Re: Thomas Sowell Maintains Democrats Are Responsible For Mortgage Crisis

This is's brain on drugs:
>I'd love to blame this all on Bush but............ he had almost
>nothing to do with it. The FHA, Fannie Mae, and Freddie Mac are like
>dominos in the credit crunch which started with......... private
>enterprise. The mortgage brokers wrote loans that had exactly no
>chance of repayment. They were betting that the prices would continue
>to spiral and if foreclosure occurred, they could get more for the
>home. Nothing down if you can blink. 110% of "appraised" value of the
>home if you can fog a mirror. Everybody in the real estate business
>was waiting for the bubble to go pop - it did. The bubble had been
>building since the 90's.
>
>WB Yeats

His administration didn't see it coming and so not only didn't take
steps to avoid the damage, took actions that exacerbated the problem.

Swill
-- 
No, his mind is not for rent
To any God or government.
Always hopeful, yet discontent,
He knows changes arent permanent,
But change is.
http://apod.nasa.gov/apod/astropix.html