Maybe Bush is just too smart for his own good?

Question

I found this very interesting considering the finger pointing going on. I believe our situation is caused by Clinton setting it up so that everyone can get a home loan at sub prime rates with no money down. 

Here is an excerpt for an article in the New York Times, dated September 11, 2003:



The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago. 
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates. ...

The proposal is the opening act in one of the biggest and most significant lobbying battles of the Congressional session. ...

''The current regulator does not have the tools, or the mandate, to adequately regulate these enterprises,'' Mr. Oxley said at the hearing. ''We have seen in recent months that mismanagement and questionable accounting practices went largely unnoticed by the Office of Federal Housing Enterprise Oversight,'' the independent agency that now regulates the companies. ...

Significant details must still be worked out before Congress can approve a bill. Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.

''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."


The full article is [url=http://query.nytimes.com/gst/fullpage.html?res=9E06E3D6123BF932A2575AC0A9659C8B63&scp=1&sq="barney+frank"&st=nyt]here[/url]

Experto Credo · Accepted Answer

I cannot believe you used "bush" and "smart" in the same sentence and we weren't all sucked into oblivion

Amy W · Answer

First I want to say that I don't think that Bush is the brightest crayon in the box, but....

He inherited a country that was going to the crapper.  We were warned about a terrorist attack coming during Clinton's time in office...it was ignored.  We had to spend tons of money to clean up New York and pay off the victims families.  Then Katrina hit...now I know that Bush didn't pray to god that we'd have a disaster that would cost billions of dollars to fix.  Not his fault.  And lastly...the president isnt the supreme being of the US...he delivers the news...good and bad.  But he isn't the sole decision maker.  Congress must back the president in order for something to happen here.  And since things have become increasingly worse since the democrats have taken over congress...where should the blaming finger be pointing?  Democrats take away rights, go by the robin hood theory and reward laziness.

jkleez2 · Answer

For all those saying that George Bush is not smart, I feel bad for you.  Ignorance is bliss when it doesn't effect you.  The man probably knows a hell of a lot more than any of us.  There is book smart, and there is street smart.  He may not know every word in the English dictionary, but I'm pretty sure he knew enough to get himself elected twice... by whom... the very same people calling him stupid.  (conjures an image of Bush standing with the infamous I'm with stupid t-shirt with the arrow pointing at the continental U.S.)  I am most definitely not a Bush supporter, but when I see people throwing ignorant and slanderous statements around I feel the need to offer input. The only reason to blame Bush for today's economy is if you were to say that his administration, as well as Congress, failed to intervene.  The main blame falls on the sunken shoulders of the predator lenders who sought only to deepen their pockets.

indy2 · Answer

Exactly:
What will go down in history about this whole mess is how the politically correct Democrats screwed us all
It was the Wall Street Journal, McCain and Greenspan who came out to warn the congress in 2004 and 2005
where is the MSM on this? blaming Bush as usual
send it to NBC they won't publish it, how about the NYT?
They are so in the tank for Obama they wouldn't publish their own article

If anyone votes for the Democrats this election knowing that they blocked the Republicans from making necessary changes to prevent this crisis we now face they are idiots!

Kyrix · Answer

It would be nice if he could point this out and say "told you so".  Bush is much smarter then people give him credit for (people say he's a moron but then somehow able to engineer all these New World Order conspiracies... uh huh).  But he's sure not media savvy!

Charles M · Answer

But remember, it is still bushes fault.  He tried to fix it before it got bad, but President bush is still to blame.
Sarcasm!!

Ryan - The democrats could have filibustered any thing, we did not have 60 senators, and the house was even tighter...

me · Answer

Bush and smart in the same sentence is an oxymoron

ArmBar · Answer

look at this mess- He's too smart for all of our good-

JLC · Answer

Bush - Smart?????  I don't think so.

Ryan · Answer

WTF??   Republicans owned the WH, Senate & House in '03.  What's the problem?

Seems to me, even current day, the Republican party is in complete disarray.

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Maybe Bush is just too smart for his own good?

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