It started with Carter, got legs from Clinton via ACORN and Attorney General (Reno). Was pushed thru Barney Frank, and Cris Dodd. Obama got some pie too. He was the third largest recipient. Dodd being first than Frank. Fanny and Freddie did kick to the repubs too, but very little. McCain and Bush are on record as having asked for oversight and regulation but were shut down by comments like, "what, you don't want the poor to have housing?" What a bunch of dishonest and creepy folks in the democrap party.
Your so-called "Clintonian policies" were created by Republican majority that held majority in congress since 1994.
Clinton did not pass legislation by himself, nor did he propose much of the Republican deregulation carried over from the Bush sr. and Reagan eras.
The problem is, free-trade sending our jobs overseas is starting to catch up with us, as Americans reach their credit limits trying to maintain a lifestyle that was given to the Chinese and Mexicans, by the right-ring deregulation policies.
Americans are starting to realize that their incomes are not keeping pace with rise in cost of living. Without credit to sustain their lifestyle, American lifetsyle is declining.
Of course you can argue... but but but the rich.... eah well that is the arguement. Majority of working class Americans are seeing their lifesyles decline while the rich who move jobs over seas improve.
Ronald Reagan proposed NAFTA as he North American Accord in 1979 and it was support by conservative groups like Heritage. org and others. This immediately destroyed unions. costing America many decent jobs. This allowed the financial sector to prey on American like vampires, preying on people trying to hoeplessly maintain their lifestyles.
Meanwhile Reagan went ahead and normalize and deregulated trade with China. Many of our good jobs alreayd moved overseas prior to NAFTA being completed.
Bush Sr. did do a great deal to influence it but hammer out some details for NAFTA.
Republicans continued to work on it after taking majority again in 1994 and got the thing passed with a veto-proof majority, when Clinton was in office.
America lost even more jobs.
Republicans cut a gaping hole in America's side, and let her bleed out jobs leaving her economy for dead. It is just taking a while for Americans to realize how dead it is.
In 1999 Reublicans passed the Gramm-Leach-Bliley Financial Services Modernization Act, Pub.L. 106-102, 113 Stat. 1338, enacted November 12, 1999. This allowed investment services and financial services to be consolidated under one roof. created large investment trusts that made huge profit off of selling Credit default swaps on mortgages. McCain was on of them who passed this bill.
This bill also deregulated the large GSMs and reduced the mortgage guidelines.
THERE IS NO SUCH BILL ISSUED BY OUR GOVERNMENT requiring banks to loan money to people who could not afford the loans.
Even the Community Reinvestment ACt doesn't even do what right-wingers claim. Yes I have read it! Obviously, the genius above, telling you to look it up, has not.
2000 Bush was elected and took officein 2001.
Like usual when we choose another leader the economic picture becomes very volatile.
This is usually correct by sound monetary policies by the new Admin.
Bush didn't make sound monetary policies.
First of all, he never demanded more regulation on banks that Republicans deregulated only 2 years earlier. He made a suggestion in passing, and that was about it.
When Bush ordered the invasion of Iraq, 64 billion US dollars where dumped into the oil futures market in 2003. This was when the US dollar was already starting to decline, because the rich were duming it for the euro.
So even had the extra billion not been dumped into oil futures, oil prices would have still went up. But the 64 billion double-whammied the whole thing and drove prices up more.
when oil rices go up, gas prices go up.
You do realize what happens to spending when someone is spending $100 a month to get to work and then it jumps to $400 a month right?
spending is reduced.
Then you have the Bush admin demanding that banks increase minimum monthly payments on revolving credit accounts. This caused an even larger reduction in spending.
Reduction in spending = less retail sales = less factory orders = job loss
When you have growing job loss, you have growin g forclosures, which leads to falling proerty values and banks being unable to resell the property for the original loan amount.
This led to banks being undercapitalized and bank failures.
The banks holding their stocks watch their portgolios fall in value creating a situation where they were undercaitalized and failed.
they kept dragging each other under like a boats tied together and sinking one.
And even then, the mortages were not ultimately what caused fannie Mae and Freddie Mac to collapse, it was their portfolio holding Indymac interest that caused them to come close to being undercapitalized. After than foreign central banks pulled billions out of them to prevent losing huge on the gamble. This caused them to be undercaitalized and siezed by the government.
A large portion of the real estate melt-down was created when people could not refinance their ARMs because their new property values were far lower than the original loan amounts.
No matter what right-wing drivel spitters claim, the American economy was made strong by union labor and protectionism.
Both of which neocons have pushed their talk-radio adherents into viewing as bad so they would oppose their own best interest. They made good wages, good benefits, a livable wage and being able to support your family and live the American dream synonymous with socialism/communism.
Right-wingers then reversed everything that made the American economy strong, thus undoing it.
Meanwhile BUSH, RUSH, and every other neocon liar claimed that the economic fundamentals of our nation were strong while they watched them crumble, abandoning the American dollar themselves, for euros. They Martha Stewart-ed us.