Originally Posted by syvalley
Hitler was TIME Magazine's Man Of The Year in 1938. Stalin was TIME Magazine's Man Of The Year for 1939 and 1942. George W. Bush was also picked twice, 2000 & 2004.
And Bush deserved it, don't lump him with the other criminals.
Bush and the Treasury created a wonderful real estate bubble that put a lot of people to work. Only fools didn't know what it was.
It was the Congress that changed hands under Bush and California (yea that bankrupt I.O.U giving California) liberal socialist ideals that got some banks AND the government controlled Freddie and Fannie into the failure of the sub-prime market in 2005. Their failure to adhere to the tried and true three rules of lending: Credit, Collateral and Character; is the primary reason our economy is in the mess that's it's in.
The Bush Treasury had to take control and fire the CEO's of both Freddie and Fannie, after repeatably warning the out of control new Congress about their "Socializing the risks and privatizing the profits" - Alan Greenspan to Congress, concerning the two GSE's. It's this stopping of their socialist "everyone has a right to own a house" ideals is the reason they blamed the Bush administration for the near worldwide economic collapse, when it really was their fault of irresponsible mandatory lending to the GSE's and banks under the Community Reinvestment Act revisions made by socialist Bill Clinton.
In a real estate bubble, it's speculative, a game of musical chairs, the last owning the property loses.
It's a game not for the working, struggling or the poor. But the Democratic controlled Congress made it so.
Conservative banks are doing fine today. The banks that managed to dump their toxic sub-prime mortgages before the bubble blew are also doing ok. Everyone who prepared for the downside are doing ok today.
Everyone who has taken even a entry level economics course in high school know what a post real estate bubble recession is. What made this one so much worse was the sub-prime.
Rich people usually only gamble with what they have extra, not their only house.
Where did the first and most banks fail than anywhere else? California.
Where the sub-prime lending mess started? California.
Where is the "home" of the liberal media empire? California.
Read Charles Gasperino's book: The Sellout. Explains who is responsible for making this mess worse than it is.