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MONDAY, NOVEMBER 23, 2009
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 ANALYSIS 
8

How Bush Fueled the Mortgage Mess

His philosophy at center of housing crisis

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(Newser) – A range of factors led to the housing crisis that dragged the economy into the toilet—but President Bush’s philosophy likely played a key role in the collapse, reports the New York Times. Dozens of interviews point to both Bush’s drive to expand homeownership and his steadfast belief in minimal market regulation as central factors in the crisis, the Times reports.

“The Bush administration took a lot of pride that homeownership had reached historic highs,” said former Treasury secretary John Snow. “But what we forgot was that it has to be done in the context of people being able to afford their house.” As trouble mounted, Bush aides were slow to recognize it, ignoring experts’ advice. “The result was a series of piecemeal policy prescriptions that lagged behind the escalating crisis,” the Times notes.

President Bush discusses the auto industry Friday at the White House.
President Bush discusses the auto industry Friday at the White House.   (AP Photo/Ron Edmonds)
President Bush conducts the United States Marine Corps Band. Critics say he also helped orchestrate the current economic quagmire.
President Bush conducts the United States Marine Corps Band. Critics say he also helped orchestrate the current economic quagmire.   (AP Photo/Haraz N. Ghanbari)
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This administration made decisions that allowed the free market to operate as a barroom brawl instead of a prize fight. - L. William Seidman, adviser to Republican presidents

There is no question we did not recognize the severity of the problems. Had we, we would have attacked them. - Former Bush chief economics adviser Alan Hubbard

The problem with those guys at the White House, they had all the answers and they didn’t think they had to listen to anyone, including the Treasury secretary. - Rep. Michael G. Oxley, R-Ohio

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8 comments
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PaleRider
Dec 21, 08 7:44 AM CST
Yea, it had nothing to do with Jimmy Carter passing legislation that forced banks to give money to people that they knew might not be able to pay it back. Oh, and Bill Clinton amended it to force banks to give even more than the original law. This my friends, no matter how hard you try, will have more to do with them than Bush. Reply
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IN RESPONSE:
Bryanw55
Dec 22, 08 4:49 PM CST
The derivatives market is the cause-and the reason for the bailouts-in this crisis. There is blame to go around, but the vast majority of it stems from Reagan's philosophy of deregulation. We have deregulated every industry over the past 30 years, and foxes have been in charge of the henhouse to long. I blame Clinton too, but Newt and his boys, then Bush and his boys have been clearly running the show for a very long time. They were just hoping it wouldn't all come tumbling down before Bush was gone. This is what happens when you work so hard to destroy the government. Why does Bush hate America?
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infidel
Dec 21, 08 8:20 AM CST
This comment has been removed by Newser’s community. You must be logged in to view this comment. Reply
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HiFlyer
Dec 21, 08 4:15 PM CST
Bush, highly reviled worldwide for foreign policy blunders, has shown that he didn't only screw that up--he was the master screw up of everything he touched. Can anyone name one single thing this SOB did that didn't end up putting the country deeper in the $hit?? Bush is the asteroid that struck America in the year 2000. Reply
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IN RESPONSE:
Lula
Dec 21, 08 10:03 PM CST
Hi Flyer, tell it like it is. He has screw this country up for the past 8 years
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