Quote:
Originally Posted by nevermind65
Yeah...one year of the Clinton Adm. telling Fannie to ease up on loans, and 8 years of it actually happening under Bush...who did NOTHING to stop it.
Me thinks you need to open your eyes a bit.
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No, it was years of pressure by Clinton, and 1 year of lower standards. When Bush took over there were no problems yet, so no red flags. If Bush would have tried to stop it when there were no outward signs, he would have been seen as trying to keep the minorities out of homes.
The problem is most people are reactive to issues, not proactive and try to stop a problem before it happens. This is not the fault of any administration. I think both Clinton and Bush administrations share blame, but Congress shares just as much blame over the last 16 years. The market analysts saw this coming, no one listened. When you think about it, having credit that is just slightly lower than the current limit would be a greater risk, but not a big difference. Each time you lower the line, it would not be a big change, but it is cumulative. They went too far and now we are paying the price.