LOL! But for some odd reason Fox News doesn't blame any part of the real estate depression that caused this economic mess on President Bush. They place the entire blame on none other than Jimmy Carter LOL! He deserves some of the blame too but wow I'm shocked Bush was not blamed for the housing crises at all.
@holla221 I have no idea why your comment was flagged, i think one of the main purposes of this video is to show exactly what you stated, that a fox news watcher or a person who listens to Rush limbaugh has been outright lied to and given nothing but half truths to conceal the real truth. I was amazed when i first saw this video, it exposed the right wing media and how it distorts the truth big time.
Bush is talking about a lot of shit here, but deregulation ain't one of them. He's talking about regulating interest rates through guaranteed loans. That's regulation of the worst sort, and it's what caused the bubble!
@KyleSkullz "We dont want fine print preventing folks from owning their own home. We can change the fine print." George Bush 2002
"I dont think this was a crisis of the lack of regulation." George Bush interview with Matt Lauer, November 8, 2010.
Bush deregulated the underwriting process and the mortgage application process, thus making it easier to lie about incomes and job status on the applications. No doc loans and liar loans exploded.
Bush got rid of regulations he didn't like, and enforced regulations he did like. Like all politicians, he was a hypocrite.
The crux of the issue is, Due to all the guaranteed loans, interest rates in for homes were set at artificially low levels, causing moral hazard. The result was a boom, but it wasn't real growth. It was completely artificial, and it was inevitably going to pop. No amount of regulation could preven it.
@KyleSkullz The interest rates were set low by Alan Greenspan who is independent of the government at the federal reserve. The reason he lowered the rates was to stimulate the economy after 9-11, then bush told us to buy houses because we couldnt let the terrorists win, and we did what we were told and he got 5% unemployment and got reelected, while fann and fredd, dodd and barney frank got all the blame instead of bush and wall st. Genius, perfect cover.
The point is, it was the artificially low interest rates that created the bubble. It gave us the perception of growth, but it was not real and was inevitably going to pop. "Economic Stimulus" is a total scam.
I agree with you that Wall street and Bush were complicits, but so were Fann and Fredd, barney frank and Dodd. The whole dam government is bought and paid for. The disagreements between Dems and Reps are a sharade to keep people distracted from the legal plunder!
" Alan Greenspan who is independent of the government at the federal reserve"
I think it's a strech to say the FED is independent of the government. It was created by an act of government, and it's board members are appointed by the government, including Greenspan.
@KyleS Thats the beauty of Paul Volker, he wasnt appointed by reagan and he made reagan look so good by lowering interest rates from a high of 17% down to 5% which created a economic boom. Reagan and repubs. took credit for the economic boom, they said it was the tax cuts and supply side economics, sorry it was the FED beating off inflation due to two oil embargoes and Milton freidman taking the dollar off of gold in 1971 under Nixon. Also barrel of oil went down from $34 to $5 under Volker.
I personally regard the taks of the Federal Reserve to be an impossible one. I don't believe it's reasonable to think that a small group of people know what the supply of money ought to be.
he blatantly states that he is removing regulations that say you have to have good credit to get a home loan.... THIS IS DE REGULATION. just because a politician does it doesnt mean its regulations. THIS POLICY IS WHAT YOU DE REGULATORS VOTED FOR. "WE ARE REMOVING THE GOVERNMENT RED TAPE" THAT MEANS DE REGULATION.
@hitchains GEORGE W. BUSH & TONY BLAIR FOUND GUILTY OF CRIMES AGAINST HUMANITY & WAR CRIMES....they can be arrested at any time--this is NOT a mock trial--Malaysia, it's leaders and respected representatives have held a Nuremburg trial referencing the same rules of law that convicted the Nazi's--and Bush & Blair were found GUILTY....
This is ONLY THE BEGINNING...google "white house Bush Reagan Prostitution" OR "Bohemian Grove" and see what you get--yeah, a couple FREAKS
@AnAmericanSon If you choose not to listen or investigate, that's entirely up to you. Your choice--free country. By others choose to listen and learn. Try watching:
--> "Loose Change 9/11 An American Coup (2009) Part 1"....lots and lots of PROOF that 911 was an INSIDE JOB. The ONLY people saying there isn't PROOF--
ARE THE FUCKING GUILTY PARTIES AND THEIR CONSPIRATORS!!!
@MoonShineProds When Bush was in office, I had a dream that he was standing handcuffed, intently looked back at the camera and and was quitely led away.
If you go to website American Dream Down Payment Assistance, you'll go to a Gov. site that will GIVE CASH AWAY for a down payment for a house IF you WORK for the government. Yeah, preferential treatment. It does say it's also for "low income" but you know that's crap. Just try getting a grant without being BigGOV.
We really are a nation of idiots for putting up with our "leaders" livin' LARGE off our cash--while we squander, slave, & scrape!!
@MoonShineProds There is other downpayment assistance monies from that fund. Contact the local HUD approved housing agency in your area. If you are not low income you should be able to not squander your money on things you don't need and save for a decent sized down payment.
@jfsfrnd seriously you CONDESCENDING CUNT--the absolute LAST THING i'd do right now is put my money into government property that won't be worth SHIT when all the banks call in ALL THE FUCKING LOANS...or didn't you know? The banksters can DEMAND FULL PAYMENT on all mortgages, car/student loans, credit cards, EVERYTHING during times of WAR...if BigGOV says it needs money, it can steal it from the banks who then have to get it from YOU. Nope--no more Gov. for me.
@MoonShineProds wow, how you can get big government from this video is whats wrong with righty voters... Bush is talking about getting rid of government regulation... he says "remove government red tape" this is DE REGULATION thats the problem... a republican removing regulations that said you had to have good credit to get a loan.... THIS POLICY IS DEREGULATION.
On the HUD website you can find one press release after another beginning in 2000 that shows what a HUGE part Bush policy played in this. The boom began after 9/11 while he pushed it.
Regulation cause the whole debacle. Investors, be they home owners, bond buyers, idiot politicians "investing" in the future or freddie and fanny all thought they could outperform the market. It's akin the the fool that gambles at the casino thinking he can beat statistics. It's sad that decade after decade we keep thinking government knows best and decade after decade government keep's F-ing up.
@Lastlibertarian sorry bro, when republicans run govt. they sabotage and want it to fail to prove that their philosophy on govt. is right. Greenspan, the libertarian, believed banks could police themselves thus no regulation from 1986-2006. Big government and unions exist because of big business.
@ A great deal of mortgages are securitized by govt. related entities like fann and Fredd, but mortgages which do not meet the underwriting standards of these entities (non-conforming and subprime) have to go through private-label securitizations, in which the issuer of the security is a private entity(the investment banks on wall st). They securitized: for FICO scores more than 620 but less than prime- and loans larger than $400,000. fann and fred were not the only one securitizing mortgages
@whatnowgop it's a factual news report dipshit look it up in other forums if you like. The point is you can't blame Bush or republicans entirely. This argument is over anyway, I won. Next issue....
The problem wasn't that Bush took some initiative to allow more people to own their own homes. The problem occured when people got greedy. PEOPLE should also take some responsibility in the housing crisis. The big banks on wallstreet got high on this greed and blew it up with mortgaged backed securities. Anyone here who bought a home they couldn't afford if they lost a job should shot themselves in the head. Same with the bankers who bundled MBS's - YOU ARE the ones who caused the crisis.
@ThatsCorrectYes You gotta be kidding me. Anyone here who bought a home they couldn't afford if they lost a job should shoot themselves in the head? Just about everyone in the U.S. that has a home mortgage would be in deep shit if they lost their job. So according to your standards, no one should buy a home. Usually people just find another job, But we can't do that now because we were sold out. And these Adjustable mortgages that low-income people were suckered into saw their payments triple.
@HemiHead66 Let me clarify, anyone who bought a home based on WANTmade a serious mistake. Doesn't matter if you're a single person or married couple buying a home, you buy based on what you can afford in "any" situation. Well, if you want to keep it that is, when you might lose income. If you bought during the boom, int. rate should be 6.25 at worst, prior to housing boom, should've refied during boom for low int rate. Smart buying keep your home, we are still in our home with now only 1 income.
@HemiHead66 And suckerd into a mortgage my ass, you have to be a total moron to not have known what kind of mortgage you were getting. And if that happened, well you learned a lesson but there is no excuse for it happening on your behalf. HAve you ever beent hru a mortgage settlement? It's a pretty in-depth and thorough process in which you have to agree and sign a contract. That "low-income people were tricked" is just left-wing rhetoric.
@ThatsCorrectYes You have no idea what you're talking about. If I were you I'd go do some research on predatory lenders. Bush fought all 50 states to make sure the scumbag brokers could do as they pleased. They were forging paperwork to push loans. Putting people into Adjustable Rate Mortgages without explaining what would happen to payments as interest rates rose. Some were told they could easily refinance as rates rose. The FBI reported this shit early on. Go look it up before talking shit.
@HemiHead66 I have a degree in business, a house purchased during the boom USING an int only mortgage for the first 2 yrs (title alone tells you it's int only), went thru layoff from high paying job, shuffled finances, ran a small business, and now live thur this shit everyday and you think I don't know what I'm talking about? LOL, just keep reading the news you want to hear, drink the cool aid, and ignore personal accountability, free markets, and critical thinking, and enjoy yourself.
@ThatsCorrectYes You friggin wing-nuts will go to any length to come off smelling like a rose. I send you info on the attorneys general of all 50 states, and all 50 state banking superintendents fighting the Bush gang and the OCC, and you say it's bullshit. I say go look up the FBI reports on this shit, you say it's all bullshit.. You know what, you're full of fucking shit. And I'm sooooo tired of dealing with you Pubtarts that I'm sick to my stomach. So get lost - please!
@HemiHead66 LoL, I spoke the truth, no bullshit. I'm also not a Republican, just believe in personal responsibility. Do you even own a home, or just a hemi engine vehicle? It's pretty hard to go thru the process and not know what ur getting. You can site news articles all day long but you're just running away from my point. Are people responsible for making their own bad deals or is it always someone else fault? That was the thesis of my original post you silly ass...good luck w/the belly ache
@ThatsCorrectYes Yeah, I own a home. And the 1+ acre it sits on next to Kings Mountain State Park and campground in South Carolina. And how to you take responsibility when you've got scumbags doing everything in the book to take advantage of people? Just because you know what to look for doesn't mean everyone else does. The biggest joke of all is you saying this shit never happened. And you won't even look into how widespread this shit was / is. I know, you're smart, so you don't need to look.
@ThatsCorrectYe when my mother refinanced in 2004, why was the sales rep of countrywide trying to force an ARM loan down her neck when she asked for a 30 year fixed. Here is the kicker, she had a 790 credit score! But i know why, and this is what i told her. They want to make money off the closing on your knew ARM loan because it pays more than a conventional. And they want you to come back to refinance after 3 years to get more equity out of your home at closing. Right?
@lmdslam Sounds right, if the commission was more on an ARM than it makes sense. Good for you to recognize a sales pitch, however, I don't think making a sales pitch is illegal. Maybe you do? If the broker rights a loan you didn't want you have a 3 day right to rescind. That's 72 hours to read and comprehend a contract. Also, an adjustable rate mortgage would be pretty good right about now with interest rates so low. An ARM from 2004 - 2007 might have been a good option for someone else.
@ThatsCorrect Goldman Sachs was accused of misleading investors about who was picking the investments in a mortgage-related derivative. It told investors that the bonds would be chosen by an independent manager, when in fact many of them were chosen by John A. Paulson, a hedge fund manager who chose assets that he believed were most likely to lose value, Goldman settled the case by paying $550 million. Paulson made 4 billion in 2007, a year before the house market crash, doing this scam.
@lmdslam OK. Well there will always be who are ruthless in their self interested pursuit of wealth at the expense of others. Should be change to socialism where government controls the money and decides who get's it?
@ThatsCorrectYe Citigroup has agreed to pay $285 million to settle a civil fraud complaint that it misled investors in a $1 billion derivatives deal tied to the U S housing market, then bet against the investors as the housing market began to crash.
First Alliance Mortgage company was sued and settled for $50 million for deceiving customers on loan applications. Ameriquest mortgage sued by 240,000 borrowers for being deceived on their loans, settled for $325 million dollars.
The GSE's, meaning Fannie and Freddie] did generate large losses, but their investments in housing loans followed rather than led the crisis; most of those investments involved purchases/guarantees made after the subprime & housing bubbles had been expanded by private loans & were about to burst. Even then, the GSEs’ overall purchases and guarantees were much less risky than Wall Street’s: their default rates were one fourth to one fifth those of Wall Street and other private financial firms.
This guy has criminal / lying piece of shit / murderer all over his face. And the way they tried to blame the Community Reinvestment Act / Democrats for causing this whole mess was classic. The GOP are master bullshit artists.
so they borrow 97-100% of the retail value. That isn't an investment that is a bad bet that the housing bubble will never burst. Tax credit went to the banks not the homeowner. Doing away with the fine print did away with, or deregulated underwriters. duh
@nbmblownZ Well I say dems because NO democrats supported him on it. There were a few Republicans that didn't support him on it as well. If you don't believe me, just do the research for yourself. The NY Times newspaper wrote an article on it on 9/11/03. Just Google that newspaper on that date and read it for yourself.
@Bcroft39 They passed tax cuts for billionaires through reconciliation. But in this case let the minority stop them? Haha Also, fannie mae and freddy mac were not the only banks involved. Why only regulate them? If they would have posed more regulation on them would it have stopped Goldman Sachs from being the leading distributer for mortgage backed securities to the point it became our biggest export in 2007? I think not.
@from 9/11/03 article "proposal,which was endorsed by fann and fred, would not repeal the government subsidies. And it does not alter guarantee that washington will bail the companies out if they run into financial difficulty. Nor would it remove the companies exemptions from taxes and antifraud provistions of fed securities laws." Does that sound like regulation to you? Then in 2004 bush's OCC in the treasury department crap all over states rights and let predatory lending go wild.
"I think the Republican Party and their cronies on Wall Street could certainly use some "faith-based programs" right now... but the truth is that the 30-year experiment with Reaganesque pro-business, anti-government, pro-deregulation economics is coming thankfully to a very abrupt end."
What an ignorant statement. The government GUARANTEED these loans because banks WOULDN"T TAKE THEM. Your argument is FLAWED just by his speech alone.
@dkr624 Clinton did his program before the: Gramm leach biley act in 1999, the commodities modernization act of 2000, before bush's deregulation of mortgage and underwriting process in 2002, before the American Dream downpayment act in 2003, and the bush's treasury department along with his OCC preempting state laws on predatory lending in 2004 and the 2004 SEC Net Capital Rule deregulation.
@capricious71 Come on fool, most minorities will always be broke 'cause that are dense! This idiot for president was the biggest liberal of all. Bigger government, helping hand wealfare...
@Lastlibertarian "Come on fool, most minorities will always be broke 'cause that are dense! This idiot for president was the biggest liberal of all. Bigger government, helping hand wealfare..."
There's no need to be insulting. As for calling people stupid, you might want to check your grammar and punctuation, not to mention your spelling.
Supply siders have never even come close to producing a balanced budget. A reminder they will cut revenues yet again if they achieve real power in '12. Do not cry when you have no health coverage in your later years if you vote for these people. You will simply have to deal with the results just like the rest of us. But you will remember you did this to create trickle down income for yourself and others. If recent history is any indicator there will be nothing there.
No conservative has EVER said that Bush was a conservative. He was NOT.
But the Democrats constantly accused anyone who warned that a crisis was coming of racism, hating the poor, etc. There were enough RINOs in Congress that any conservative was helpless.
The Republicans never, NEVER "controlled" Congress. With the filibuster available to Dems at all times, the Republicans could do very little to stop Dems' "generosity"--with taxpayers' dollars.
@minowekay The most damage done was when the republicans took control of the congress in 1994 and kept it up to 2006. The republicans controlled the white house for 24 out of the last 36 years and the supreme court for 50 years. The federal reserve is always controlled by either a republican or libertarian. Supply side economics and republican power has created a 14 trillion dollar hole, two wars and a broken middle class.
@lmdslam With a Republican Congress and D-Clinton presidency, a balanced budget was nearly accomplished. When Bush was elected, the Dems came out full bore to destroy Bush & the Rs--& the economy, but the R-led congress held them back. The ignorant voters put the Ds in charge in '06 and the economy was in rubble in just 2 years. Bush, McCain & others foresaw the problem with enablers Freddie & Fannie and tried to pass legislation to rein in the two but were blocked by the Dems every time.
@miy One big piece of history your leaving out. It was called the dot com bubble. It made the economy good for what two years then it sent us into a recession. But i also recall when bush was asking for the famous bush tax cuts, Alan Greenspan went along with it because he said " we are paying down the debt. to fast". McCain also said the economy was "fundementally sound" during the (bush home ownership society bust) in 2008. Remember "contract for america"? I think it was a huge failure.
@lmdslam Note that under BO and FULL Dem control, the economy has deteriorated further (though unions are doing very well). Unthinkable deficits and Great-Depression-like unemployment. BO & the Dems are uncooperative on the issue of raising the debt limit, knowing that whatever happens, they can blame the Rs for any further deterioration of the economy--which they know will continue to happen, whatever happens with the debt limit. Oh well, at least most of them have stopped blaming Bush.
@minowekay So if the republicans sabotage the economy so it makes Bo not get elected, you think the dems will blame the republicans right, he extended the tax cuts bro. Supply side and the contract for america was proven wrong, but you guys just cant believe it can you. Supply side economics is fascism, buisness and govertment as one. The few have the money and bought our government with their tax cuts.
@minowekay Nope. The last budget Bush put forward ended with a trillion dollar plus deficit. Unions doing well? Sure. Just like the rich in this country always do. Bankers, CEOs, etc. No difference...
@RavenMichaels One pretty big difference is that if the rich or the bankers or the CEOs beat up a black guy at a TEA party rally like the SEIU thug did, they'd be jailed and prosecuted. Or if they stormed the Port of Longview and rioted, damaging property, overturning grain cars, cutting brake lines and holding six guards hostage like union Longshoremen did, they'd be in trouble. And they'd get a bad rep if they promised to "take out those sons of bitches" like Jimmy Hoffa did. DIFFERENCE!
@RavenMichaels Oh yeah, and Obama voted for every dollar of that trillion-dollar-plus deficit when he was a senator and his party, the Democrats, controlled Congress. Just getting warmed up for his presidency, I'd say.
@RavenMichaels No, you didn't say O had no part in Bush's trillion-dollar deficit or that O's deficits haven't exceeded a trillion dollars. But you did IMPLY that Bush was friendly to The Rich, while Obama and the Dems are not. Wrong. Notice who made out like a bandit in the Solyndra "loan"--RICH guys. Notice Jeff Immelt, RICH GE CEO, now head of O's "Jobs Council," while GE is moving ever more jobs overseas. Contribute to O's campaign (or supply thugs), expect--& receive!! -- favors,
1) I don't turn a blind eye to some of the underhanded things Unions sometimes do. I just hate how the right focuses on their influence.They constantly bring them up them and the money they use to get politicians that will serve their interests, but ignore the Corporations doing the same for the right, and the fact that people or a group of power have always bought off politicians.
2) ...and yeah, bought sides work or get used by the rich. It's said...
@RavenMichaels The corporations buy both sides, depending on who's in power. The unions concentrate their efforts on the Dems, no matter who's in power.
With the PUBLIC unions, taxpayers pay the higher union salaries, union bosses collect more and more dues, then pass part of the dues on to Dem candidates. In effect, 100% of taxpayers are financing Dem contributions. And politicians, at least DEMS, don't dare refuse to comply with union demands lest they lose those contributions--& manpower!
Its really telling who the "mainstream media" really is. Consider the propaganda video's on youtube blaming the democrats for what happened, like the shocking dems. video and the bank affirmative action video. Combined they have 3.8 million views. This video has 48,000. When i came across home ownership and president bush it had 18,000. But you can definitely tell who has the bigger mega horn and its sadly the right wing. Their spread of the half truth is frightening.
shows BILL CLINTON blaming congressional Dems & absolving Repubs,
shows Dems "in bed" with banksters,
AND shows Bush 2003 (9-11-03) asking congress to regulate banks (go8gle NY Times) in a 180* change from this speech,
then shows Dems blocking attempts to regulate banksters--as
FILIBUSTER & COMMITTEES allow MINORITY of congressmen to do, contrary to what some dumb Norteños like @bluezr1 think, due to ignorance of their own nation's (undemocratic) congressional procedures.
*Thomas Donilon/Ron Klain (bank LOBBYISTS for deregulation & loose lending), *Rahm Emanuel (on FMCC's board faulted by OFHEO regulators),
*and Austan Goolsbee (advocated same as above lobbyists in 3-17-07 NY Times op-ed)
ALL work in Obama White House, despite their policies causing 2008 collapse. No wonder GDP-growth of EU-16 has been nearly 2x USA's & the Euro also is kicking the USD's arse (hard to have strong currency AND gdp).
Home prices and sales started taking off in 1998, 5 years before this act was signed. Banks were already giving out loans to anyone with a pulse long before bush even made this speech in 2002. You people are ignorant.
@YNOT100026 Whats wrong with putting these crooks in jail? They did this knowingly and on purpose. Fruad ? I think so. Their ids not one rep or senator that is not guilty of many frauds .
@suddencall Obama's mother Stanley Ann Dunham was a microcredit (subprime) program director at the Ford Foundation and World Bank, who singlehandedly wrecked Indonesia's banking system. The Indonesian Bank Restructuring Agency (IBRA) is part of a series of strategic policies taken by the Indonesian government in response to the banking and economic crisis and a total loss of public confidence in the Rupiah and the banking system in general (thank you Stanley Ann Dunham).
BUSH YOU FUCKING LIER ! ...WHAT HE MENT TO SAY IS HE LOVES CRUSHING THE AMERICA DREAM FOR HIS PROFIT .....HE SETS US UP AND THE BANKS KNOCK US DOWN AND ALL THE WHILE THEY GET RICHER ....FUCK THEIR SCAMS AND FUCK THEM !...DON'T FALL FOR CHEAP OR FREE ANYTHING FROM THE GOVERNMENT THERE IS ALWAYS STRINGS ....AND WHEN THERE PULLED YOU LOSE EVERYTHING !....and the crazy train rolls on !.............peace yall
@seahorsecowboys NYTimes Clinton Signs Legislation Overhauling Banking Laws repealing Glass-Steagall Act..at same time Andrew Cuomo HUD Sec under Clinton started suing lending institutions..to lend to unqualified borrowers (in '98 borrowers were given 5 year interest only loans, balloon after 5 yrs and prime interest +1 loans--mortgages started failing in 2003--in 1998 Bush was Gov of Texas. Go 2 youtube type in EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION"
Clinton started all of this forcing banks to make the loans or lose their liscense. What is wrong with qualifying buyers by making them save up for a down payment. Why tinker with the natural economy and artificially tinker with it? What is wrong with renting and aspiring to purchase without other people working harder so you can have it easier? Bush is a republican talking like a democrat here. What makes him tick? Be brave and say NO.
Its funny, everytime you search this video now, a promoted video on the dollar and inflation shows up at the top over president bush and home ownership. Basically to deflect people from seeing this video. Another case of fascism and the right wing media trying to keep the truth from the american people. Is there any suggestions on what we can do so youtube can take this video down?
Statistics show that the vast majority of those defaulting on mortgages were not the poor, but middle and upper middle class families who used HELs, Re-fi's, Seconds, etc. to support lifestyles they could otherwise not afford. They bought into the lie that their homes would continue to appreciate 5-20% per year and they could pay off all of their debts by merely selling their home eventually. Plus, any discussion of the crisis that doesn't include derivatives and MBS's is incomplete
"WE dont want fine print preventing folks from owning their own home. We can change the fine print." said George Bush as he laid out his plan to get folks in "those' neighborhoods to buy homes they could not afford.
$440 billion dollars for Freddie and Fannie to encourage minority homeownership, lending to those with poor credit. As per Bush's American Dream.
@bleupeony2 You do know that housing was not the point of this Bush proposal, the main object of this and all the other economic moves were designed to deliberately break the treasury so the congress would agree to cut SS, Medicare, Medicaid, and Veterans benefits . and they have not changed their policy, they see it working and they never believed voters would help their cause by voting in a republican house. This is a full scale rebellion and democrats don't even realize they are at war.
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If you look in the description under the video it appears that somebody has convinced hisself that what Bush is promoting is anti-government, pro business, and pro-deregulation.
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@PicturePusher you are correct that the republicans screwed up. You are wrong that it is because of anti-government and deregulation. I don't know what you call Freddy and Fanny, but I call them big government scams that creates perverse incentives that blew up in our face. That isn't a failure of the market. That is a failure of government intervention.
Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," said HUD's Acting Secretary Alphonso Jackson. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this historic initiative will help meet this goal." Alphonso Roy Jackson the Secretary of Housing and Urban Development (HUD). He was nominated by President George W. Bush on January 28, 2004
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This is a diversion from those who are actually doing this to us now. Let Obama play the blame game. I will say that we need to look at the current leadership that perpetuates all of these frauds fostered by the puppet masters, and sent through these puppets we call presidents. Blaming past administrations is the blame game, Obama is good at it and many fall for it. In the present, Soros has his own revolving door at the white house, and we keep looking back instead of at the present.
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I will say that we need to look at the current leadership that perpetuates all of these frauds fostered by the puppet masters, and sent through these puppets we call presidents. Blaming past administrations is a diversion from those who are actually doing this to us now. Let Obama play the blame game, he is good at it and many fall for it. In the present, Soros has his own revolving door at the white house, and we keep looking back instead of at the present.
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As much as I hate to burst the delusion bubbles of morons, you lying Leftist lunatics need to google:
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs
And then look up:
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
Now, I know facts are inconvenient things to you Left-Tards, but reality really is much better, than your continuing to believe your own mindless delusions.
"Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," said HUD's Acting Secretary Alphonso Jackson. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this historic initiative will help meet this goal." Alphonso Roy Jackson the Secretary of Housing and Urban Development (HUD). He was nominated by President George W. Bush on January 28, 2004
Bush's/Republican party caused this subprime crisis through the "America's Homeownership Challenge -- Mobilizing the Private Sector". Go to George Bush's White House archives and research "America's Homeownership Challenge" to see how they tried to stimulate the economy through risky housing policies. See the Republican Gramm-Leach-Bliley Act of 1999 where they deregulated the banks. Hear in this video how he pushed Fannie and Freddie to increase low income/minority loans etc.
Acorn targeted because they exposed –‘fraudulent predatory lender in 2002 …’- [Household International and its subsidiaries, Household Finance Corporation and Beneficial Corporation]
-
Whole -'attack campaign'- is another -'defend the to big to fail corporations'- nonsense as they continue to rob the whole country !
Household International ... one of the largest subprime lenders in the country, and ACORN announced on November 25, 2003 a proposed settlement of a 2002 -'national class-action lawsuit'- brought by ACORN. The settlement created a $72 million ....
Household International ... The settlement came on the heels of an earlier $484 million settlement between Household, Attorneys General, and bank regulators -'from all 50 US states'-. Washington State Office of the Attorney General. 2003-12-05.
As G.W. Bush convinced his rubber-stamp Congress to use taxpayer money to –‘give’- down-payment and closing costs to buyers. Bush, even encouraged loans “.. if you have bad credit” … “Everybody should be able to buy a good house …” –
“American Dream Down payment Assistance Act" – [-700 B$] [2003-2008]
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I don't know why people still mention Reaganomics, or supply side. Bush was liberal conservative, and a Keynesian. He expanded Medicare 455 billion, increased spending on education, and wanted to give everybody a home. Truth is, both democrats, and republicans were no opposites in the housing market fiasco. Clinton cut taxes on home sales, so people were encouraged to sell homes on tax code. Government, Fed wanted to stimulate the economy after 9/11, NASDAQ bubble bursting, made another bubble.
Pleaser theses 9 questions. 1. How much tax payers money was it? 2. What was the date? 3. Who was Alphonso Jackson? 4 Who was Mel Martinez 5. Who was this Bush's government program for? 6. How many new minority homes did Bush won't sold? 7. What were leaders of Freddy Mae and Fanny Mac, who were in the room during this speech asked to do? 8.What about consumers with poor credit, who was asked to buy these loans from the banks 9.Is this Barney Frank and Chris Dodd in a George Bush suit?
I guess the American Dream included bringing down America's economy, which had a domino effect on the rest of the world. Way to go Bush! You're the man. NOT!
"On December 16, 2003, President George W. Bush signed into law the American Dream Downpayment Assistance Act,[1] which was aimed at helping approximately "40,000 families a year"[2] with their down payment and closing costs, and further strengthen America’s housing market."
@bluezr1 NYTimes Clinton Signs Legislation Overhauling Banking Laws repealing Glass-Steagall Act..at same time Andrew Cuomo HUD Sec under Clinton started suing lending institutions..to lend to unqualified borrowers (in '98 borrowers were given 5 year interest only loans, balloon after 5 yrs and prime interest +1 loans--mortgages started failing in 2003--in 1998 Bush was Gov of Texas. Go 2 youtube type in EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION"
This comment has received too many negative votesshow
Conservatives voted for deregulation and smaller government for 30 years.. they won.. they got deregulation... now they want to say seee!!! see what big government does!... no your big deregulation government did this... "we need to remove the fine print" the fine print is government regulation.
Wall St. knowingly [fraudulently] packaged –‘Shitty Deals’– paid the rating companies [S & P, Moody’s, etc] to falsely represent them as Triple A securities = to Govt. bonds.
Wall St. firms –‘insured’- their shitty deals subsequently bankrupting AIG.
“Bringing Down Wall Street as Ratings Let Loose Sub-prime Scourge” & “Goldman’s Half Billion Settlement: Why?”
-
Financial institutions were involved in deceptive and complex predatory practices, for short-term profits according the the FBI.
shocker... de regulation is a disaster for the american people but winfall for global corporations
hitchains 6 days ago
*tasks
KyleSkullz 1 week ago
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LOL! But for some odd reason Fox News doesn't blame any part of the real estate depression that caused this economic mess on President Bush. They place the entire blame on none other than Jimmy Carter LOL! He deserves some of the blame too but wow I'm shocked Bush was not blamed for the housing crises at all.
holla221 2 weeks ago
@holla221 I have no idea why your comment was flagged, i think one of the main purposes of this video is to show exactly what you stated, that a fox news watcher or a person who listens to Rush limbaugh has been outright lied to and given nothing but half truths to conceal the real truth. I was amazed when i first saw this video, it exposed the right wing media and how it distorts the truth big time.
lmdslam 1 week ago
Bush is talking about a lot of shit here, but deregulation ain't one of them. He's talking about regulating interest rates through guaranteed loans. That's regulation of the worst sort, and it's what caused the bubble!
KyleSkullz 2 weeks ago
@KyleSkullz "We dont want fine print preventing folks from owning their own home. We can change the fine print." George Bush 2002
"I dont think this was a crisis of the lack of regulation." George Bush interview with Matt Lauer, November 8, 2010.
Bush deregulated the underwriting process and the mortgage application process, thus making it easier to lie about incomes and job status on the applications. No doc loans and liar loans exploded.
lmdslam 2 weeks ago
@lmdslam
Bush got rid of regulations he didn't like, and enforced regulations he did like. Like all politicians, he was a hypocrite.
The crux of the issue is, Due to all the guaranteed loans, interest rates in for homes were set at artificially low levels, causing moral hazard. The result was a boom, but it wasn't real growth. It was completely artificial, and it was inevitably going to pop. No amount of regulation could preven it.
We gotta regulate the Government!
KyleSkullz 2 weeks ago
@KyleSkullz The interest rates were set low by Alan Greenspan who is independent of the government at the federal reserve. The reason he lowered the rates was to stimulate the economy after 9-11, then bush told us to buy houses because we couldnt let the terrorists win, and we did what we were told and he got 5% unemployment and got reelected, while fann and fredd, dodd and barney frank got all the blame instead of bush and wall st. Genius, perfect cover.
lmdslam 2 weeks ago
@lmdslam
The point is, it was the artificially low interest rates that created the bubble. It gave us the perception of growth, but it was not real and was inevitably going to pop. "Economic Stimulus" is a total scam.
I agree with you that Wall street and Bush were complicits, but so were Fann and Fredd, barney frank and Dodd. The whole dam government is bought and paid for. The disagreements between Dems and Reps are a sharade to keep people distracted from the legal plunder!
KyleSkullz 2 weeks ago
@lmdslam
" Alan Greenspan who is independent of the government at the federal reserve"
I think it's a strech to say the FED is independent of the government. It was created by an act of government, and it's board members are appointed by the government, including Greenspan.
It's a creature of government, not the market.
KyleSkullz 2 weeks ago
@KyleS Thats the beauty of Paul Volker, he wasnt appointed by reagan and he made reagan look so good by lowering interest rates from a high of 17% down to 5% which created a economic boom. Reagan and repubs. took credit for the economic boom, they said it was the tax cuts and supply side economics, sorry it was the FED beating off inflation due to two oil embargoes and Milton freidman taking the dollar off of gold in 1971 under Nixon. Also barrel of oil went down from $34 to $5 under Volker.
lmdslam 2 weeks ago
@lmdslam
That's a great point, sir.
I personally regard the taks of the Federal Reserve to be an impossible one. I don't believe it's reasonable to think that a small group of people know what the supply of money ought to be.
KyleSkullz 1 week ago
2002 homes took off but i did not see this video
sha370z 1 month ago in playlist Liked videos
.58 notice he couldnt say "tax payers money" he said tak payer money very quickly
hitchains 1 month ago
he blatantly states that he is removing regulations that say you have to have good credit to get a home loan.... THIS IS DE REGULATION. just because a politician does it doesnt mean its regulations. THIS POLICY IS WHAT YOU DE REGULATORS VOTED FOR. "WE ARE REMOVING THE GOVERNMENT RED TAPE" THAT MEANS DE REGULATION.
hitchains 1 month ago
@hitchains GEORGE W. BUSH & TONY BLAIR FOUND GUILTY OF CRIMES AGAINST HUMANITY & WAR CRIMES....they can be arrested at any time--this is NOT a mock trial--Malaysia, it's leaders and respected representatives have held a Nuremburg trial referencing the same rules of law that convicted the Nazi's--and Bush & Blair were found GUILTY....
This is ONLY THE BEGINNING...google "white house Bush Reagan Prostitution" OR "Bohemian Grove" and see what you get--yeah, a couple FREAKS
MoonShineProds 1 month ago
@MoonShineProds Malaysia? Are you kidding me? Respectable representatives? LOL
AnAmericanSon 1 month ago
@AnAmericanSon If you choose not to listen or investigate, that's entirely up to you. Your choice--free country. By others choose to listen and learn. Try watching:
--> "Loose Change 9/11 An American Coup (2009) Part 1"....lots and lots of PROOF that 911 was an INSIDE JOB. The ONLY people saying there isn't PROOF--
ARE THE FUCKING GUILTY PARTIES AND THEIR CONSPIRATORS!!!
MoonShineProds 1 month ago
@MoonShineProds When Bush was in office, I had a dream that he was standing handcuffed, intently looked back at the camera and and was quitely led away.
jfsfrnd 1 month ago
If you go to website American Dream Down Payment Assistance, you'll go to a Gov. site that will GIVE CASH AWAY for a down payment for a house IF you WORK for the government. Yeah, preferential treatment. It does say it's also for "low income" but you know that's crap. Just try getting a grant without being BigGOV.
We really are a nation of idiots for putting up with our "leaders" livin' LARGE off our cash--while we squander, slave, & scrape!!
Semantics + BigGov = DESCRIMINATION
MoonShineProds 2 months ago
@MoonShineProds There is other downpayment assistance monies from that fund. Contact the local HUD approved housing agency in your area. If you are not low income you should be able to not squander your money on things you don't need and save for a decent sized down payment.
jfsfrnd 1 month ago
@jfsfrnd seriously you CONDESCENDING CUNT--the absolute LAST THING i'd do right now is put my money into government property that won't be worth SHIT when all the banks call in ALL THE FUCKING LOANS...or didn't you know? The banksters can DEMAND FULL PAYMENT on all mortgages, car/student loans, credit cards, EVERYTHING during times of WAR...if BigGOV says it needs money, it can steal it from the banks who then have to get it from YOU. Nope--no more Gov. for me.
YOU MISSED THE POINT
MoonShineProds 1 month ago
@MoonShineProds wow, how you can get big government from this video is whats wrong with righty voters... Bush is talking about getting rid of government regulation... he says "remove government red tape" this is DE REGULATION thats the problem... a republican removing regulations that said you had to have good credit to get a loan.... THIS POLICY IS DEREGULATION.
hitchains 1 month ago
On the HUD website you can find one press release after another beginning in 2000 that shows what a HUGE part Bush policy played in this. The boom began after 9/11 while he pushed it.
TheAUBBZZ 2 months ago
I had an argument with a neo-con who said that Bush never had a hand in housing boom/bust. Going to show him this video next time I see him.
slamhead 2 months ago
Why am I unable to share this video???
gimiesome 2 months ago
Regulation cause the whole debacle. Investors, be they home owners, bond buyers, idiot politicians "investing" in the future or freddie and fanny all thought they could outperform the market. It's akin the the fool that gambles at the casino thinking he can beat statistics. It's sad that decade after decade we keep thinking government knows best and decade after decade government keep's F-ing up.
Lastlibertarian 2 months ago
@Lastlibertarian sorry bro, when republicans run govt. they sabotage and want it to fail to prove that their philosophy on govt. is right. Greenspan, the libertarian, believed banks could police themselves thus no regulation from 1986-2006. Big government and unions exist because of big business.
lmdslam 2 months ago
@Lastlibertarian That's funny snice more than 80 percent of the failures were held by the private industry.
whatnowgop 2 months ago
TYPE THIS IN A YOUTUBE SEARCH: bush warned of housing crisis
ThatsCorrectYes 2 months ago
@ A great deal of mortgages are securitized by govt. related entities like fann and Fredd, but mortgages which do not meet the underwriting standards of these entities (non-conforming and subprime) have to go through private-label securitizations, in which the issuer of the security is a private entity(the investment banks on wall st). They securitized: for FICO scores more than 620 but less than prime- and loans larger than $400,000. fann and fred were not the only one securitizing mortgages
lmdslam 2 months ago
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@T Its called slight of hand, telling you that "we need to fix the gse's" to cover their ass, but with the other hand, :
1. bush mandates fann and fred to increase ownerhship by 440 billion in 2002.
2. bush signs American dream downpayment act in 2003, basically putting people into homes and subsidizing the down payment.
3. Bush 's treasury department preempts states law's on predatory mortgage lending in 2004.
4. 2004 SEC Net Capital Rule Deregulation
why was this kept from you?
lmdslam 2 months ago
@ThatsCorrectYes
You have it from the horse's ass in this video and your link sends us to right wing Freak Republic.
whatnowgop 2 months ago
@whatnowgop it's a factual news report dipshit look it up in other forums if you like. The point is you can't blame Bush or republicans entirely. This argument is over anyway, I won. Next issue....
ThatsCorrectYes 2 months ago
@ThatsCorrectYes great argument dope... you sound just like oreily. "i win, shut up with all those facts"
hitchains 1 month ago
@whatnowgop
Funny, I didn't see any legitimate sites. The only thing you won was the right to enter my trash can.
whatnowgop 2 months ago
The problem wasn't that Bush took some initiative to allow more people to own their own homes. The problem occured when people got greedy. PEOPLE should also take some responsibility in the housing crisis. The big banks on wallstreet got high on this greed and blew it up with mortgaged backed securities. Anyone here who bought a home they couldn't afford if they lost a job should shot themselves in the head. Same with the bankers who bundled MBS's - YOU ARE the ones who caused the crisis.
ThatsCorrectYes 2 months ago
@ThatsCorrectYes You gotta be kidding me. Anyone here who bought a home they couldn't afford if they lost a job should shoot themselves in the head? Just about everyone in the U.S. that has a home mortgage would be in deep shit if they lost their job. So according to your standards, no one should buy a home. Usually people just find another job, But we can't do that now because we were sold out. And these Adjustable mortgages that low-income people were suckered into saw their payments triple.
HemiHead66 2 months ago
@HemiHead66 Let me clarify, anyone who bought a home based on WANTmade a serious mistake. Doesn't matter if you're a single person or married couple buying a home, you buy based on what you can afford in "any" situation. Well, if you want to keep it that is, when you might lose income. If you bought during the boom, int. rate should be 6.25 at worst, prior to housing boom, should've refied during boom for low int rate. Smart buying keep your home, we are still in our home with now only 1 income.
ThatsCorrectYes 2 months ago
@HemiHead66 And suckerd into a mortgage my ass, you have to be a total moron to not have known what kind of mortgage you were getting. And if that happened, well you learned a lesson but there is no excuse for it happening on your behalf. HAve you ever beent hru a mortgage settlement? It's a pretty in-depth and thorough process in which you have to agree and sign a contract. That "low-income people were tricked" is just left-wing rhetoric.
ThatsCorrectYes 2 months ago
@ThatsCorrectYes You have no idea what you're talking about. If I were you I'd go do some research on predatory lenders. Bush fought all 50 states to make sure the scumbag brokers could do as they pleased. They were forging paperwork to push loans. Putting people into Adjustable Rate Mortgages without explaining what would happen to payments as interest rates rose. Some were told they could easily refinance as rates rose. The FBI reported this shit early on. Go look it up before talking shit.
HemiHead66 2 months ago
@HemiHead66 I have a degree in business, a house purchased during the boom USING an int only mortgage for the first 2 yrs (title alone tells you it's int only), went thru layoff from high paying job, shuffled finances, ran a small business, and now live thur this shit everyday and you think I don't know what I'm talking about? LOL, just keep reading the news you want to hear, drink the cool aid, and ignore personal accountability, free markets, and critical thinking, and enjoy yourself.
ThatsCorrectYes 2 months ago
@ThatsCorrectYes You friggin wing-nuts will go to any length to come off smelling like a rose. I send you info on the attorneys general of all 50 states, and all 50 state banking superintendents fighting the Bush gang and the OCC, and you say it's bullshit. I say go look up the FBI reports on this shit, you say it's all bullshit.. You know what, you're full of fucking shit. And I'm sooooo tired of dealing with you Pubtarts that I'm sick to my stomach. So get lost - please!
HemiHead66 2 months ago
@HemiHead66 LoL, I spoke the truth, no bullshit. I'm also not a Republican, just believe in personal responsibility. Do you even own a home, or just a hemi engine vehicle? It's pretty hard to go thru the process and not know what ur getting. You can site news articles all day long but you're just running away from my point. Are people responsible for making their own bad deals or is it always someone else fault? That was the thesis of my original post you silly ass...good luck w/the belly ache
ThatsCorrectYes 2 months ago
@ThatsCorrectYes Yeah, I own a home. And the 1+ acre it sits on next to Kings Mountain State Park and campground in South Carolina. And how to you take responsibility when you've got scumbags doing everything in the book to take advantage of people? Just because you know what to look for doesn't mean everyone else does. The biggest joke of all is you saying this shit never happened. And you won't even look into how widespread this shit was / is. I know, you're smart, so you don't need to look.
HemiHead66 2 months ago
@ThatsCorrectYe when my mother refinanced in 2004, why was the sales rep of countrywide trying to force an ARM loan down her neck when she asked for a 30 year fixed. Here is the kicker, she had a 790 credit score! But i know why, and this is what i told her. They want to make money off the closing on your knew ARM loan because it pays more than a conventional. And they want you to come back to refinance after 3 years to get more equity out of your home at closing. Right?
lmdslam 2 months ago
@lmdslam Sounds right, if the commission was more on an ARM than it makes sense. Good for you to recognize a sales pitch, however, I don't think making a sales pitch is illegal. Maybe you do? If the broker rights a loan you didn't want you have a 3 day right to rescind. That's 72 hours to read and comprehend a contract. Also, an adjustable rate mortgage would be pretty good right about now with interest rates so low. An ARM from 2004 - 2007 might have been a good option for someone else.
ThatsCorrectYes 2 months ago
@ThatsCorrect Goldman Sachs was accused of misleading investors about who was picking the investments in a mortgage-related derivative. It told investors that the bonds would be chosen by an independent manager, when in fact many of them were chosen by John A. Paulson, a hedge fund manager who chose assets that he believed were most likely to lose value, Goldman settled the case by paying $550 million. Paulson made 4 billion in 2007, a year before the house market crash, doing this scam.
lmdslam 2 months ago
@lmdslam OK. Well there will always be who are ruthless in their self interested pursuit of wealth at the expense of others. Should be change to socialism where government controls the money and decides who get's it?
ThatsCorrectYes 2 months ago
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@ThatsCorrectYe Citigroup has agreed to pay $285 million to settle a civil fraud complaint that it misled investors in a $1 billion derivatives deal tied to the U S housing market, then bet against the investors as the housing market began to crash.
First Alliance Mortgage company was sued and settled for $50 million for deceiving customers on loan applications. Ameriquest mortgage sued by 240,000 borrowers for being deceived on their loans, settled for $325 million dollars.
lmdslam 2 months ago
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@Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lender originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 it rose to $188 billion
Bush sign's the American dream downpayment act $310 billion in 2003.
Jan. 04 the OCC trumps states rights and lets predatory mortgage lending explode. New SEC rule
$730 billion in 2004.
$1 trillion in 2005.
lmdslam 2 months ago
The caption for this vid is way too optimistic. Got a little bit sad reading it.
pbeanis 2 months ago
The GSE's, meaning Fannie and Freddie] did generate large losses, but their investments in housing loans followed rather than led the crisis; most of those investments involved purchases/guarantees made after the subprime & housing bubbles had been expanded by private loans & were about to burst. Even then, the GSEs’ overall purchases and guarantees were much less risky than Wall Street’s: their default rates were one fourth to one fifth those of Wall Street and other private financial firms.
MaudsPas 2 months ago
This guy has criminal / lying piece of shit / murderer all over his face. And the way they tried to blame the Community Reinvestment Act / Democrats for causing this whole mess was classic. The GOP are master bullshit artists.
HemiHead66 2 months ago
so they borrow 97-100% of the retail value. That isn't an investment that is a bad bet that the housing bubble will never burst. Tax credit went to the banks not the homeowner. Doing away with the fine print did away with, or deregulated underwriters. duh
camipray4peace 3 months ago
lol at the retards cheering
Loyadd 3 months ago
Yes Bush did make this act but he also tried to have fannie and Freddie regulated but the dems would not allow it.
Bcroft39 3 months ago
@Bcroft39 The dems would not allow it? How does the minotity in both houses stop the majority in both houses and the president.
nbmblownZ 3 months ago
@nbmblownZ Well I say dems because NO democrats supported him on it. There were a few Republicans that didn't support him on it as well. If you don't believe me, just do the research for yourself. The NY Times newspaper wrote an article on it on 9/11/03. Just Google that newspaper on that date and read it for yourself.
Bcroft39 3 months ago
@Bcroft39 They passed tax cuts for billionaires through reconciliation. But in this case let the minority stop them? Haha Also, fannie mae and freddy mac were not the only banks involved. Why only regulate them? If they would have posed more regulation on them would it have stopped Goldman Sachs from being the leading distributer for mortgage backed securities to the point it became our biggest export in 2007? I think not.
nbmblownZ 3 months ago
@from 9/11/03 article "proposal,which was endorsed by fann and fred, would not repeal the government subsidies. And it does not alter guarantee that washington will bail the companies out if they run into financial difficulty. Nor would it remove the companies exemptions from taxes and antifraud provistions of fed securities laws." Does that sound like regulation to you? Then in 2004 bush's OCC in the treasury department crap all over states rights and let predatory lending go wild.
lmdslam 3 months ago
@Bcroft39 Also, no bill even went into voting to regulate fannie mae and freddie mac until 2007 and it was passed.
nbmblownZ 3 months ago
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@Bcroft 3 thrings that caused the mess
1. bush's home ownership society in 2002
2. bush signs American dream downpayment act in 2003, basically putting people into homes and subsidizing the down payment.
3. Bush 's treasury department preempts states law's on predatory mortgage lending in 2004.
Why did he do it? Stimilate economy after 9-11, sabotage fannie and freddie
He forced fann and fred to buy shitty
lmdslam 3 months ago
Adjustable Rate Mortgage= The American Nightmare.
agentk1986 3 months ago
Home Ownership and President Bush
May 17, 2002
Legalized Extortion, plain and simple....
Rixar13 3 months ago
"I think the Republican Party and their cronies on Wall Street could certainly use some "faith-based programs" right now... but the truth is that the 30-year experiment with Reaganesque pro-business, anti-government, pro-deregulation economics is coming thankfully to a very abrupt end."
What an ignorant statement. The government GUARANTEED these loans because banks WOULDN"T TAKE THEM. Your argument is FLAWED just by his speech alone.
ddstar 3 months ago
@d 3 thrings that caused the mess
1. bush's home ownership society in 2002
2. bush signs American dream downpayment act in 2003, basically putting people into homes and subsidizing the down payment.
3. Bush 's treasury department preempts states law's on predatory mortgage lending in 2004.
Why did he do it? Stimilate economy after 9-11, sabotage fannie and freddie
He forced fann and fred to buy shitty loans, ARM's,liar loans, and (no documentation loans didnt exist under clinton)
lmdslam 3 months ago 8
@lmdslam Are you serious?
So Clinton had NOTHING to do with Fannie/Freddie? How about Franklin Raines?
v=ivmL-lXNy64
dkr624 3 months ago
@dkr624 Clinton did his program before the: Gramm leach biley act in 1999, the commodities modernization act of 2000, before bush's deregulation of mortgage and underwriting process in 2002, before the American Dream downpayment act in 2003, and the bush's treasury department along with his OCC preempting state laws on predatory lending in 2004 and the 2004 SEC Net Capital Rule deregulation.
lmdslam 3 months ago
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@dk Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lenders originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 (go to youtube, search HOMEOWNERSHIP AND PRESIDENT BUSH)
it rose to $188 billion in 2002.
Bush sign's the American dream downpayment act.
$310 billion in 2003.
Jan. 04 the OCC trumps states rights and lets predatory mortgage lending explode. New SEC rule
$730 billion in 2004.
$1 trillion in 2005.
lmdslam 3 months ago
@lmdslam don't forget Paulson, CEO at goldman sachs, convinced the sec to allow the wall street gambling houses to leverage up 44/1
nicenonya3 2 weeks ago
ZOMG TAXPAYER MONEYZ TO HELP PEOPLE. IS DA SOCIALISM!
....lol, sorry
RavenMichaels 4 months ago
made my top five
sha370z 4 months ago
It so obvious looking back 9 years what their plan was.
It's the same as it was before the Great Depression.
Since when did and his lot care about "minority" folks?
capricious71 5 months ago 2
@capricious71 Come on fool, most minorities will always be broke 'cause that are dense! This idiot for president was the biggest liberal of all. Bigger government, helping hand wealfare...
Lastlibertarian 2 months ago
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@Lastlibertarian "Come on fool, most minorities will always be broke 'cause that are dense! This idiot for president was the biggest liberal of all. Bigger government, helping hand wealfare..."
There's no need to be insulting. As for calling people stupid, you might want to check your grammar and punctuation, not to mention your spelling.
capricious71 2 months ago
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capricious71 5 months ago
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capricious71 5 months ago
It's funny how all this shit was a HUGE scam.
dfg93353 5 months ago 12
Supply siders have never even come close to producing a balanced budget. A reminder they will cut revenues yet again if they achieve real power in '12. Do not cry when you have no health coverage in your later years if you vote for these people. You will simply have to deal with the results just like the rest of us. But you will remember you did this to create trickle down income for yourself and others. If recent history is any indicator there will be nothing there.
bent139 6 months ago
No conservative has EVER said that Bush was a conservative. He was NOT.
But the Democrats constantly accused anyone who warned that a crisis was coming of racism, hating the poor, etc. There were enough RINOs in Congress that any conservative was helpless.
The Republicans never, NEVER "controlled" Congress. With the filibuster available to Dems at all times, the Republicans could do very little to stop Dems' "generosity"--with taxpayers' dollars.
minowekay 6 months ago
@minowekay The most damage done was when the republicans took control of the congress in 1994 and kept it up to 2006. The republicans controlled the white house for 24 out of the last 36 years and the supreme court for 50 years. The federal reserve is always controlled by either a republican or libertarian. Supply side economics and republican power has created a 14 trillion dollar hole, two wars and a broken middle class.
lmdslam 6 months ago
@lmdslam With a Republican Congress and D-Clinton presidency, a balanced budget was nearly accomplished. When Bush was elected, the Dems came out full bore to destroy Bush & the Rs--& the economy, but the R-led congress held them back. The ignorant voters put the Ds in charge in '06 and the economy was in rubble in just 2 years. Bush, McCain & others foresaw the problem with enablers Freddie & Fannie and tried to pass legislation to rein in the two but were blocked by the Dems every time.
minowekay 6 months ago
@miy One big piece of history your leaving out. It was called the dot com bubble. It made the economy good for what two years then it sent us into a recession. But i also recall when bush was asking for the famous bush tax cuts, Alan Greenspan went along with it because he said " we are paying down the debt. to fast". McCain also said the economy was "fundementally sound" during the (bush home ownership society bust) in 2008. Remember "contract for america"? I think it was a huge failure.
lmdslam 6 months ago
@minowekay shut up stupid!
nicenonya3 6 months ago
@lmdslam Note that under BO and FULL Dem control, the economy has deteriorated further (though unions are doing very well). Unthinkable deficits and Great-Depression-like unemployment. BO & the Dems are uncooperative on the issue of raising the debt limit, knowing that whatever happens, they can blame the Rs for any further deterioration of the economy--which they know will continue to happen, whatever happens with the debt limit. Oh well, at least most of them have stopped blaming Bush.
minowekay 6 months ago
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@min Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lenders originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 (go to youtube, search HOMEOWNERSHIP AND PRESIDENT BUSH)
it rose to $188 billion in 2002. $310 billion in 2003.
$730 billion in 2004.
$1 trillion in 2005.
Wall st made trillions of dollars off of people who could not afford homes from the transactions and repackaging them into derivatives.
lmdslam 6 months ago
@minowekay So if the republicans sabotage the economy so it makes Bo not get elected, you think the dems will blame the republicans right, he extended the tax cuts bro. Supply side and the contract for america was proven wrong, but you guys just cant believe it can you. Supply side economics is fascism, buisness and govertment as one. The few have the money and bought our government with their tax cuts.
lmdslam 6 months ago 4
@minowekay
89newlife 6 months ago
@minowekay Nope. The last budget Bush put forward ended with a trillion dollar plus deficit. Unions doing well? Sure. Just like the rich in this country always do. Bankers, CEOs, etc. No difference...
RavenMichaels 4 months ago
@RavenMichaels One pretty big difference is that if the rich or the bankers or the CEOs beat up a black guy at a TEA party rally like the SEIU thug did, they'd be jailed and prosecuted. Or if they stormed the Port of Longview and rioted, damaging property, overturning grain cars, cutting brake lines and holding six guards hostage like union Longshoremen did, they'd be in trouble. And they'd get a bad rep if they promised to "take out those sons of bitches" like Jimmy Hoffa did. DIFFERENCE!
minowekay 4 months ago
@RavenMichaels Oh yeah, and Obama voted for every dollar of that trillion-dollar-plus deficit when he was a senator and his party, the Democrats, controlled Congress. Just getting warmed up for his presidency, I'd say.
minowekay 4 months ago
@minowekay ...that's fine. I didn't say he didn't nor did I say he didn't sign a budget that resulted in a trillion dollar deficit..
RavenMichaels 4 months ago
@RavenMichaels No, you didn't say O had no part in Bush's trillion-dollar deficit or that O's deficits haven't exceeded a trillion dollars. But you did IMPLY that Bush was friendly to The Rich, while Obama and the Dems are not. Wrong. Notice who made out like a bandit in the Solyndra "loan"--RICH guys. Notice Jeff Immelt, RICH GE CEO, now head of O's "Jobs Council," while GE is moving ever more jobs overseas. Contribute to O's campaign (or supply thugs), expect--& receive!! -- favors,
minowekay 4 months ago
@minowekay That wasn't my intention.
1) I don't turn a blind eye to some of the underhanded things Unions sometimes do. I just hate how the right focuses on their influence.They constantly bring them up them and the money they use to get politicians that will serve their interests, but ignore the Corporations doing the same for the right, and the fact that people or a group of power have always bought off politicians.
2) ...and yeah, bought sides work or get used by the rich. It's said...
RavenMichaels 4 months ago
@RavenMichaels The corporations buy both sides, depending on who's in power. The unions concentrate their efforts on the Dems, no matter who's in power.
With the PUBLIC unions, taxpayers pay the higher union salaries, union bosses collect more and more dues, then pass part of the dues on to Dem candidates. In effect, 100% of taxpayers are financing Dem contributions. And politicians, at least DEMS, don't dare refuse to comply with union demands lest they lose those contributions--& manpower!
minowekay 4 months ago
He was nothing more than an overstuffed vacuum cleaner salesman.
Freeway74 6 months ago 3
Its really telling who the "mainstream media" really is. Consider the propaganda video's on youtube blaming the democrats for what happened, like the shocking dems. video and the bank affirmative action video. Combined they have 3.8 million views. This video has 48,000. When i came across home ownership and president bush it had 18,000. But you can definitely tell who has the bigger mega horn and its sadly the right wing. Their spread of the half truth is frightening.
God bless
lmdslam 7 months ago 3
@lmdslam They do not even bother with half truths anymore... It's outright lies UNCHALLENGED by the corporate shill of a media...
Ellisd25 6 months ago
President Bush need to be impeach for war crimes.Lying to all USA about weapons of mass destruction.While our soldiers dyed based on a lie.
Your son or daughter may of been there fighting.Why you so Fucking cold about all the Pain he caused? Why he went to war without congress approval?
Gioxtream 7 months ago
This has been flagged as spam show
Clinton on a warning from HUD blocked –‘predatory loans’- in -'2000'-,
Bush reversed that !
GOGGLE ... “How HUD Mortgage Policy Fed The Crisis”
-
Bush Campaigned on his ”Ownership Society Program’ 2002
Bush rubber-stamp Congress funded it [-‘gave’- down-payments and closing costs - "taxpayer funded"]
– “American Dream Down payment Assistance Act [2003-2008];
Ignored multiple HUD warnings .... !
hackit12 7 months ago 3
This has been flagged as spam show
watch?v=Z5z9lD4C2Io
shows BILL CLINTON blaming congressional Dems & absolving Repubs,
shows Dems "in bed" with banksters,
AND shows Bush 2003 (9-11-03) asking congress to regulate banks (go8gle NY Times) in a 180* change from this speech,
then shows Dems blocking attempts to regulate banksters--as
FILIBUSTER & COMMITTEES allow MINORITY of congressmen to do, contrary to what some dumb Norteños like @bluezr1 think, due to ignorance of their own nation's (undemocratic) congressional procedures.
ThalamusMinimus 7 months ago
Comment removed
ThalamusMinimus 7 months ago
*Thomas Donilon/Ron Klain (bank LOBBYISTS for deregulation & loose lending), *Rahm Emanuel (on FMCC's board faulted by OFHEO regulators),
*and Austan Goolsbee (advocated same as above lobbyists in 3-17-07 NY Times op-ed)
ALL work in Obama White House, despite their policies causing 2008 collapse. No wonder GDP-growth of EU-16 has been nearly 2x USA's & the Euro also is kicking the USD's arse (hard to have strong currency AND gdp).
ThalamusMinimus 7 months ago
Comment removed
ThalamusMinimus 7 months ago
Home prices and sales started taking off in 1998, 5 years before this act was signed. Banks were already giving out loans to anyone with a pulse long before bush even made this speech in 2002. You people are ignorant.
wsmith1213 7 months ago
@wsmit Volume of subprime and nontraditional lending (ARM loans) from the top 25 nonprime lenders originated $105 billion in 2000.
Then after bush’s home ownership society in 2002 (go to youtube, search HOMEOWNERSHIP AND PRESIDENT BUSH)
it rose to $188 billion in 2002. $310 billion in 2003.
$730 billion in 2004.
$1 trillion in 2005.
Wall st made trillions of dollars off of people who could not afford homes from the transactions and repackaging them into derivatives.
lmdslam 7 months ago
the american dream brought to you by your broke government. thank you big brother.
YNOT100026 8 months ago
@YNOT100026 Whats wrong with putting these crooks in jail? They did this knowingly and on purpose. Fruad ? I think so. Their ids not one rep or senator that is not guilty of many frauds .
suddencall 8 months ago
@suddencall nothing is wrong with putting the crooks in jail.
YNOT100026 8 months ago 2
@suddencall Obama's mother Stanley Ann Dunham was a microcredit (subprime) program director at the Ford Foundation and World Bank, who singlehandedly wrecked Indonesia's banking system. The Indonesian Bank Restructuring Agency (IBRA) is part of a series of strategic policies taken by the Indonesian government in response to the banking and economic crisis and a total loss of public confidence in the Rupiah and the banking system in general (thank you Stanley Ann Dunham).
klg1956 7 months ago
BUSH YOU FUCKING LIER ! ...WHAT HE MENT TO SAY IS HE LOVES CRUSHING THE AMERICA DREAM FOR HIS PROFIT .....HE SETS US UP AND THE BANKS KNOCK US DOWN AND ALL THE WHILE THEY GET RICHER ....FUCK THEIR SCAMS AND FUCK THEM !...DON'T FALL FOR CHEAP OR FREE ANYTHING FROM THE GOVERNMENT THERE IS ALWAYS STRINGS ....AND WHEN THERE PULLED YOU LOSE EVERYTHING !....and the crazy train rolls on !.............peace yall
seahorsecowboys 8 months ago 2
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@seahorsecowboys NYTimes Clinton Signs Legislation Overhauling Banking Laws repealing Glass-Steagall Act..at same time Andrew Cuomo HUD Sec under Clinton started suing lending institutions..to lend to unqualified borrowers (in '98 borrowers were given 5 year interest only loans, balloon after 5 yrs and prime interest +1 loans--mortgages started failing in 2003--in 1998 Bush was Gov of Texas. Go 2 youtube type in EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION"
klg1956 7 months ago
This has been flagged as spam show
historical facts ...
-
Clinton on a warning from HUD blocked –‘predatory loans’- in -'2000'-,
Bush reversed that !
GOGGLE ... “How HUD Mortgage Policy Fed The Crisis”
-
Bush Campaigned on his ”Ownership Society Program’ 2002
Congress funded it [-‘gave’- down-payments and closing costs - taxpayer funded]
– “American Dream Down payment Assistance Act [2003-2008]; Ignored multiple HUD warnings .... !
21tikcah 8 months ago 4
"Its called the American dream, cuz you gotta be asleep to believe it!" - George Carlin
Ermal8711 9 months ago 2
@Ermal8711
Thank you! That made me laugh.
adam2aces 9 months ago
Lets be real... "anti-government" is only a name. It is not a real practice. In fact it is greater government with a mask of anti-government...
Ermal8711 9 months ago
Clinton started all of this forcing banks to make the loans or lose their liscense. What is wrong with qualifying buyers by making them save up for a down payment. Why tinker with the natural economy and artificially tinker with it? What is wrong with renting and aspiring to purchase without other people working harder so you can have it easier? Bush is a republican talking like a democrat here. What makes him tick? Be brave and say NO.
limppimento55 9 months ago
Thank you for making this available. It's amazing what a short memory his supporters have when they try to blame Clinton for the housing crash.
PeaceIsPatriotic 10 months ago 9
Its funny, everytime you search this video now, a promoted video on the dollar and inflation shows up at the top over president bush and home ownership. Basically to deflect people from seeing this video. Another case of fascism and the right wing media trying to keep the truth from the american people. Is there any suggestions on what we can do so youtube can take this video down?
lmdslam 10 months ago
Statistics show that the vast majority of those defaulting on mortgages were not the poor, but middle and upper middle class families who used HELs, Re-fi's, Seconds, etc. to support lifestyles they could otherwise not afford. They bought into the lie that their homes would continue to appreciate 5-20% per year and they could pay off all of their debts by merely selling their home eventually. Plus, any discussion of the crisis that doesn't include derivatives and MBS's is incomplete
BristolPalinsBabyDad 1 year ago 3
"WE dont want fine print preventing folks from owning their own home. We can change the fine print." said George Bush as he laid out his plan to get folks in "those' neighborhoods to buy homes they could not afford.
$440 billion dollars for Freddie and Fannie to encourage minority homeownership, lending to those with poor credit. As per Bush's American Dream.
bleupeony2 1 year ago 2
@bleupeony2 You do know that housing was not the point of this Bush proposal, the main object of this and all the other economic moves were designed to deliberately break the treasury so the congress would agree to cut SS, Medicare, Medicaid, and Veterans benefits . and they have not changed their policy, they see it working and they never believed voters would help their cause by voting in a republican house. This is a full scale rebellion and democrats don't even realize they are at war.
suddencall 8 months ago
IN 2004 Paulson got the SEC to allow the banksters to leverage up 40:1 and in some cases higher
nicenonya3 1 year ago 2
Watching this just confirms what a stooge for the global elite he was.
Since when did he and his cronies care about poor people not being able to afford a house?
"There are two ways to conquer and enslave a nation. One is by the sword, the other is by debt." - John Adams.
capricious71 1 year ago 21
This comment has received too many negative votes show
If you look in the description under the video it appears that somebody has convinced hisself that what Bush is promoting is anti-government, pro business, and pro-deregulation.
What a democrat.
MrShoeguy 1 year ago
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Key words here liberals are "qualified low income buyers"
Liberalism is a mental illness as proven by scientists.
SuperBrainMatter 1 year ago
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@PicturePusher you are correct that the republicans screwed up. You are wrong that it is because of anti-government and deregulation. I don't know what you call Freddy and Fanny, but I call them big government scams that creates perverse incentives that blew up in our face. That isn't a failure of the market. That is a failure of government intervention.
jimbo525SE 1 year ago
This comment has received too many negative votes show
How's that homey ownershipy workin' out for ya?
TresJolie7 1 year ago
This has been flagged as spam show
Bush 2004 Campaign ”Ownership Society Program’ 2002
Repub. Congress funded it [-‘gave’- down-payments and closing costs 700 B$ taxpayer funded]
– “American Dream Down payment Assistance Act 2003-2008]; Ignored multiple HUD warnings 2005 !
conchf 1 year ago 4
This has been flagged as spam show
Clinton on warning from HUD and blocked –‘predatory loans’- in -'2000'-,
Bush reverse it in 2004!
GOGGLE ... “How HUD Mortgage Policy Fed The Crisis”
-
Bush 2004 Campaign ”Ownership Society Program’ 2002
Repub. Congress funded it [-‘gave’- down-payments and closing costs 700 B$ taxpayer funded]
– “American Dream Down payment Assistance Act
conchf 1 year ago 3
This has been flagged as spam show
Clinton on warning from HUD and blocked –‘predatory loans’- in -'2000'-,
Bush reverse it in 2004!
GOGGLE ... “How HUD Mortgage Policy Fed The Crisis”
-
Bush 2004 Campaign ”Ownership Society Program’ 2002
Repub. Congress funded it [-‘gave’- down-payments and closing costs 700 B$ taxpayer funded]
– “American Dream Down payment Assistance Act
conchf 1 year ago 5
Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," said HUD's Acting Secretary Alphonso Jackson. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this historic initiative will help meet this goal." Alphonso Roy Jackson the Secretary of Housing and Urban Development (HUD). He was nominated by President George W. Bush on January 28, 2004
conchf 1 year ago 8
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This is a diversion from those who are actually doing this to us now. Let Obama play the blame game. I will say that we need to look at the current leadership that perpetuates all of these frauds fostered by the puppet masters, and sent through these puppets we call presidents. Blaming past administrations is the blame game, Obama is good at it and many fall for it. In the present, Soros has his own revolving door at the white house, and we keep looking back instead of at the present.
bertly71 1 year ago
This comment has received too many negative votes show
I will say that we need to look at the current leadership that perpetuates all of these frauds fostered by the puppet masters, and sent through these puppets we call presidents. Blaming past administrations is a diversion from those who are actually doing this to us now. Let Obama play the blame game, he is good at it and many fall for it. In the present, Soros has his own revolving door at the white house, and we keep looking back instead of at the present.
bertly71 1 year ago
This comment has received too many negative votes show
As much as I hate to burst the delusion bubbles of morons, you lying Leftist lunatics need to google:
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs
And then look up:
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
Now, I know facts are inconvenient things to you Left-Tards, but reality really is much better, than your continuing to believe your own mindless delusions.
justtex1975 1 year ago
This comment has received too many negative votes show
Key being "HELP" with a down payment (not PAY for the down payment)
Another key "QUALIFIED", IF they are QUALIFIED...
You can go back to blaming Bush, though.
TexanMike 1 year ago
"Offering FHA mortgages with no down payment will unlock the door to homeownership for hundreds of thousands of American families, particularly minorities," said HUD's Acting Secretary Alphonso Jackson. "President Bush has pledged to create 5.5 million new minority homeowners this decade, and this historic initiative will help meet this goal." Alphonso Roy Jackson the Secretary of Housing and Urban Development (HUD). He was nominated by President George W. Bush on January 28, 2004
lmdslam 1 year ago
WOW Waht is that old saw, don't look a gift horse in the mouth?
bleupeony2 1 year ago
Bush's/Republican party caused this subprime crisis through the "America's Homeownership Challenge -- Mobilizing the Private Sector". Go to George Bush's White House archives and research "America's Homeownership Challenge" to see how they tried to stimulate the economy through risky housing policies. See the Republican Gramm-Leach-Bliley Act of 1999 where they deregulated the banks. Hear in this video how he pushed Fannie and Freddie to increase low income/minority loans etc.
politics4149 1 year ago 4
Acorn targeted because they exposed –‘fraudulent predatory lender in 2002 …’- [Household International and its subsidiaries, Household Finance Corporation and Beneficial Corporation]
-
Whole -'attack campaign'- is another -'defend the to big to fail corporations'- nonsense as they continue to rob the whole country !
CONT
21tikcah 1 year ago 14
…
Household International ... one of the largest subprime lenders in the country, and ACORN announced on November 25, 2003 a proposed settlement of a 2002 -'national class-action lawsuit'- brought by ACORN. The settlement created a $72 million ....
Cont
21tikcah 1 year ago 4
…
Household International ... The settlement came on the heels of an earlier $484 million settlement between Household, Attorneys General, and bank regulators -'from all 50 US states'-. Washington State Office of the Attorney General. 2003-12-05.
CONT
21tikcah 1 year ago 3
…
As G.W. Bush convinced his rubber-stamp Congress to use taxpayer money to –‘give’- down-payment and closing costs to buyers. Bush, even encouraged loans “.. if you have bad credit” … “Everybody should be able to buy a good house …” –
“American Dream Down payment Assistance Act" – [-700 B$] [2003-2008]
Cont
21tikcah 1 year ago 4
…
Pandering for minority votes for 2004
further distraction from 9/11 negligence; not getting bin Laden … funneling money to Wall St [donors] – Banksters.
PROMOTED AS … "buy a house for what you are spending on rent !"
Cont
21tikcah 1 year ago 5
…
WRONG-WINGERS
Still pandering to [paid for by] –‘the family elite and corporatists’
- for mid-term election, irrelevant distractions and mis-direction.
-
Opposed re-regulating Wall St. to –‘prevent further thief, bailouts, etc’- ?
-
Opposed a –‘rational HealthCare’- !
21tikcah 1 year ago 5
This has been flagged as spam show
TruthDroveCove -'Get some historical facts ...'-
-
Clinton on warning from HUD and blocked –‘predatory loans’- in -'2000'-,
Bush reverse it in 2004!
GOGGLE ... “How HUD Mortgage Policy Fed The Crisis”
-
Bush 2004 Campaign ”Ownership Society Program’ 2002
Repub. Congress funded it [-‘gave’- down-payments and closing costs 700 B$ taxpayer funded]
– “American Dream Down payment Assistance Act 2003-2008]; Ignored multiple HUD warnings 2005 !
NOBS4321 1 year ago 18
This video clearly shows Bush, the unelected usurper installed by the Corporate Court, putting citizens' heads into the housing bubble noose
- just part of the plan...
Here's another step by Bush to implement the destruct America plan...
Find the hidden important article: google: washington post Spitzer predatory
READ IT AND WEEP.
patginsd 1 year ago 7
This comment has received too many negative votes show
I don't know why people still mention Reaganomics, or supply side. Bush was liberal conservative, and a Keynesian. He expanded Medicare 455 billion, increased spending on education, and wanted to give everybody a home. Truth is, both democrats, and republicans were no opposites in the housing market fiasco. Clinton cut taxes on home sales, so people were encouraged to sell homes on tax code. Government, Fed wanted to stimulate the economy after 9/11, NASDAQ bubble bursting, made another bubble.
SamuelMoralesJr 1 year ago
mrgetrealpeople 1 year ago
Okay, Republicans, explain this one away. Talk about driving the car into the ditch. LOL
StvMcQueen1 1 year ago
Only a corrupt banking system can ruin the American dream of owning their own home. Keep corrupt goverment OUT of banking.
gertrudesbiz 1 year ago
Do you suppose he remembers this speech? Does he ask himself "How's that working out?"
suzeegood 1 year ago
This comment has received too many negative votes show
Fannie Mae. Freddie Mac. Democrats. Get some historical facts.
TruthDroveCove 1 year ago
This has been flagged as spam show
TruthDroveCove -'Get some historical facts ...'-
-
Clinton on warning from HUD and blocked –‘predatory loans’- in -'2000'-,
Bush reverse it in 2004!
GOGGLE ... “How HUD Mortgage Policy Fed The Crisis”
-
Bush 2004 Campaign ”Ownership Society Program’ 2002
Repub. Congress funded it [-‘gave’- down-payments and closing costs 700 B$ taxpayer funded]
– “American Dream Down payment Assistance Act 2003-2008]; Ignored multiple HUD warnings 2005 !
hackit12 1 year ago 9
I guess the American Dream included bringing down America's economy, which had a domino effect on the rest of the world. Way to go Bush! You're the man. NOT!
ApostateJay 1 year ago 2
"On December 16, 2003, President George W. Bush signed into law the American Dream Downpayment Assistance Act,[1] which was aimed at helping approximately "40,000 families a year"[2] with their down payment and closing costs, and further strengthen America’s housing market."
Controlled the US congress in 2003
House: 229 Republicans, 204 Democrats, 1 Independent
Senate: 51 Republicans, 48 Democrats, 1 "Other Party"
bluezr1 1 year ago 30
@bluezr1 Finally some one gets it?
mrgetrealpeople 1 year ago
BLUEZR ....
-
Vote no to the American dream ...
...
Given the chance to vote down the American Dream Downpayment Act of 2003, is it any wonder politicians refused?
Now if it had been called -'the Unsustainable Housing Boom Act'- instead...
...
Economist [DOT] com/blogs/freeexchange/2010/06/regulation_1
-
papers.nber [DOT] org/papers/w16107
hackit12 8 months ago 5
This has been flagged as spam show
@bluezr1 NYTimes Clinton Signs Legislation Overhauling Banking Laws repealing Glass-Steagall Act..at same time Andrew Cuomo HUD Sec under Clinton started suing lending institutions..to lend to unqualified borrowers (in '98 borrowers were given 5 year interest only loans, balloon after 5 yrs and prime interest +1 loans--mortgages started failing in 2003--in 1998 Bush was Gov of Texas. Go 2 youtube type in EVIDENCE FOUND!!! Clinton administration's "BANK AFFIRMATIVE ACTION"
klg1956 7 months ago
This comment has received too many negative votes show
Conservatives voted for deregulation and smaller government for 30 years.. they won.. they got deregulation... now they want to say seee!!! see what big government does!... no your big deregulation government did this... "we need to remove the fine print" the fine print is government regulation.
discthrown 1 year ago
FNM FRE GNM, subprime, Alt-A – [destruction of 10 T$+ by Banks, Wall ST., etc]
-
75% of loans -'were fraudulent'- from the Banks and lenders ! 10’s of thousands of lenders have already been litigated ! "FBI+Subprime+fraud"
Told people they could buy homes for the same amount of money they were spending on rent !
-
Clinton on warning from HUD and blocked –‘predatory loans’- in 2000, Bush reverse it in 2004! “How HUD Mortgage Policy Fed The Crisis”
cont
hackit12 1 year ago 28
…
2002 Bush promoted home ownership – even for people with bad credit … “"Just as nice a home as anybody else …."
Bush 2004 Campaign ”Ownership Society Program’, Repub. Congress funded it [-‘gave’- down-payments and closing costs 700 B$ taxpayer funded] – “American Dream Down payment Assistance Act 2003-2008]; Ignored multiple HUD warnings.
“Fact Sheet: America's Ownership Society: Expanding Opportunities” & “New Agency Proposed to Oversee Freddie Mac and Fannie Mae”
Cont
hackit12 1 year ago 11
Wall St. knowingly [fraudulently] packaged –‘Shitty Deals’– paid the rating companies [S & P, Moody’s, etc] to falsely represent them as Triple A securities = to Govt. bonds.
Wall St. firms –‘insured’- their shitty deals subsequently bankrupting AIG.
“Bringing Down Wall Street as Ratings Let Loose Sub-prime Scourge” & “Goldman’s Half Billion Settlement: Why?”
-
Financial institutions were involved in deceptive and complex predatory practices, for short-term profits according the the FBI.
hackit12 1 year ago 8