Superfreak
Verified User
Bush Jr was responsible for the 2008 mortgage crisis and economic disaster.
Just look at the timeline:
2003: Bush Jr signs the American Dream Downpayment Act: https://georgewbush-whitehouse.archives.gov/news/releases/2003/12/20031216-9.html
2004: The housing bubble starts. Millions of low income people buy homes they can't afford because Bush Jr pressured the banks to give them no-downpayment loans.
2007: Millions of low-income homeowners default (walk away) on their mortgages, putting pressure on banks holding the Lons.
2008: The crisis snowballs and the economy tanks.
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Bush Jr: "Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.
Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities."
The radicalized right wing nut jobs have their script and talking points to try to deflect the blame to past presidents like Carter and Clinton but they fall on deaf ears.
The evidence is overwhelming. Bush Jr caused the 2008 mortgage crisis and economic disaster.
Nothing can change that fact. It's written in the history books and 100 years from now, everybody will be looking back at this time and realize Bush Jr was maybe the WORST PRESIDENT of all time (but, of course, that fucking moron in the White House will have Bush Jr beat by the time he's finished).
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you forget the repeal of Glass Steagall in 1999. That is what started the housing crisis. That and Clinton and Bush chanting 'more home owners than ever before!'
