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outhere69 -> RE: A modest proposal for The Donald (5/1/2011 8:35:57 PM)
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quote:
ORIGINAL: Sanity
Fannie Mae and Freddie Mac were the primary causes for the housing collapse that beget the 2008 crash, a crash that was aided and abetted primarily by Dems such as Barney Frank and Chris Dodd while W tried to head it off. The truth is seriously inconvenient for spinning leftists but its a matter of record
http://www.usnews.com/opinion/blogs/barone/2008/10/06/democrats-were-wrong-on-fannie-mae-and-freddie-mac
quote:
ORIGINAL: juliaoceania
Our economy crashed in 2008, welcome to the Great Depression II - Revenge of the Robber Barons, starring George W Bush, guest starrting Dick Cheney. How soon you all forget when this disaster happened, and what created it.
That's an opinion piece, ffs. Go check out the 2 podcasts about the crash on This American Life. Or read Busted. Both tell of the lenders & Wall Street's contribution to the crash. No one forced all those sub-prime mortgage firms in Orange County to write bogus loans. Wall Street was actually pressuring FM to guarantee those loans. No one forced hedge funds and investment houses to slice and dice the mortgages, invent CDOs, pay for bogus valuations by S&P, and then not even have a fucking clue what their own risk models meant. They should've learned their damn lesson from the mortgage crash in the '80s - that was the same technique of slicing up mortgages and recombining them into new instruments (see Liar's Poker by Michael Lewis). And you remember who paid for all those S&Ls, right?
Lending to minorities referred to the old "red lining" practices, where qualified (note the qualified) buyers could not get loans for homes. Fraudulent loans to unqualified buyers aren't the same.
Almost every week Bush would brag on all the homeowners in the US. His administration was clueless to not see this coming, or he wasn't listening to people who knew. Several folks (amateurs for the most part) spotted the bust coming and made a tidy killing on the market.
BTW, Bush's experience consisted of running several oil companies into the ground using other people's money. His big score was with the Texas Rangers, where the partners saddled FW/Arlington with most of the costs and got the property through an eminent domain process. What was Reagan's business experience? Gingrich's? Why weren't you barking about all the debt Bush took one as we went to war on credit cards? You weren't anywhere near as vociferous as you are now.
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