Bernanke, Paulson and the blame game.

By
Home Inspector with Critical Home Inspections

Today, the Federal Reserve Chairman, Ben Bernanke stated that the housing fiasco is creating a "significant drag" on the nation's general economy.

     US Treasury Secretary Paulson warns us that the damage is yet to come and that the housing downturn will "adversely impact our economy" while stating that the actions of some mortgage market participants is "shameful"

     There is blame going around and around with everyone's fingers getting stiff from all the pointing.

 

It's my turn.

 

 

     1   In 2004 the Federal government called for increasing available affordable housing by 7 Million units by    the year 2014

     2.   In 2004 the Federal Government called for  lower taxes and less burdensome regulations        on entrepreneurs; and policies to eliminate barriers to homeownership.

     3.   In 2004 The President proposed supporting low-income families who are saving for a down payment,            and ensuring that good financing options are available.

     4.   In 2004 The President proposed Regulatory reforms in order to open doors for millions of American    families who want to buy or rent an affordable home in the community of their choice

     5.   In 2004 President Bush "Challenged" the private sector by calling upon the housing industry, including the, Federal Home Loan Banks, the homebuilders, and the mortgage and finance industry to join with Federal, State, and local governments to help America meet the goal of increasing the supply of affordable housing.

     6.   In 2002 The President announced the "American Dream Down payment Initiative."

       7.   In 2005 The President proposed the "Zero-Down payment Initiative"

 

Ok.... I'm getting tired of looking up these references but, I guess that a pattern is beginning to emerge....

What EXACTLY did Our leaders think was going to happen when you give people with NO credit history, BAD credit history NO money for a down payment even... what ammounts to carte blanche in joining the millions of responsible home owners that got theirs the "old fashioned way"

I think that it's time that the fingers started pointing inwardly.

 

Referenced from http://www.whitehouse.gov/news/releases/2004/09/20040902-5.html

 

 

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Comments (60)

Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:24 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:25 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:26 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:27 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:28 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:29 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:30 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:31 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:32 PM
Baker Home Inspection and Commercial Properties Inspections
Baker Residential and Commercial Properties Inspections - Springfield, VT
Home and Commercial Properties Inspections Vermont

Hey there and evening Victor
Victor, I sure do really keep hopping you'll find the time to start blogging once again. I'm sure hopping my comment finds everything is going well for you!

Dec 19, 2011 03:33 PM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:17 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:20 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:21 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:22 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:23 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:24 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:25 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:28 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:29 AM
Dale Baker
Baker Energy Audits and Commercial Properties Inspections - Claremont, NH
New Hampshire Relocation Real Estate Information

Howdy Victor, I'm stopping back by in-order to check to see if you have any new posts. I sure do keep hopping you'll find the time to start blogging here once again. I'm sure hopping my comment finds everything has been and is going well with you and your family.

Have a good one

Nov 20, 2012 08:30 AM