Well, the policy change that started it was in 1979. What could Reagan have done about it?
Bush didn't ignore the problem, Barney Frank convinced a majority there was no problem. What could Bush do?
REAGAN IGNORED REGULATOR WARNINGS FROM S&L REGULATOR GRAY
Former Treasury Secretary Donald T. Regan said Wednesday he paid little attention to warnings in 1984 by thrift regulator Edwin Gray that there was trouble in the savings and loan industry.
Regan said that was because he didn't trust Gray and because the politics of the 1984 presidential election did not allow President Reagan to renounce his policy of industry deregulation.
Regan told a commission looking into the collapse of the S&L industry that he didn't trust Gray and that as a result, ''we didn't pay that much attention to what Gray was saying'' in 1984 when Gray began warning of serious problems in the S&L industry.
Regan Ignored Gray's Early Warnings Of S&L Troubles
Barney? Barney frank minority member of the GOP MAJORITY HOUSE 1995-JAN 2007? PLEASE tell me his super powers? LOL
One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.
Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
2004 Republican Convention:
Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...
Thanks to our policies, home ownership in America is at an all- time high.
(APPLAUSE)
Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."
YOU TALKING F/F? LOL
June 17, 2004:
(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
Home builders fight Bush's low-income housing - Jun. 17, 2004
Fannie, Freddie to Suffer Under New Rule, Frank Says
Fannie Mae and Freddie Mac would suffer financially under a Bush administration requirement that they channel more mortgage financing to people with low incomes, said the senior Democrat on a congressional panel that sets regulations for the companies.
So if your narrative is "GSEs are to blame" then you have to blame bush
http://democrats.financialservices....s/112/06-17-04-new-Fannie-goals-Bloomberg.pdf
DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!
Predatory Lenders' Partner in Crime
Predatory lending was widely understood to present a looming national crisis.
What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?
Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye
In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative
Eliot Spitzer - Predatory Lenders' Partner in Crime
Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.
"It has the potential to be an epidemic,"
FBI saw threat of loan crisis - Los Angeles Times
Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!
WHAT ELSE YOU GOT?
