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Its not just Bush's fault? Its not at ALL Bush's fault.

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Aside from him and the GOP producing legislation to remove the greatest obstacle to home ownership: the down payment. Forgot that eh? Or are you being deliberately ignorant?

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The fault goes to the loony liberals who pushed for loans to be given out to anyone, even those who couldn't buy it, thus causing the major housing bubble, thus making the banks go belly up and causing a chain reaction throughout our crumbling economy.

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This doesn't make much sense. First of all CRA loans were profitable and they have been going on for decades. Many of these loans offered rates that went down after a few years. That's the exact opposite of the sub-prime. CRA loans never even approached $20 billion, which by the way is small potatoes now. They cannot possibly be at fault due to their minuscule size. IndyMac could have taken a complete write off it had held ALL of the CRA loans and still survive.

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"I give the probability of this working at zero" - Dan DeMatteo

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Aside from him and the GOP producing legislation to remove the greatest obstacle to home ownership: the down payment. Forgot that eh? Or are you being deliberately ignorant?

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no

there are still down payments today

Bush only removed the REQUIREMENT for down payment, he didn't eliminate them entirely, a key distinction.

Post edited at 5:23 pm on Jan. 3, 2009 by yankeefan

try again.

bad bush! Bad republicans! Liberal lending polices are BAD!!!!

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"I give the probability of this working at zero" - Dan DeMatteo

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http://realtytimes.com/rtpages/20040120_zerodown.htm

try again.

bad bush! Bad republicans! Liberal lending polices are BAD!!!!

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how is allowing 0 down payment for 150,000 people the same as eliminating them entirely?

The economic crisis was brought on by the mortgage crisis. Fannie Mae & Freddy Mac weren't really to blame.

Liberal President Jimmy Carter approved a law to make it so FM would have to lower the credit requirement and make it so low income people could get loans for homes.

This was furthered and became more and more strict on FM/fm. Congress and the government brought on the housing crisis not Bush. It was well before Bush.

Liberals such as Barney Frank made it clear in 03 that there was NO issue w/Fannie and Freddy, nothing could happen:

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

dumbass

I'll pay back the trillions of dollars next week...i promise.

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This account is FINALLY now back in the hands of the original creator.

Hasta la vista, stalking hacker.

I shake my fist at you.

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"I give the probability of this working at zero" - Dan DeMatteo

When you buy something on credit, you get something now and forgo the other possibilities in the future. So, when the economy was growing too fast a year or two ago, it was taking away from the current economic growth. But, since the economy is slowing down (we've experienced DEFLATION), people with money also don't want to spend it because they want to wait for prices to go down. This causes even less money in the economy.

You can see how this gets in to a vicious cycle. The government is trying to save us from a great depression (like the 1930s) by stimulating the economy and bailing out businesses. (The bailing out, though, is highly contested among economists. They say that since we are bailing out businesses, we are promoting unresponsible business practices. Why should we bail out Ford, even though they are an important part of our economy, when they made bad business practices--they built SUVs instead of gas-saving cars that people wanted. Is the US government encouraging being wasteful and saying "We'll bail you out if you mess up." ?)

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I once heard the voice of God.
It said "Vrrrrmmmmm." Unless it was just a lawn mower.

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The economy was just growing at too fast of a rate. People bought stuff recently (like houses) that they simply didn't have enough money to buy. It was bought on CREDIT. Now, the economy is slowing down because people have to pay off their debt and don't have as much money to spend in the economy.

When you buy something on credit, you get something now and forgo the other possibilities in the future. So, when the economy was growing too fast a year or two ago, it was taking away from the current economic growth. But, since the economy is slowing down (we've experienced DEFLATION), people with money also don't want to spend it because they want to wait for prices to go down. This causes even less money in the economy.

You can see how this gets in to a vicious cycle. The government is trying to save us from a great depression (like the 1930s) by stimulating the economy and bailing out businesses. (The bailing out, though, is highly contested among economists. They say that since we are bailing out businesses, we are promoting unresponsible business practices. Why should we bail out Ford, even though they are an important part of our economy, when they made bad business practices--they built SUVs instead of gas-saving cars that people wanted. Is the US government encouraging being wasteful and saying "We'll bail you out if you mess up." ?)

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