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Originally Posted by Adder
Okay, but what did he actually do, other than express that sentiment? If I recall, Freddie and Fannie expanded their less than prime programs, but I don't think it was at W's direction (because I don't think he could direct it).
I'm also not sure it was a bad thing until the banks took it a lot farther. Although I guess you could say he failed to regulate the risks those banks were taking.
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He was a cheerleader for it because nothing else was spurring his economy. Recall his early tax rebate that created no activity?
No President ever actually implements his specific plans. He endorses them, or their predicted effects, and creates the atmosphere where the people who do the actual implementation are either mandated to or feel comfortable putting the policies to work.
Yeah, Clinton started the mortgage loan relaxation efforts. But Bush presided over, welcomed, and encouraged their expansion, which conveniently ginned up an otherwise lousy economy.
