You left this part out.<quoted text>
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."
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.
"There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk.
"Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies..."
Then there's this WSJ article regarding the Senate Banking Committee introducing a bill in 2005 to oversee the housing lending standards.
"In light of the current financial crisis, this bill was probably the most important piece of financial regulation before Congress in 2005 and 2006. All the Republicans on the Committee supported the bill, and all the Democrats voted against it.
"If the Democrats had let the 2005 legislation come to a vote, the huge growth in the subprime and Alt-A loan portfolios of Fannie and Freddie could not have occurred, and the scale of the financial meltdown would have been substantially less."
Then there's the Congressional hearings in 2004 to rein in Frank Raines and Fannie and Freddie.
If you haven't figured out by now it's only the Democrats who blame Republicans - loudly, often and conspicuously - without a hint of reflecting on their role, you're probably too gullible.