I thought i did. I just googled "Bush administration stripped state APL regulations" and found this article that spends a lot more time than i did but basically explains the same thing... Bushs fault.

[Link: ritholtz.com]

Do i have the minutes from the conversations between Bush senoir and cheney about it before they made GWB sign the papers? No.

So when do things stop being [either] Bush's fault? Are you saying everyone thought the 2004 legislation was fantastic up until everything fell apart? No one tried to do anything to fix/correct/update it or the situation that was clearly becoming a major problem?

This only shows that if you look back far enough, you can point fingers and place blame for anything rather than taking responsibility for something.

Bush signed legislation that the democratic controlled congress passed. In 8 years I think he only vetoed one bill, no matter how much republicans opposed some that went through. If congress had passed a bill that made rape legal I think he would have signed it.


As for the idiots that bought houses without knowing they could pay back the loans, well most of them knew they couldnt pay for the home. Creative financing let them stay in the home for a few years. They planned to flip the houses and make big profits before their rates changed or principals came due. What the idiots didnt figure out was that the wave couldnt last forever. Its kind of like a classic Married with Children episode where Peggy kept blowing the family money buying crap at yard sales. Finally Al decided to have a yard sale and get rid of everything, but no one bought anything. When the kids asked what happened he said, "well, a yard sale is where people get unload their crap on someone dumber than them. Eventually you get to the bottom and there isnt anyone dumber left. Kids, your mom is that bottom."

.

What should i take responsibility for? I had nothing to do with the choices that led our economy down the drain. No one tried to fix the problem because all of the politicians are being paid off by the same lobbyists.

Bush thought he was signing autographs. No one told him that baseball was over.


The house flippers make up a small percentage of those who defaulted on loans. Those few may have known what they were getting into but the rest did not. And for those few who did... the banks allowed them to get the loans. The idea that average joe home owner can figure out the loans they were getting approved for is asinine. The majority of the population isn't sure how to calculate the tip at a restaurant. Thats why we have rules for lenders and legislation for those lenders to follow and credit scores etc.

it actually started with Reagan and snowballed from there, I am not taking Bush’s fault away but Reagan lowered the minimum down payment and made it easier to make loans and messed up the laws in place for protecting the economy in the 30's. The issue is that high interest rates at the time and conservative bankers and a strong economy meant that people had a bit more loans but also had more money to spend which raised home prices and stock prices which give the appearance of a healthy economy and made it look as if it was a good idea. But as time passed the laws where getting more relaxed (after all what Reagan did appeared to work at boosting the economy) and people more and more in debt.

I don't get your point, who was supposed to fix it Bush was still President when things went bad, I don't know when it was at its worst (if it was before Obama was President or not) but these things take time, they can't be fixed in an instant. If you mean someone else, the president is the only one that can pass legislation.


I don't get this either, the question is why did this happen. The answer is easy with very little down payment (I think it even reached 0), low interest rates, and easy to get loans and a rising market it made it easy for banks to give loans and for people who bought more then they could afford. Now some are out of the control of the government (like house prices), but most of those conditions can be brought back to the laws in place and then the question is who was in charge when those laws where put in place.