The Great Recession was caused by the aggregate insanity feeding frenzy resulting from Carter's CRA, Clinton's repeal of Glass Steagall, Freddie and Fanny and uder-market Fed rates. The subprime mortgage did not exist before these things.
Bush's first budget, written in 2001 called runaway subprime lending by the government-sponsored enterprises Fannie Mae and Freddie Mac "a potential problem" and warned of "strong repercussions in financial markets."
In 2003, Bush's Treasury secretary, John Snow, proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." Did Democrats in Congress welcome it? Hardly.
"I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del.
Unfortunately, it was broke.
In November 2003, just two months after Frank's remarks, Bush's top economist, Gregory Mankiw, warned: "The enormous size of the mortgage-backed securities market means that any problems at the GSEs matter for the financial system as a whole." He too proposed reforms, and they too went nowhere.
In the next two years, a parade of White House officials traipsed to Capitol Hill, calling repeatedly for GSE reform. They were ignored. Even after several multibillion-dollar accounting errors by Fannie and Freddie, Congress put off reforms.
In 2005, Fed chief Alan Greenspan sounded the most serious warning of all: "We are placing the total financial system of the future at a substantial risk" by doing nothing, he said. When a bill later that year emerged from the Senate Banking Committee, it looked like something might finally be done.
Economist Kevin Hassett of the American Enterprise Institute has noted, "the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter."
Had they done so, it's likely the mortgage meltdown wouldn't have occurred, or would have been of far less intensity. President Bush and the Republican Congress might be blamed for many things, but this isn't one of them. It was a Democratic debacle, from start to finish.
It is always good to know where something came from, especially when it bears the hallmarks of disinformation. All of the "Real Clear" subsidiaries should be avoided as likely sources of disinformation. So I tried to run down a couple of the quotes to find out if the person really said that in the context being presented. I stopped when there was no record of the first two I tried except from right-wing propaganda sources. So nothing to learn in your admittedly plagiarized passage. of the quotes. The purpose of the passage seems to be a typical right-wing attempt at blame-shifting.
The Great Recession was caused by the aggregate insanity feeding frenzy resulting from Carter's CRA, Clinton's repeal of Glass Steagall, Freddie and Fanny and uder-market Fed rates. The subprime mortgage did not exist before these things.
Bush's first budget, written in 2001 called runaway subprime lending by the government-sponsored enterprises Fannie Mae and Freddie Mac "a potential problem" and warned of "strong repercussions in financial markets."
In 2003, Bush's Treasury secretary, John Snow, proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." Did Democrats in Congress welcome it? Hardly.
"I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del.
Unfortunately, it was broke.
In November 2003, just two months after Frank's remarks, Bush's top economist, Gregory Mankiw, warned: "The enormous size of the mortgage-backed securities market means that any problems at the GSEs matter for the financial system as a whole." He too proposed reforms, and they too went nowhere.
In the next two years, a parade of White House officials traipsed to Capitol Hill, calling repeatedly for GSE reform. They were ignored. Even after several multibillion-dollar accounting errors by Fannie and Freddie, Congress put off reforms.
In 2005, Fed chief Alan Greenspan sounded the most serious warning of all: "We are placing the total financial system of the future at a substantial risk" by doing nothing, he said. When a bill later that year emerged from the Senate Banking Committee, it looked like something might finally be done.
Economist Kevin Hassett of the American Enterprise Institute has noted, "the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter."
Had they done so, it's likely the mortgage meltdown wouldn't have occurred, or would have been of far less intensity. President Bush and the Republican Congress might be blamed for many things, but this isn't one of them. It was a Democratic debacle, from start to finish.
Howz about when you copy and paste, you put the excerpts in quotation marks and provide the link, hmmm?
That's all you got? Policing plagiarism? A better idea would be "thank you for educating me on something I did not know." There is still time.
https://www.realclearmarkets.com/articles/2008/12/dont_blame_bush_for_subprime_m.html
It is always good to know where something came from, especially when it bears the hallmarks of disinformation. All of the "Real Clear" subsidiaries should be avoided as likely sources of disinformation. So I tried to run down a couple of the quotes to find out if the person really said that in the context being presented. I stopped when there was no record of the first two I tried except from right-wing propaganda sources. So nothing to learn in your admittedly plagiarized passage. of the quotes. The purpose of the passage seems to be a typical right-wing attempt at blame-shifting.