HowardSugar Coating of the Collapse and GW Bush
February 17th 2007 02:07
Verizon party for Virtual fun
First we had the internet bubble. Now we have the cell-phone bubble, like Verizon, Nextel, etc. But the worst of all is the mortgage bubble. And who helped to create it. What about GW Bush, our US President?
Source: White House website]
JUST WHO CREATED THE SUBPRIME LENDING MARKET? AN EXCERPT FROM AN OCT. 2, 2004 GEORGE BUSH CAMPAIGN SPEECH ON HOUSING policy: "Inflation is low. Mortgage and interest rates are near historic lows. Our economy is growing at rates as fast as any in
nearly 20 years, spreading opportunity and prosperity across this country. And the home builders of America have helped lead the recovery in America. (Applause.) The tax relief has helped many be able to put money down to buy a home. As well, my administration has worked to expand home ownership in other ways. Last December, I signed the American Dream Down Payment Act, which will help thousands of low-income families afford the down
payment and closing costs on their first home. We want people in every corner of America owning a home. (Applause.) We've doubled funding for education and counseling services to help first-time home buyers navigate the lending process, understand the fine print, and avoid predatory lenders. Home ownership rates are an all-time high in America, nearly 70 percent. I love that statistic. (Laughter.) Think about that. More and more people own a home in America. More and more people have a chance to realize the great dream of our country. Minority home ownership is at record levels...In 2002, I set a clear goal, 5.5 million new
minority homeowners by the end of the decade. And in just two years, more than 1.6 million minorities have become homeowners."
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