Thursday, September 25, 2008

Bush Bashing??

So the more I read the more infuriated I have become with the media in general. So here is my take on politics. Poor President Bush has become the "whipping boy" for every problem going on in our current society. So just a little ammo for the poor guy... Check this out. The big housing crisis was not created on his watch, it the mess from decisions from as far back as 1992. (Clinton's term) See below courtesy of my buddy Glenn Beck:

"It’s one of the hidden success stories of the Clinton era. In the great housing boom of the 1990s, black and Latino homeownership has surged to the highest level ever recorded. The number of African Americans owning their own home is now increasing nearly three times as fast as the number of whites; the number of Latino homeowners is growing nearly five times as fast as that of whites.In 1992, [a majority Democratic] Congress mandated that Fannie and Freddie increase their purchases of mortgages for low-income and medium-income borrowers. Operating under that requirement, Fannie Mae, in particular, has been aggressive and creative in stimulating minority gains. It has aimed extensive advertising campaigns at minorities that explain how to buy a home and opened three dozen local offices to encourage lenders to serve these markets. Most importantly, Fannie Mae has agreed to buy more loans with very low down payments–or with mortgage payments that represent an unusually high percentage of a buyer’s income.

That’s made banks willing to lend to lower-income families they once might have rejected.The top priority may be to ask more of Fannie Mae and Freddie Mac. The two companies are now required to devote 42% of their portfolios to loans for low- and moderate-income borrowers; HUD, which has the authority to set the targets, is poised to propose an increase this summer.

Although Fannie Mae actually has exceeded its target since 1994, it is resisting any hike. It argues that a higher target would only produce more loan defaults by pressuring banks to accept unsafe borrowers. "

So Mr. Pesident. You have gained a few points in my eyes. And I am sorry that you have become the most hated President in history at least in part because we live in a society that does not believe in personal responsibility

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