Who is more to blame for the financial crisis, Congress or the President?

many are to blam.. But the gas is so high that people have to cut there investing... The debt is to high to even talk about and the war has gone on to long that results are not in. This all comes down to the leader or the director of it all.....



Think of it this way.. when I team has a bad season but has a ton of tallent on the field with lots of money invested... why dont they go to the super bowl or world series.????? its because the decisions that are made above... Example are like why did we not bunt for a base hit.. why did we not go for it on 4th down etc.. Who is more to blame for the financial crisis, Congress or the President?Don't get me started on Bush.



He could have stopped this...by stopping the Democrats.Who is more to blame for the financial crisis, Congress or the President?
Andrew Cuomo, then Bill Clinton’s HUD Secretary, held a press conference on April 6, 1998, explaining a settlement reached with a major bank on a lending discrimination case based presumably on the CRA. Cuomo brags about how “this administration will enforce the law”, but he also makes a very telling admission about the $2.1 billion in subprime loans that the bank would offer as a result of the settlement:



http://www.youtube.com/watch?v=ivmL-lXNy…



He then admits that there would be “higher risk”, and a higher default rate, on the loans the Clinton administration forced this bank to make. He also admits that the action forced this bank to lower its standards on loan qualification as a remedy to supposed discriminatory action in the past by relying on income and equity requirements. Cuomo describes everything wrong with subprime lending and reveals the government’s efforts to distort private lending markets to force “fairness” in outcomes.



Cuomo held this press conference as a warning to all lenders that the Clinton administration intended to enforce the CRA broadly with all lenders, and in fact he explicitly stated this. When that didn’t free up credit as quickly as Clinton desired, he and Congress mandated Fannie Mae and Freddie Mac to purchase more subprime paper — which Cuomo baldly admitted was riskier and would have a higher rate of failures — and to turn them into mortgage-backed securities, which they marketed as low-risk investments based on implicit government backing. This did what the heavy-handed enforcement of the CRA could not: it made lenders enthusiastic about subprime lending. Why? They could make short-term profit on every mortgage regardless of the borrower’s ability to repay, because Fannie and Freddie would buy them anyway. With the risk removed from lending, subprime loans became quick-buck rackets for all lenders, predatory or not.Who is more to blame for the financial crisis, Congress or the President?Congress.

As most people seem to be unable to fathom, the legislative branch creates the laws, and the executive branch enforces them. The president has little power over the legislature, only the veto.
The Democrat controlled Congress started it in 1992 with Affirmative Action legislation requiring Fannie Mae and Freddie Mac to give mortgages to people who couldn't pay them back or whose only qualifying income was unemployment benefits or welfare (i.e., "the poor"). Sounded great on paper until it blew up in their faces, just like Republicans predicted it would.Who is more to blame for the financial crisis, Congress or the President?Congress! Say that again not everyone was listening! Fannie and Freddy had what and congress did what?Who is more to blame for the financial crisis, Congress or the President?
Congress
absolutely congress, on top fighting regulation, they were plundering the system to line their own pockets -- Obama,Dodd,Raines,FranksWho is more to blame for the financial crisis, Congress or the President?
Congress. The problem has been brewing for about 35 years, through inept regulations mostly, and the President has only been around for 8 years, while most of Congress has been there for decades.
Everyone. Time to stop the blame and fix the problem
Congress. They deliberately carried out a hostile agenda to make Bush look bad, and as a result have put the screws to the American people. Bush is to blame for trying to play ball with those nit-wits.
It's not a matter of just Democrats voting down regulations. They also intimidated Fannie and Freddie to widen their scope. The wanted more and more people to move into homes they didn't know how to buy, take care of or pay for. They also encouraged Fannie and Freddie to dispose of these bad loans into other investment instruments thereby diluting the paper trail and hiding the practice.

The result is that the bad paper was allowed to migrate into the economy at large. The whole thing was designed to buy votes and the shocker is that these same people never bothered to register so now the Democrats are scrambling with ACORN.
BOTH!!!! The president has to oversee all problems foreign and domestic. His advisors and all should've already be on the ball and informed him about that, but they kept telling him is ok...and he keeps coming out saying our economy is strong do not worry.....



well there's a whole lot of worrying going on!!!!!!!!!!!
Congress holds the "purse strings". It starts in the House of Representatives, moves to the Senate, and then is sent to the President.
Its not just Fannie and Freddie and its not just the sitting administration and congress. This started building more than 10 years ago. There's plenty of blame to go around. Corporations and consumers play a role too.
I reckon the banks are completely to blame. I guess though that congress could have helped at bit.
Most of the blame lies with the current Democrats in Congress. If that wasn't true, they would be screaming for investigations against all the Republicans at fault.
The fed for not increasing the supply of cash in the system . Money can not be dug up or made by people instead it comes from the fed .