The Media’s Misinformed Mortgage Meltdown Report

Where has True Journalism gone?

 

  This morning on KTLA I heard twice a report that the Bush Administration ignored warnings about the coming mortgage meltdown.  This is unbelievable!  KLTA should be ashamed of its self!  The Bush Administration made several attempts to correct the pending mortgage meltdown and it fell on deaf ears.  I understand why, everyone is making money, new cars, boats RV’s, second homes and the list goes on.  People come on,  everyone with a high school diploma should have seen this coming.  Nothing can continue to run up without wages following. 

  Home prices ran wild for many months and wages for the most part where flat.  If people are not making enough money to pay for things then they are using credit or investment money to pay the bills.  This is not a problem if you have a solid exit strategy.  If you do not have an exit strategy then at some point you will run out of money.  This is basic economics.

  Now for the record I did not vote for Obama but I do like what he is doing so far with the exception of Franklin Raines.  Wheater you like it or not he is our future President is it time support him.  You can watch the HBM Oracle and believe me, if he does anything that will hurt anyone from getting a home or commercial mortgage I will let you know. 

  I find it amazing that people forget so quickly.  In 2005 the Bush Administration was told but Barney Frank that there was no problem with Fannie Mae or Freddie Mac.  The commits from Frank & Dodd effectively snuffed out the Bush Administrations concern about the pending mortgage meltdown.  Where Bush blew it was in every speech he gave he seemed to take credit for “home ownership.”  Needless to say the Bush Administration gave up the Mortgage Meltdown fight way to easy.  For as much of a fighter as he would like us to believe he is he never called out anyone in regards to the Mortgage Meltdown, why? 

  We can speculate for years as to why the Mortgage Meltdown happened and never get a solid answer.  My own mother tells me that Oil prices went so high because Bush is an “Oil Man.”  I look at my mother and I struggle with this commit as she clearly has no understanding of the Commodities market or how it works.  If I was to use my Mother’s logic then it must be Bush’s fault that Oil prices have fallen as he is a “Oil Man.” 

  If nothing else Obama does bring hope.  All of the resent greed and this adult finger pointing game has shown us all that we all have much to loose.

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