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President Bush and Home Ownership

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By Barry Ritholtz - October 31st, 2008, 8:25AM

There was an editorial in IBD this week, mistitled, Why The Mortgage Crisis Happened. Funny thing is, they somehow overlooked these speeches below.

The pandering and disinformation campaign of the far right are looking more and more like the death spasms of an intellectually bankrupt ideology . . .

A Home of Your Own, by President Bush, May 17, 2002

President Bush 2002 Speech Encouraging More Lending Fanny Mae and Freddie Mac

President Bush Discusses Homeownership Financing August 31 2007

Sources:
Why The Mortgage Crisis Happened
M. JAY WELLS
10/29/2008

http://www.investors.com/editorial/EditorialContent.asp?secid=1502&status=article&id=310173877357981

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13 Responses to “President Bush and Home Ownership”

  1. inthewoods Says:
    October 31st, 2008 at 9:32 am

    Not exactly shocking that they would seek to blame the left and leave off any responsibility on the right.

  2. Dr. Kenneth Noisewater Says:
    October 31st, 2008 at 9:54 am

    I can’t help thinking that this is history rhyming again… Nixon without the intelligence (but with the benighted ideas about economics).. Could America, in its frustration, be voting for another Carter? Fresh new face without Washington experience, smart as a whip (Carter was a nuclear submariner handpicked by Rickover), but…

    Jes’ sayin, it could be a rhyme…

  3. proof1st Says:
    October 31st, 2008 at 9:55 am

    The editorial was actually not produced by IBD – it was a reprint from “American Thinker”.

    Nothing in these speeches is incredibly damning, though. You can find items of information to support whatever side you wish, if thats your agenda.

  4. Calvin Jones and the 13th Apostle Says:
    October 31st, 2008 at 10:02 am

    Dr. Kenneth Noisewater:
    Do you really think Obama is another Carter? I don’t. Will he he FDR redux? Who knows. He’ll be a lot better than Carter though. Do you really think a Carter type could have beaten Clinton in the primaries?

  5. Calvin Jones and the 13th Apostle Says:
    October 31st, 2008 at 10:04 am

    proof1st:
    Yes, American Thinker is a right-wing extremist rag. Fits with IBD. I am shocked, shocked I tell you, that they’d blame it all on the left or other boogie men but themselves. Anyone remember Greenspan peddling ARM’s?

  6. proof1st Says:
    October 31st, 2008 at 10:21 am

    Calvin Jones:

    American Thinker is a right-wing extremist rag – absolutely. They have an agenda and in the article they cherry-picked the facts to fit in with it.

    I dont think they are hiding it or apologizing for it, which is less egregious than when the same thing happens coming from sources we expect to be objective.

    Is Obama another Carter? No, Obama is further to the left.

  7. CNBC Sucks Says:
    October 31st, 2008 at 10:34 am

    Mornin’, everybody.

    “The death spasms of an intellectually bankrupt ideology”…that sounds an awful like my now classic and widely beloved “Captains of a dying economic system” post (http://cnbcsucks.wordpress.com/2008/07/25/captains-of-a-dying-economic-system/). But aren’t you starting to get ideological, Barry? Aren’t you supposed to be digging into the minutae of housing sales trends and expounding authoritatively about “W” technical bottoms on equities? Don’t you start impinging on my rant blog franchise, you. As a registered Republican (riots break out, babies cry), I don’t like to share, friend. Stick to your knitting with rational, objective, sane, evidence-based analysis and leave the ad hominems to me.

  8. Winston Munn Says:
    October 31st, 2008 at 11:12 am

    Every time I see this guy speak he reminds me of an ill-prepared highschooler in speech class hoping bravado and swagger will be mistaken for intelligence and preparedness.

    Is it time for recess yet?

  9. ctrader Says:
    October 31st, 2008 at 11:39 am

    Didn’t know this was a political blog Barry.

    535 idiots in the beltway don’t have the financial acumen of a Hooters waitress. Get the gov the hell out of the way. Let the foreclosures fall where they may. Only private capital is going to get us out of this mess.

    ~~~

    BR: Its not. I am trying to show that the rewriting of what actually happened is utterly absurd. Here are 3 Bush speeches, each saying all the things that the extremist idealogues are accusing Fannie/Freddie/CRA of.

    Its ironic . . .

  10. howard432 Says:
    October 31st, 2008 at 12:35 pm

    The only correction would be that the entire country lacks a philosophical underpinning. Nobody believes anybody, our institutions are all corrupt, and it seems that sex, drugs, and rock and roll rule

  11. Barry Ritholtz Says:
    October 31st, 2008 at 2:03 pm

    Be sure to read the Roundtable (Fed Chairmen and Presidents) interview with Chris Whalen’s dad, who was in both the Nixon and Reagan administrations.

    http://www.ritholtz.com/blog/2008/10/roundtable-fed-chairmen-and-presidents/

  12. jmay Says:
    October 31st, 2008 at 6:44 pm

    Of course this is a political blog. To quote Stephen Colbert, it’s well known that reality has a liberal bias.

    What’s kind of sad is that as much as I hate Bush, in the first video he does look heartfelt about the minority home-ownership idea. That sentiment is ruined of course, by his imperial cowboy approach: “We’ll just take away all the restrictions.” It’s reminiscent of his foreign policy: “We’ll just storm into the middle east and institute democracy at the point of a gun.”

    This man has been our President for 8 years. High five!

  13. Tony Says:
    November 1st, 2008 at 2:50 am

    Last year I was likewise congratulatory towards this country and the world for having survived the Bush presidency (except, of course, the hundred thousand or so Iraqis and several thousand Americans who sadly did not survive), but then the this past year has shown that the damage done by this administration will have lasting effects.

    If one were to be a confessed conservative, ala Bill Buckley, where would they go?