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Ownership society is a slogan for a model of society promoted by former United States president George W. Bush. It takes as lead values personal responsibility , economic liberty , and the owning of property .
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Under the Bush Administration HUD continued to pressure Fannie and Freddie to increase affordable housing purchases – to as high as 56 percent by the year 2008. [25] To satisfy these mandates, Fannie and Freddie eventually announced low-income and minority loan commitments totalling $5 (~$6.95 trillion in 2023) trillion. [ 26 ]
President Bush advocated the Ownership society, premised on the concepts of individual accountability, smaller government, and the owning of property. Critics have argued this contributed to the subprime mortgage crisis , by encouraging home ownership for those unable to afford them and insufficient regulation of financial institutions. [ 49 ]
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During the convention and throughout the campaign, Bush focused on two themes: defending America against terrorism and building an ownership society. The ownership society included allowing people to invest some of their Social Security in the stock market, increasing home and stock ownership, and encouraging more people to buy their own health ...
Ownership society was a political slogan used by United States President George W. Bush to promote a series of policies aimed to increase the control of individual citizens over health care and social security payments and policies.
Posner blames Bush for pushing policies, such as the "ownership society", [25] a $10 trillion national debt and "the huge budget deficits run by the Bush administration", [26] "prop[ping] up stock prices by keeping interest rates low," [4] which were underlying causes of the crisis, as well as "Dithering" in late 2008. [27]