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 Post subject: Bush engineered Mortgage Crisis
PostPosted: Sat Dec 20, 2008 11:40 pm 
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Oppressive Tyrant and Enemy of Truth
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Barney who?

Quote:
He pushed hard to expand homeownership, especially among minorities, an initiative that dovetailed with his ambition to expand the Republican tent — and with the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.

Mr. Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Mr. Bush chose to oversee them — an old prep school buddy — pronounced the companies sound even as they headed toward insolvency.


If only he had listened to Barney Frank, Chris Dodd, Franklin Raines, and Jamie Gorelick. They were sounding the alarms, but could do nothing but carry off bags of loot.

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