of the money and support by far to let the Mortgage Crisis happen. You keep trying to ignore link after link of facts concerning this.
He just keeps giving his spin and propaganda and ignores all of the real facts given by other people.
He's got some really serious emotional problems, like his apparent suppressed homosexuality. Just the least mention of it, can set him off and he'll keep going on and on for literally months.
I think I saw him reply to himself about 30 times in one thread. He was not just bumping the thread up every once and a while, but was replying to himself.
His multiple ids say a lot, especially cousinmoochy and vernonhardappel and whatever else he goes by.
Sorry boys and girls. This blame belongs to BOTH parties. From Clinton and Rep Congress of 1999 repealing Glass Steagall Act, to Bush and Obama policies AND our lazy/blame anyone but me consumers.
ah, Glass Steagall. It sounds good but nobody has quite explained how it had anything to do with the mortgage crisis that happened five years after its repeal.
Remember, any explanation cant ignore these facts
W pledges to increase homeownership by 5.5 million 2002 (gives same speech next 3 years)
W's Treasury Sec said there was nothing wrong with the GSE's or mortgage financial market 2003
Republicans take full control of the govt Jan 2003
Greenspan berates banks to be more creative than just 30 year fixed mortgages
Subprime lending shots up 400 % 2003-2006
W protected predatory lenders starting 2004
W gave away 40,000 free downpayments starting 2004
W forced the GSE's to buy more low income home loans in 2004
W changes Net Capital Rule, borrowed billions flow into MBS market (think BSC)
W's pick for Fed chair says no housing bubble in 2005
W lobbies against S190 and Frist refuses to allow a vote on it in 2005 or 2006
2004-2006 MORTGAGE CRISIS
let me repeat
2004-2006 MORTGAGE CRISIS
early 2007 credit markets seize
Summer2007 fed recognizes global crisis
Dec 2007 recession starts
Jan 2008 UE shoots straight up like a rocket