I always thought the housing bubble started about 10 years ago when the 30 year fixed mortgage became less of a standard.

I think the stage was set when the requirement to pay capital gains tax on the sale of your primary residence was lifted .... back in the early90's IIRC.

"Oh BS. Oil prices up, housing market in complete bust. This you can all lay with the present admin policies."

I can't believe that you actually believe that but let me try (OK kids take the little yellow pill, wait for the green bunnies to land on roof, ready??? ok here we go...oooh what a fun game....think of a problem and then....blame Bush!):

"I took out a loan I didn't understand and can't afford to pay. I'm losing the house. The government should make my mortgage payments for me. This is Bush's fault.

I was going to sell my house last year but President Bush put in place a policy that drove the price down. I don't know what that policy is but I know my loss is Bush's fault.

The neighbors just sold their house way below what I think mine is worth. They are clearly Republicans and are obviously working with Bush to undermine the market. Now my house is worth less. This is clearly Bush's fault.

The gas prices are up and my F350 dually costs a lot more to fill. This is definitely cutting into my twinkie budget. I know this is Bush's fault. He and Cheney are making millions with oil companies.

The oil prices are up. I can't afford to heat my house. There should be a policy that pays my heating bill for me. This is all Bush's fault.

The gas prices are up. I had to sell my Tahoe and buy a small car. Now my six kids have to sit on top of each other. You know if Bush had put some policies in place the price of oil would still be low. I could have bought an even bigger Tahoe. And had more kids. Now I can't afford to feed the ones I have. And we can't make the house payments either. This is all Bush's fault.

See how easy it is? Surely you can think of examples too!! Whatever problem you have- it is all Bush's fault.

Tomorrow we'll play "Democrats are Saints and Will solve ALL of my problems for Me".

here is the housing bubblehttp://forums.pelicanparts.com/uploa...1204663394.jpg


a liitle proactiveness on the part of this admin early on would have headed this off

no problem, Joe. they have not made good.


your turn.

http://www.bloomberg.com/apps/news?pid=20601088&sid=aJWW_q5WSn1I&refer=home

How exactly is that possible? Do you think anyone in the gubmint understands how the mortgage industry works? If they did, what gives them to right to tell private enterprise how to invest it's dollars into homebuying programs?

Take a look at the Dems proposed HR 3915- I can attest that is living proof that the Dem party is just building a boogeyman to fix. That law is PROOF they have no clue how the mortgage / RE industry works.

It's easy to just say it's gubmint's fault it happened. Seems to be a popluar buzzword (and really, that's all it is).

rjp

As far as I can tell, since the Congressional mid-term elections, no-one has really been in charge in Washington.

Bush is a lame duck, is no longer trying to get anything significant done, and lacks the political capital to do it. However, he has discovered the veto pen and has issued more vetos and veto threats in 1 year than in the preceding 6.

The Congressional Democrats have a majority in the House, but barely a majority in the Senate. They cannot get anything passed in the Senate if the Republicans aggressively oppose it, and cannot get anything past a Bush veto.

The Congressional Republicans are primarily interested in preventing action and backing up Bush's veto threats.

And all of the above have been more focused on the 2008 elections than on 2007. It is fair, I think, to say that Congress and the White House alike have been mostly interested in settling old scores, positioning for the elections, and blocking progress by the other side.

So we have had a stalemate in Washington for the past year-plus.

That stalemate has not been a major factor in the deterioration of the economy. The seeds of that deterioration were all sown years ago, whether it be the bulk of the bad loans that are pressuring the financial system, the excessive rise in house prices (see the above charts), the budget deficits that are helping to pressure the dollar, the oil demand and supply that are contributing to >$100/bbl oil, etc.

None of that was created in the past year, most of it has been built up over the past several years, in some cases over decades.

So, the stuff your friend forwarded to you is interesting . . . if one doesn't know much about how the economy works.

I don't say the dems have an answer.

Fluctautions in markets on this magnitude wreak havoc on the nation's economy. If the US does not put some regulatory processes in place it can happen again.



There are controls on the stock market to prevent wild swings, why not expand that to other markets which have such widespread consequences.

If the dems don't have the answer, why would the Republicans? 2nd thing, why would it be a government issue?

This is a free enterprise issue, that's why. To say that "a little proactiveness" would prevent this is impossible.

rjp

http://www.responsiblelending.org/press/releases/page.jsp?itemID=31767669

someone tried but a little too late.

Ross Perot for president!

I just posted it for fun to give those who blame Bush for EVERYTHING a taste of their own silly medicine. I have enjoyed the heck out it;)

you never hear about them because they are a crazy left wing group. They believe that people deserve houses, at any cost.

2nd they don't represent anything with the govt. They are privately held. They are a bunch of babbling scare-tactic idiots along the lines of Moveon.org and Handgun control.

Disinformation, challenge and fight. That's all.

WE have destabilized the Middle East. That IS Bush's fault..................

The Federal Home Loan Mortgage Corporation ("FHLMC") NYSE: FRE, commonly known as Freddie Mac, is a government-sponsored enterprise (GSE) of the United States Government. As a GSE, it is a stockholder-owned corporation authorized to make loans and loan guarantees. The FHLMC was created in 1970 to expand the secondary market for mortgages in the United States. Along with other GSEs, Freddie Mac buys mortgages on the secondary market, pools them, and sells them as mortgage-backed securities to investors on the open market. This secondary mortgage market helps to replenish the supply of lendable money for mortgages and ensures that money continues to be available for new home purchases.

Quote:
Originally Posted by wrecktech View Post
Please cite a link or account for this claim of "trillions"

Nice title for a book but I don't see any evidence for the claim of "trillions"

Yeah the Middle East was very stable before Bush :rolleyes: