Tuesday, March 3, 2009
posted by Spencerblog at
Sorry to burst your bubble, but the failures of the stock market can be traced directly to Bush's administration's handling of Federal monetary policy and the failure of the SEC to investigate documented abuses (like in the Bernie Madoff scandal). You can't lay that on Congress. It was Bush's hand-picked team.
...and Obama's team?
How convenient for the Obama apologists to forget that Nancy Pelosi and the Democrats have been in charge for the last two years.It's time to stop blaming Bush for the Democrat spendthrift mentality.Barney Frank and company demanded that unqualified borrowers be given mortgages. The only government oversight the Democrats permitted was forcing banks to make these bad loans.Now Obama, after specifically promising to end earmarks, is permitting $5.5 billion of pork to sail through. Not change, just more of the same clueless Beltway b.s.
Jake- Please provide source quote where Barney Frank "demanded that unqualified borrowers" be given loans. Quite the contrary, mortgage sellers gave loans to people they KNEW were not qualified, just to earn upfront commissions. When it came to the variable rates that could go up, they LIED to the borrowers promising them they could always refinance back at 4% and NEVER have to worry about paying high interest rates. These bad loans got bundled and resold under Bush administration asleep at the switch.Obama and Congress are going to help people with reasonable low interest loans (at a rate that people CAN pay back, so taxpayers will get this money back). They are also going to give judges the power to roll back some of these predatory loans to rates people can afford, to reduce the foreclosures.
Dingo,Happy to provide source material for Democrat Barney Frank and company's wrecking of our economy. In fact, Gil posted this article previously: Jeff Jacoby of the liberal Boston Globe wrote on 9/28/08 "Frank's fingerprints all over the financial fiasco".How is the "Bush administration asleep at the switch" when your Nancy has been in charge for two years? Aren't you forgetting the Democrat's favorite toy -- the Community Reinvestment Act?The Bush administration warned that the Democrats were risking the solvency of Fannie Mae and Freddie Mac, but Barney Frank and Nancy Pelosi stopped them from reining in these unqualified borrowers.I know the facts don't jibe with your Obama worship and your Bush hate, but the facts are indisputable.
OK, some of us knew about this when the boom came a month before the election. HOWEVER - seeing that the Obama-inator is now in office - how can it be resolved?
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