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The Water Cooler
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The Mid-Term Election thread
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<blockquote data-quote="Ace_on_the_Turn" data-source="post: 2653202" data-attributes="member: 27417"><p>You speak of fairy tales? Here's one for you, the Democrats were solely, or even mostly, to blame for the housing collapse. </p><p></p><p><a href="http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html?pagewanted=all&_r=0" target="_blank"> "From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards...And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency..."There is no question we did not recognize the severity of the problems," said Al Hubbard, Bush's former chief economic adviser, who left the White House in December 2007. "Had we, we would have attacked them."...Lawrence Lindsay, Bush's first chief economic adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Bush meet housing goals."No one wanted to stop that bubble," Lindsay said. "It would have conflicted with the president's own policies."</a></p></blockquote><p></p>
[QUOTE="Ace_on_the_Turn, post: 2653202, member: 27417"] You speak of fairy tales? Here's one for you, the Democrats were solely, or even mostly, to blame for the housing collapse. [URL="http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html?pagewanted=all&_r=0"] "From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards...And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency..."There is no question we did not recognize the severity of the problems," said Al Hubbard, Bush's former chief economic adviser, who left the White House in December 2007. "Had we, we would have attacked them."...Lawrence Lindsay, Bush's first chief economic adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Bush meet housing goals."No one wanted to stop that bubble," Lindsay said. "It would have conflicted with the president's own policies."[/URL] [/QUOTE]
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