Affordable Social Housing

Some Liberals like to say tax cuts for the rich and fighting two wars caused the recession! HA...
So fighting two wars and tax breaks for the rich caused the Affordable Social Housing mortgage foreclosure crisis which is the root cause of this recession. I fail to see the link.
Oh, and Bush failed to regulate what?

http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?src=pm
Published: September 11, 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

Or are you just going to blindly spout out that Bush failed regulate Wall Street? What was Wall Street trading, bundling up and trading as derivatives? Toxic mortgages? Where did the toxic mortgages come from? Bush? Hardly. Bush was trying to regulate these toxic assets starting in 2001.

Affordable Social Housing. In 1995 Bill Clinton threatened the banks with cease and disist orders if they didn`t open up Billions of dollars a year in new credit to people who previously did not qualify from 1995 until it bankrupted the banks and Wall Street in 2007/2008. Bush started sounding the warning of this bad idea this Affordable Social Housing as far back as 2001. In 2003, Bush upgraded his warning to a systemic economic failure if the lending wasn`t regulated tighter...

Guess who is calling for more of the same? More subprime lending to the poor or people who do not qualify? Barack Obama.

http://www.businessweek.com/magazine/content/11_20/b4228031594062.htm

In the wake of the subprime implosion, the Obama Administration has stepped up its scrutiny of disadvantaged neighborhoods' credit access...

Barack Obama is a complete dumbarss. He wats to go back to the root cause of the recession and DO IT AGAIN!