Sorry but they were implemented during the Clinton administration.
Clinton's treasury Secretary Rubin is the one responsible for creating the
mortgage based securities as a way of distributing the risk involved with those
sub prime loans. The Clinton Justice department threatened banks with legal
action if they did not give out the loans.
Clinton also signed the bill that allowed banks to get involved in
investing in those securities.
Barney Frank and Chris Dodd killed legislation in 2006 that would have
created an oversight committee for Fanny Mae and Freddy Mac with the express
purpose of limiting there exposure to those loans.
Just coincidently Dodd had received a sweetheart mortgage arranged by the
chairman of Freddie Mac.
There's plenty to blame Bush for but this one was originated by Clinton and
Rubin
In a message dated 7/24/2009 1:05:41 P.M. Eastern Daylight Time,
lodestone123@gmail.com writes:
For those whose memories only function for a few months, these policies
were implemented during a Republican presidency and a Republican congress.
During this time, liberals had no ability to make conservatives do anything
they didn't want to do. In this case, conservatives adhered to their "less
regulation is good" philosophy, so relaxing requiements for loans met with
their agenda. As usual, when both sides agree on anything (albeit for
completely different reasons), the result is disaster.
This is definitely OFF SUBJECT, so I'll keep it brief
I dislike political correctness- VERY MUCH.
Case in point:If the government had not been pushing so hard for minority home
ownership- thus pushing lenders to relax credit standards and introduce
the "fog
the mirror" loans for people, and ESPECIALLY minorities with marginal
credit
- we probably would not be in a a huge economic mess where we have
collectively lost trillions of dollars in the real estate market and
stock market.
Were you aware that during the Clinton administration, lenders were
threatened with lawsuits citing RACISM if they did not relax lending
and credit
standards?
Don't get me wrong the Republican deserve blame as well for not
objecting
strongly enough but you have got to admit that if the Republicans had
put
up a fuss, the Black Caucus and La Raza would have raised the ugly
charges
of RACISM and skewered the Republicans alive,
In my opinion, political correctness is at the root of the little
"depression" we are presently enjoying.All I can say is this, Thanks Libs! WAY TO GO! You just cost us all an
untold fortune.
In a message dated 7/23/2009 10:41:16 A.M. Pacific Daylight Time,
itch4@... writes:Hey, I would do a double take if?I saw a caucasian maid doing the room
also.? In the past decade, I haven't seen anything but Hispanic and
black
people cleaning rooms, not only in Vegas, but all along in our
travels.??I'Hey,
I would do a double take if?I saw a caucasian maid doing the room
also.?
In the past decade, I haven't seen anything but Hispanic and black
peopHey,
I would do a double take if?I saw a caucasian maid doing the room
also.? In
the past decadHey, I would do a double take if?I saw a caucasian maid
doing the room also.? In the past decade, I haven't seen anything but
Hispanic
and black people cleaning rooms, not only in Vegas, but all along in
our
travels.??I'<WBR>m sure the caucasian maid does?exist, but admittedly
they
do not represent the majority.? I can name a resort in St George, UT
which
has an?entirely?<WBR>caucasian maid staff.? Why is his statement
offensive??
He was merely including
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