The AP and The AP Blames Bush for Crisis; It’s the AP and the Times, come on....it must be True
From Whitehouse.gov
For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems. Read the rest
Some examples of the LSM blaming bush, I mean the AP blamed Bush almost a month ago sayanthingblog.com ;
In an analysis of the mortgage crisis, the Associated Press blames the collapse on a lack of regulatory crackdown from the Bush administration which was pressured
away from regulation by mortgage industry lobbyists in 2005. Because the Bush administration is obviously the only political entity with regulatory authority in this matter. It’s not like Congress has banking committees or anything.
It’s not like certain prominent Democrat members of Congress out-and-out
opposed crackdowns on subprime loans even as the Bush administration
attempted to increase regulation.
Then 2 days ago from TimesWatch.com
Fox News Panelists Excoriate "Mortgage Bonfire" Hit Piece on Bush
Fortune Magazine's Washington Bureau Chief Nina Easton: "I have to say I was
flabbergasted when I read this story, flabbergasted....You cannot write a story
about affordable housing policies and blame it on George Bush instead of the
Democrats. I mean, it's just, it's outrageous."CHARLES KRAUTHAMMER: The only surprise I had in reading this was why it took the Times so long to get around to blaming the entire collapse on George Bush. After all, they blamed everything else on Bush, I mean, from, you know, the droughts in Kansas to Hurricane Katrina. Look, the truth is that there are two realities here. One is that we set as a national goal 30 years ago expanding home ownership, especially for low-income and minorities, and it was accelerated in the Clinton administration, and the Bush administration, Bush, who defined his ideology as ‘compassionate,’ continued it. And the other truth is that in his administration he continued but he did try to regulate the out of control Fannie and Freddie, who were really at the root of this explosion.
We had Franklin Raines in 1999, the CEO at the time, boasting that they had lowered the down payment requirements and were now going to lower the interest rates paid by these lower income subprime people, which was obviously a huge risk, and it was ignored, and it led ultimately to the calamity that we’re in today.
Read the rest Here
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