The "American Dream Downpayment Act of 2003"; which allocated up to $800 million to help poor and minorities afford the downpayment on a home. They gave poor people money to buy homes they couldn't otherwise afford!
http://www.americandreamdownpaymentassis鈥?/a>
And then, of course, blamed poor people for buying too much home, when the housing market imploded.
[U.S. President George W. Bush, saying "our entire economy is in danger," urged Congress to approve his administration's $700 billion bailout proposal.
"We're in the midst of a serious financial crisis, and the federal government is responding with decisive actions," Bush said in a televised address Wednesday night from the White House.
Bush pointed out that the collapse of several major lenders was rooted in the subprime mortgage market that thrived over the past decade.
He said passage of the $700 billion bailout proposal was needed to restore confidence in the market.
"I'm a strong believer in free enterprise, so my natural instinct is to oppose government intervention," he said. But "these are not normal circumstances. The market is not functioning properly. There has been a widespread loss of confidence.
"Without immediate action by Congress, America can slip into a major panic."]What are more examples that the Republicans are The Party of Amnesia?
Reagan said it, but Dick Cheney got famous for saying it: "Deficits Don't Matter".
Both of them had reason to know better.
It's convenient to have amnesia when you need to borrow money.
Once upon a time, there was the Concord Coalition, and there was Sen Judd Gregg, and these put a lot of pressure on Washington to "Pay As You Go" (PAYGO).
PAYGO is really a matter of inter-generational ethics.
Assuming the future generations do not repudiate outright the debts we rack up, they are going to have to pay them, or at least service them, possibly while rolling them over.
Either way, it means the government will take your first 6 or 8 months of earning every year just to pay for the extravagances of the Bush II and Obama Years when the national debt skyrocketed to heights formerly unimaginable.
We seem to have forgotten the three decades that have already been spent trying to get the Chinese to re-value their currency. So it's like negotiating at Pyongyang with the North Koreans, every time we sit down with them the whole conversation starts again from scratch.
Carnies call it the "double". When they fool a sucker and take his money, the sucker is so embarrassed and so unwilling to admit he's been taken, that the carnie can do the exact same swindle again.
The Chinese have done a double, and a triple on us. We never seem to be able to remember the 30 years we've been asking them to re-value the Yuan (or at least let it float freely).
Our new Trade Negotiator is like Baby Huey, going off to goo goo ga ga land to talk to the nice Chinamen about their money.
We are idiots about trade policy (don't blame me, I'm the National Non-Idiot, but it's like being a Motley Fool at the Court of King Lear, what's up nuncle?).
Deficits create the fiscal gap, and stupid trade policy creates the trade gap, and all parties, but particularly the GOP are beyond amnesia -- they are gorko about these crucial things. Meanwhile this democratic republic drifts ever closer to the Charbidis that will swallow it whole.
Quark, Quark, Quark say I from the top of the mast, but the captain is asleep and the crew is drunk on the deck.
Well they keep wanting the media to like them and time and time again they get *%26amp;#$@% over for trying to be nice to reporters from CNN and MSNBC. I think that is a pretty good example. So now lets list examples of how the Democrats are racist homophobes bigots that lie to their base and then *%26amp;#$@% them over in order to keep them poor and miserable in order to maintain control over them.What are more examples that the Republicans are The Party of Amnesia?
too many to mention. they quickly discount the accomplishments of the liberal wing when it is this segment that is fighting to protect their lives an the lives of others. . republican tom coburn is holding up 900 million in aid to haiti. nice values! they voted against helping 911 aid workers! they can wrap themselves in the flag but our quick to put our boys in harms way without proper equipement.
The (wrecking) ball was already set in motion. The laws that made this possible where created in the 70s and 90s. Do you honestly believe that the meltdown was caused by loans made after 2004? If so, you have no idea of the scale of this disaster.
Why don't you go study the expansion of the CRA under Clinton in 1999.
That did a lot more to deregulate housing loans than Bush ever did.
That combined with Clinton signing off on repealing Glass-Steagall lead to this financial mess.
well big peter.i hardly think we forgot.why do you think the tea party voted out the rino's.now you all should follow suit with all of the progressives in your party.
For one, they didn't all kill themselves after Obama was elected. I thought they would have. The way Barry is killing the US slowly and painfully, you'd think more people would end it all.
You mean like how Dems. have forgotten Carter's policies that Obama is copying- except worse.
RINOs
Liberals are a cancer. They need to be omitted.
Oh really, Like when you guys forget 9-11 and blame the war on terror on Bush?
good grief..
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