Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did

Here’s something you’ll never read about in the liberal media.
Barack Obama played a leading role in the mortgage crisis of 2008 that sunk the US economy.

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.

State Sen. Barack Obama and crackpot priest Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.
The Daily Caller reported:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices…

…Obama has pursued the same top-down mortgage lending policies in the White House.

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

Then there’s Bush…
On the flip side, President George W. Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

To this day Barack Obama blames Bush for the 2008 economic meltdown.
The truth is, it was Obama not Bush who destroyed the economy.

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  • Finncrisp

    Darn facts, they just get in the way of the EMOTION of the typical lefty. Facts, who needs them? The party of death and eugenics has survived quite well without facts.

    The community redevelopment act that started this whole thing going was Jimmy Carter’s creation. How inconvenient.

  • Finncrisp

    “There’s no doubt that we’re going to be outspent, we’ve always believed that,” said Cutter. “But we’re going to have enough money to implement our strategy and just take a look at over the last several months: there’s been hundreds of millions of dollars spent in negative advertising against the president and the only numbers that have moved are Romney’s unfavorables.”

    “Another example of not needing facts. Romney has been savaged by Dems all Summer. Crapload. ” /Finncrisp

    Read more: http://www.foxnews.com/politics/2012/09/05/democrats-worry-about-money-as-romney-cashes-in/#ixzz25cmoOU3L

  • Nelle

    Oh, come on, Obama couldn’t have been a “student” of Alinsky trying to put his ideas into action. That would be evil.

  • Patty

    “On the flip side, President George W. Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.”

    And it is few and far between when the Democrats and even the Republicans bring it up.

  • bg

    ++

    September 4, 2012

    Obama suffers amnesia blaming Bush for economy

    Jamie Gorelick, Franklin Raines, and much more (#57)..

    [Sadly, this perception of political correctness is out of touch with reality.
    According to a September 2003 report by a GSE watchdog group, Fannie
    Mae Policy Focus, Fannie lags far behind the market in facilitating housing
    for minority and first-time buyers. As a matter of fact, the GSEs buy less
    than 10 percent of private sector loans to first-time African-American and
    Hispanic purchasers. Moreover, Fannie and Freddie acquired “more loans
    made to absentee landlords, vacation homes, and second mortgages than
    first-time homebuyer loans,” according to the report.]

    ==

  • bigkahuna

    I am sick of hearing liberals saying Obama somehow magically saved GM and that Romney would simply let GM go bankrupt as if all GM jobs would have been lost.
    I have news for you idiot liberals GM DID GO BANKRUPT. The called it a managed bankruptcy.
    From a CNN/Money mag article: After years of losses, the troubled automaker is forced into bankruptcy. GM is set to close a dozen facilities and cut more than 20,000 jobs. Another source says 17 plants.
    The government-orchestrated shrinkage will cost taxpayers billions. Some Republican lawmakers called the move another sign of the administration’s deepening incursion into the private sector. And the risk remains high that the administration or Congress could meddle in the company’s day-to-day affairs, an experience familiar to banks that took government bailout cash last fall… GM — which hasn’t made a profit since 2004 — declared in its filing that it had $172 billion in debt and $82 billion in assets.” It’s incredible that creditors would keep loaning GM money until its debts doubled its assets!
    “The government’s plan calls for 10% of the new GM to be owned by existing bondholders, while a United Auto Workers union health-care fund will own 17.5%. The Canadian government will own the remaining 12.5% [leaving 60% for US government ownership]. Next Monday, after 84 years, GM will cease being part of the Dow Jones Industrial Average [to be replaced by Cisco Systems].”

    Bankruptcies are inherently unfair since everyone involved is going to lose something. However, in prior years, at least the bankruptcy judge was supposed to follow fairly strict predetermined guidelines about who gets priority and who doesn’t. Now, even those guidelines, based in actual law, are being discarded so that the judge can arbitrarily pick winners and losers. Heretofore, the courts have always condemned any judicial action that was not governed by written standards, applicable to all. Now all that is gone. The Obama task force and the bankrupt auto companies have also maneuvered to disallow all existing product liability claims from victims of defective cars.

    Reuters reports that, “A U.S. bankruptcy judge on Sunday approved the sale of substantially all of U.S. automaker Chrysler’s assets to a group led by Italy’s Fiat SpA hours before an expected bankruptcy filing by General Motors Corp. Judge Arthur Gonzalez approved the $2 billion sale of the assets to a new company that will be 68 percent controlled by a healthcare trust aligned with the United Auto Workers union [Fiat was granted the exclusive right to bid on Chrysler and now we know why–Fiat, whose Chairman is on the Trilateral Commission, was the only bidder willing to make a secret deal with the Obama administration that would give the unions a controlling hand in the new corporate entity that Fiat would provide cover for]. Fiat will control 20 percent, the U.S. and Canadian governments will control the other 12 percent [leaving this new healthcare trust the bulk of the controlling stock].”

    Obama stole GM.
    1. Using approximately $78 billion TAXPAYER dollars he bailed out GM and Chrysler.
    2. He ignored 100 years of bankruptcy law that guaranteed preferred shareholders got paid in full first before other creditors spilt what was left and told them to F.O. and accept 20
    3. Obama also closed about 1000 GM dealers…35,000-100,000 jobs lost.
    4. Gave stock in new company to Unions
    5. Also against all other bankruptcy laws allowed GM to carry forward billions in previous losses that allowed GM to pay NO TAXES in 2010 and longer I believe on billions in profit.
    6. Romney wouldn’t have used taxpayer money but GM could have restructured just as many airlines and other companies have to become profitable

    http://money.cnn.com/2009/06/01/news/companies/gm_bankruptcy/

  • old one

    BHO represented some of the plaintiffs in this class action (ACORN members) as an attorney. He wasn’t an actual plaintiff.

    I understand your point, and actually, the attorneys for the class members are the most responsible for seeking court relief ordering the bank to issue loans for people who couldn’t afford the loans. The attorneys argued that turning down undeserving loan applicants was real-time discrimination, and not good banking practice.

  • brains25cents

    From that far right newspaper the NYT, the Bush administration effort to curtail Fan and Fred started much earlier than 2008 (and Clinton also tried without success):

    New Agency Proposed to Oversee Freddie Mac and Fannie Mae
    By STEPHEN LABATON
    Published: September 11, 2003

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

    Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

    . . . (at the end of the article, the reader can recall why this attempt failed)

    “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.

  • Chuck

    If your for smaller government go to https://apps.facebook.com/gerberps/detail.do?entry_id=87625

    and vote for Bella!

  • Fredrick Schwartz

    Once again you take a backdoor stab at trying to blame minorities for the housing bubble. The hacks at the Manhattan Institute tried this CRA nonsense back in 2007 when Bush saw the Recession coming and he was stuck having to talk about Iraq now that the economy was tanking. There aren’t enough minority homebuyers in the US to tank the US housing market, but there are enough greedy mortgage lenders who realize the game is rigged by credit default swaps to do the trick. There is a guy with a funny sounding name to blame for this mess but it’s not Obama– it’s Mozilo.

  • Militant Catholic

    Things are NOT going well in Liberal-land as the truth – like this story – continues to gain traction. Today, they announce the move from a 70K seat stadium to a 20K seat stadium when the chance of rain was 20-30%. Romney’s outraising Obama tremendously, prominent Liberals are whispering of defeat, and even the campaign is sounding more and more desperate in its emails. Finally, the flood of economic numbers are ALL BAD.
    Not looking good if you’re a Liberal. Not looking very good at all.

  • bg
  • Militant Catholic

    Look what Drudge has on his site today…

    http://www.weeklystandard.com/blogs/dems-ignore-gulf-storm-victims-convention_651741.html

    Not looking good if you’re a lying Democrat. Not looking good at all.

  • Pingback: Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did|Politifreak()

  • dittogirl

    I’m a retired Realtor, and I can tell you that after Clinton “revised” the Community Reinvestment Act, we went from having strict guidelines for a mortgage to almost anything goes. From No-doc loans to people qualifying for a mortgage using food stamps as income, the banks were ordered to take loans that no one with a brain would of ever accepted. They were threatened with closure and fines if they did not obey, and the craziness began.

    Zero down, no documents neccessary, the housing market soared. FHA and other govt mortgages gave 3% to the govt right off the top to guarantee these mortgages which went to Fannie and Freddie which in turn became the cashcow of the Democrats that looted it.

    When the market started to crash, of course the govt could not and would not admit, ever!, that they owed these banks a whole lot of money for forcing them to take these bad loans, so they called it a bailout. Now everyone hates the banks, govt supposedly comes to the rescue with refinancing that almost no one qualifies for, and we get stuck with the bill because they spent it all.

    Bush and Cheney saw it coming, went to Congress 17 times just to be told to Eff Off. By the Democrats, of course. And he got the blame for it all, something that Carter, then Clinton, then Dodd and Frank and many more Democrats created all on their own.

    Americans in the Democrat party dont have much intelligence in the first place, so they believe it, never taking a few minutes to look it up and figure out the why’s and the who done its.

  • bg

    ++

    re: #5 September 5, 2012 at 2:22 pm bg

    Crony Capitalism (#9)

    [The largest banks are actually bigger than they were when he took
    office. And earned more in the first two-and-a-half years of his term
    than they did during the entire eight years of the Bush administration.]

    [Democrats beat the market by 73 basis points per month, compared
    to 18 for Republicans. That’s a rout anyway you look at it. Senators
    fare even better than house members.]

    [Strict laws ban corporate executives from trading on their
    insider knowledge, but no restrictions exist for members of
    Congress. Lawmakers are permitted to keep their holdings
    and trade shares on the market, as well as vote on legislation
    that could affect their portfolio values.
    ]

    ==

  • FurryGuy

    I said the same thing about Barry being one of the root causes of the economic meltdown from the minute he became a viable candidate back in 2008 when his history of being a community organizer shaking down banks became public knowledge. I was soundly ridiculed for saying such things on other blogs I then frequented.

    Politicians creating a problem that then the same politicians use as campaign rhetoric that only they can fix the problems they created. The New Dems excel at that, and it works because so many voters actually fall for the con.

  • bobdog

    But…but…redlining…that’s bad, right?

    “You just tell me what you want to do. I’ll sell it to the American people.”
    — Barack Obama, 2008

  • Ariel

    Hmm…Swept into office by the collapse of the housing market which he helped precipitate, the very collapse that impelled John McCain to suspend his campaign and virtually hand the election to Obama. Wheels within wheels. Either Obama is extremely lucky, or extremely diabolical.

  • All of this was out there before he was elected the first time. This and much more. There is even a video of Clinton saying the Democrats were to blame for the meltdown… and guess who will introduce Obama at the conventions? The main Liar-In-Chief.

    Facts simply do not matter to a bunch of mental infants enthralled over jingling shiny objects.

  • Fredrick Schwartz

    @dittogirl Two points.

    1 As a realtor you know that the CRA applies only in certain metropolitan demographics. There aren’t enough areas of concern to cause a 2 trillion dollar failure of the housing market when there were roughly only $150 billion in subprime loans written per year. It’s the math stupid.

    2 Non subprime ARMs and loans with a 125% cash up front for cars and furniture were what killed the housing market in 2006. Santelli made a big speech on the floor at the CBOT on CNBC about that too but you guys seem to have forgotten that one.

  • FurryGuy

    #10 September 5, 2012 at 2:38 pm
    Fredrick Schwartz commented:

    Did you learn your economics from Marx or from the back of a cereal box? Too bad for you the reality of the situation puts a lie to your regurgitation of talking points.

  • Bill Mitchell

    And yet, when Democrats on TV use their “returning to the policies that got us here” BS, our Republican leaders just sit there with dumb looks on their faces.

    Why do they NEVER refute this? So so easy but they just let the Democrats demagogue.

  • Bill Mitchell

    I have an idea for a new bumper sticker:

    Vote Romney – a President you can blame.

  • SpideyTerry

    Oh, look, something else Obama built.

  • orisda423

    dittogirl
    I’m a long time tax preparer and yes I could see future problems during Clinton’s years. I started seeing home interest and more than one mortgage, that was nearly as much as their income. I don’t know how they paid their electric bill. Let alone anything else.

  • David

    THE REPUBLICANS ARE DOING A TERRIBLE JOB OF EXPLAINING THESE BASIC FACTS TO THE LIBTARDED POPULATION

  • bg

    ++

    Evelyn Pringle’s Operation Board Games and Curtain Time for Obama

    more here (#2), here (#90/91), here (#96),
    here (#19), in connecting links and threads..

    [In 1953 Strong was hired out of the UN Security section and sent
    to Kenya by the Sidley Austin law firm acting for New York-based
    Rockefeller Family trusts which now handle university endowment
    funds and $55 trillion in the Carbon Disclosure Project.]

    ==

  • Pingback: Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did | Born Conservative()

  • bg

    ++

    David #28 September 5, 2012 at 3:28 pm

    i totally agree, ergo, silence depicts complicitness..

    ==

  • Pingback: Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did : Bull USA.com()

  • bg

    ++

    re: Redneck #25 September 5, 2012 at 3:15 pm link

    here’s the rub: via #5 September 5, 2012 at 2:22 pm bg link

    [Sadly, this perception of political correctness is out of touch with reality.
    According to a September 2003 report by a GSE watchdog group, Fannie
    Mae Policy Focus, Fannie lags far behind the market in facilitating
    housing for minority and first-time buyers
    . As a matter of fact, the
    GSEs buy less than 10 percent of private sector loans to first-time
    African-American and Hispanic purchasers
    . Moreover, Fannie and
    Freddie acquired “more loans made to absentee landlords, vacation
    homes, and second mortgages than first-time homebuyer loans,”

    according to the report.]

    does the name, oh i dunno, say, Rangel come to mind?? gah!!

    ==

  • bg

    ++

    Bill Mitchell #23 September 5, 2012 at 3:12 pm

    sorry, missed your post..

    samo samo re: #31 September 5, 2012 at 3:35 pm bg

    ==

  • Big Al

    #28- I agree. One of my greatest frustrations is that republicans do not push back on the greedy republican banker meme and point out clearly what a big role decades of government meddling, mostly by democrats, played in the mortgage meltdown.

  • Sarah
  • bg

    ++

    OT..

    ht Valerie

    About those 4.5 million jobs …

    needs to go viral..

    ==

  • Skandia Recluse

    Sigh…trying to talk to people about this housing bust is like trying to talk to people about the theory of evolution, or genetically modified food crops, or global warming. It’s a classic example of ‘not invented here syndrome’ where you can’t convince some of these people because they believe themselves to be the most enlightened, smartest, best educated, and all around best person, and since they didn’t think of it, it can’t possibly be true because when you try to advance an argument you are just the stupid one who doesn’t ‘get it’.

    It’s become a waste of time. Everyone who cares has chosen a side, and now we’re just waiting for the final score; at which time, the protests start.

  • Blacque Jacques Shellacque

    Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

    One name immediately came to mind upon reading this – Barney Frank.

    If not imprisoned, the bastard should at least be whipped twenty-five times.

  • mg4us

    Just go see 2016: Obama’s America. .

    As OBAMA’s Mama used to say about Americans
    THEY ARE NOT MY PEOPLE (p47 in Obama’s book Dreams From My Father)

    ACORN too. . .

    And google Valerie Jarrett’s father in Law (Vernon Jarrett) – – a Commie too. . .
    http://www.breitbart.com/Big-Government/2012/04/02/The-Vetting-Valerie-Jarrett-and-Obamas-Radical-Community-Organizing-Roots

    Anyone in economics knows that the kind of externalities Obama pushes in housing distorts the market FOR EVERYONE. . .

    Not only does it put poor people in homes they cannot afford it distorts prices all across the supply & demand curve pushing couples that can afford into higher priced homes and making it a riskier market for all. . eventually when it pops, it goes bad. .real bad fast. . .

    Commie

  • kato

    Nothing will tank a financial system better than shoveling out no-money-down loans to people who aren’t very good when it comes to paying their bills. Hell, they don’t even bother to support their own flesh and blood. You think they’re going to worry about paying back a bank.

    It’s a shame we had a compassionate dope named George W. Bush who lent his support to this. A dope indeed; it didn’t win him a single subprime vote. But it’s costing the taxpayers hundreds of billions.

  • bg

    ++

    #39 September 5, 2012 at 3:57 pm
    Blacque Jacques Shellacque

    oh my yes, not to mention the rest..

    Fannie Mae Disaster

    A collection of video clips from various sources clearly displaying
    the role that the Democratic Leadership played in the destruction
    of America’s financial system. See testimony to this fact by Bill
    Clinton and clear evidence that Barney Frank, Maxine Waters and
    Charles Schumer, among others, should be in jail today!

    Barney Frank, Maxine Waters And Dems
    Defend Fannie Mae & Freddie Mac

    Democrats in their own words, covering up the Fannie
    Mae, Freddie Mac scam that caused our economic crisis.

    Watch as the scandal ridden Maxine Waters, who is next in line
    to be ranking member of the House Finance Committee, defends
    the organization that almost brought down the entire US economy.

    Of course, the whole thing was George Bush’s fault.

    ==

  • Blacque Jacques Shellacque

    It’s a shame we had a compassionate dope named George W. Bush who lent his support to this.

    Too much of something, even compassion, isn’t necessarily a good thing.

  • bg

    ++

    ACORN’s Nutty Regime for Cities &
    Dodd’s Social Engineering Bill
    (#29)

    [The idea of these social engineering initiatives is to force people to live
    in a congested area in high rise buildings with housing on the upper floors
    and stores on the bottom. The whole area will be linked by mass transit
    creating the “utopian” communities loved by socialists.
    ]

    ==

  • bigkahuna

    Kata watch the videos under your last post. You are clueless. Bush tried to reign fannie and freddie 17 times. Democrats stopped it over and over…ITS ON VIDEO. stop drinking koolaid

  • bg

    ++

    kato #41 September 5, 2012 at 4:07 pm

    so it’s Bush’s fault.. :roll:

    try listening, i dare ya..

    ==

  • lizzy84
  • Mark H

    So this is where the idiots hang out.

    Obama suing a bank in 1994 caused those banks to package junk mortgages and cell them as AAA securities in 2007? Pure fantasy.
    The banks in 2007 were making a mint selling high-priced, sub-prime mortgages. Nobody was forcing them to sell adjustable rate mortgages to people with two homes already.

    And minorities were targeted for these higher risk mortgages. Wells Fargo for instance partnered with churches in black communities, where the pastor would deliver “wealth buildling” seminars in their sermons, and the bank would make a donation to the church in return for every new mortgage application.
    I know you morons want to blame poor people for the economy, but follow the money for once. The guys who caused the problem are the Jamie Dimons and Lloyd Blankfeins who made billions and got baled out regardless.

  • Diane

    If the Democrats had let the 2005 legislation come to a vote, the huge growth in the subprime and Alt-A loan portfolios of Fannie and Freddie could not have occurred, and the scale of the financial meltdown would have been substantially less. The same politicians who today decry the lack of intervention to stop excess risk taking in 2005-2006 were the ones who blocked the only legislative effort that could have stopped it. – Wall Street Journal

  • Sarah

    GOD and JERUSALEM BACK IN!
    Dems realized they revealed themselves too much, I guess. I, for one, prefer it out so we can see the truth of who they are instead of lies to cover their core beliefs.
    http://www.breitbart.com/Big-Government/2012/09/05/Democrats-change-platform-God-Israel

  • bg

    ++

    mg4us #40 September 5, 2012 at 4:03 pm

    thanks..

    Valerie Jarrett’s Father-in-Law Head of Communist Youth

    a bit more here (#187), in connecting links, and
    scroll threads for more, or not, your choice.. 😉

    ==

  • Tim in Cali

    We knew this was true long ago….now RNC/Romney,take this and…

    Pound it
    Pound it
    Pound it

    Everyday..all day…’til Nov 6th

  • dittogirl

    Hey Frederick…bite me, stupid!

  • Sarah

    #46 – Thanks for posting that link. I can’t believe how few hits it has on YouTube. That should be spread far and wide. And I hope that link might be added as an Update to this piece.

  • David

    To anyone reading this from the Republican campaign, where are the ads showing quotes from Barney Frank, Bill Clinton etc on Community Reinvestment Act, Fannie Mae, Freddie Mac etc?

    Why did Romney not address these issues in his speech? Slogans such as ‘we need to choose what direction, we want free markets etc’ ARE NOT POWERFUL ENOUGH

    YOU ARE DOING A HOPELESS JOB OF EDUCATING THE BRAINWASHED US PUBLIC

  • dba…vagabond trader

    Also, easy plastic credit. My husband and I have both been whammed with huge interest jumps on our cards. Not because we have bad credit, but because the same people who received mortgages they couldn’t pay also jacked up their credit cards and defaulted.

  • Ann Ominous

    Not so funny anymore is it? Eddie Murphy imitating Mr. Rogers

    http://a3rdeye.multiply.com/video/item/10

    And how about Barney Frank and his husband wanting to buy the cozy little bungalow next door. Ain’t diversity great?

  • Facauwee Tribe

    So this is where the idiots hang out.

    Obama suing a bank in 1994 caused those banks to package junk mortgages and cell them as AAA securities in 2007? Pure fantasy.
    The banks in 2007 were making a mint selling high-priced, sub-prime mortgages. Nobody was forcing them to sell adjustable rate mortgages to people with two homes already.

    And minorities were targeted for these higher risk mortgages. Wells Fargo for instance partnered with churches in black communities, where the pastor would deliver “wealth buildling” seminars in their sermons, and the bank would make a donation to the church in return for every new mortgage application.
    I know you morons want to blame poor people for the economy, but follow the money for once. The guys who caused the problem are the Jamie Dimons and Lloyd Blankfeins who made billions and got baled out regardless.

    No one is blaming poor people you idiot! When the government gets involved in markets, such as the housing market, it distorts it. If banks wanted to compete against Fannie and Freddie, they had to spread the risk by creating MBSs. It’s called hedging. Don’t like it!. Tell all those hedge funds that the public employees unions were investing their retirement accounts in.
    Remember junk bonds! People only want ROIs of 20% without the risk. People actually thought that real estate was going to increase in value indefinitely. Well guess what? Didn’t happen, and it never does!

    Everyone was targeted! The people who sold before the crash made out. The rest of us didn’t. Move on with your life. You obviously haven’t learned much so far.

  • Ann Ominous

    3-2-1

    STFU, Ann, you racist slut!

  • subsonic

    #48 Mark H:

    Us “morons” don’t blame the poor, we blame the shiftless liberal politicians who crammed the legislative crap sandwich known as the “Community Reinvestment Act” down the throats of the banking and finance industries and created the climate for credit default swaps to be born into existance in the first place. We also blame them for denying that a crisis was looming, blocking reforms and then blaming the collapse on Bush.

  • bg

    ++

    Sarah #50 September 5, 2012 at 4:27 pm

    thanks..

    aside from the DNC v Delegates BS, imho, here’s part of
    the reason “God & Israel” were out in the first place..

    ==

  • bigkahuna

    Mark H You are a moron. I would school you but #58 said what I was going to. Read it, and watch the videos. Banks were forced, encouraged and to compete they did what others were doing. The bad loans spread and the banks said hey..if big Govt is forcing me to lower my loan standards and make riskier and riskier loans I will find a way to package and spread the risk. If those loans were not bad loans and people paid them the derivitives would not have gone bad. If Freddie and Fannie had not pushed for larger and larger amounts of loans being bought and if Liberals had stopped the madness when Bush tried to the meltdown might have been MUCH MUCH MUCH LESS SEVERE.

    LIBERALS OWN THE MELTDOWN PERIOD !

  • Sarah

    #55 – Think about sharing your thoughts with the Romney campaign:
    http://www.mittromney.com/contact-us

  • Granny

    #61 September 5, 2012 at 4:50 pm
    bg commented:

    ++

    Sarah #50 September 5, 2012 at 4:27 pm

    thanks..

    aside from the DNC v Delegates BS, imho, here’s part of
    the reason “God & Israel” were out in the first place..

    ==

    Yup – absolutely on target!

  • bg

    ++

    re: #44 et al

    OBAMA’S ACORN PART 1

    OBAMA’S ACORN PART 2

    more here & here & in comments

    ==

  • Blacque Jacques Shellacque

    We also blame them for denying that a crisis was looming, blocking reforms and then blaming the collapse on Bush.

    Personally, I feel the Bush administration deserves some blame for not pushing hard enough against fools like Barney Frank and Mel Watt. Given the way the GSE debacle played out, if they had suspected early on that failure of the GSEs would result in the calamitous effect it ended up having, it seems to me that a lot more effort should have been employed to make the danger plain for all to see.

    Do any of you recall ever hearing or reading about this in the news back in 2003? I sure as hell don’t.

  • Sarah

    This video is priceless. Shows the “vote” on the convention floor re: “God” and “Jerusalem” language. Check it out. There are some gems in it.
    http://www.therightscoop.com/power-grab-dnc-forces-godjerusalem-back-into-party-platform-amidst-boos/

  • bg

    ++

    Granny #64 September 5, 2012 at 5:02 pm

    what we don’t know, not only can, but will hurt US.. 🙁

    too many Muslims have been warning US about CAIR, ISNA, etc,
    time and again, yet time and again it has obviously fallen on deaf
    ears due to greed (#28)..

    [“While brave young Virginia men and women are risking their lives to fight
    terrorists in Iraq and Afghanistan, Connolly, Moran and Kaine are yucking
    it up with them and slapping each other on the back over at the
    Marriott,” charged VAST Chairman James Lafferty.

    He noted that the three politicians’ campaign war chests are
    heavily funded by radical Islamists who support the mosque.

    “Look at their Federal Election Commission reports,” Lafferty said. “These
    spineless politicians are owned and operated by the radical Islamists and
    their sinister front groups.”
    ]

    not to mention Murtha.. 👿

    bit more here (#37) & here (#44)..

    ==

  • bg

    ++

    #66 September 5, 2012 at 5:05 pm
    Blacque Jacques Shellacque

    oh please, considering what Bush had on his plate,
    imho, you have some nerve trying to blame him in
    the slighest, as if he could go around Congress ala
    Obama, GMAB!!

    ==

  • Big Al

    Thank you #’s 58, 60 and 62. I was about to say sometiNg nasty.

  • bg

    ++

    #66 September 5, 2012 at 5:05 pm
    Blacque Jacques Shellacque

    did you ever do any research??

    how about clicking on a link or two??

    why do you post opinions about things you
    admit you don’t know based on “feelings”??

    ==

  • vrajavala

    Hey Jim, why don’t you post your source from wnd today? http://www.wnd.com/2012/09/obama-suffers-amnesia-blaming-bush-for-economy/

    Dr Jerome Corsi

  • bigkahuna

    BG I am not totally leaving Bush blameless either He had the bullypulpit and could have used it a few times to pound Dummycrats.

    On the Vote to change the language in the Platform….
    This will take away from the nights speeches Bwaaaaaaaaaaaaaaaaaaahhhhhhhhhhhhhhhh hahahahah

    Freaking idiot Dummycrats. Just come out and tell us what you really want. Govt takeover of everything. Full govt healthcare, 80% taxes on anyone stupid enough to still work and produce something, Govt decides what you make and how much of it.

    Oh and Just say big tax increases and spend like drunken sailors on crack instead of invest….You are not fooling anyone you commies.

  • FurryGuy

    #41 September 5, 2012 at 4:07 pm
    kato commented:

    Bush TRIED to stop it, 17 times, the Dem and RINO idiots in Congress — who incidentally make the laws that govern such things — told him every time to pound sand. Bush governed according to the Constitution, not by Executive Order like the Community Organizer squatting at 1600 Pennsylvania Avenue has done repeatedly.

  • FurryGuy

    #48 September 5, 2012 at 4:24 pm
    Mark H commented:

    Another mental moron who gets their economic knowledge from Marx or the back of a cereal box. Yup, you vomit the Media Matters talking points real good, bub.

  • FurryGuy

    #66 September 5, 2012 at 5:05 pm
    Blacque Jacques Shellacque commented:

    Personally, I feel the Bush administration deserves some blame for not pushing hard enough against fools like Barney Frank and Mel Watt.

    So Bush should have ignored his Constitutional duties, bypassed Congress and ruled by Executive Order? Isn’t the current dictatorial wannabe enough for you?

  • owl

    #66 How many times have you read one of my rants against our ELECTED voices? They sat on their azzes and allowed their fellow Dem buddies to shout at Bush (not them) and then hid under their desks as the Professional Poop Scoopers accused Bush of murder almost daily(not them). They lost 2006 because they could not get out from under those desks.

    Then I read half the threads (that are supposed to be on our side) quote the same fake facts religiously. Same with illegal immigration. Our side finished that up nicely, didn’t they? You see anything better today? Nope. Party of Zero or Perfection, take your pick.

    If you go 17 times and can not get your own side to get up??????? What you doing? Point at your own? What a mess. Over and over and over. That’s okay. It is so much easier to just blame Bush.

    The fighters got in the fight AFTER they could no longer blame Bush. Dems & Scoopers did not change their game. It is EXACTLY the same now as then.

  • bg

    ++

    bigkahuna #74 September 5, 2012 at 5:31 pm

    re: #46 September 5, 2012 at 4:21 pm bg

    same dare

    oh yeah, easy for 20 20 hindsight armchair quarterbacks to say, ever walk a mile in his shoes?? no, neither has Obama, there is no such thing as a little preggo’s, Bush did all that he could at the time, go ahead, crucify him for not doing what you deem he should have done on his own w/out the rule of law.. if Bush is to blame for anything, it is the fact that he followed the law.. but of course qway to,any only recall the koolaid pouring like Niagra for 8 frakin’ yers.. *sigh*

    ==

  • bg

    ++

    re: #79 September 5, 2012 at 5:45 pm bg

    frakin’ yers = freakin’ years

    pardon typo’s..

    ==

  • bg

    ++

    vrajavala #73 September 5, 2012 at 5:28 pm

    odd how my source backs up your source and GP’s source huh??

    ==

  • FurryGuy

    #28 September 5, 2012 at 3:28 pm
    David commented:

    Explaining reality to slogan chanting secular religious cultists is nearly always going to fail. Economic facts don’t fit into a 5 second sound bite.

  • owl

    OT Clint started the ball rolling and even I can not believe what I just watched on FOX.

    The Dem Convention just made the BEST ad in the world. It’s a freebie. A pic worth a thousand words? Nope. Worth several million.

    They voted to put God and Israel back. Too darn funny because they had to do it at least 3 times. First time, God and Israel got voted down. I kid you not.

    God and Israel were voted down the first time. They were probably voted down the second time. Maybe……………..maybe……………..God and Israel won the third time. Maybe not. But it is a FACT that God and Israel did not win legit. Nope. They needed a 2/3 vote. Nope. They just ruled it anyway.

  • bigkahuna

    BG,

    I have posted many time for years about Dummycrats being the main cause.

    Having lots on Bush’s plate doesnt mean he could not have taken 1-2 minutes on national tv a few times when Dummycrats were jerks and refused to listen or change.

    He is the president and has tons of staff to help him carry the load. I simply dont buy that he couldnt add a few lines to one of many speeches saying The Democrats are refusing to address this growing problem of Fannie and Freddie. He could quote Bwarney Fwank and Maxine Waters…and say and it HAS TO BE ADRRESSED. Bush far too many times didnt stand up on things mostly defending himself and conservative positions.

    I still place most of the blame on Dems but where was Bush shouting from the PUBLIC rafters about this and where is the GOP the past few years pointing these things out ? What good is having the bullypulpit if you never use it ?

    The GOP isnt perfect and Bush also spent to much Get over it. GOP can be dummies and Dummycrats are morons 99% of the time.

    I

  • owl

    My mouth is still open. I do not believe what I just watched.

    If Romney can not take this as the only ad needed to Nov, he is helpless.

  • FurryGuy

    #83 September 5, 2012 at 6:01 pm
    owl commented:

    Sadly most undecided voters who mostly get their political news from the American Pravda propaganda complex will only see the Dems voting FOR G-d and Israel. The sound bites have already been prepared, the talking point memos already drafted for dissemination.

  • bg

    ++

    owl #83 September 5, 2012 at 6:01 pm

    hope they have it taped..

    meantime, catch up will ya.. 😀

    [jic: that was said in jest]

    ==

  • bg

    ++

    bigkahuna #84 September 5, 2012 at 6:04 pm

    whatever..

    ==

  • FurryGuy

    #84 September 5, 2012 at 6:04 pm
    bigkahuna commented:

    Anecdotal evidence for sure, but I remember at least one time he did exactly that, gave a speech that was soundly savaged by the media and the Dems and RINOs. Which was promptly forgotten it ever happened as the blame game continued.

  • Kathteach

    Jim – Thanks for posting this story that the palace guard media will NEVER report but one that the history books will – and in the not so distant future.

    I remember Bush’s warnings. An enemy to America orchestrated the financial attack on America in September 2008 – lots of theories who it was – but it was an attack.

    Someday soon we will know who did it. But we were not in a major financial crisis until that happened in September 2008.

    Remember that McCain and Obama both suspended their campaigns in October to get to Washington to “deal with it”?

    The saddest thing about America’s press is that they have refused to really tell us all this story in a way the average 7th grade reader could understand it.

    Bush was doing his best to get the schemes of Barney Frank and Chris Dodd and their group – Senator Obama was among them – out of the business of forcing banks to give NINJA loans to people who could never pay the mortgage on…..

    No Income, No Job, No Accountability – as the banks were forced to give out mortgages to millions of folks who could never pay them back. Wall Street saw this – uhm – liability – and turned these mortgages into a commodity to be “bet on” and we all lost when it came crashing down in September 2008.

  • bigkahuna

    BG whatever… Common sense has to prevail.. Bush tried 17 times but when the liberals beat your people down he needs to stand up to and for them. I may be wrong but I have never seen one public speech addressing this. If I am wrong I will back off and say so but unless I do see it I feel he dropped the ball in some ways. If we cant admit where we failed to get things done how do we learn and improve ?

  • owl

    #86 If they do not immediately change their campaign over this, they are fools. This is simple. They only need to add the words “The Dems need a 2/3 vote to correct the political mistake they made by taking God and Israel out of their platform. What do you think? Did God and Israel win that vote?”

    As I said, this is Clint x 100. If they do not use it, they are fools.

  • bg

    ++

    bigkahuna #91 September 5, 2012 at 6:11 pm

    whatever..

    ==

  • owl

    #90 “Bush was doing his best to get the schemes of Barney Frank and Chris Dodd and their group – Senator Obama was among them – out of the business of forcing banks to give NINJA loans to people who could never pay the mortgage on….”.

    Ditto. Back to my fav rant about our ELECTED voices just hiding under their desks. Did you ever hear them shout it as a group, loud enough that someone would point a finger at Obama? Nope. Not even to this day in the middle of an election.

  • bg

    ++

    Assessing Fannie’s Past and Future

    [Even after accounting scandals hurt their credibility in 2003 and 2004, Fannie and Freddie were fierce lobbyists on Capitol Hill. In 2005, they were able to convince more than two-thirds of the voting Republicans and all but three of the Democrats to reject an amendment to let regulators force Fannie and Freddie to reduce their mortgage holdings if they were found to create “systemic risks” to the financial system.]

    albethey mainly Democrats.. including Obama and many others hands
    in helping to set up the downfall, as far as i’m concerned, Congress is
    to blame for FM & FM collapse, again, mainly a Democratic Congress..

    Bush just did what Congress left him no choice to do..

    ==

  • anna

    Facts are ridiculous things! That’s just ugley! Ewe

  • bg
  • The real facts are still being soft-pedaled. There was, in truth, rampant racism in lending since the CRA and it’s antecedents. That racism was in FAVOR of so-called “minorities”. The blacks, hispanics and other nebulous pressure groups were actually held to MUCH lower standards than white borrowers regardless of the area the property was located. When the defaults came, as they must, relief was given out on racial grounds. Taxes collected from whitey and paid to the Rainbow Coalition and guess what? They STILL ruin their homes, financially and physically and STILL wind up on the street or some hell-hole. No more. Not one penny. Not one deferment. Let the foreclosures commence! Let a thousand…. a MILLION evictions bloom. Out with the tax eaters. Put ’em wherever they fall. I don’t care and never will again. Never, never, never, never, never.

  • mg4us

    The DNC and the false narRATive of the Obama Campaign. . .
    LIES build on a LOSER!

    Here are some more details. . .

    http://pjmedia.com/blog/the-false-narratives-of-the-obama-campaign/

  • Joanne

    Obama was a foot soldier with personal guilt in this matter, but it was Clinton’s administration that forced banks to meet the quota of meeting the number of loans to people who didn’t meet the criteria to land a loan. It was the democrats who caused the meltdown. Damn I can’t stand those guys.

  • bg

    ++

    lizzy84 #47 September 5, 2012 at 4:23 pm

    thank you..

    ==

  • bg

    ++

    thanks for all the great links everyone..

    ==

  • Blacque Jacques Shellacque

    oh please, considering what Bush had on his plate,
    imho, you have some nerve trying to blame him in
    the slighest,

    Please.

    If there’s something on the horizon that has potentially earth-shaking consequences for the population, and the opposition is actively playing a part in exposing the nation to that danger, how much of a stink should be made in order to alert as many as possible to the risk? Isn’t it worth making a lot of noise about? Isn’t it worth making public, and explaining anyway to a largely ignorant public just what the threat to our well-being and prosperity is that such risk poses and that the opposition is consciously participating in an unimaginable gamble? And even if the Bush administration wasn’t in a position to be able to get something moving to mitigate the risk, it was worth getting out into the open, nice and clear, so that when the time came and the house of cards came tumbling down, it wouldn’t be necessary to say “WE TOLD YOU SO” because its relevancy would be beyond obvious.

    I don’t blame Bush for the actual cataclysm. I blame him and his administration for not loudly pointing out the danger that was clearly on the horizon and making clear in no uncertain words that Democrat intransigence would only guarantee that the disaster would strike, sooner or later, and that the warning had been sounded and went unheeded.

    Lastly, all you are doing is making excuses for the Bush administration. In all those seventeen attempts to do something to rein in the GSEs, it seems to me that at least once, someone with authority could have made some time and conducted a press conference, laid all the cards on the table, and told all of us what was at stake. That didn’t happen, and look at where we are now.

  • Blacque Jacques Shellacque

    So Bush should have ignored his Constitutional duties, bypassed Congress and ruled by Executive Order? Isn’t the current dictatorial wannabe enough for you?

    Where did I say that he should have used an executive order?

    The way to bring pressure on the opposition is to enlist the public.

    Educate them and let them collectively pressure their representatives. Put more simply, go to the people.

    Now do you get it?

  • bg

    ++

    Blacque Jacques Shellacque

    oh my, big bad dumb Bush,

    you know he was a stupid an evil man..

    :roll:

    ==

  • bg

    ++

    i’m so mch smarter than Bush!!

    yes i am i am yes yes yes..

    :roll:

    ==

  • owl

    #104 You are forgetting the power of the Scoopers. They had enough to elect a president. FACT.

    We have not seen real power change until Breitbart going directly for the Scoopers and all the social media. That is the only change in power I have ever observed. That is the reason that I have always blamed our ELECTED voices, as a group. We had to have had group power on it to fight it. One person could not. Just my take and yes, I cut Bush slack because I watched the Scoopers everyday more than the politicians. So yes, I will give him some of the blame.

  • bg

    ++

    excuses

    excuses

    excuses (#54 and a bit more)

    ==

  • FurryGuy

    #104 September 5, 2012 at 8:20 pm
    Blacque Jacques Shellacque commented:

    I “got it” from the beginning, but what you seem to not be grasping is that Bush DID go to the American people and was censored by the media and vilified by the Left. So the only recourse left to do what you wanted him to do is dictate, not lead.

    Strange that you seem to not be understanding the simple factoid that what you are accepting as history is just media lies, as exemplified by the disconnect highlighted by the very post Mr. Hoft put up.

  • bg

    ++

    ps re: #108 September 5, 2012 at 8:44 pm bg

    By J.M. Inhofe January 14, 2009

    The Invisible Legacy of President George W. Bush

    God Bless & Thank You George W. Bush & Laura Bush

    ==

  • #109… you are so right. i was working in a credit union at the time so i was familiar with the mortgage mess. i knew that those mortgages were never going to be paid back given the credit history of the people that were recieving them. so did everybody else including the people that pushed the programs. in all that time i never read or heard in any news agency that bush was trying to reign in what fannie and freddy were doing. i just assumed he was ignoring it.
    i never found out about until he was out of office when i went on the internet.

  • bg

    ++

    i listened to every one of Bush’s radio addresses..

    unfortunately, i’m beginning to think
    the membership was rather limited.. 🙁

    ==

  • bg

    ++

    FurryGuy #109 September 5, 2012 at 8:47 pm

    Amen..

    ==

  • bg
  • Blacque Jacques Shellacque

    …but what you seem to not be grasping is that Bush DID go to the American people and was censored by the media and…

    Huh? How does he get “censored” by the media? Is there any evidence that a press conference was called to provide details and warn about the GSE risk and no one showed up?

    Strange that you seem to not be understanding the simple factoid that what you are accepting as history is just media lies,…

    What “media lies”?

    Did the GSEs get seized by the federal government or not? Did their seizure result in a global credit freezeup or not? Are these not facts?

    These weren’t minor events. The fallout from this eventually resulted in, by most counts, four million jobs lost. If this was the kind of repercussion that officials feared when they were thwarted in trying to reform the GSEs then they should have sounded the warning bell early and often. If the media is in the way, then either run them over or hack a path around them.

    By all appearances, they didn’t push back forcefully enough against the Democrat intransigence, and quite frankly, it’s not surprising.

  • bg

    ++

    as previously posted..

    George Bush warned the country beginning
    in 2001 about Fannie Mae and Freddie Mac

    not his fault people much smarter than him weren’t listening.. /s/

    ==

  • Blacque Jacques Shellacque

    Yes, I KNOW about that. As a matter of fact, several years back while doing some research, I stumbled across an actual New York Times article that documented that particular hearing.

    The point I’m trying to make is that when something the severity of what happened with the GSE takeover is on the horizon, officials see it coming, and attempts that are made to head off the problem at the pass fail due to opposition efforts, then officials of the administration in office (especially if it’s a Republican administration) can either get the word out by any means possible in order to educate and rally the public to bring them in as the “twelfth man”, or barring that, spill all the details to as many media outlets as possible and issue a warning and disavow any responsibility for any possible repercussions from not taking appropriate action. By all appearances, Bush administration officials did neither. So even though the GSEs’ problems had Democrat fingerprints all over it and their seizure came about as a result of Democrat refusal to address a looming problem, look who wrongly ended up getting all the blame? Look who’s still getting all the blame?

  • bg

    ++

    #117 September 6, 2012 at 12:34 am
    Blacque Jacques Shellacque

    that’s your OPINION..

    facts reveal Bush did all he could do, no more,
    well, not w/out being hung from the rafters at
    any rate..

    ==

  • Economan

    This whole mess started with Democrats and ends with them. It’s another pattern of corruption and the systematic effort to hide their own incompetence. The CRA, Dodd, Franks, and the rest of the DNC are responsible for this debacle which WE pay for. And once again the RNC turns over on its back, wags it’s tail and ostensibly does seemingly nothing to bring this to the public’s attention. It’s time the GOP grows a backbone.

  • Pingback: Thursday morning links - Maggie's Farm()

  • Pingback: Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did()

  • buddy larsen

    I don’t follow Rush Limbaugh, but this was up high when i searched for URLs on the (completely ignored at the GOP convention) facts of the ”600,000 jobs per month” [as it used to be, but as of last night’s Clinton speech is now ”750,000 jobs per month”] we were losing when Obama took office!”

    Fear: American Industry Preps for Obama Win by Laying Off Workers

    October 22, 2008

    BEGIN TRANSCRIPT

    RUSH: Ladies and gentlemen, I had a meeting after the program yesterday with a couple of people, and these people are very, very prominent in American business. I wasn’t surprised by what I heard, but I was shocked by the intensity with which they told me their story. And basically both these people were telling me that everybody they do business with is gearing up for an Obama victory by laying people off, by planning on layoffs. They are scared to death of the incoming new taxes that Obama is going to spread on everybody and the punishment that he is going to mete out in the form of economic sanctions, if you will, tax increases on businesses that are successful.

    (lots more at the link)

    ***

    … and here’s a 30 second youtube –nifty for friends and family –titled What Happened?

    … thanks!

  • buddy larsen

    … by your leave, let me add one more to this thread’s excellent collection.

    This is a short excerpt of GWB’s 2006 State of the Union, and it shows the ‘loyal opposition’ rising for a standing ovation to insult GWB’s lament about failure to have made progress reforming entitlements.

  • Pingback: Who Caused the Recession? O-B-A-M-A | Christianity, Conservatism and America's Pastime()

  • Ernest W. Adams

    There is NO connection between banks discriminating against minorities — which is what Obama sued about — and banks going under. Obama NEVER advocated that banks make bad loans, he advocated that they not discriminate on the basis of skin color.

    Unless, of course, you believe that black people are a bad risk. Then there’s a connection… a racist one. The only criteria on which a bank should make decisions are the borrower’s income and assets and the value of the property.

    As for half of his 186 African-American clients going bankrupt… this article actually wants us to believe that 93 black people caused the economic meltdown? I really hope its regular readers aren’t that stupid.

  • Jim

    Like with nearly all other topics and issues, Obama continues to peddle false information and deceive voters about the economic downturn of 2008.

  • Harry

    What a load of horse manure. In 2008, when this article claims Bush warned a Democratic Congress it was FAR TOO LATE. Bank earnings due to defaults of mortgages made in previous years crashed in 2007. Bank leverage ratios exploded in the 2003-2007 time frame thanks to deregulation of leverage ratios by the Bush administration. This de-leveraging allowed banks to fund the issuance of massive number of subprime mortgages by companies NOT SUBJECT to CRA.

    From 2001-2007 there was a REPUBLICAN House, a REPUBLICAN Senate and a REPUBLICAN President. The vast majority of subprime loans were written in this time period.

    FACT, this mess occurred due to incompetence during the Republican stewardship of America.

    Republicans talk about accepting responsibility. Well I have heard NOTHING but weaseling on this from 2008 on.

    The idea that Republicans weren’t responsible for this is a BIG LIE.

  • Steven B

    This was an “article” from 5 Sept 2012 and no one has commented as of yet? People give great credence to this I see.

  • scroll down dumbass

  • James

    Hahahaha

  • dave d

    Liberals….the great seekers of truth. Dumb ass.

  • Billy Smith

    17 times in 2008? Housing bubble was well on it’s way to popping by they. That’s called CYA.

  • fishermanpat

    At least he tried, what did Obama do in the senate? You guessed it.

  • Billy Smith

    repubs controlled congress, yes both houses, when Obama was in the Senate.

  • democrat CockRoach

    Why are democrats so UNINFORMED about THEIR OWN muck? CRA was signed by jimmy carter in 1977 and Reagan should have repealed it in the 1980s but he IGNORED it. BIG MISTAKE. Then billy clinton picked it back up and we all know what happened next after 30 years of democrat CORRUPT housing policies you can thank the democrats for the HOUSING BUBBLE and GLOBAL ECONOMIC MELTDOWN.

  • Billy Smith
  • sam

    Did they have a super majority? NO!

  • Martha J Morris
  • Martha J Morris

    So? they still controlled. There was no party of no on the dems side.

  • Martha J Morris
  • sam

    The dems are the party of know now, its Harry Reid that won’t let the congress vote on anything.

  • ConservativeSlayerJon

    Bush’s 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.”

    Q Did the Community Reinvestment Act under Carter/Clinton caused it?

    A “Since 1995 there has been essentially no change in the basic CRA
    rules or enforcement process that can be reasonably linked to the
    subprime lending activity. This fact weakens the link between the CRA
    and the current crisis since the crisis is rooted in poor performance of
    mortgage loans made between 2004 and 2007. ”

    http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf

  • ConservativeSlayerJon

    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.”

    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.

  • ConservativeSlayerJon

    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!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