Difference between revisions of "2008 mortgage crisis/Clinton"
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==Overview== | ==Overview== | ||
| − | [[category:claims]]A [[1999-09-30 Fannie Mae Eases Credit To Aid Mortgage Lending|1999 article]] in the ''[[New York Times]]'' (NYT) has been widely cited by Republican sympathizers as evidence that '''[[Bill Clinton]] helped cause the [[2008 mortgage crisis]]''', which was a contributing factor to the [[2008 financial meltdown]], and that therefore Clinton bears responsibility for the mortgage crisis and the subsequent meltdown. | + | [[category:claims]]A [[1999-09-30 Fannie Mae Eases Credit To Aid Mortgage Lending|1999 article]] in the ''[[New York Times]]'' (NYT) has been widely cited by Republican sympathizers as evidence that '''[[Bill Clinton]] helped cause the [[2008 mortgage crisis]]''', which was a contributing factor to the [[2008 financial meltdown]], and that therefore Clinton (and [[US Democratic Party|Democratic]] economic policy) bears responsibility for the mortgage crisis and the subsequent meltdown. |
The basic argument seems to be that Clinton put pressure on [[Fannie Mae]] and [[Freddie Mac]] (FM/FM) to expand mortgage loans among low and moderate income people, which led to an increased number of risky loans, thus increasing the number of eventual foreclosures – a problem which was at the heart of the 2008 mortgage crisis. | The basic argument seems to be that Clinton put pressure on [[Fannie Mae]] and [[Freddie Mac]] (FM/FM) to expand mortgage loans among low and moderate income people, which led to an increased number of risky loans, thus increasing the number of eventual foreclosures – a problem which was at the heart of the 2008 mortgage crisis. | ||
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One of the authors of the WSJ article, [[Peter Wallison]] (a resident fellow at the [[American Enterprise Institute]]) is quoted in the 1999 article as warning that "If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry." In this, he seems to have been quite accurate, though in context it's not clear if he was talking about FM/FM specifically or subprime loans in general. | One of the authors of the WSJ article, [[Peter Wallison]] (a resident fellow at the [[American Enterprise Institute]]) is quoted in the 1999 article as warning that "If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry." In this, he seems to have been quite accurate, though in context it's not clear if he was talking about FM/FM specifically or subprime loans in general. | ||
| − | Citations were especially heavy during the closing weeks of the [[2008 US presidential race]], where criticism of Clinton was being used as criticism of [[US Democratic Party|Democratic]] policies and, by implication, of [[Barack Obama]]. | + | A [[2008-09-25 Bill Clinton on economic crisis|2008-09-25 interview with Clinton]] on the Today Show has been interpreted as [[Bill Clinton admits blame for causing the mortgage crisis|Clinton admitting the blame as accused]]. |
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| + | Citations were especially heavy during the closing weeks of the [[2008 US presidential race]], where criticism of Clinton (and his administration) was being used as criticism of [[US Democratic Party|Democratic]] policies and, by implication, of [[Barack Obama]]. | ||
==Links== | ==Links== | ||
===Citations=== | ===Citations=== | ||