By Blaming Bush, is Obama taking advantage of an ignorant populace?

[Taylor]

http://thehill.com/blogs/on-the-money/ba...e-overhaul

http://archives.clintonpresidentialcente...-level.htm
http://www.nytimes.com/1999/09/30/busine...nding.html
http://www.presidency.ucsb.edu/ws/index.php?pid=51448

Subprime Mortgage began in 1994

(From Clinton Archives)
--In 1994, President Clinton, along with the National Partners in Homeownership, set a goal for the nation to achieve an all-time high homeownership rate by the year 2000. Today -- a full three years early -- the Census Bureau reported that in the third quarter of 1997 the homeownership rate climbed to its highest level ever

--n 1995, at the request of President Clinton, the Administration convened the National Partners in Homeownership to carry out a National Homeownership Strategy

--Putting pressure on the GSE's (Government Sponsored Enterprise) Fannie Mae and Freddie Mac, the Clinton administration looked to increase their sub-prime portfolios, including the Department of Housing and Urban Development expressing its interest in the GSE's maintaining a 50% portion of their portfolios in loans to low and moderate-income borrowers.[9]

--WASHINGTON, Sept. 29, 1999 — In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans.

***** Fannie Mae officials say they hope to make it a nationwide program by next spring. ***
*****************************************************************************


(Bush proposed New Agency to Oversee Freddie Mac and Fannie Mae)

By STEPHEN LABATON
Published: September 11, 2003

WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Blocked by Democrats!

Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.***

Barney Frank -
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

''I don't see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,'' Mr. Watt said.

http://www.nytimes.com/2003/09/11/busine...wanted=all

[Robert]

The deregulation of the home building industry goes farther back than Clinton ignorant idiot.

[xpatinasia]

Bush43 took advantage of an ignorant populace, and was elected twice.

[La Migra]

There you have it, he also ignored the first wtc bombing, and ordered airstrikes 5 years later in iraq

[Jim S]

Blaming Bush is their "Green eggs & Ham".
Easy to remember, and aimed directly at the liberal voter base ...
Physical, emotional, intellectual children. nah nah ne nah nah
Don't forget Somalia & the cruise missiles upon a powered milk factory.
The Mogadishu cluster f_ck.
I love the video of a parent of one of the dead refusing to shake Clinton's hand.
What a "Poser". I wonder how he slept that night? He truly never did have a conscience.
but not unlike Blagojevich ... great hair, and circular logic. "Depends what is, is."
Can you see how shallow liberals are? Deep as a mud puddle.

[L.T.M.]

Good factual post. It's kinda funny when you think about it. Barack spends all his time blaming Bush and Bill spent all his time chasing bush... )

[happymice239]

Your point is well taken. The sub prime industry set into motion the problems we
face right now. Who orchestrated this debacle. William Jefferson Clinton, Barney
Franks, Chris Dodd, and a few others. Who all should be held accountable for their
involvement. Clinton for just being an idiot. The others should be charged criminally
for their involvement. These people knowingly set this Nation up to fail for what ever
reasons. Greed, Power, Control. Silent pay offs, you name it. Why wasn't one Bank
officer arrested or charged from Goldman Sachs, Bank of America, Wells Fargo
Sherson Laymen. any of them for what they played off against.

Bush's administration on at least 4 occasions offered to the Democratic controlled
congress this was going to cause a huge short fall and collapse. As to what. Piglosi
said, Im going to drain the swamp and make all held accountable,. Bull Fning Shite.

This crash was planned, and expertly carried out.

We have been fighting the wrong people.

[Di]

Yes. Too many people buy into sound bites and the daily feed they get from Twitter - remember Obama was the first candidate to utilize the power of the Internet to get his canned message out. When people fail to do their own research and, further fail to delve into stories that are barely covered, then they will always be clueless as to the truth. Then again, they don't want to find out the truth because then they would look like fools for voting for him in the first place. Hope and Change is one of the biggest infomercials of our time - selling a product that doesn't exist and won't do the job it was advertised to do. Those of us who do not support him do our homework - which the other side doesn't like as they prefer everyone to remain in blissful, shameful ignorance, fawning over his magnificence. "But the emperor has nothing on at all!" said the little girl (Hans Christian Andersen)