Later On

A blog written for those whose interests more or less match mine.

Bush’s role in the financial meltdown

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From Dan Froomkin’s column today:

Michael Abramowitz writes in The Washington Post about what a long way it is from Bush’s frequent bragging “about the government’s role in increasing homeownership rates and in decreasing government regulation of the housing market. . . .

“In 2004, for example, Bush told a group of carpenters in Phoenix that ‘the housing industry is booming, which means more people own their home. And that’s positive.’

“‘We want more people owning their own home. There’s nothing like saying this home is my home,’ Bush said, adding: ‘I’ve called on private-sector mortgage banks and banks to be more aggressive about lending money to first-time home buyers. And the response has been really good.’

“During an October 2004 speech to the National Association of Home Builders, Bush talked about his administration’s record on encouraging homeownership — including a proposal to allow first-time buyers to make no down payment. He cast the effort as part of an ‘ownership society’ that would also include health-care and retirement accounts.”

Written by Leisureguy

29 September 2008 at 3:26 pm

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