[…]And he can only do this by making the point, which he should have made long ago, that BUSH DIDN’T WRECK THE ECONOMY. The Great Recession was created by liberal housing polices that put people in homes who couldn’t afford them, leading to the subprime crisis.[…]
Liberal Housing Policies:
October 15, 2002
Today’s Presidential Action
President George W. Bush hosted the White House Conference on Minority Homeownership to discuss public and private sector efforts to address the homeownership gap and increase the number of minority homeowners in America.
In June, President Bush announced the national goal of increasing the number of minority homeowners by at least 5.5 million by the end of this decade. Meeting the President’s goal will not only help more Americans enjoy the benefits of owning their own homes it will also help strengthen America’s economy. According to a study released today by the Department of Housing and Urban Development, meeting the President’s goal will involve $256 billion in economic activity in the form of construction and remodeling jobs, spending on household goods, and other benefits.[…]
It pains the brain to associate President George W. Bush with a liberal anything. Perhaps the intent of the housing effort was magnanimous – perhaps not. The world will probably never know. The neocons harbor many secrets.
And looking further into this “liberal action” of Ex-President George W. Bush, we see that some benefitted and some did not.
The sellers of mortgage based securities benefitted. Financial derivatives earned a name for themselves. At least one firm made creative money. Listen:
Who did not:
The buyers of those variable rate mortgages, to a significant extent, did not benefit. As the above blogger pointed out, people who could not afford to buy homes did buy homes. How was that engineered? Certainly it was not engineered by the targeted victims-to-be. They had no power to do such a thing.
The existing flat rate mortgage was joined by the variable rate mortgage. The variable rate mortgage enticed the unqualified borrower to buy. Over time the escalating charges became too much for the borrower but by then the mortgage folks had gotten bonuses and sales commissions. Eventually banks got the houses back.
Who started it all? The Bush Administration. Who managed/miss-managed the program? The Bush Administration. Who had all the power of control over the program? The Bush Administration. Who, in the end, was slapped with responsibility for the outcome of the program? Minorities!
Bloggers were up-front with their “analysis” of the program’s failure. One of the earliest websites said: “They gave your mortgage to a less qualified minority”. That was Ann Coulter’s website. Later the printed publication of the New York Times displayed a full page view of the physical Ann Coulter.
And there you see how the neocons have been able to stay in power for so long. They accept no responsibility for their train-wreck performances. They introduce confusion into the solution mix as early as possible. Major press elements frequently “looked the other way”. It seems that only the devil has escaped being blamed for the neocon’s train-wreck performances.