I hate to bust your (housing) bubble but GW may not be who you think he is! That’s a very scary thought when you review the events that happened during his reign!
The following article presumes Mr. Bush’s motive was from a mistaken sense of kindness. What if it was part of the ruling class’s plan.mrcurmudgeon Tea Views, The Tea Party Jun 1, 2011
By Mr. Curmudgeon
Most economists refer to the rapid rise in home prices before the 2007 crash as a “bubble.” And that misses the point. In actuality, the bipartisan policy known as “affordable housing” was nothing less than an unsustainable entitlement program. Need proof?
In 1992, one year before Bill Clinton entered the White House, President George H.W. Bush signed the “Housing and Community Development Act.” The bill amended the charters of mortgage giants Freddie Mac and Fannie Mae, mandating “an affirmative obligation to facilitate the financing of affordable housing for low-income and moderate-income families.”
The legislation allowed the Department of Housing and Urban Development to set “affordable housing goals.”
“Read my lips,” the president seemed to say, “We need much, much more government-sponsored affordable housing.”
Luckily for the senior Bush, His son W made it into the Oval Office in 2000.
In his 2002 State of the Union Address, W promised that the Republican congressional majority would “work together in the months ahead on other issues: productive farm policy, a clear environment, broader home ownership, especially among minorities, and ways to encourage the good work of charities and faith-based groups.”
But who needs faith-based groups when you lead the largest organized religion on Earth – the Progressive federal behemoth?
So, in 2002, W established the “American Dream Down Payment Fund,” which provided tax credits for and federal matching grants to low-income mortgage lenders.
As W said in a speech delivered during the 2000 presidential campaign, “I bring a message to my own party. We must apply our conservative and free-market ideas to the job of helping real human beings – because any ideology, no matter how right in theory, is sterile and empty without that goal. There must be a kindness in our justice. There must be a mercy in our judgment. There must be a love behind our zeal.”
Today’s homeowner feels that love with every drop in home prices.
As we learned the hard way, Washington’s affordable housing entitlement programs were expressions of “kindness” and “love” that proved unsustainable.
Writing in the Wall Street Journal, former Republican Gov. Jon Huntsman noted, “We are $14 trillion in debt, $4 trillion more than we owed just two years ago. In 2008, the ratio of public debt to gross domestic product was 40%. Today, it’s 68%, and we are fast approaching the critical 90% threshold economists warn is unsustainable, causing dramatic spikes in inflation and interest rates, and corresponding declines in GDP and jobs.”
In light of the certain financial disaster awaiting America, it’s nothing short of amazing that thick-headed GOP leaders offer meaningless fiscal reforms. They desperately cling to the Bushian ideal that says “there must be a love behind our zeal.”
In other words, the GOP establishment’s compassionate conservatives will join transformative Obamanistas in killing our nation. They see it as an alliance of “kindness.”
Home Ownership Touted in States of the Union and Other Speeches of ...
environment; broader homeownership, especially among minorities …” George W. Bush. Address Before a Joint Session of the Congress on the State of the Union