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Politics : Formerly About Advanced Micro Devices
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To: RMF who wrote (913060)1/9/2016 1:29:17 AM
From: i-node  Read Replies (2) of 1578031
 
>> It was the "bundling" and resale of all those crappy mortgages that caused everything to collapse.

>> And I believe all that happened during the Bush Administration.

The "crappy mortgages" would never have happened without Clinton's regulations that required lenders to reduce the lending standards. Once that happened, with the GSEs government backing, the bums running them saw a golden opportunity. In effect, they became nonrecourse lenders who did not care whether the borrower repaid the debt or not. SO, GSE's followed suit and reduced their lending standards.

And that's when all hell broke loose.

The Bush administration fought it THROUGHOUT GWB's presidency, calling for reform something like 26 times with Democrats fighting him at every turn.

Bush cannot avoid some responsibility for it; however, the 2008 collapse was a direct result of Clinton policy that simply took a long time wind up and break.
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