End of the ‘Ownership Society’

I find it interesting how liberals (and yes, Newsweek is a liberal magazine) are more than ready to lay the blame of the current financial crisis on President Bush. How convenient in an election year. Perhaps one should read the follwoing New York Times article published in 1999 (during the Clinton presidency): http://query.nytimes.com/gst/fullpage.html?res=9c0de7db153ef933a0575ac0a96f958260&sec=&spon=&pagewanted=1

You will find there is plenty of blame to go around. Yes, the Bush administration didn't do anything to "put out the fire" but the Bush administration didn't start the fire!

I find it interesting how liberals (and yes, Newsweek is a liberal magazine) are more than ready to lay the blame of the current financial crisis on President Bush. How convenient in an election year. Perhaps one should read the follwoing New York Times article published in 1999 (during the Clinton presidency): http://query.nytimes.com/gst/fullpage.html?res=9c0de7db153ef933a0575ac0a96f958260&sec=&spon=&pagewanted=1

You will find there is plenty of blame to go around. Yes, the Bush administration didn't do anything to "put out the fire" but the Bush administration didn't start the fire!

GoodLuckToUsAll

Spin from the author! Bush did not propose the ownership society only for "conservative, or at a minimum traditional and nuclear, consisting of a heterosexual married couple". What a load of baloney! Another falsehood in this article is attributing the "New Economy" to the Bush Administriation. The "New Economy" hype was started by business analysts during the dotcom run-up which occured during the Clinton administration. Jeez, all these Bush - haters are going to have to find a new boogey man to blame for all the world's problems after January 2009.

My grandfather always told me, ???If it sounds too good to be true, it probably isn???t true!??? So when people like Barney Frank state: ???We want to make it so all people can buy a home.??? That???s something that is too good to be true.

Bank loans based on ???stated income???, ???interest only loans???, or ???move in with no money down???. This is what we get for allowing politicians and ACORN to pressure the banks to loan money to people who could never pay back the loans. Let???s not forget Janet Reno who threatened lawsuits against banks who wouldn???t loan money to ???deserving???, whether they had the ability to pay or not, individuals.

My wife and I purchased our first home in 1975 for $14,500, we had saved since 1973 for the down payment, and over the past 33 years bought and sold seven houses. We have never over extended ourselves, always had the money for the down payment and the ability to make our monthly payment. We now live in a gated community in a 4350 sq foot home with a pool.

So, my comment to all of those individuals, banks, finance companies and Wall Street firms who caused My grandfather always told me, ???If it sounds too good to be true, it probably isn???t true!??? So when people like Barney Frank state: ???We want to make it so all people can buy a home.??? That???s something that is too good to be true.

Bank loans based on ???stated income???, ???interest only loans???, or ???move in with no money down???. This is what we get for allowing politicians and ACORN to pressure the banks to loan money to people who could never pay back the loans. Let???s not forget Janet Reno who threatened lawsuits against banks who wouldn???t loan money to ???deserving???, whether they had the ability to pay or not, individuals.

My wife and I purchased our first home in 1975 for $14,500, we had saved since 1973 for the down payment, and over the past 33 years bought and sold seven houses. We have never over extended ourselves, always had the money for the down payment and the ability to make our monthly payment. We now live in a gated community in a 4350 sq foot home with a pool.

So, my comment to all of those individuals, banks, finance companies and Wall Street firms who caused this to come upon yourselves.

TO HELL WITH YOU!!!

To say Bush was pushing zero home loans in 2004 is woefully inaccurate and misleading. Aren't you journalists supposed to do your homework before you write this stuff? It was in fact, the Bush administration's own federal agencies that were pushing for Fannie Mae and Freddie Mac oversight and reform in 2004/2005 when they were breaking the rules of sound business practices (e.g. less than 3% reserves, etc. etc.). All reform efforts were killed in the house banking committee by Maxine Waters, Barney Frank, and other misguided democrats. This is another example of liberal media bias engaging in revisionist history.

Uhh...excuse me? Here's video proof of the Dems admitting that they forced banks to lend money to those who couldn't afford it. Look at the year of the video - 1998 - under Clinton's presidency. Check it out here: http://migop.blogs.com/blog/2008/10/obama-clinton-a.html

Uhh...excuse me? Here's video proof of the Dems admitting that they forced banks to lend money to those who couldn't afford it. Look at the year of the video - 1998 - under Clinton's presidency. Check it out here: http://migop.blogs.com/blog/2008/10/obama-clinton-a.html

So much for professional (unbiased) journalism. I wonder if the author stubbed his toe if he couldn't find some way to blame George Bush for it. Where is the integrity in news writing? Wish we could hold an editor/magazine responsible for liable. Freedom of speech seems to include lies, smears, and outright hate speech. I mistakenly thought newsweek was a respectable publication...wow, was I wrong.

Yay!! More liberal propaganda from Newsweek!

Who now in America believes on G. Bush assertion that this country is financially sound, strong and have the tools at its disposal to correct the current turmoil? With America's $10 trillion debt plus the interest it generate you don't have to hire this country's top mathematecian to convice me that the doomsday are coming. America need to set asside billions of dollar to service its debt and the only place they know where to find this money are from taxes and more barrowing- when can we get out on this predicament?
People should ask, what happened that our govt.'s debt reached a number that is far greater than what it contributed to the country- Is the AMERICAN taxes not enough to run the country? Where & Who Get the Money?

http://www.youtube.com/watch?v=LPSDnGMzIdo

I know, I know....its from fox news. But the videos of repeated domocratic leaders denying that there was a problem with fannie and freddie speaks for itself.

Wow, can you get any more biased? I'm not saying that Bush wasn't at least partly to blame, but Karabell completely overlooks the fact that democrates feverishly pushed for more subprime loans in order to allow more lower inclome people the ability to afford loans. Zachary Karabell is either sompletely ignorant as to all the facotors leading up to the financial collapse, or he is simply trying to rewrite history in order to pin the whole mess on Bush and the republicans. Shamefull either way.

An excellent article Zachary! Finally someone points out the real culprit in this financial meltdown, George "Wrong" Bush. He was the one who let the dogs out to go buy up houses they couldn't afford with no down payments and no documentation loans. It was not the fault of Fannie Mae and Freddie Mac to try to increase home ownership for minorties, lots of white people are the majority of the ones going belly up.

This whole global financial meltdown is a total repudiation of Ronny Raygunz's Voo Doo Tinkle Down economic theory that has left the whole world wet fromt he wrong kind of Golden Shower.

Now instead of an ownership society we have a repossession society as the repo men are doing gangbuster business. It was always a misnomer because the banks were the ones who really owned the majority of teh equity in those houses that are now vacant or getting vacated.

A British songwriter and musician wrote a song "Us and Them"
Your article bodes well in explainng how Them tried to help Us.
As a "Leave it to Beaver" kind of family, what do you see in the future for our children?

A British songwriter/musician wrote a song called "Us and Them.".
The song speaks of lots of fighting over money.
Your article bodes well is seeing what has been.
I hope you follow up with what you see in the future.

Here's an idea to everyone in this forum........ I want you ALLL to think about this.

90% of you believe it was the republicans fault, or the democrats fault. You're both wrong.

It is EVERYONE'S fault. Our government failed US. You know, the people it is supposed to be serving and protecting?

The fact is this, greed, power, and the belief that they are untouchable is the reason we are in this mess. This bailout bill just destroyed the concept of america, and guess what? It is the demise of "capitalism". And guess what? both candidates voted for it!

Before we start saying well it's THEIR fault. You know whose fault it is? EVERYONE. The entire WORLD is in this mess. The only way we're going to make it out is if we ALL pull together.

Now, instead of focusing on It's THEIR fault.... THEY Caused the problem. Why don't we all switch gears and stop focusing on the BLAME game, and focus on to FIX THE PROBLEM.

Just my thoughts, take it or leave it