As early as 2006, top advisers to Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Bush and his team misdiagnosed the reasons and scope of the downturn. As recently as February, for example, Bush was still calling it a "rough patch."I believe it was RealDave last night who pointed out that Gramm, Leach and Bliley were all Republicans.
It wasn't the act itself that was the problem. It was passed by an overwhelming majority in both parties.
It was the lack of oversight once it was passed. Bill Clinton admitted this years later.
It was also the pressure placed on banks by the Clinton administration to loosen lending standards when minorities and organizations like ACORN began complaining about "redlining" and loans being given to only rich white people.
Republicans weren't altogether innocent but at least they realized by 2004 that danger was ahead. Democrats were still trying to convince themselves and everyone else all was just fine.
Of course, all wasn't just fine.
If more Democrats had realized like Republicans that more oversight was needed back in 2004, the crisis could have been avoided.
The result was a series of piecemeal policy prescriptions that lagged behind the escalating crisis.
"There is no question we did not recognize the severity of the problems," said Al Hubbard, Bush's former chief economic adviser, who left the White House in December 2007. "Had we, we would have attacked them."
just take responsibility for voting for Bush. quit trying to blame everything that Bush screwed up on the democrats. it's not the way it happened and you know it.