Bill Clinton's drive to increase homeownership went way too far

Posted by: Peter Coy on February 27, 2008

bill clinton.jpgAdd President Clinton to the long list of people who deserve a share of the blame for the housing bubble and bust. A recently re-exposed document shows that his administration went to ridiculous lengths to increase the national homeownership rate. It promoted paper-thin downpayments and pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. It’s clear now that the erosion of lending standards pushed prices up by increasing demand, and later led to waves of defaults by people who never should have bought a home in the first place.

President Bush continued the practices because they dovetailed with his Ownership Society goals, and of course Congress was strongly behind the push. But Clinton and his administration must shoulder some of the blame.

In writing this blog entry, I’m following the lead of Joseph R. Mason, who is a finance professor at Drexel University’s LeBow College of Business, a senior fellow at the University of Pennsylvania’s Wharton School, and a consultant at Criterion Economics. Here is a link to a piece that he wrote on Feb. 26.

The Clinton-era document that Mason cites—“The National Homeownership Strategy: Partners in the American Dream”—was hiding in plain sight

on the website of the Department of Housing & Urban Development until last year, when according to Mason it was removed (probably because the housing bust made it seem embarrassing to the department). Mason credits Joshua Rosner of Graham Fisher & Co. with saving a copy of it before it was expunged.

The National Homeownership Strategy began in 1994 when Clinton directed HUD Secretary Henry Cisneros to come up with a plan, and Cisneros convened what HUD called a "historic meeting" of private and public housing-industry organizations in August 1994. The group eventually produced a plan, of which Mason sent me a PDF of Chapter 4, the one that argues for creative measures to promote homeownership.

The very worst idea in the plan, which fortunately never gained approval, was to let first-time homebuyers freely tap their IRA and 401(k) retirement-savings plans with no penalty to scrounge up a downpayment. That, HUD estimated, would have "benefited" 600,000 families in the first five years.

Plenty of other ideas in the plan did become reality, though. Knowing what we know now about the housing bust, the earnest language in the document seems faintly ridiculous. Here's an excerpt. Read it closely and you can see the seeds of disaster being planted:

For many potential homebuyers, the lack of cash available to accumulate the required downpayment and closing costs is the major impediment to purchasing a home. Other households do not have sufficient available income to to make the monthly payments on mortgages financed at market interest rates for standard loan terms. Financing strategies, fueled by the creativity and resources of the private and public sectors, should address both of these financial barriers to homeownership.

Note the praise for "creativity." That kind of creativity in stretching boundaries we could use less of. Mason puts it well: "It strikes me as reckless to promote home sales to individuals in such constrained financial predicaments."

Reader Comments

Joey B

February 27, 2008 10:37 PM

Hindsight is 20/20. EVERYONE thought home ownership was a good thing. There wasn't a single dissenting voice during the Clinton and W eras. Were you aware any dissent back then?

kaboo

February 27, 2008 10:51 PM

This is ridiculous. When Clinton was promoting homeownership, real estate values had barely begun to rise. He was long out of office (and oversight) when the crap hit the fan. I bet hardly anyone who purchased a house back in 199whatever has seen their property values drop below what they paid for it. Our trouble exists because of poor national leadership and imprudent real estate investments. LET IT GO, this is yet another Bush disaster.

THis is simply Absurd

February 28, 2008 9:19 AM

this simply absurd. president clinton cant be blame on this. it is all bush's fault to weaken the economy. by going to an absurd war when he was advised not to and in top of that he had to basically sell the USA to China loanin money.

I'm depressed

February 28, 2008 10:20 AM

What took you so long to figure this out. Clinton and congress were bending over backwards to help African Americans and Hispanics take part in the American dream.
Now that they are defaulting, we the people will have to bail them and the big banks out. We loose twice!

Stafford

February 28, 2008 11:52 AM

This is another lame excuse for an incompetent republican administration. Did they/you forget "It's the Economy Stupid!"
not an unnecessary war in Iraq.

Ridiculous my foot

February 28, 2008 4:42 PM

I see a lot of people calling this ridiculous and blaming the Bush/Republican administration. For you non-economists, war does not effect home values. And for those of you in denial, economic policies take years, generally, to take effect. The policies of the 90s are now having their effects. Just like the Bush Sr/Clinton tax hikes took years to finally slow the economy, and the Reagan tax cuts took years (about 3) to charge up the economy in the 80s.

I DO place much of the blame on the current administration/republican congress for their irresponsible spending practices continuing to set a precedent of irresponsibility for the rest of America. And I blame the Fed for not tightening monetary policy to bolster the falling dollar and encourage savings instead of indiscriminate consumer spending. But part of the blame does lie at the feet of the Clinton administration and that congress for some of the policies that started this housing bubble (it DID start in the late 90s in Arizona). Anybody who doesn't accept that has his/her head in the sand and doesn't understand even basic economics.

P.S. I DID study economics.

michael

February 28, 2008 5:11 PM

There is a single cause for the crisis: banks gave loans to anyone who wanted one, because those loans (and the risk that came with them) would instantly be sold to a third party who did no verification.

Politicians have a lot of problems to answer for, but this isn't among them.

Broke Liberal Socialists

February 28, 2008 5:19 PM

C'mon people. The issues are not just housing related but common sense related. Purchasing as much as possible on credit. Leveraging ourselves with debt beyond the tops of our heads in the name of purchasing houses, cars, things for our children, etc. is the main reason for this. And now we scream over which party is responsible.

Everyone is responsible for this - rich, poor, banks, borrowers, republicans, democrats, majority and minorities. Everything has a cause and an effect and perhaps we all need to learn our lesson and go through a rough patch. We've come as close to repeating the depression (and who knows - maybe we'll still get there) as possible.

But the absolute worst thing would be to elect socialists to the White House. Understand that America may be the best country in the world but that it too has people who MUST suffer on some levels or we should give up capitalist ways and hope that we can find something in our economy that is export worthy rather than just our services.

But if everyone is ok with 70% of what they make going to health care, education, and everything else under the sun - can I please have my mandated 35 hour work week and one month of vacation a year too?

Ben

February 28, 2008 5:26 PM

Is there any issue in America that people won't blame on Bush?? The war is all his fault (even though Congress voted FOR it and many other nations joined in from the beginning). The housing market is all his fault (because he personally grabbed people of lesser means by the arm and dragged them in to sign the mortgage papers for a loan they knowingly couldn't handle if the market dipped - after all, we've only been talking about the real estate "bubble" for how long now??). I'm sure global warming, the Israeli-Palestinian issue, Watergate, the buildup of communism, nuclear bombs, and the fact that people expire from old age will be placed squarely on his shoulders as well. If it's a problem, it's Bush's fault! Get a life. Better yet, take some responsibility for your knowingly dangerous and stupid actions. I know it's not the American way, but BLAME YOURSELF!

Rrivetor

February 28, 2008 5:32 PM

When one thinks one has heard it all!! then ANOTHER is trying to put the blame on Clinton. What an stupid way to try and cover for the incompetent republican administration. When put into effect, it was a WONDERFUL plan. But as every plan, it must be monitored. For the last 7 years Clinton was not able to monitor it and that is when it derailed, and got out of hand. Who was in charge then?????

Michael Oluwagbemi

February 28, 2008 5:58 PM

I am depressed..keep getting depressed. What have African Americans and Hispanics got to do with this? California and Arizona with the worst markets have these racial make ups- the majority of defaulters are majority...more whites than any other group. Just another example of insensitivity and swashbuck scapegoating

Bunker Bob

February 28, 2008 5:58 PM

One more reason in a very long list of reason that I have to believe that Clinton was the very worst president that this nation has ever seen... most like will ever see - I hope.

Kudos on the excellent research as well as the lucid and timely analysis.

Jim D

February 28, 2008 6:38 PM

So the Clinton administration encouraged looser lending standards. Then the Bush administration encouraged still looser lending standards, while directly blocking state action to stop predatory lending practices?

Should they get equal blame?

That's like saying that someone going 80 miles an hour is just as guilty as someone doing 125 while drinking 7&7's...

Instead you say:
'President Bush continued the practices because they dovetailed with his Ownership Society goals, and of course Congress was strongly behind the push. But Clinton and his administration must shoulder some of the blame.'

As though the present administration just continued something the previous one started. Hardly, and shame on you for even implying it.

While we can't say for certain that a Democratic administration wouldn't have let things get so out of hand, we can be confident that they would have at least tried to exercise some regulatory authority.

Not a rich person

February 28, 2008 9:25 PM

And Bush is not a Republican. Nothing is Bush or the Republican faults. Blame Clinton and the Democrats for the last seven years. We now need to elect a Republican to office (so the dollar can go to $10 to the 1 Euro, gasoline to $7/gal). A Republican won't spend, spend, spend (trillions of dollars wasted by these idiots) he will cut taxes (for the rich- I won't mention that part), a Republican won't give amnesty to illegals (like their Republican god- Ronald Reagan did in the '80's- race baiter)- Solution: tax the rich and corporation on their networth not their profit (they never make a profit). Let's give the rich and corporations their flat tax (10%). Tax them 10% of their networth every year.

sherpeace

February 28, 2008 9:43 PM

I would be as happy to blame Bush as the next guy (though definitely NOT Clinton), but neither of them caused this. There is a major problem with our banking system and the U.S. govt. has always protected the banks. They should offer everyone a one-time chance to refinance at a fixed low rate (4-5%). What good is $600 when people are losing their homes?

KristalKlear

February 29, 2008 11:21 AM

So vicious and ignorant comment ! This is a financial issue, not a political one. The banks saw an incredible opportunity to make money with mortgages while transfering the risk to fancy structured product buyers. Greed is the motive, not political clout.

Democrat

February 29, 2008 4:32 PM

Sounds like an article from fat,drug addicted, hypocrite Rush Limbaugh.

Can't beleive that guy still has a job. As long as people hate Bill Clinton, Rush L. will have a job.

PeterV

February 29, 2008 4:34 PM

Peter Coy,

I used to have respect for your column. Where do I start.. Oh yeah, you place no blame on the current administration who had oversight responsibilities wit hrespect to the banks and lenders. When the first abuses were reported nothing was done about it and so the fallout has become the debacle we see today. Laissez-faire was the recent name of the game.

poolie courpie nazdaqie

February 29, 2008 9:43 PM

Well now looks like the guy who wrote this is long on wind and short on memory and foresight, which means he's most likely a BMW driver. Clinton balanced the budget, got this country motivated after an actor told this country to go to hell and enjoy the trip and you know alot of them did. The reality is that predetors who are in the biz of loaning money are the new and now bleeding out used car salesman of old. Another fact is, you all are not rich so let's get real here, the oil industry knows we are running out of oil, fact, deal with it. This is enough to cause alot of what we are seeing also. The snow has fallen the seed fell from the pine and the ball is getting bigger. The only question now is how big is the hill, and do the American people of whom few are Patriots have the cajones to finally slam their foot up the overfed arse's of these politicians and corporations and say enough is enough, we want to have a little respect here...

Michael Freeman

February 29, 2008 11:02 PM

I do believe that this problem has many fingerprints, from Wall street who peddled the over rated paper and over rated the Lenders, to the Lenders who kept lowering their guidlines to get their part of the marketshare, Investors, Mortgage Brokers, Loan officers and of course the borrowers all have ownership. But Yes the Executive, Legislative and many Govt. agencies promoted and allowed these lending policies which would be wildly successful as long as the housing market was going up. It is not about Replubican or Dems all parties are involved and remember,always follow the $$

Businessweek

March 1, 2008 11:21 AM

We should have kept you a telecommunications editor. Your demotion is in your inbox.
-Mgmt

Downhill

March 2, 2008 9:04 PM

Your column and those who don't want to admit the obvious reason is why this country is going downhill. Let's blame someone else for the problem.

In this case, the blame squarely falls on the greedy banks who irresponsiblely lowered the loan standard, and the home buyers who wanted to get loan they couldn't afford. They both deserve what they got. The rest of us pay for along the way.

frank

March 3, 2008 1:55 AM

All things seek equilibrium..
Clinton & the Democratic left started this PC stuff. The Republican GW only finished what they started. We all knew in our hearts that giving people who did not value property a free ride would back-fire. Well why are we suprised now??
This country consists mostly of law-abiding, mortagage paying, family oriented citizens!! We Now have the 1st problem created by Socialist idealogy.. and we are suprised by the results??
Give me a break.. anybody who knows even a little about the history of socialism/communism.. will not be suprised about the results of giving stuff away to people who didn't earn it.
The people who did not earn it.. only come to expect more "Free" stuff..and the people who actually earned it through work and thrift only resent the takers more and more.. The people who want to take more than our charitable instincts tell us to give will eventually be playing with FIRE!.. We as
taxpayers and citizens will eventually.. say "NO MORE" !! jmo.. frank

William

March 3, 2008 8:27 AM

I am no big fan of the Clintons, but there is PLENTY of blame to spread around. George W. Bush, Alan Greenspan, Ben Bernanke, HUD, Fannie Mae, Freddie Mac, Mozillo, most mortgage brokers, most banks, Wall St. ALL deserve a large piece of humble pie for this mess.

Let's just hope that any or all of them, or someone else can soon be honored for getting us out of this in a rational manner that does not cause an even greater bubble.

Mike Reardon

March 4, 2008 6:03 PM

A news article I read in the San Francisco Chronicle in mid-1974 before Greenspan was Chairman of the Council of Economic Advisers.

A Germany Banker who was retiring, commented on the insanity of Allen Greenspan's position on housing, that people could use the homes they lived in as one more investment asset to draw credit and investment fund on. The Banker was appalled that Greenspan would suggest letting people venture their family homes.

That information on Greenspan stayed with me as the housing market was allowed to inflate to bail out a faltering tech bust. It was an old trick he had all of the time and it worked. Its important because Greenspan had that card up his sleeve for 30 years before giving it support with extreme low interest loans from the Fed.

JohnC

March 6, 2008 5:42 PM

One other issue that started in the 1990's was Fair Lending. The Clinton admin. was all over lenders to provide money to minorities and if the Feds. suspected lenders of ANY racial inequalities the lenders were going to be hit with fines/lawsuits etc. Lenders then opened the floodgates for minority lending and were forced to lower their lending standards.

Loans were made to borrowers who would never have qualified pre-1990's. Default rates were low because values continued to rise in the 1990's into 2005 and these borrowers were able to refi again or even sell to prevent any foreclosures.

But once values stopped rising the game was over. Now we're back to strict lending.

Not a rich person

March 6, 2008 9:44 PM

I agree that the comment may have been vicious, but I don’t agree that it was ignorant. This was a financial issue until the republascums turned it into a political issue by relaxing the regulations on the banks. As proof of what I say read this news article:

JB Vaughan

March 18, 2008 11:04 AM

The fact that lib-tards blame Bush for sorry mortgage lenders is pathetic. Here is the problem.

I make low six figures. I lived in Irvine CA. A mortage lender wanted to put me in a $750,000 house with a principal only loan. He could have done it. This loan is rediculous, irresponsible and STUPID...yet, 1.5million will default this year in similar arrangments, just like it. This has ZERO to do with Bush. I will not blame Clinton to much, except he did push for easy ways to get people into home ownership. Republicans did not object, because libs would have complained they were being bad to the poor.

Mortage lenders and bank officials who took these loans need to prosecuted, fined and with jail time.

Chris

March 18, 2008 7:48 PM

Wow what a lot of views. I only wish that more of the country was even half as informed as the bloggers in this column.
A few facts; As part of the HUD program during the Carter admin, the idea that minorities were as a percentage, less likely to own a home was cause for dismay. The administration leaned on congress and the banking industry to come up with a solution. The solution was variable rate loans. Here is where the initial seeds were planted. Throughout the years other exotic instruments were created like I-O loans and teasers. Wall St. sold these to foreign investors (thank God) and laid off a huge portion of the risk.

No matter how benevolent their intent, the ideas of the do gooder Democrat almost always end up backfiring. Johnson had already created Fanny Mae (1968) and the Nixon administration further introduced Freddie Mac (1970). These government institutions sole responsibility was to insure that these types of things do not happen. Why are they not called into congressional hearings for questioning? Over 10,000 government employees between them and they rubber stamped everything. This is where the real shame lies. They should have stopped this long ago, they had the congressional power to do act and they did not do so. The presidential policies of Bush and Clinton with regards to housing are irrelevant when congress has given the authority to enforce policy via another institution such as Fanny and Freddie.

TheHistorian

March 20, 2008 2:05 PM

Let me see if I get this straight. Government twisted arms on the banks to give more loans on houses regardless of creditworthiness, but the banks should be stuck because of this? Sounds to me like jail time should be given, but to Government people for their strong-arm tactics and not to the banks.

The Government did this same thing in the 1960's to the automobile industry, twisting their arms to hire non-qualified people to build cars. Anybody who drove a 1964-1972 car can testify to the terrible effect on quality this had. The automobile industry has never recovered.

o

May 5, 2008 12:44 PM

wait till hilary messes up the rest of our economy

Maurice B Thomas

June 8, 2008 10:22 PM

Did any of you "economists" consider the widespread deregulation of thrift orgs and banks concordant with the loosening of oversight as the Bush people totally neutered all such agencies as would have policed the practices of both lenders and the Fed agencies??

This is another example of how Republicans turn a good economic policy into a lousy one through sheer greed.

Frank H.

August 21, 2008 12:48 PM

"Hello...I'm from the government...I'm here to help."

YIKES!!!

Smitty

August 22, 2008 8:23 PM

Another "blame Clinton" for Bush's continuation of his policies.

"Illegal immigration is policy"

"Home loans to illegal aleins is policy"

"Liar loans are policy"

Its not a "minority thing" minorities have provable income, and ID, Ninja loans (no ID no doc, no verification) are targeted at (and still are) illegal aliens, nobody else.

Paul Lyon

August 23, 2008 10:52 PM

Maurice nailed it. ex-Senator Graham, now banking lobbyist, got the oversight totally neutered. These banks willing dove into risk, and then lied about how bad it was. Bank executives get paid huge bonuses regardless of performance. Now our 'American' banks are being bought up at discount rates by foreign companies (i.e., CitiBank). And those risky lenders and lobbyists never get financially hurt from these things. They cash out early, and regular families get hurt. I purchased my home 10 years ago, my property value goes up in the boom which caused my taxes and insurance to skyrocket, and the value of my home goes down slightly, but my taxes and insurance still went up again. I was no player in the housing market, but I'm paying for it..... like millions of other innocent people (excluding bankers and lobbyists).

MARIA KANTOR

September 7, 2008 9:59 PM

GEORGE W. BUSH WILL GET THE NOBEL PRIZE IN CHEMESTRY FOR 2009!!!
REASON : HE CHANGED THE CHEMESTRY OF THE DOLLAR BILL TO SHI.......!

Anthony

September 17, 2008 2:19 PM

Read... it's common knowledge that the democrats blocked the bush administrations attempt to TIGHTEN the lending practices made avail by Clinton...

http://bsimmons.wordpress.com/2008/09/17/whose-policies-led-to-the-credit-crisis/

RobotMan

September 17, 2008 5:03 PM

^^^
AND YOU CHANGED THE CHEMESTRY OF CHEMISTRY!!!

Debbi

September 19, 2008 12:10 PM

Follow the money. The 2 biggest recipients of campaign contributions from Fannie... Dodd and Obama
Any questions about rubber stamping?

BIG DADDY

September 19, 2008 12:51 PM

Most of these respondents either have no idea about economics or don't care when they make their comments.The blame lies directly on both parties in congress for not taking the bull by the horns when things started going sour.Bill Clinton and creative financing for people that couldn't afford a down payment were taken too far by lending institutions.Most smart lending companies interpreted this as a way to make lots of money and found a lot of stupid people to buy into their plan .George Bush isn't an angle by no means and i don't agree with all his policies , but don't try to put all the blame on him.I say congress is to blame and i am sticking to it,no matter who is in control.

BILL5321

September 21, 2008 10:07 PM

Maria Kantor

Chemestry is spelled CHEMISTRY.

BILL5321

September 21, 2008 10:07 PM

Bill Clinton 1996 On The Issues

Expanding Affordable Housing

"Over the past few years, I have emphasized three basic ideas—community, opportunity and responsibility—that I believe are at the heart of a more dynamic and prosperous America. The priorities of the Department of Housing and Urban Development, from making sure that hardworking Americans realize the dream of home ownership, to addressing the tragedy of homelessness, are outstanding examples of how our government can empower people and institutions.”
—President Bill Clinton

President Clinton recognizes that Americans’ homes are central to their lives. He is working to increase housing opportunities for all Americans, make homes and communities safer and more secure, and reinvent the Department of Housing and Urban Development (HUD) to meet America’s housing and community development needs. The Clinton Administration is implementing the most far-reaching changes in public housing in decades—demolishing the worst housing developments, cracking down on bad management, rewarding residents who work, and combatting crime.
He is transforming public housing by:

Helping increase the nation’s home ownership rate to its highest level in 15 years.

Entering into an unprecedented partnership with more than 50 key public- and private-sector organizations to form a National Home Ownership Strategy. Coupled with a stable economy and low interest rates, this initiative is working to help 8 million more families become homeowners by the year 2000.

Revamping the Federal Housing Authority (FHA) to meet the needs of today’s consumers—through streamlining and consolidating services and automating functions using the latest technologies. FHA is also providing home purchase loans for low-income and minority home buyers at more than twice the rate of conventional home purchase loan insurers.

Working to reduce barriers to home ownership caused by unlawful discrimination. To date, HUD has signed 70 “Best Practices” agreements with key lenders that are resulting in more fair lending practices and expanded opportunities for low-income and minority families.

Fulfilling his promise to permanently extend the Low-Income Housing Tax Credit, spurring the private development of low-income housing and helping to build more than 120,000 homes each year.

Launching an innovative public-private partnership initiative to encourage pension funds to invest in the production and rehabilitation of affordable multi-family housing. These partnerships will create 3,500 units of affordable housing for working families and the elderly.

Improving the HOME Program to increase significantly housing and rental assistance to families. In fiscal years 1994 and 1995, the Administration provided approximately 127,000 families with housing assistance through the HOME program and over 19,000 families with HOME tenant-based rental assistance.

Continuing to expand rental assistance for a record number of renter households who struggle to pay over 50% of their very low incomes toward rent and utilities. This assistance is critical for states and localities in helping families make the transition from welfare to work.

Strengthening and extending the Home Equity Conversion Mortgage, which allows seniors to use the equity in their homes to meet financial needs without having to sell their homes.

Tearing down 30,000 units of the worst public housing and replacing them with townhome-style developments to help renew our neighborhoods. HUD has awarded $1.44 billion in grants to spur economic development and change the shape of 85 public-housing developments nationwide.

Cracking down on bad management in public housing by taking over the most troubled public-housing authorities and forming innovative partnerships with local and state officials.

Changing admission rules and rent calculations to reward working families and increase opportunity and responsibility. The Administration is helping to make public housing a springboard to further opportunities and a safe place to live through:


Campus for Learners initiative to transform public-housing developments into centers for living and learning.

Aggressive implementation of the “One-Strike-and-You’re-Out” policy that helps prevent drug dealers and violent offenders from terrorizing public-housing residents.

Operation Safe Home, under which federal law enforcement agencies are working with local police and public housing residents and managers to increase the arrest and conviction of violent and drug-related suspects. This initiative has resulted in the arrest of thousands of criminals and the confiscation of hundreds of assault weapons—and $3 million worth of drugs.


Proposing a restructuring of HUD to respond to local needs to help people improve their own lives. This would consolidate HUD’s 60 programs into three flexible performance-based funds, giving mayors and governors the flexibility to develop housing and community investment strategies, continue the transformation of public housing, provide portable vouchers to residents of the worst developments, and turn HUD into a “community-first” agency by relocating and empowering local personnel.

Making homeless assistance a top priority and doubling funding since 1993. In 1995 HUD awarded $900 million to over 800 transitional and permanent housing programs nationwide to help homeless individuals and families move from the streets to permanent housing. As a result of these efforts, HUD’s homeless programs are serving 300,000 individuals, a 14-fold increase since 1993.

David

September 23, 2008 4:22 PM

Both Bush's administration and Clinton administration gave banks guidance to provide loans. The investment banks incorrectly evaluated the value of these ARM's in the form of securities which investment banks in turn leveraged. Banks offered loans to individuals who were not qualified.

This the reason for this fiasco which is multidimentional and cannot be blamed on any one administration. Investiment banks leverage assets to make money but the agencies which gave these mortgage assets the wrong credit rating. Greed and too many free loans have led to this fiasco.

Ray

September 23, 2008 9:11 PM

If you honestly believe this financial crisis is due to George W. Bush or CEO's at banking institutions, then you are as brain-dead as they come. Take a history lesson and look at the Congrssional Federal Regulation changes under Carter and Clinton and you will find that Banking Redlines were driven into low income areas by the federal govermant looking to expand home ownership. Fannie and Freddie were simply there to guarantee the high risk debt and both have been funneling money to the pathetic likes of Barney Frank for years. Both Fannie and Freddie have been nothing but slush funds for the left's social agenda. The current Bush administration asked twice for increased capitalization and oversight regarding these two over-leveraged companies, but were blocked by Barney Frank, Chuxk Schummer, and the Democrats. The same lying bunch that are now claiming they want to control the salaries of Banking and finance CEO's after driving them to make the high risk loans to begin with. Keep drinking the kool-aid folks and the hard working tax payers will keep bailing you all out.

Oh and this isn't a race issue it is class/income issue. The fed should never have gotten involved in the mortgage business because history has taught us that socialism just does not work!

Wyziwyg

September 25, 2008 8:07 PM

I can't believe you Democrats ever watch the news or read a newspaper! Bush was never in Congress. It is Congress that regulates the banks, both the Senate Banking Committee (headed by Democrat Chris Dodd) and the House Banking Committee (headed by Democrat Barney Frank).

Bush tried at least a dozen times, well documented, to get Congress to fix the problems with Fannie and Freddie. John McCain co-sponsored a bill in 2005 and pled with the Senate to regulate them, but they refused to even vote on it. Of course, just follow the money, and see that the biggest money recipients from Lehman, Fannie and Freddie were Chris Dodd, Barack Obama, Hillary Clinton, and John Kerry.

This is a Democrat debacle all the way!

Bill Clinton

September 27, 2008 5:07 PM

Amazing how some blogs such as "The Big Picture " think that this legislation had no such effect on the Housing Bubble

Must be blinded by politics I guess

Don

September 27, 2008 7:35 PM

If W walked on top of the water of the Potomac river today, tomorrow's liberal press would headline "Bush can't swim".

Bob Fletcher

September 27, 2008 9:49 PM

There is a lot of blame to go around. But the obvious first cause is "greed".

There are millions of Americans who are able to comprehend contracts they sign.
Even is the "Fair Disclosure" laws they still are unable to comprehend.

I have two stories to relate. The first involves a single parent with poor credit history but has equity in her home. When mortgage rates were being written for 5% or less she refinances a 12% fixed rate loan. They gave her 7-3/4% for 3 years. I had asked her the terms as year 3 was coming to a close.
She had no clue. She evenually brought the contract to me to read.
LIBOR plus 5 points, 2 point max change with 2 adjustment periods per year.
from 7-3/4% to 13-3/4% within 13 months.

Another story I have less information, related to me by an employee of WaMu who had talked to the woman, for other than the loan was LIBOR plus 10 points. The husband was illegal and his income could not be included in ability to repay.

The first case was 14 months ago and I encouraged her to re-fi. She now has 6-1/2% fixed.

The second case probably has lost the house.

If, as part of this bill there is a provision to reduce interest rates to a level around 6-1/2 to 7% fixed and the parties can pay at that level I would not be unhappy. But if they default, then continue the original foreclosure proceeding with a sale. Reducing principal, no way. All we need is to encourage others to go a foreclosure route to reduce their principals too.

YoungRep

September 28, 2008 8:22 AM

After reading all of the responses to this blog, I have to say that I am amazed. There is enough blame to go around and everyone can blame anyone for the crisis if thier opinions are so swayed. Everyone's opinions is not what amazed me though. Only one of the Democratic/Clinton supporting responses actually had facts backing it up. Bill5321. Good job on being informed. Obviously, opinions are just that, opinions, and don't have to be supported by facts, but if you are going to passionately support that opinion, be able to back it up.

Andrew

September 29, 2008 7:05 PM

This is so messed up and we are about to embark on a disaterous endeavour where the Dems can worsen the situation even more. If we tax our largest companies the CEO's will take home no less, the economy will shrink and joe American will just pay more or loose his job. Wake up people and realize that putting low income people into houses they could not afford was the biggest mistake of the 20th century. You cannot argue the fact that Bush and McCain tried to regulate fannie and freddie over 2 years ago and were shot down by the DEMOCRATIC congress. How come no one reads??? Oh and dare I bring Iraq into this...wait till November of next year when Obama takes credit for the turnaround as well. Whatever, with the dems raising taxes and the fallout from their horrible lending policies finally playing out, Chris Farley comes to mind. we will all be living in a van down by the river ...

For Mr Ridiculous My Foot

September 30, 2008 12:38 AM

so this is all the fault of Bush Sr / Clinton policies now taking effect??? that means it takes 15 years or so for things to kick in? you are telling me the high times of the 90s is due to Jimmy Carter? interesting...

as far as all this garbage...Clinton and Bush promoted home ownership - Bush far more recklessly than Clinton (zero down payment initiatives, etc - I believe Clinton matched funds, but owners still had skin in the game)...plus the lending completely deteriorated under Bush's watch and no one stepped in to do anything.

that said, I understand Clinton dropped Fannie and Freddie reserve requirements so thats a huge factor in their downfall..

Heather

September 30, 2008 11:32 AM

It all comes down to giving people loans who can't afford them! Where in the Constitution does it say everyone should be able to own a house? Everyone should have the equal opportunity, but that is a different thing. Lowering the regulations for loans just ended up giving a bunch of people who couldn't afford homes loans that they couldn't pay for. Not everyone can go to college and become doctors, lawyers, and businessmen and not everyone can own a house!! Thanks Democrats for again giving money out willy-nilly.

Dion

October 1, 2008 2:01 AM

"You are a den of vipers and thieves. I intend to rout you out, and by the Eternal God, I will rout you out... If people only understood the rank injustice of the money and banking system, there would be a revolution by morning."

Andrew Jackson


BAILING OUT THE CROOKS ON WALL STREET WITH TAXPAYERS MONEY IS NOTHING MORE THAN COMMUNISM! I DON'T THINK THE AMERICAN PEOPLE WILL WAIT FOR MORNING IF THE THIEVES IN D.C. CONTINUE WITH THEIR CORRUPT SOCIALIST AGENDAS!

Rebekah

October 1, 2008 2:55 AM

Reagan once said, "The government's view of the economy could be summed up in a few short phrases: If it moves, tax it. If it keeps moving, regulate it. And if it stops moving, subsidize it"

I think that pretty much sums up the Democratic Theory of Economics that just doesn't work.

Having said that, I dont believe either administration is at fault for the bubble that just bursted. Perhaps both parties could have done a little more to prevent such a disaster but I agree with Micheal on this..

the blame goes to the banks who gave loans to anyone then sold them to a third parties who did no verification.

This is truly where the blame lies. Right on Michael.

JL

October 1, 2008 9:02 PM

Coy wrote the truth. Clinton supporters don't like it, but why argue? Posters: John C and Chris, thanks for stating the facts, without the overblown emotional hate.

Cathy

October 2, 2008 1:08 AM

Tony

October 3, 2008 9:47 AM

The Clinton Administration definitely carries part of the blame for this disaster. By pushing for home ownership for people who truly could not afford homes.

It worked great when interest rates were low and everybody was buying houses with ARM's that were next to free. But when the interest rates increased (as they always will over time), the party was over.

Something else people ALWAYS seem to forget is that while Clinton did leave office with a relatively good economy, Bush had just started his presidency when 9/11 happened. This as a HUGE impact to our country and our economy. Multiple statistics from all sides of the partisan parties agree that the impact was as high as $500B+ over the 1st term.

People also forget we were ALL (80%+ approval ratings at the time) willing to go to war and hunt down the terrorist.

Now it seems noone will stand up and say they were for the war.

Like everything else in society nobody wants to take accountability.

amanda

October 3, 2008 3:09 PM

when my husband and i started looking at homes - we could totally afford the home no problem. it was the PROPERTY TAXES that made home ownership so unreachable. a year later we were in a better financial situation and were able to buy. now we get to pay property taxes - most of which goes to the local school district that we will not use as we hope to send our children to Catholic school. i guess with the bailout having passes lower taxes are a thing of the past.

Libertarian

October 4, 2008 9:46 PM

The common element to be blamed, is socialism.

If finance companies were able to package off and sell subprime mortgages which were not verified by the purchasers of such mortgages, it is because there exists no satisfactory monitor (of the ilk of the American Arbitration Association in its own domain) in the free market of finance. The reason there exists no satisfactory monitor in the free market of finance, is because the free market of finance is not really free, but hampered by intrusive government red tape which pushes out any potential private monitor by way of lack of incentive to get in to the action.

Markets do not arbitrarily fail: they fail because someone has interfered with them. The idea that markets can arbitrarily fail, is philosophically silly, as it inductively implies that the market only came into being by a fluke in the first place. For a failed market is a non-existent market, and if a market which exists can arbitrarily become a non-existent market, there is no reason why it should exist in the first place.

Certain small areas (eg individual companies) of markets fail owing to poor management. But you don't get thousands failing at once for any reason other than the interference of government. Socialism.

The opening thread is correct: Clinton's ideas were contrary to the stuff of the free market, and therefore form part of the reason for the problem.

To the extent that Bush continued on with the same socialism (if he did), or further messed with the market mechanism via his own ideas (if he did), he is to be blamed.

So all respondents above are wrongly focussed on WHO did what, rather than the fundamental cause, which is socialist policy.

Because the bailout plan is also an instance of socialism, it will simply worsen the situation. You can't solve socialism, with socialism.

So the fundamental problem with Americans and the free world, is that they don't understand what freedom is, and their ideas on why economic problems exist, reveal that they think that the relative wealth of Americans over citizens of the former USSR, is for reasons unexplainable and arbitrary.

It is natural for nations who have acquired wealth via the work of their forefathers under a free market, to eventually loose understanding of such, and to spiral down into socialism. This is now occurring in the entire Western World, to which the lack of fundamental understanding exhibited by most of the above respondents, attests.

Socialism is coming, is here, and will continue to increase at exponential rates. No doubt about it.

Dooley

October 5, 2008 8:50 PM

I hope you don't mind I posted a sample of this on my personal MySpace page and linked it back to here for the rest of the story. As to not take credit for it.
http://blog.myspace.com/index.cfm?fuseaction=blog&pop=1&indicate=1

pj

October 6, 2008 12:20 PM

Blame whom ever You want. As a retired banker & republican our main difficult is that any country can not have on going wars & a strong ecconomy. The stupid actions of Bush & Cheney in going into these warns is the cause for the problems of today, tommorrow, next year & future years.

Wendy

October 6, 2008 12:51 PM

I have sat here and tried to read most of these comments..ha funny how most want to blame Bush for everything that is wrong with america! Give me a break...do your homework and read some history..Clinton did sign the CRA and this did enable people who should of never owned a house to be able to buy one. On top of that if you only make X amount of dollars and you purchase a home that you cannot afford then it's your own fault when you cant pay!!!! When I bought my home we qualified for alot more than the house we picked out. Whey didnt we take the nicer more expensive house? Basic economics here...we make a certain amount and to have any extra's we have to have a mortage payment that we can live with. On top of everything else,a person would have to be totally stupid to take a variable rate instead of a fixed one!
Im so tired of people blaming this adminn. for all the bad things going on. Past presidnets have helped, banks have helped by not standing up and fighting the CRA from clinton years, etc. Its time for the american people who signed for sub prime loans etc to take credit for their lack of information!
I would rather pay for a war that billions are spent on, than to bail out a person who bought a house they could not afford!
President Bush has done the best job he could do, given the fact that early in his presidency we had a major terrorist attack, that by any account most have forgotten how terriable that day was. However I live it ever day while my husband is gone fighting a war that people in america say they are losing (thanks for the support thier OBama)when in fact we are winning! Sorry our guys couldnt end it in the time frame that you civilians think it should be done. So why dont you all stop critizing and start coming up with solutions and send them on to your congresmen!

Tom

October 6, 2008 6:38 PM

All have to shoulder a share of the blame, but all you total Bush bashers should watch this clip to the end.

http://clipmarks.com/clipmark/0604BA42-C777-4C2B-A919-B1AC6F7A9F2A/

Oh my...is that Barney Franks, who recently received extreme plaudits
from Nancy Pelosi for his work on the
bailout (pardon me...rescue)

Banker_for_15_years

October 7, 2008 5:34 PM

I have been in banking for 15+ years, originally with JPMorgan Chase now with another, I care not to say. Banking has been my life. To For Mr Ridiculous My Foot you said "...as far as all this garbage...Clinton and Bush promoted home ownership - Bush far more recklessly than Clinton (zero down payment initiatives, etc - I believe Clinton matched funds, but owners still had skin in the game)...plus the lending completely deteriorated under Bush's watch and no one stepped in to do anything." I really hate to burst your bubble, but it was Mr Clinton that introduced the no down payment loans as wells as stated income loans where you don't have to prove how much you make just sign a piece of paper that says you make that much. Sorry, but I and many, many others have seen this unravelling since 1993 theat's when I started in the field. We told our bosses then that these loans were a bad idea, it was all about market share, well, yes they had market share, they now have market share of the garbage. This mess start and rolled under Clinton, bush tried to stop it in 2003, with regulations to reign in Fannie Mae and Freddie Mac, but the Democrats stopped it. It's your bed America, thank the Democrats for making it.

John

October 7, 2008 11:11 PM

Please check your facts before posting! Clinton, bypassing Republicans, enlisted Andrew Cuomo, then Secretary of Housing and Urban Developement, allowing Freddie and Fannie Mac to get into the sub-prime market in a BIG way. Led by Rep. Barney Frank and Sen. Chris Dodd, congress doubled down on the risk by easing capital limits and allowing them to hold just 2.5% of capital to back their investments vs. 10% for banks. Since they could borrow at lower rates than banks their enterprises boomed.

With incentives in place, banks poured billions in loans into poor communities, often "no doc", "no income", requiring no money down and no verification of income. Worse still was the cronyism: Fannie and Freddie became home to out-of work-politicians, mostly Clinton Democrats. 384 politicians got big campaign donations from Fannie and Freddie. Over $200 million had been spent on lobbying and political activities. During the 1990's Fannie and Freddie enjoyed a subsidy of as musch as $182 Billion, most of it going to principals and shareholders, not poor borrowers as claimed.

Did it work? Minorities made up 49% of the 12.5 million new homeowners but many of those loans have gone bad and the minority homeownership rates are shrinking fast.
No one is to blame but our representatives in D.C. who, for the most part, we put there in the first place!
Unfortunately we must trust the same idiots who got everyone into this mess to get us out!

Sam

October 10, 2008 8:27 AM

are you guys serious? I agree that politicians are to blame, and all this does is prove to me that the President of the U.S.A. is a scapegoat.

The entire ADMINISTRATION is to blame.

mike G

October 10, 2008 5:19 PM

What is amazing to me is the fact that two resonable people can read a block facts and walk away with two totally different opinions. Fact: Clinton started the econominc downturn in the economy set up Fannie and Freddie as "jobs program" for his party. Fact: Bush was a little too busy focusing on a war accross the pond and did not monitor this failing program.

Read my lips "IT IS EVERYONES FAULT". If you have a credit card, a second mortage or have used a home equity loan to go on vacation.

Repbulicans are for business and Democrats are for the people. Business was good and people were being take care of so what needed monitoring? Maybe the people who milked the system took the equity out of the homes they bought and then walked away from the mortage with that equity. We, the people are to blame for this mess. We put the politicians in office and we are not pissed off enough to change things for the better.

JR Ewing

October 16, 2008 4:44 PM

"Our trouble exists because of poor national leadership and imprudent real estate investments. LET IT GO, this is yet another Bush disaster."

So people that make laws are not to blame when those laws bite us in the butt, however, people that come in later and don't completely change those laws should be skewered? Doesn't that seem a tad bit inconsistent?

Also please stop with the "poor national leadership" BS cop out phrases. Government officials use/show their leadership in the bills they made. The bills that caused this were made/called for by Clinton and the early 90's Senate, so how does that show poor national leadership by Bush? That doesn't even come close to making sense.

I agree with the "hind-sight is 20/20 crowd" but find absolutely fascinating those that blame Bush for bills, positions and stances brought about before he became President.

A

October 17, 2008 2:36 PM

Let the Government do it's job and no more. Uphold contracts, protect individual rights and protect us from outside invaders. That's it.

But a lot of us just want to get ours. So we agree to more and more help.
Well I guess we're getting what we deserve.

Minnesota Wright

October 19, 2008 3:12 AM

First off, it amuses me that the pro-Clinton comments are written in such poor english. And these people are going to understand even basic ecinomics. Yeah right, this is why the voting process in America needs to be screened, so only people that are well versed in current events earn the right to vote.

Deanna

October 19, 2008 9:39 PM

Hey Everyone. Philsgang.com has been around for years. He has been predicting the markets and screaming for a long time that we were not being told the truth. Phil said the big problem started in 1999 when Clinton made non-liquid asset mortgages liquid. Then they were able to be sold off as securities. When they were able to be sold off, that is when banks etc. didn't care if people could pay back because they could be sold. Barney Franks, Senator Dodd and chuck Schumer of the powerful finance committee were suppose to be over seeing Fannie and Freddie. They were warned by Secretary Tresury Snow, Greenspan etc. that problems were brewing. Phil played back tapes of all of it and Franks and company were all saying there was nothing wrong with Fannie and Freddie. He also said these characters were getting paid hundreds of thousands of dollars for speaking engagements from Fannie. He is forming a petition to impeach Barney Franks on philsgang.com. Don't believe this "last eight years of the Bush era" routine, there were several of them in on it and stuffing there pockets when they knew the average american was ready to lose their shirts.

Osama 08

October 24, 2008 4:18 AM

Osama 08! yea ya

Brad

October 30, 2008 11:36 AM

I don't understand why the former CEO's of Fannie Mae, Franklin Raines and James Johnson, aren't being prosecuted for what appears to be over 10 billion dollars in "accounting irregularities", more commonly referred to as cooking the books, which on top of covering up the financial distress of Fannie Mae at an earlier point where the enormity of the crises may have been mitigated, it also allowed them to reap millions in bonuses. Perhaps it is because they are prominent democrats and this would be bad business for the party during an election year, especially considering fixing the economy is Obama's calling card to the middle class. The socialist leaning democrats do need to wake up and smell the roses instead of continuing to drink the "its Bush's fault" kool-aid that is being passed around by the media and their party.

Ziggy

November 5, 2008 1:27 PM

If I am not mistaken but the current Congress that started in 1996 - current is controlled by a majority of Democrats. The agrument of blamming the current administration (yes there were a ton of mistake by Bush) but Congress let a lot of things pass that shouldn't have. And the last 2 years it has been controlled by the Dems. Not GOP. So alot of this mess has to be blamed on them.

Sassy

November 12, 2008 6:12 PM

I can not believe there are so many stupid people in the world. Clinton was perfect , huh tells the world alot about you! Bush tryed hard to straighten out Clintons 8 yrs of hell. Clinton had no idea what he was doing and everyone praised him for it. This is what a collage education does for a person!

Tripster

November 13, 2008 3:23 PM

Isn't it ironic that when the real estate market was blooming everybody (including those who could not afford a house)was happy w/Bush even when we were spending millions on the war. But when the real estate market burst (as was predicted years prior)resulting in an economic disaster then all of a sudden everybody wanted to go after Bush and the fact that he got us into war (no credit was given to all those in Congress who voted for it). It's all about a society that is selfish, spoiled and has the "me first" attitude. When everything is hunkie dorie no one complains but when the ax falls the President is to blame. Matters not that Clinton was responsible for forcing banks to lend to borrowers who could not afford a house.

Tripster

November 13, 2008 3:24 PM

Isn't it ironic that when the real estate market was blooming everybody (including those who could not afford a house)was happy w/Bush even when we were spending millions on the war. But when the real estate market burst (as was predicted years prior)resulting in an economic disaster then all of a sudden everybody wanted to go after Bush and the fact that he got us into war (no credit was given to all those in Congress who voted for it). It's all about a society that is selfish, spoiled and has the "me first" attitude. When everything is hunkie dorie no one complains but when the ax falls the President is to blame. Matters not that Clinton was responsible for forcing banks to lend to borrowers who could not afford a house.

dustin

November 25, 2008 9:22 PM

Ben and all of you other PRO-Bush idiots should be more concerned about not only the trashed economy that can be contributed to bush's last 8 years but the increased national deficit that could have payed for and fixed SSI but also the failing infrastructure that he has ignored etc. Face it - Bush will go down as the worst president in history. He spent and waisted not only his "political capital" but the nation's resources, making the only people better off after his 8 years as president being the oil men (his family, VP, and foreigners). Bush was never the President of the US but more the President for corporate oil (After all Global warming caused by people still does not exist). To think I voted for this man the first time is embarrassing enough but to think there are still people out there who think he did anything but ruin and sell out our country is pathetic. DON'T BLAME CLINTON FOR BUSHES SHORT COMINGS AND STUPIDITY!! After all he had plenty of time to reverse any bill Clinton passed like the so important one that banned the sale of Automatic.

Blogging Bear

December 5, 2008 5:12 PM

Due to the push on blame towards Bush you have to realize there is no one person that you can blame for this. Being a High school student I see how groups of people like to show blame to other specific groups or people. Did Bush have a start in this yes he did he had a hand. But you have to realize ladies and gentleman that there are others to blame like shown in the article there are others like Bill Cliton and his outragous idea to have poeple be able to do what they can. Which is access money they cant pay off to use to pay for there house which they couldn't have bought (or gotten a loan for) before this bill was past. Also in my view all corporations that do not have a feel for the best in there employies and how they effect the economy, the people who cheat with thier taxes, and the people (usually insane and just plain stupid) that go and spend hundreds to thousands on things they dont need and cant pay for which inludes a new house in the same town or a new car when the one they have works just fine. I just hope all the "Imbusules" on here that blame one person mainly Bush about this crises need to learn the facts before they open thier mouths.

Bill

December 5, 2008 6:40 PM

The economy was fine until 2006 when democrats took over the senate and congress and promised CHANGE. They said at the time that their goal was to get a democrat president elected. They said and I quote" whether we win on Iraq or have to turn the economy bad we will win". Well Iraq is going great so they went for peoples pocketbooks. You people are idiots that don't realize democrats have run the economy in the ground. Franklin Raines ring a bell Jim Johnson. Democrats make me laugh. LBJ LBJ how many babies ya gonna kill today!

Mark

December 11, 2008 1:16 PM

THis is simply Absurd
February 28, 2008 09:19 AM
this simply absurd. president clinton cant be blame on this. it is all bush's fault to weaken the economy. by going to an absurd war when he was advised not to and in top of that he had to basically sell the USA to China loanin money.
______________________
Your post is simply "absurd".

David Perry

December 16, 2008 8:51 AM

Isnt it ironic that these do gooder liberlas like clinton, have since 1945 been peddeling this left wing liberal policy of democracy,& rights for all at any cost. We have seen democracy implemented at any cost in Rhodesia, now the banana republic of zimbabwe, reduced to economic rubble, then South Africa with, now with 50 murders a day & the streets are not safe to walk on. Run by that marvellous man Mandella who was locked up for planting car bombs & murdering civilians, in case you forgot.The economy now merely kept going by mulitnationals after its gold , diamonds & natural resources. Then Somalia the economy destroyed behond recovery, now run by malitias. Lastly Iraq total chaos & a living hell, never to recover. Was this done by the 8th & 12th Panzer divisons under Von Palaus on the Easter Front in 1942. No it was done in the last 20 years by America, enforcing democray.Well they have sold everyone else out & now finially they have sold themselves out with Obama.They say what goes around comes around, & it has. But the icing is now on the cake. It was Clinton who set up the no security home loans to mexicans, portorecians , cubans & other third world immigrnats, These people who have defaulted on there loans & brourght the banking world to its knees , along with the rest of us.But finially we have clintons wife, Hiliary now workjing with Obama to finish the job off with more liberal policies to come & finially reduce Americas to a south american banana republic while china rises in the east to run the world . Well done boys you have destoryed your own country. They must have said this in the past just before ancient Greece & Rome fell. Destroyed by liberals & democracy.

Luch

January 24, 2009 7:37 PM

our economy is strong-new home construction is at an all time high.this is what king george wanted to beleave. we know the republicans can't be trusted with numbers...can you say hanging chad?

CLINTON IS DUMB!!!!

January 29, 2009 10:14 PM

First of all, you liberals would say that this was Bush's fault. Because you want everyone to have the same no matter what. Which would make education completly worthless. Also it was Clinton who lowered standards for home loans. For example after Clinton lowered standards it allowed for a person that made 1,000 a week to pay a 1,500 mortgage a week. It just doesn't work.

C.S.

February 10, 2009 9:49 AM

These Obama lovers will probably still blame Bush for all of Obama's downfalls and everything for the rest of the century will be Bush's fault. What I don't understand is their attempt to make a connection between Bush and housing. We know that a major contributor to the economic downfall is people unable to pay housing loans... but what does that have to do with Bush? Did Bush loosen standards on giving out loans the way Clinton did? I was not a big Bush supporter, because I didn't agree on his reasoning for the war, and I'm sure that most other people were also against him because of the war, but the war had just about nothing to do with the housing crisis.

Brooke

February 11, 2009 1:19 PM

Michael,
Just why after decades did banks start "giving loans to anyone who would ask for them?" Did they just wake up one morning and decide today was the day? No, government made home ownership a goal for everyone. Sounds nice in theory but that meant banks had to let their lending safeguards fall by the way side. Other banks followed suit to compete. This should have never been a goal of government (no matter what the administration) but hind-sight is 20/20. There is nothing wrong with pointing to where this all started. It is a "perfect storm" of sorts with other variables, but it's important to know how we got here so that we don't make those same mistakes again. Yes, the Clinton administaration played a part as did the Bush administration. There is nothing wrong with pointing that out. You certainly don't have a problem pointing the finger at Bush. Just because you happen to like Bill Clinton doesn't mean he didn't make mistakes. I bought a home in CA in 97 and there were bidding wars already. The demand had already increased. Was there a Gen X baby boom I never heard about? No. More buyers because of this big government push for formerly underqualified buyers to now own homes. Own up already! Get off your liberal high horse. Repbulicans aren't much better. We really need a third party called the "Common Sense" party. Who's with me?

Disappointed in CA

February 13, 2009 12:55 PM

Does it really matter who is to blame?

I think we've got far more important things to worry about than slinging labels and generalizations.

You all want to bicker amongst yourselves about which politicians are corrupt (which has a very easy answer: All of them), fine by me. Can we fix the pickle we've ALL gotten ourselves into?

Ernesto

February 17, 2009 3:05 PM

Have yourself a BALL blaming Bush...he rarely took up for himself anyway...didn't give a rat's patootie what public opinion was since he knew that CBS,NBS,MSNBC et al would never give him a kind word and had so much influence on public opinion. Most sheeple bought the "Blame Bush" hook, line, and sinker...ONE THOUGHT comes to mind...Reagan got tax cuts for allowing Dem controlled Copngress to take real estate off the table as tax write-off which trashed the real estate market.

What, if anything, did Bush get passed...NOTHING....was a complete go along and get along guy. Bush knew that Congress wouldn't go for anything he wanted UNLESS it was bad for the country...so he went along with free medicine from India for Seniors. But he had promised that...and most hoped he would renig on that but forgave him for saying it and voted for him.

Melissa

February 18, 2009 2:32 PM

Does anyone want to really actually acknowledge that we were in a recession when Clinton left office. Geez wake up people.

John A. Alexander

February 18, 2009 5:45 PM

Readers and the authors should read the foresight of "W" in his Feb. 6, 2001 proclamation of National Consumer Protection week. How many toxic loans were made after his warning "of homeowners living the nightmare of overwhelming debt and home foreclosure." I fault him for not seeing that the agencies he was charging with consumer protection failed;namely “the Federal Trade Commission, the National Association of Consumer Agency Administrators, the U.S. Postal Service, the Postal Inspection Service, the National Association of Attorneys General, the Department of Justice and private consumer organizations?” Where was Congress? Collecting contributions from the financial industry? Or getting sweetheart personal home mortgages?

Jaime

February 24, 2009 10:19 AM

It's a problem of greedy and laziness. Everyone wants the biggest, best, greatest, latest shit but aren't willing to work hard for it. People are not content with what they can afford. All those damn poor people who want a house and go to stupid measures to get it (ARM anyone?) rather than either working harder, saving, making sacrifices or just settling with something they can afford. And this pretty much goes for everything: cars, clothes, furniture, toys... which is why American owe more to debt then they make each year.

And then of course, everyone wants to get paid top dollar to work, but wants to pay bottom line prices for goods. Well, sorry, but you can't get paid top and pay bottom and think our companies are going to make profits that way. And so no one buys our goods because they cost too much because the workers who produce them get paid too much.

This all had to come crashing down eventually. The greed of the American people is finally catching up and it's about time. Maybe people will start pulling their heads out of their asses.

But those who have done everything right, probably aren't feeling too much of a pinch. I know I feel fine. (I'm a teacher = stable job, good benefits, great hours. I drive an old car. I bought a meager home on a fixed rate mortgage I knew I could always afford. I save as much as I can every month. I don't have a t.v. or cable. I don't have any credit card debt.) I just laugh at the idiotic, ignorant masses that make up the majority of the American public.

Jim Moseley

February 25, 2009 6:01 PM

I am a Democrat and voted for Clinton, but facts are facts. He signed the bill in 1999 that gave the mortgage bankers and banks permission to merge. This had been a no-no since 1933.
This bill turned out to be a trojan horse, as the mortgage brokers colluded with the bankers to develope the mortgage packages that were sold world-wide to other banks.
To this extent, Clinton is responsible and he cannot weasel out of it.

Former Dem

February 28, 2009 10:27 AM

Under Carter we got the 'Community Reinvestment Act'(money for unqualified buyers); it was greatly expanded under Clinton. Groups like Acorn disrupted business at banks to force them to give more loans to unqualified borrowers. They filled the bank lobbies and tied up the time of the tellers - basically shut down their business - until banks gave in. Bush warned Congress early in first term that FNMA and FMAC were in trouble. Chris Dodd and other Dems (who we now know were getting some favors from these lenders) insisted that both lenders were fine.

Max Disher

February 28, 2009 2:40 PM

This article is bunk. Bill Clinton forced the banks to make bad loans based on risky assets?

Do you actually know what you are saying or are you just reading that propaganda piece? Can you think for yourself?

Legislation does not force bad business decisions.

If the rating agencies weren't owned by the banks they were rating perhaps they would have rated them properly.

If only there were a law preventing that. Oh wait, there was! The Glass-Steagal act, which was repealed with the Gramm-Leach-Bliley Act.

Oh well at least there's still regulation of the derivatives trading market, right? Oops. That was repealed with the Commodity Futures Modernization Act of 2000.

So we let the banks rate their own assets, then removed government oversight of the derivatives market.
Whose brilliant idea was this? Phil Gramm(R), Jim Leach(R), and Thomas Bliley(R), that's who!

Libertarian

March 2, 2009 7:55 AM

Any President that cheats on his wife, cannot be trusted to make sound judgements. He may make sound judgements some times, but he cannot be trusted to make them (cannot be assumed to be able to make them).

Any President that not only cheats on his wife, but who is a socialists, should not be president.

For it is highly unlikely that a wife-cheating socialist will effectively lead an economy which has come into being because of a belief in individual liberty and an adherence to high moral standards.

You might as well employ a comnunist Satanist. At least he'll be more easy to predict.

Steve M

March 3, 2009 9:39 AM

It's amusing to listen to the comments blaming President Bush. Fact: the credit crunch, due to over leveraged banks, led to a credit lending bust. A practice, preceded by Clinton's oversight committees and policies developed to ensure banks were loaning an "appropriate" percentage of loans to minorities. Loans should be based on numbers, not skin color. It is feel good politics that has led to our current crisis.

rushman53

March 13, 2009 9:31 PM

Hell is every one a cow following the on in front of him .If I remember one President was accussed of holding the Japenese ambassador in the hall for 1 & 1/2 hours becuaes he new he was carrying a declaration of war . Our economy took off like a shot, wars have always trenghtened the economy . Elfs do not make bullets ,hummers ,and every piece of clothing a soldier wers , we the working class make these and then we buy things . Clinton and his cronies made it so that Banks benefited and were given money for every minority and lower income loan they made . Then they sold the loan becuase they new they were bad loans . Catch is if they did not make the loans they were no longer entitled to benefits by the Government such Federal guaruntee's etc. I was Electrical Contractor for 185 homes built near me . All butt on was an Afrucan American , I banked at the same bank they did I was on a home worth about 125,000 . They were building and buying homes in the 750,000 to 850,000 range . The woman at the bank who I was good friends with told me most of them had house payments ranging from 3to 4 thousand a month and would rush home on paydays in hopes of not being late on there payments . That was 8 years ago , even the contractor building the home said I hope we finish before they start bording up these homes . Now I am still living on a modest home , that has gone down 30% but I waited for the 10% DOWN ON MY HOME . Now home construction is slow ,I have no work because no one can afford to build . My retirement is taking a beating . Mcain and sevearl other peple trried to ge the Democratic Majority to start a comette to search into Fannie & Freddie years ago . They were told to piss off there is nothing wrong . Guess who they work for today .Do some resaerh and read don't follow the cow in front of you .

kool

March 15, 2009 8:01 AM

Sorry people but we are now in a new world order... a one world global goverment that has been slowly and cunningly manipulated in our lives by a crtain elite for centries. President Bush and Clinton exerciced only part of the operation that remains for this one world goverment through the morgage market- Oboma will cap it(unknowly)through the financial system.
Welcome to the world of socialism!

Who to blame?

March 15, 2009 10:41 PM

I guess I've always known I couldn't afford a Farrari on a $25,000 income or a million dollar castle or even steak once a week. I didn't buy things I didn't need or couldn't afford like Wide Screen TV's, I didn't smoke or drink. I can pay all my bills, even the mortgage. There are situations where many people lose their homes. Unqualified lending to people who know they can't afford the home, live in it without making one payment until just before eviction then disappering into the wood work does not consitute one of those situations. I have absolutely no sympathy for anyone who loses a home they knew they couldn't afford in the first place. I do feel sorry for those citizens who bought bonds and trusted the advisors who told them they were a good investment. Our government is nothing but OUR employees. They should be held accountable. I will never vote for any of them again. Shame on you that don't feel ashamed for what you've allowed to happen. I would call you traitors.

Jerry

March 23, 2009 8:27 AM

It's interesting than even in the face of the truth, the liberal left still can find something to blame Republicans on. It's like their common sense becomes taken by some alien intelligence. What dopes and tools.

Ron

March 26, 2009 1:29 PM

Jerry, I was JUST about to say the EXACT same thing about the Right finding something to blame the Democrats on. What idiots and fools.

Ron

March 26, 2009 1:34 PM

Now that I got THAT out of the way, America's problems can't even begin to be traced only back to Clinton. If anyone can look at our situation and nail it all down to Clinton allowing minorities to purchase homes, do yourself and the world a favor, drink tall glass of water.......with your NOSE.

Michael W.

March 27, 2009 3:06 PM

Joey B.

Yes, I remember the dissent and it went like this, "If we lend money to those who cannot afford the payments then they will default and we will all lose."

Erasmo

March 29, 2009 4:21 PM

For the sake of argument...say we Americans number 350 MILLION times a mansion or penthouse of 4 million dollars EACH equals 1400 MILLION or ONE billion 400 million.
THIS is a L-O-N-G way from 750 BILLION so the housing "crisis' is a Congress ginned up bunch of hooey.

Try this senario, Congress' frienda AIG, Citigroup etc gave CONGRESS millions for presidential campaign, House and Senate campaigns. Faced with replacing the "DONATIONS", plus retirement, theft,etc...a LOT of money "evaporated".
Chinese do not comprehend "evaporated" EXCEPT as "THEFT" and thieves get bullet in the head OR a one-way free flight to the pavement from the office window as in AAAAAHHHHHHHEEEEEEEE----SPLAT!
So taxpayers got the "HOUSING MARKET CRATERED" story and bought it hook,line and sinker!
What we need is honesty in government and SOME thieves going to jail.

USAF NCO

April 9, 2009 5:28 PM

Erasmo did you have trouble in math class?
350 million times 4 million does not equal 1400 million. No that number is approximately achieved by multiplying 350 million by 4. You forgot about a 0 or 6.

Wow

April 28, 2009 5:38 PM

Michael Oluwagbemi, thank you. Well said.

I am depressed, Americans are Americans.... your comment was "depressing" itself.

Jesse

April 28, 2009 5:49 PM

Usaf, did you have trouble in math? It does equal 1,400 Billion, which is what Erasmo meant by 1400 million. It's like saying "thirteen hundred" and meaning one thousand three hundred.... 1400 billion = 1,400 billion.

That is all.

Jesse

April 28, 2009 5:49 PM

Usaf, did you have trouble in math? It does equal 1,400 Billion, which is what Erasmo meant by 1400 million. It's like saying "thirteen hundred" and meaning one thousand three hundred.... fourteen hundred million = 1,400 billion.

That is all.

Jim

May 9, 2009 7:36 AM

We need to stop thinking about the past and start getting concerned about the future and Obama's "CHANGE". In four years we will all be living in government gulogs.

Jim

June 1, 2009 11:52 PM

Bush tried several times to rein in Fannie Mae and Freddie Mac but was blocked by leading Democrats. What i truly fail to understand is the failure to blame members of congress for culpability in any of this. We continue to re-elect this arrogant group of Jackasses that have taking free spending and money printing to an all new level. To say they are incompetent is an understatement of monumental proportions. It is laughable that anything they try to manage is remotely efficient and yet they keep expanding their control over anything and everything they can get their hands on. When, are WE the people going to mandate term limits for these incompetents. When are WE going to mandate private sector audits and accountability. Until then, bitch about the various administrations all you want; it won't make a bit of difference.

CS

July 5, 2009 12:06 PM

From UK student's point of view this has been a interesting read ladies and gentleman - Thank-you, and it is clear that collating all these reviews together, it seems you can identify one thing for sure....no one person or institution is to blame...Clinton may have sign The Gramm-Leach Bliley Act in 1999, but he could not have forseen the implications for his actions...Naive you say..Probably..But following that Greed and Capitalism took over..even when some people spoke out and express concerns about the level of debt being traded in the market..those views were quickly crushed as to many people were making to much money..from the UK governments point of view the market could not be wrong..now thats naive..I am currently writing a report on the Quality of Coporate Governance principles and Breakdown of Ethical standards in the UK and US banking sector and like most(not all)of these posts, I would also like to focus my blame! but its not that simple... Overall the lack of regulation in US and UK free markets and unethical behaviour and poor corporate governace crippled both US and UK financial sectors which effectively traded as one market with two different regulators..which seemed equally useless...The issues that grab me the most is...How can you sell a product( Being CDO's)which is pretty much worthless so traded many times and not enough people ask the right of questions until it was to late...better still bankers in the UK selling CDO's that didn't even know what the product was ie its makeup as they were deem to be to complicated to assess...isnt that one of the first rules of selling to know your product! You are currently reading a post from a very annoyed Senior Accountant / Auditor who would like nothing more than to bring credibilty back to his profession! - Any further thoughts on my report title would be very much appreciated...

Janet Miller

August 13, 2009 11:35 AM

When the Dems take over there is a catasrophe in business. They have never been able to handle the economy. Now they want to handle our Health Insurance? Post Office should scare you, the way that is going. The Amtrack should scare you, they didn't can't handle that. They passed a bill that cost us billions a few months ago without reading it. Pork all over the place. They Dems have the Unions, the minorities, and the scab acorn in the back pockets. Plus they have the lobbyists. Wow if that isn't scary then this will be America (Socialism)

ImaGenius

January 25, 2010 8:22 PM

Now I know why our country is failing.. People don't know how to do BASIC multiplication.

350mil x 4mil = 1,400,000,000,000,000

Otherwise noted as 1.4 quintillion, or using your way, it's 1,400 quadrillion. Next time, Erasmo and Jesse, skip the dope and stay in school.

jane flaherty

January 27, 2010 11:32 AM

Maybe what the past administrations have done to promote homeownership really have worked in a twisted way. The paper today showed locally 68% of people can afford to buy their home opposed to 7.3% in the 4th quarter of 2005. Not that this should be considered a model approach. As far as lending goes, when I was a loan officer in the late 70's we had two housing/income expense ratios: 25% and 35%. If borrowers exceeded the 35%, we denied the loan. And we had different (competitive)fixed interest rates for borrowers with downpayments of 5%, 10%, and 20%. These rules were not regulated; it's just what banks did because it was safe and responsible. Then when rates settled back down in the mid-80's there were variable rate programs which was as creative as it got for quite a while. After that, I left the lending field. But since 1999 it seems everyone from real estate agents, loan brokers, lenders, buyers, sellers, and government have been completely oblivious to tenets of responsible lending practices. Shame on ALL of you. This is easy to fix. BE RESPONSIBLE. Jeez, why is everyone making it so #$%&^*'g complicated???

jane flaherty

January 27, 2010 11:32 AM

Maybe what the past administrations have done to promote homeownership really have worked in a twisted way. The paper today showed locally 68% of people can afford to buy their home opposed to 7.3% in the 4th quarter of 2005. Not that this should be considered a model approach. As far as lending goes, when I was a loan officer in the late 70's we had two housing/income expense ratios: 25% and 35%. If borrowers exceeded the 35%, we denied the loan. And we had different (competitive)fixed interest rates for borrowers with downpayments of 5%, 10%, and 20%. These rules were not regulated; it's just what banks did because it was safe and responsible. Then when rates settled back down in the mid-80's there were variable rate programs which was as creative as it got for quite a while. After that, I left the lending field. But since 1999 it seems everyone from real estate agents, loan brokers, lenders, buyers, sellers, and government have been completely oblivious to tenets of responsible lending practices. Shame on ALL of you. This is easy to fix. BE RESPONSIBLE. Jeez, why is everyone making it so #$%&^*'g complicated???

greg

February 10, 2010 3:09 AM

I purchased a home in 1994, only to lose it 2 years later. I was earning 7.80 and hour and in no way could have afforded the house. During the signing the lawyer and the several other office individuals were in shock with my earnings and what the new law had allowed me to do. I remember vividly them saying what will happen if this continues what will happen to these shakey loans. And to top it off, 10 years later I did it again with Zero Down, nothing, nada, only to loose another house. I had my shot at ownership and it sounded like a dream come true, I truely believe I should never have been allowed to buy a house I could never afford in the first place. and yes it was Clinton who started it.

Kirby

February 11, 2010 5:51 PM

Jane, I understand your frustration. You sound like a responsible person. If everyone from Wall Street to Pennsylvania Avenue let this go on would you have turned away the borrowers and be the one to say you know better than Goldman, Bear, Pelosi, Frank, Bush, Clinton and not give them a loan. 90% of the borrowers with zero down and stated income are making their payment. Would you turn down 90% because of the 10%? I’m not judging, I’m asking.
I don’t agree with ” just be responsible”. Can we end crime by just saying be responsible? We need laws and enforcement, regulation, and that’s where the government should have stepped in. Bush tried, but Pelosi and Frank would not let him regulate Fannie Mae and Freddie Mae. I’m not absolving Bush, there were other initiates he could have taken.

Greg, you said there was no way you could afford the home. Why did you buy one? Twice? What about accountability? I understand if someone trusts their consultant and is misled, but you said there was no way you could afford them, you knew it, but you bought anyway.

Joy

February 17, 2010 9:42 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:42 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Joy

February 17, 2010 9:46 PM

If buying a house in the late 80s was so easy, then why were my husband and I turned down for a mortgage twice? We are the common caucasion factory workers, but we always made our bills ontime and and were already paying rent that would have been higher than a mortgage payment. They said that we were high risk!! How is that? I still don't understand how!! I have this argument with my boss all the time, Clinton has nothing to do with people loosing their homes now due to the fact they couldn't afford them. Bush screwed up the economy no doubt dipping into funds he had no business getting into!Then under Bush all the jobs started dropping like flies! How can you make a mortgage payment when your income is shipped off to China? Has anyone ever thought about the fact that gas prices have not been to even $3.00 per gal. since Bush the oil man left office? I think he and his whole family were in bed with the oil companies and sharing the wealth amongst themselves. Then you have to look at his past BEFORE he got elected, the idiot bankrupted everything he touched, then you have those very intelligent people out there going, "hey, I know, wouldn't he make a swell president?" DUH!! Why don't we just put Paris Hilton in charge of American spending? Then he has his gall to stand at a potium and smugly proclaim his superiority! I would have loved to slap that stupid grin right off of his face! STUPID is an understatement! Oh well, I'm just glad that he's out of office and not a threat to the American blue colar worker anymore!

Meteorlady

March 4, 2010 10:20 AM

The congress controls the budget, not the President. Bush Jr. was doing somewhat OK even with the wars, then the Democrats got control and started the drunken spending spree. In 2006 the federal deficit for that budget year fell to a four-year low. That was 22.3% lower than 2005 (Bush submitted that budget). In 2007 the Republicans and Democrats had a goal to erase the deficit by 2012 by cutting spending, not reducing taxes. That chore fell to a Democratic run congress. President Bush expanded the budget by $700 billion through 2008 and began a string of expensive financial bailouts (which the congress voted for). So congress, presided over by Bush, added 2.5 trillion increase to the public debt through 2008. 2009 is shared by Obama and Bush, but Obama's budget will add $4.9 trillion to the public debt from 2010 through 2016.

As for "rich" getting tax cuts - if you are married you received a tax cut; if you have children, you received a tax cut ($1000.00 tax credit each); if you have a 401K or IRA, you received a tax cut; if you have a small business, you received a tax cut (if you work for a small business, you still have a job); and, if you claim Alternative-Minimum tax the exemption was increased. As for the rich, the top income brackets were decreased by a mere 2% under Bush, while Obama wants them to go back up about 4%.

So, IRS data for 2004 shows that the richest 50% of the taxpayers paid 96.7% of all income taxes, the richest 1% paid 35.89%. The amount paid by the poorer half decreased to 3.3%. If you can get past the political propaganda, you will find that the rich have been paying more and more while others have been paying less and less and getting more and more benefits.

So, if you are getting any government assistance or a government worker I would sincerely thank the next rich person I ran across.

Publius2

April 11, 2010 4:04 PM

If this Fanny Mae,Freddy Mac situation was a republican mess we, would have seen congressional investigators grilling said offenders right up to election day.
But that hasn't happened, has it? If anything John McCain sounded the warning about this mess FOUR YEARS ago.
All the while the democrats said there is NO problem.

TWENTY REPUBLICANS SOUNDED THE WARNING ABOUT FREDDY MAC AND FANNY MAE!

Federal Housing Enterprise Regulatory Reform Act of 2005

Senate sponsors

Sen. Charles *Hagel*[R, NE]
Sen.*Elizabeth**Dole*[R, NC]
Sen.*John**McCain*[R, AZ]
Sen.*John* Sununu [R, NH]

House bill sponsors:

Rep. Richard Baker [R, LA-6]
Rep. Robert Aderholt [R, AL-4]
Rep. James Barrett [R, SC-3]
Rep. Roy Blunt [R, MO-7]
Rep. Geoff Davis [R, KY-4]
Rep. Tom Feeney [R, FL-24]
Michael Fitzpatrick
Rep. E. Scott Garrett [R, NJ-5]
Rep. Paul Gillmor [R, OH-5]
Rep. Jeb Hensarling [R, TX-5]
Rep. Walter Jones [R, NC-3]
Rep. Thaddeus McCotter [R, MI-11]
Rep. Patrick Mchenry [R, NC-10]
Rep. Ileana Ros-Lehtinen [R, FL-18]
Rep. Paul Ryan [R, WI-1]
Rep. Christopher Shays [R, CT-4]
Rep. Frank Wolf [R, VA-10]

Notice that there were no Democrat sponsors and Barney Frank (D-MA) was in charge of the oversight of Fanny Mae when the bubble burst.

Rich

April 12, 2010 1:47 PM

It would be nice if people were consistent, but I guess one can't expect that from partisans. As of now, partisans will end up blaming Clinton and Obama for everything, and also complain when the last administration is said to be at fault for anything. Yes, even today we can blame Clinton for things as they are now.

Tim

April 25, 2010 7:35 PM

Here is the full text of the document above: The National Homeownership Strategy: Partners in the American Dream.

http://rapidshare.com/files/380163749/TheNationalHomeownershipStrategy.pdf

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About

BusinessWeek editors Chris Palmeri, Prashant Gopal and Peter Coy chronicle the highs and lows of the housing and mortgage markets on their Hot Property blog. In print and online, the Hot Property team first wrote about the potential downside of lenders pushing riskier, "option ARM" mortgages and the rise in mortgage fraud back in 2005—well ahead of many other media outlets. In 2008, Hot Property bloggers finished #1 in a ranking of the world's top 100 "most powerful property people" by the British real estate website Global edge. Hot Property was named among the 25 most influential real estate blogs of 2007 by Inman News.

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