Bush administration ignored clear warnings

[Midway ®]

And thats what George W. Bush did.....nothing.

And no matter how many quotes you put up and no matter how many revisionist arguments you may make it still does not change the fact that he was "the (self anointed) decider" for the last eight years".  Thats all.

And your arguments are all things I have heard previously from that bloated, half witted buffoon on the radio. May I respectfully suggest that you not taint yourself by quoting his "thoughts"

[BridgeTroll]

Well... he did but...

"the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee,

As I have maintained all along... Both parties share enough blame to go along.  Seems like the Dems have someting to hide with all the finger pointing...

[RiversideGator]

Bush was president for last eight years.   Period. End of story.

Try as you may (and you are just parroting rush, sean and rove) to revise history, thats the fact, Jack.

We'll see how that revisionist history thing works out for bush.

You are aware that our system involves laws originating in the US Congress, arent you?

[RiversideGator]

Well... he did but...

"the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee,

As I have maintained all along... Both parties share enough blame to go along.  Seems like the Dems have someting to hide with all the finger pointing...

Indeed.  Given the hysterics and mental gymnastics lefty partisans like midway are going through to cover for their heroes, the Democrats must be at least 95% to blame for the current financial panic.   

[tufsu1]

Bush was president for last eight years.   Period. End of story.

Try as you may (and you are just parroting rush, sean and rove) to revise history, thats the fact, Jack.

We'll see how that revisionist history thing works out for bush.

You are aware that our system involves laws originating in the US Congress, arent you?

laws that are enacted (and sometimes written) by Congress...and signed and enforced by the PRESIDENT!

[RiversideGator]

So, if the proposed law to reform Fannie/Freddie never makes it to the President's desk, what is he to do?

[jaxnative]

WASHINGTON (Reuters) â€" Documents show that top executives at Fannie Mae and Freddie Mac were warned years ago that the firms were offering mortgages that could pose a long-term danger to the companies, borrowers and the industry, The Washington Post reported on Tuesday.

In documents obtained by the newspaper, Fannie and Freddie pushed into new, risky markets despite debates within the companies about whether the moves were prudent.

In early September, Fannie Mae and Freddie Mac, the two largest U.S. sources of mortgage finance, were seized by regulators as mounting losses and investor anxiety pushed the companies to the verge of collapse.

Former Freddie chief enterprise risk officer David Andrukonis said in a memo to former Freddie chief executive Richard Syron and other executives the firm was buying mortgages that appear "to target borrowers who would have trouble qualifying for a mortgage if their financial position were adequately disclosed."

Top officials at Fannie Mae also were told that the company needed to find ways to buy subprime mortgages because of competitive pressures, despite increasing risks and the failure of consumers to understand the terms of the loans.

The documents show top executives at both companies were told that the new subprime loans and mortgages made without verification of income, assets or employment, were dangerous both to the companies and to the borrowers they were charted by Congress to help.

Former executives from both companies are due to testify before the U.S. House of Representatives Committee on Oversight and Government Reform on Tuesday to discuss their downfall.

(Reporting by Christopher Doering; editing by Patricia Zengerle)

www.yahoo.news.com

[Charleston native]

And thats what George W. Bush did.....nothing.

And no matter how many quotes you put up and no matter how many revisionist arguments you may make it still does not change the fact that he was "the (self anointed) decider" for the last eight years".  Thats all.

And your arguments are all things I have heard previously from that bloated, half witted buffoon on the radio. May I respectfully suggest that you not taint yourself by quoting his "thoughts"

This whole post is BS. The proof is there that Bush and his administration addressed the problems with the sub-prime lending practices specifically with Fannie and Freddie several times during his tenure. These are not revisionist statements...these are facts.

If you are going ignore facts like those, then it is impossible to converse with you and others here on this subject. How about using facts before posting complete nonsense? The title of this thread itself is a lie.

[jaxnative]

Charleston, how dare you!!!

I'm just curious to see the expected style of response and see how long it stays posted.

[Charleston native]

  Me too.

[tufsu1]

So, if the proposed law to reform Fannie/Freddie never makes it to the President's desk, what is he to do?

blame Congress...and specifically the party that had the power to push through laws at the time

[jaxnative]

and specifically the party that had the power to push through laws at the time

Not if it can't even make it out of committee.  But you are partly right in there being those in Congress, regardless of party, who lacked the backbone to do the right thing and risk being labeled "non-caring", "anti-poor", "racist", or any other cliche from those who had a stake in this particular type of power building scheme.

[BridgeTroll]

blame Congress...and specifically the party that had the power to push through laws at the time

But to be fair... clearly the opposition party had no interest in reform either... bolstering the argument that there is plenty of blame to go around.

[tufsu1]

River has stated before that the economy during the first 6 years of the Bush administration was good....and that most of the problems now are related to the housing bubble....the article below seems to support my notion that the housing bubble was masking the real problems the economny had been having for years.

"New census data show that throughout the first half of the decade, the slumping economy touched nearly every U.S. community. Incomes dropped while poverty and unemployment rose in the vast majority of the nation's cities and towns."

http://seattletimes.nwsource.com/html/businesstechnology/2008484955_census09.html?syndication=rss

[Midway ®]

That is precisely why the bush administration promoted policies to enhance and continue the housing bubble. To continue to mask the underlying weakness of the economy that he was systematically looting and undermining with his wild spending combined with tax cuts for the wealthy.