"Robert Frosty" wrote in message MOMENTUM LOST!
And probably too late for Obama to mount a comeback.
Oh, you're gonna like the next GOP recession, folks!<<<<<<<<<
Bush was partially at fault for the recession because even
through he warned congress 17 times about Fannie and
Freddie failing, starting in 2001, he never DEMANDED
congress do something.
The liberal's wet dream of having "poor people" owning
their own home by lending them money, even if they had
bad/no credit or even if they had no job, was a HUGE
part in the housing meltdown.
From NY Times - September 11, 2003
The Bush administration today recommended
the most significant regulatory overhaul in the
housing finance industry since the savings and
loan crisis a decade ago.
The White House released this list of attempts by President Bush to reform
Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president's warnings:
** 2001
April: The Administration's FY02 budget declares that the size of Fannie Mae
and Freddie Mac is "a potential problem," because "financial trouble of a
large GSE could cause strong repercussions in financial markets, affecting
Federally insured entities and economic activity."
** 2002
May: The President calls for the disclosure and corporate governance
principles contained in his 10-point plan for corporate responsibility to
apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
--
JerryD(upstateNY)