Again, it should be noted that FanFred, popular on both sides of the aisle, never originated a sub-prime loan. All FanFred loans are by defintion "agency paper" and were originated on a minimum 80/20 basis with fully documented borrowers. Disingenuous and (more often) uninformed Republicans have tried to take the heat off Bush and GOP Congress by blaming bipartisan FanFred for our predicament. It is simply not so.
CNBC - editorially conservative - put together a great special. I guarantee that all those reading this will fully enjoy it.
5 comments:
So exactly how does this land the housing meltdown in Bush's lap?
Bush derangement syndrome.
When we have a financial meltdown six years into an eight year presidency, the president gets the credit. It is not a coincidence.
When we have a financial meltdown six years into GOP control of Congress, the GOP gets the credit. It is not a coincidence.
It is our political leadership's job to identify current problems as well as those on the horizon and act. They failed to do so. The meltdown was not a coincidence.
The regulators within the Bush administration were asleep at the switch. No coincidence, nosiree.
GOP Congress failed in it's oversight of the administration. That's right - no coincidence.
The supply side fiscal policy of 2001-2008 severely damaged our capacity to respond to financial crises. Our credibility has suffered to a point unknown in our lives. The doubling of the national debt during eight years of growth is UNFORGIVABLE.
All that said, I wouldn't describe Bush as deranged. Geez - it didn't take you long to throw him under the bus, did it?
Sorry Mr. Baxter but the meltdown occurred after the liberals retook control of Congress. Let us not forget how they filibustered everything that was sane as well.
You say CNBC is conservative as to editorials? The last three letters in that moniker are NBC. We all now how "conservative" all of the NBC affiliates have been. Owned by GE which is run by that "noted" Conservative Jeffrey Immelt. Give me a break! The housing meltdown germanated when Mr. Jimmy, the ex-peanut farmer was in the White House. Of course he now is a hero to all you liberal elitists out there. Let's force financial institutions to give mortgages to those that cannot afford them! Great idea Barney! Why don't you go back to the Congressional bathroom and diddle another male page.
I'll respond later, Mark, but your thesis is ridiculous. I sincerely hope you don't actually believe it.
Watch CNBC's show before you qualify for disingenuous or uninformed...
Okay... follow up:
The table was set for our economic crises prior to the 11/06 election. In fact, the economy was the main reason the Dems took control. Iraq was #2.
The sub-prime + Option ARMS loans were no longer originated in '07 and '08. The vast majority of loans ending in foreclosure originated 2003-2006 (especially '04/'05).
You can't blame the Dems when they were in the wilderness. The Good Doc used to crow "all three branches" during that same period. With power comes responsibility...
Don't bitch about the absence of a filibuster proof majority. Such circumstances are rare - I think it has happened twice in our lifetime. When you have a monopoly on power, you still have to work to gather Senate opposition votes as Obama just did.
Apparently, you do not watch CNBC. It is decidedly conservative due to it's programming niche. Most hosts are outspoken Republicans and Libertarians. I watch all the time and I only know of two Democrats - Jim Cramer and Steve Liesman (definitely a Keynesian, probably a Dem). Larry Kudlow is very representative of the on air talent. His show is also one of my favorites.
MSNBC is left-of-center; the anti-Fox. This was a good business decision. NBC is mainstream even though it has been called liberal by the far right even when Welch ran it's parent, GE.
The mainstream media is owned by multinational corporations. Calling them liberal is merely sour grapes.
Blaming a 1970's president for a twenty-first century financial crisis is absurd. The GOP power monopoly was free to re-write or otherwise overturn any/all legislation from 20+ years prior. As I mentioned in an earlier post, presidents (including GWB) have used "homeownership for all rhetoric" since FDR. A lot of housing legislation has been passed over the years. We avoided catastrophe until your boy came to town.
Subprime mortgages did not originate with bipartisan Fannie/Freddie or the Democrats. It was the product of unregulated/under-regulated capital markets. They were able to package and sell the paper and so they did. Nobody stopped them and it went on for a long time.
Larry Craig is now in charge of all homosexual bathroom diddling.
God bless Barney Frank! He has the grudging respect of many Republicans. He knows his subject, he is candid and direct. There is no hidden agenda - it is all in the open.
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