Housing crisis started with Clinton?

Interesting article:

http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709

What’s the story on IBD? Insightful or conservative-leaning publication?
Additionally, McCain seems to have realized in 2006 that Fannie and Freddie were headed towards disaster:

http://www.govtrack.us/congress/record.xpd?id=109-s20060525-16&bill=s109-190#sMonofilemx003Ammx002Fmmx002Fmmx002Fmhomemx002Fmgovtrackmx002Fmdatamx002Fmusmx002Fm109mx002Fmcrmx002Fms20060525-16.xmlElementm0m0m0m

I must have missed the memo – I thought everything was Obama’s fault. No?

Wow, that is some world class ass-covering. Eight years of the Fed’s policies, eight years of loose oversight of banks, eight years of incompetence and inaction by the Bush administration. All that had no effect whatsoever, its all Clinton’s fault. Oh, and those pesky minorities.

I’ll tentatively give McCain his props on trying to oversee Fanny and Freddie, though.

I personally lay the blame on Thog, who moved out of the nice safe cave and built a lean-to out of sticks.

It’s pretty undeniable that if the subprime mortgage meltdown is at the root of this crisis (and I think that is probably a debate point, but many are making it) then the government policies that were enacted to encourage subprime lending to certain groups of people has a large share of the blame. It appears this started under Clinton. However, Bush was completely in favor of this time of lending, too, and he strongly pushed HUD to “expand homeownership” in this way.

People want to cast this as some sort of breakdown of the free market. A much more accurate target is these types of government programs that tried to circumvent the market and encourage lending to groups that lenders avoided previously.

I thought you were going to do a big no-no and blame Og.

OG SMASH!

So let me get this straight. The editorialist contends that the Clinton administration created a market out of whole cloth, then forced institutions to lend to it? Nice try, the article did excel in getting those code words out there though with a special high five for getting Janet Reno’s name it there. How nice. It’s Clinton and those niggers fault! Unfucking believable.

Everyone that pushed the “new improved” bankruptcy legislation in 2005 knew what was coming.

It’s doubtful Clinton wins the closest-to-the-pin contest on this one. Barney Frank and Chris Dodd, maybe. But not the libidous one, IMHO.

Negative real interest rates by the Fed, and a government-sponsored vehicle to pump as much through the goose with that cheap money as possible (Freddie and Fannie) probably, in combination, land 3 feet from the stick with a chance for birdie.

And yes, I know Freddie and Fannie only dabbled a bit in Alt-A and subprime paper, but I fully subscribe to the ‘crowding out’ theory, in that by sucking up all the conforming loans the two behemoths incented other banks and investors to walk further out the plank.

This crisis has its history in the Lobbying industry, going back as far as the 1960s, but the real shit storm we’re facing actually took root in the Federal Reserve during Regan’s tenure. PBS’s Frontline did a pretty good historical outline of the events, here

I dismiss out of hand, any editorial that uses the word “cronies” multiple times, as being biased sources. YMMV.

As do I. Well played, Shayna. Well played.

Thank you very much. :slight_smile:

I somehow cut off the second hald of my post which was

"If you want to blame a single individual, I’d look to Phil Graham REPUBLICAN. You want a group try the Republican controlled congress which passed the Gramm-Leach-Bliley Act. "

I see Shayna’s post covers it.

I think I need to go back into lurk mode. This campaign is turning me into one of those bitter black men.

Trying to blame a single individual, political party and the GLB act for the housing crisis is like blaming improved carburetors for deaths on the highway.

It was an attempt at Synchronicity, by engaging in the same behavior (although I hope less slimy) as the author of the editorial. Why am I having to to explain myself so much lately? Must be my AAVE.

Or you can blame Robert Rubin ,Secretary of the Treasury, under both terms of Clinton. He supported both parts of Gramms ripping apart speedbumps to a depression. Who is … an adviser to Obama now.

Bottom line both parties screwed the pooch and in this case the American people are the pooch. Now we just have to elect a whole new set of politicians, who will find a new way to screw us. Yah politics!

No, it didn’t start with Clinton. It was a combination of dozens, or even hundreds of factors - many of them positive things. Numerous politicans contributed, sometimes without even recognizing they were dealing with some economic issue.

Now that’s a great comment!

Look up.

Sorry I missed that. :slight_smile: Really sad thing is instead of D or R next to the names they should just put P for Politician it would solve so much.

I think we could still use “D” and “R,” as long as “D” stood for “Dead” and “R” stood for “Running For Their Fucking Lives.”