Obama also inherited from Bush the Wall Street bail out of AIG, JP Morgan, Bank Of America, Country Wide Mortgage Company, Morgan Stanley, etc....., etc...., and the sacrificial Wall Street Company lamb was Lehman Brothers to look tough,and all of it constructed by Bush's Treasury Secretary and members of his inner Cabinet.
One from the "Blame the other guy playbook" If it Works for Obama...
Bill Clinton's drive to increase homeownership went way too far
Add President Clinton to the long list of people who deserve a share of the blame for the housing bubble and bust. A recently re-exposed document shows that his administration went to ridiculous lengths to increase the national homeownership rate. It promoted paper-thin downpayments and pushed for ways to get lenders to give mortgage loans to first-time buyers with shaky financing and incomes. It’s clear now that the erosion of lending standards pushed prices up by increasing demand, and later led to waves of defaults by people who never should have bought a home in the first place.
President Bush continued the practices because they dovetailed with his Ownership Society goals, and of course Congress was strongly behind the push. But Clinton and his administration must shoulder some of the blame.
http://www.businessweek.com/the_thread/hotproperty/archives/2008/02/clintons_drive.html
So I guess if Clinton started the ball rolling and "Everything" is George Bush's Fault it would take A real idiot to make that mistake again right? Who would be that naive? What is the definition of
Insanity by the way...
The Obama Administration is angling to allow people with questionable credit to receive home loans, encouraging lenders to use more subjective judgment, and pushing banks to utilize programs through the Federal Housing Administration (FHA)--an executive branch agency that sticks taxpayers with the bill if borrowers default on their FHA home loan.
But former Fannie Mae executive and American Enterprise Institute fellow Ed Pinto says such a move would be a mistake. “If that were to come to pass, that would open the floodgates to highly excessive risk and would send us right back on the same path we were just trying to recover from,” said Pinto.”
According to the
Washington Post, it is a move “skeptics say could open the door to the risky lending that caused the housing crash in the first place.”
http://www.breitbart.com/Big-Govern...-To-Give-Home-Loans-To-Lower-Credit-Borrowers
P.S. Lets not forget the AIG Wall Street Scandal and Obama's boy... Timothy Franz Geithner, Secretary of the Treasury, under President Barack Obama, from 2009 to 2013. I will reference that by A Nice liberal friendly outlet, CBS News. If it comes from them and it is about Obama it has to be legit right?
Will Geithner Survive The AIG Scandal?