Quote Originally Posted by maladroit
don't blame it all on the american people - the invisible hand of the free markets drove the real estate market pricing...the usa is a consumer society, and consumers want...the system failed, not the people

president bush thought it was a great idea for people who can't afford houses to buy houses, and was still pimping that policy in may 2008:
2002:
President Hosts Conference on Minority Homeownership
2008:
George W. Bush: Proclamation 8263 - National Homeownership Month, 2008

the banks thought it was a great idea to issue mortgages to people who couldn't afford homes...they made billions off mortgages when things were good, and they made billions more when things were bad and the taxpayers bailed them out

but that isn't why the national debt is $10.2 trillion

the national debt rose by $1 trillion during the year ending september 30, 2008
You have your information wrong. President Bush has been trying to reform Freddie and Fannie since 2001, and McCain since at least 2003. Which are the two GSE's that put us into the mortgage situation we're in today:

Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEs

You also quoted a speech, not an actual plan. President Bush never signed into policy to make mortgages so easy to get; which is honestly what got us into this mess along with individual consumer irreponsibility. That was during the Clinton Administration who put pressure on the GSE's to make it happen; which greatly helped put the mortgage crisis where it is today:

Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times

OpenMarket.org » Archive » Clinton Pressure to Promote Affordable Housing Led to Mortgage Meltdown

And you're right.. that's not why the debt is 10.2 trillion. Which brings me to the question.. Why did you even bring it up? I am no fan of Bush myself but you seem eager in ALL YOUR POSTS, to point blame at this man.

In all honestly the mortgage crisis had been brewing for some time now.

As far as our national debt; part of that can be attributed to the war, part of that can be attributed to the economic situation we're in right now, and part of that can be put onto the American people for being irresponsible consumers.

Sorry but if you're going to point fingers you need to point fingers at ALL administrations Responsible for the current situation we're in.

Hopefully Goldenboy will step up here. He is awesome when it comes to explaining why we are in the situation we're in today.

Point being... you're being excessively bias. You give Bush too much credit if you think he was able to do all this.