He also chose to bail out the banks instead of homeowners, and reneged on his pledge to reform bankruptcy laws to allow judges to lower mortgage payments. Instead we got HAMP, a failed attempt to bribe mortgage brokers into modifying loans. And he pushed all this through with a Democratic super majority.
There are things that I have to give him some credit on. For example, the concessions he got the auto-workers to take screwed them longer term, but they were necessary at the time and the bailout did save a lot of jobs. The UAW considered the deal a win. But I don’t think the mortgage crisis would have been any different for home owners if Bush had still been in office.
He also chose to bail out the banks instead of homeowners, and reneged on his pledge to reform bankruptcy laws to allow judges to lower mortgage payments. Instead we got HAMP, a failed attempt to bribe mortgage brokers into modifying loans. And he pushed all this through with a Democratic super majority.
There are things that I have to give him some credit on. For example, the concessions he got the auto-workers to take screwed them longer term, but they were necessary at the time and the bailout did save a lot of jobs. The UAW considered the deal a win. But I don’t think the mortgage crisis would have been any different for home owners if Bush had still been in office.