This current administration continues to claim that the economy is worse than originally thought; they place the blame on the Bush Administration’s “Failed Policies” for eight years, and Obama supporters continue to blame the economy on what Obama “inherited” from the Bush Administration. For those of you in this camp, can you please address these facts? Please – no name calling, no ranting. I would like to see some citations and facts only.

In 1999, the New York Times reported that Fannie Mae was taking on more subprime loans, which it said may not pose too much of a problem in flush economic times (that was 1999, remember?) but it ” may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.”

You can read the article here: http://sayanythingblog.com/entry/new_york_times_in_1999_fannie_mae_taking_on_more_subprime_loans_may_put_com/

In 2001, Bush, upon taking office, warned that the two entities were overleveraged; he said that “their failure could cause strong repurcussions in the financial markets”

WSJ Article here : http://online.wsj.com/article/SB123137220550562585.html
In 2003, George Bush proposed a new agency to oversee Fannie Mae and Freddie Mac. This was reported in the New York Times, here:

http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html?sec=&spon=&pagewanted=print

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

You can read for yourselves about Dodd’s sweetheart deals from Countrywide mortgage. You can read for yourself about Barney Frank’s romantic involvement with a Fannie Mae Executive; you can read for yourself about the campiaign contributions made by these GSE’s to the Obama campaign –

One last link: http://sayanythingblog.com/entry/regarding_fannie_mae_and_freddie_mac_regulation_the_republicans_were_in_fav/

So my question is, How is this George W. Bush’s fault? What exactly were the “failed policies” that led to this mess, that Obama inherited?

Here’s another question – when you weigh the apparent blindess/stupidity/criminality of the Democrats in dealing with this crisis and think that “maybe they aren’t so stupid after all …” and pair that with the comment made by Rahm Emanuel, “Never let a serious crisis go to waste” http://online.wsj.com/article/SB123310466514522309.html

Ask yourselves, “Where did this crisis come from? What is the Administration doing with it?” Incredible opportunity – perhaps no coincidence.
US Veteran and others – Yes, yes, I have heard all the talking points about Bush=Stupid and Bush=Daddys Boy – I specifically asked for citations and links that will show exactly how this is Bush’s fault. I provided my evidence – where is yours?

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