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Obama fails yet again...
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<blockquote data-quote="fact check" data-source="post: 611837" data-attributes="member: 24643"><p><a href="http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html" target="_blank">http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html</a></p><p></p><p><em>Bush drive for home ownership fueled housing bubble</em></p><p><em></em></p><p><em>WASHINGTON — "We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home."</em></p><p><em></em></p><p><em>- President George W. Bush, Oct. 15, 2002</em></p><p><em></em></p><p><em></em></p><p><em>... But the story of how the United States got here is partly one of Bush's own making, according to a review of his tenure that included interviews with dozens of current and former administration officials.</em></p><p><em></em></p><p><em>From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards.</em></p><p><em></em></p><p><em>Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency.</em></p></blockquote><p></p>
[QUOTE="fact check, post: 611837, member: 24643"] [url]http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html[/url] [i]Bush drive for home ownership fueled housing bubble WASHINGTON — "We can put light where there's darkness, and hope where there's despondency in this country. And part of it is working together as a nation to encourage folks to own their own home." - President George W. Bush, Oct. 15, 2002 ... But the story of how the United States got here is partly one of Bush's own making, according to a review of his tenure that included interviews with dozens of current and former administration officials. From his earliest days in office, Bush paired his belief that Americans do best when they own their own homes with his conviction that markets do best when left alone. Bush pushed hard to expand home ownership, especially among minority groups, an initiative that dovetailed with both his ambition to expand Republican appeal and the business interests of some of his biggest donors. But his housing policies and hands-off approach to regulation encouraged lax lending standards. Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency.[/i] [/QUOTE]
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