Root of 2008 crash was Bush housing policy. At 10/15/02 W.H. Conference on Increasing Minority Homeownership, Bush demanded 5.5 million more minority homeowners, told his fed regulators old credit standards like down payments & documentation are racist: http://takimag.com/article/the-wisdom-of-dan-quayle/#.W5r3PkZORLM.twitter …https://twitter.com/mtaibbi/status/1040351655504617472 …
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Wait, I thought we are supposed to despise all of those regulators and their pesky regulations that handcuff a bull economy?
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It turns out that, whaddaya know, some degree of regulation of lending is a good thing to keep over-optimists from profiting wildly in the short run before blowing up the economy in the medium run. Bush's Deregulation in the Name of Diversity of mortgage lending was an example.
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It’s like Matt has completely forgotten those mortgage ads we heard for no money down balloon loans, interest only loans, and no documentation “liars loans”. None of those products existed before 2002. Before, you had to have 10% down, banks preferred 20% or more.
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Bush did this because he’d come to believe in magic home theory, where transforming minority renters into home owners would change their political allegiance from Democrat to Republican and cement his and Rove’s New Republican Majority.
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So you agree with the leftist narrative about the crises. It's funny because whenever leftists complain about these bad loans, they seem to forget that implicit in that complain, is that minorities with a poor market valuation should not be given loans to buy houses. lol
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But of course, creating more minority homeowners is a important leftist cause, so they have to talk about what happened without really talking about what happened.
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We must also never forget an entire language, a discourse of defense was fashioned, in palatable Liberal terms naturally to explain the inevitable. i.e "Subprime" was thought too offensive, then "Predatory Lending" increased frequency of use in the American lexicon.
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It was many things, combining to allow rampant courting of disaster while all contributing told themselves a nice little story about how they were helping disadvantaged people.
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Matt seems to be in denial...
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You should retweet this every hour on the hour.
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Sorry it was credit default swaps.
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