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Politics : Mainstream Politics and Economics

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To: Bearcatbob who wrote (276)	9/1/2011 11:49:22 AM
From: cnyndwllr	Read Replies (1) of 85487

With respect to the housing bubble, you do remember, don't you, that Bush touted the home ownership increase as one of his signature achievements when he was running for a second term. Something like "more Americans have realized the dream of home ownership under my administration than at any time in history...". Did he know it was a house of cards built on loans that were based on unconfirmed income reports and government policies which allowed the lenders to make bad loans and then to quickly sell off the risk of default into an out of control security market? You choose...stupid or cynical. And don't forget how all the home refinancing covered up the problems peculating in the larger economy by pumping huge sums of money into the aggregate pockets of everyday consumers who spent it into the economy creating a false prosperity that collapsed when the bubble burst. Between that and the war spending, Bush bought himself an economic picture that allowed him to secure a second term. Of course the underlying problems swelled like a blood sucking tick and burst at the end of his second term. Ed

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