Tuesday, June 16, 2009

Whose housing boom (and bust)?

There is plenty of blame to go around for the housing boom and bust. And before you "but what about Dodd/Frank/Raines" people get started; I agree that they should all be investigated and tried if necessary.

However, the current on-going nuttery surrounding the blame game is out of hand. I thought this was over but for some reason it has reared it's ignorant head on The Sean Hannity Show radio program.

According to Sean "stop blaming Bush after 4 months" Hannity, the whole problem was started by Jimmy "out of office for 28 years" Carter and made worse by Bill "out of office for 8 years" Clinton. As Sean likes to say "let not your heart be troubled," there is no reason for facts to get in his way.

We could brush aside the 20 years of Republican Presidents, 14 years of Republican congress and 6 years simultaneous control, but can we brush aside the Bush team's insistence that they did it all? Of course I'm not saying that Bush said he was responsible for the "bust" just the "boom." And can he have one without the other?

The pundits are correct that the boom caused the bust and that the boom was caused by politicians but it was caused by BOTH parties.

Here are some excerpts (and links) from speeches from the 2004 Republican National Convention:
"President Bush has helped cities by increasing home ownership, especially among minorities." - Pat McCrory, 2004 Republican National Convention. (apparently in front of a whopping crowd of eight)

"..why do you think we should re-elect your husband as President? [... ] I could talk about the recent record increase in home ownership. Home ownership in America, especially minority home ownership, is at an all time high." - First Lady Laura Bush, 2004 Republican National Convention

"President Bush delivered the greatest tax reduction in a generation and the results are clear to see [...] home ownership is at an all-time high" - Vice President, Dick Cheney 2004 Republican National Convention

"Thanks to our policies, home ownership in America is at an all- time high." - President George W. Bush, 2004 Republican National Convention

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