Housing Market Collapse

One liner
You didn't get mad when lack of oversight and regulations from the Bush Administration caused US Citizens to lose 12 trillion dollars in investments, retirement, and home values.
My response:

Actually I get mad when I think that when the Bush Administration tried to reign in Fannie Mae and Freddie Mac back in ‘05/’06 and Barney Frank told them to go pound sand. Bush actually tried to talk about how the policy of guaranteeing these loans was going to impact the economy and was going to come back and bite us in the backside. But Frank wouldn’t listen, feeling the pillars were secure.

I get mad when I think Clinton made it some sort of goal to try and get everyone to own their own home. I think the policy was called to Community Reinvestment Act.

And I get mad when I hear about the stories of people who shouldn’t have purchased a home (or more than they could afford) walking away from the mortgages. I get mad everyone month when I write my mortgage check on a loan that I probably owe more on then my house is worth. I get mad when I think about how much money was wasted on companies like AIG and General Motors through government bailouts. And before you go all gaga over the money they paid back you might want to do a little digging. Did you notice the commercial that GM put on the air a few months ago disappeared as quickly as it appeared? Did you every question why? They were using another pot of government loans to pay back the original loan. A little fishy. And when word got out about this little slight-of-hand, GM quickly pulled the commercial.

The whole economic downturn can be traced to the collapse in the housing market, which was over inflated by the very policies enacted by Bill Clinton, strengthened by Frank and his cronies, and enforced at the banks and loan institutions by the thugs from ACORN and NAACP (scare tactics to get the bankers to loan money to people they couldn’t like implying charges of racism). The collapse of Wall Street can also be tied to the housing market with the bad derivatives bundled together when the “bad” loans were bought and sold.

Does Bush deserve some of the blame for the collapse of the markets? He does to a degree. He should have been more forceful with Frank and his group by telling Congress to turn down the spigot a little bit. He should have told the Senate Republicans to fix this since they still have a majority at the time. But to put this squarely on his head is wrong and misguided and smells of partisan hackery.