I see that you're trying to shift attention away from the fact that repubs and Clinton BOTH passed Glass-Steagall to another conservative spin-- that it was 'liberal' homeownership programs that caused the subprime financial collapse.I'll save you the time, numbnuts. Here is why the housing crash happened, and why Clinton is responsible:
The Clinton-era document that Mason cites—“The National Homeownership Strategy: Partners in the American Dream
This is just not true.(Even if it was true Bush Jr. also pushed for more homeownership).
Conservative Campaign That Blames The Global Financial Crisis On A Government Push To Make House More Affordabl" Is Disproved By The Data.
As reported by McClatchy: "As the economy worsens and Election Day approaches, a conservative campaign that blames the global financial crisis on a government push to make housing more affordable to lower-class Americans has taken off on talk radio and e-mail.
Commentators say that's what triggered the stock market meltdown and the freeze on credit. They've specifically targeted the mortgage finance giants Fannie Mae and Freddie Mac, which the federal government seized on Sept. 6, contending that lending to poor and minority Americans caused Fannie's and Freddie's financial problems.
Federal housing data reveal that the charges aren't true, and that the private sector, not the government or government-backed companies, was behind the soaring subprime lending at the core of the crisis." [McClatchy, 10/12/08,
The government had NOTHING to do with subprime loans, except for the fact that Bush's SEC looked away from the real estate bubble that Wall Street was inflating.
Sub-prime lenders were under NO government mandate to make and pool these loans. It was the collapse of the loan pools that caused Goldman Sachs,Lehman, Bear Stearns, and all of the other huge Wall Street firms to almost collapse.
That's why it was called the sub-prime crash. But the pro-corporate, government regulation haters quickly tried to spin this collapse into something that had nothing to do with Wall Street greed and short sightedness.
But you guys can never accept that unfettered corporate capitalism can ever do any wrong.