I agree with this. I don't find Clinton very culpable. The dems in congress who opposed regulation of Fannie / Freddie in 2003 bear much blame, but remember that the repubs held majority in both branches of congress in 2003, so why didn't they regulate fannie/freddie on their own? The biggest regulatory lapses occurred under the repubs, and Greenspan keeping interest rates at 1% in 2003 and 2004, a full 2 - 3 years after the recession ended in 2001, was pitiful monetary policy. It allowed the 2% teaser rates that hooked so many subprime borrowers, who could never have begun the purchase process if rates had resembled anything like normal.
It is merely "Red's line". So, let me rephrase. How can you attribute the 2008 collapse to Clinton actions 9 years earlier and ignore the bigger and more recent actions by Bush only four years ago?
I'm not ignoring anything. Many things led to the collapse but it didn't start in 2004 and to suggest otherwise is pure partisan BS.
If you look at Red's graph on the previous page, and I have seen it many times and its correct, there was an explosion of subprime mortgage lending in 2004, about twice as much at 2003, and it grew in 2005 and 2006. That is not on Clinton. My post on the previous page shows Bush crowing about how good housing is doing in the state of the union in 2004, then Greenspan asking for more alternatives to the 30 yr. fixed rate mortgage in 2004, and the creation of the most toxic subprime mortgage "reverse amortization" in 2004, along with Greenspan's 1% fed funds rate in 2004, years after the recession ended. That is not on Clinton. The worst of the policies came under the republicans under Bush's watch.
OK. You win. I'll just sit back and watch the Democrats save us from the ravages of the Republican administrations. I can't wait.
"Sit back and watch" is all any of us can do until the Democrats efforts result in producing achievements or failures.
FYI, you mean "negative amortization" loan. It is commonly mistakenly called a "reverse amortization" loan and is confused with a "reverse mortgage" which is a type of mortgage that actually pays you and is popular in the elderly community because they can subsidize their cost of living by gradually taking the equity out of their house.
True. So how about a moratorium on the Bush bashing as well. He's long gone and it's all on Barry now.
I can understand why you'd feel that way. But I'll Bash him in response to people who are bashing Obama and Clinton for Bush's failures.
