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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It's crucial to note that GW Bush's role in Housing Bubble was not forcing cautious lenders to give more minority mortgages. Instead, Bush used Racial Equality rhetoric to discourage his fed regulators from reining in wild man lenders like Angelo Mozilo's Countrywide.
@mtaibbi8 replies 29 retweets 110 likesShow this thread -
Replying to @Steve_Sailer @mtaibbi
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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