This is it!
ummm....
the Clinton administration, in 1999, loosened the restrictions on borrowing to allow risky lending to low income borrowers. This opened a floodgate of lending which caused the real estate bubble. Greater demand caused housing prices to increase. When interest rates increased in the past few years, and energy costs went up the bubble burst as people started to default on the loans, which caused a increase in the supply of houses. With too few buyers home values dropped below the cost of the mortgages and people walked away and Fanny and Freddie could not guarantee the huge losses, and lending institutions failed and the market hemorrhaged. Something that George Bush warned of in 2003.
Even back in the Carter administration the Community Reinvestment Act (CRA) of 1977 demanded banks lend throughout the communities they serve and required them to offer loans to people who were not credit worthy.
Now we have to pay $700 billion to cover this little bit of social engineering that occured when democrats held the presidency.
Keep in mind that congress has been democrat for 2 years. What change did we vote for? I think status quo for the last two.
Karl
Yes, they put the first nail in the coffin, by urging Freddie and Fannie to give out bad loans(arms) to Folks that really couldn't afford them and now they are working at fixing the mistake they made.Who pays? WE DO! As far as Industry goes, we are now beginning to feel the effects of Clinton's NAFTA(simple to see). To think that GWB had realtime effects on every thing and just "drove the country to the ground" is silly.
It is always this B.S. cycle of cause and effect:
The Republicans hold office and put into effect some policies.
The democrats take hold of Gov. and the policies that the Reps. put into place begin to effect the nation and things seem good, so credit goes to the Dems.
The Republicans win back the Gov. and the Democrats policies begin to take effect and things are bad so it is the republicans fault.
We know good and bad dicisions take time to effect anything, We are feeling the effects of Bill Clinton and the Dem. Congress.
Bill Clinton took credit for Ronald Reagan and GeorgeH.W. Bush's Presidency. Boy!, if we could have Ronald back.
G.W.B. is taking the crap from Bill Clinton's Presidency.
But, as you know we can go on and on and get Pi**ed and drink more beer and it ain't going to do no good. These liberals and going to keep on pushing this country farther from the truth(GOD) and striving for power.
We here in the Pacific N.W. will continue striving for POWDER!
So come on guys, the one beloved thing that we all have in common is snow, mountains, season change, and the ones that love us.
I have been Pi**ed off all week and seeing everyone hear Pi**ed off is giving me a better attitude...I am not alone. Let's pray for a better tommorrow and not let all this nonsense get the best of us, We have lives to live and people to lead. Let us try to be patient and see what happens with this guy. There is nothing we can do now but stick together as Americans and hold the rope of freedom our forefathers gave us. Toast
Oh Yeah! Bush... good guy,Screwwed by Americans short attention span! just my opinion, and we all know about opinions!
