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President Bush supporters are always saying that he inherited a strong economic recession from Clinton. In reality it seemed like his economic and fiscal policies created the deep recession of 2001-2002. Now our economy is crashing again. Was Bush responsible for two different economic slowdowns on his watch?
Bush had several opportunities to turn things around. Unfortunately he chose to bury his head in the sand and allow the rock star CEOs, CFOs, and senior management teams to devise schemes to run our economy into the ground with the assistance of their puppet congressmen and senators who created legislation to help grease the skids.
I want blood! Some heads should roll! Send these thieves to prison! This includes the CEOs, CFOs as well as government stooges that contributed to this mess.
It sickens me that they are offering any of these horrible CEOs parting gifts from the companies they helped steer into financial ruin. However, it is not surprising because the large cadre of lawyers that have exploited legal loopholes at our country's expense are chomping at the bit for some big payolas if their clients don't get their parting gifts.
President Bush supporters are always saying that he inherited a strong economic recession from Clinton. In reality it seemed like his economic and fiscal policies created the deep recession of 2001-2002. Now our economy is crashing again. Was Bush responsible for two different economic slowdowns on his watch?
Actually, the Clinton recession was a mild recession. The Bush tax cuts brought us out and the economy has been very good, to good ever since.
There is no 2008 recession. Where are you getting this? The economy is still growing, according to latest figures released. There has to be 2 quarters of no growth in order for it to be called a recession. We have had no such thing.
President Bush supporters are always saying that he inherited a strong economic recession from Clinton. In reality it seemed like his economic and fiscal policies created the deep recession of 2001-2002. Now our economy is crashing again. Was Bush responsible for two different economic slowdowns on his watch?
You've got to be kidding??? Bush caused the 2001 recession? Anyone with half a brain knows that stocks and the economy had gotten way too far ahead of themselves in the late 90's. 9/11 was the icing on the cake that sent the capital markets lower and the economy following. I know some people like to blame Bush for anything that they possibly can, but this one makes no sense.
Question...
When did the subprime mortgage programs get started? It is my understanding the someone, congress? made laws the forced lenders to give loans to people that weren't a good risk in order for more people to own homes.? When did that all get started?
Thanks
Question...
When did the subprime mortgage programs get started? It is my understanding the someone, congress? made laws the forced lenders to give loans to people that weren't a good risk in order for more people to own homes.? When did that all get started?
Thanks
I think I found the answer in another post..
Originally Posted by workingclasshero sorry to INFORM you but these problems stem from: 1993, 1995, and 1999 and you can thank the liberals for it, and most of it goes back to the clinton era. why because ECONOMICS run in 10(+/-4) year CYCLES and what we are facing NOW is in DIRECT RELATION to what happened back in the 90's
1993 NAFTA---- passed by the democrat controlled congress, pushed by clinton, signed by clinton---the consequence ...... 60+ million HIGH PAYING jobs have been lost, 2 trillion worth of debt from the lost wages.
1995 clinton (through his chief of HUD (Henry Cisneros)) eased the rules on obtaining mortgages allowing more 'exotic' mortgages and 'no-dov' mortgages-----the consequence ......housing SKYROCKETED causing low inventories causing a 'not normal' increase in home prices, sellers got greedy, buyers got even greedier (looking to PROFIT in a skyrocketing market by flipping) and bought THINKING that prices would still increase and their ADJUSTABLE mortgage would pay it self off in MINIMUMAL years...EVEN THOUGH THESE INCREASES IN HOME VALUES WERE TOTALLY UNHEARD OF, AND MORTGAGE RATES WERE AT 40 YEAR LOWS( what did they think an adjustable mortgage gotten at 40 year lows would do in the term(3 months-3years) when it adjusted...of course it would go up, their CONTRACT even said after the term it would be 6% PLUS PRIME)))
For many potential homebuyers, the lack of cash available to accumulate the required downpayment and closing costs is the major impediment to purchasing a home. Other households do not have sufficient available income to to make the monthly payments on mortgages financed at market interest rates for standard loan terms. Financing strategies, fueled by the creativity and resources of the private and public sectors, should address both of these financial barriers to homeownership."
The above is the start of the mortgage meltdon: Clinton's National Homeownership Strategy...http://www.businessweek.com/the_thre...es/2008/02/cli (broken link)
1996 clinton signed The Telecommunications Act of 1996 (The Act was claimed to foster competition. Instead, it allowed industry consolidation whose actions reduced the number of major media companies from around 30 in 1993 to 10 in 1996, and reducing the 10 in 1996 to 6 in 2005.)
1998 clinton does not allow drilling for OUR OWN OIL
1999 Clinton DEREGULATES the banking industry
2000 clinton signs the China trade bill
2000 clinton signs the Commodity Futures Modernization Act of 2000..(which paves the way for ENRON)
2006 democrats PROMISE to lower gas prices.....they lied
2006 democrats promise to make a living wage....they lied, what did they pass??? a minimum wage increase that take 2.5 years to fully take effect that would not even equal the inflation rate for those 2.5 years,,and do they include a automatic annual cost of living increase??? NO they make sure they keep it as a VOTING SCAM
2008 the democrats led by pelosi, wont even ALLOW a vote for off shore drilling, because QUEEN PELOSI says no (funny how the democrats take the 'RIGHT of power of the people vote' on a subject.
just FACTS that the democrats don't care about the poor ,,,,just their votes
President Bush supporters are always saying that he inherited a strong economic recession from Clinton. In reality it seemed like his economic and fiscal policies created the deep recession of 2001-2002. Now our economy is crashing again. Was Bush responsible for two different economic slowdowns on his watch?
Could you list what some of those economic & fiscal policies were?
Presidents don't create recessions or periods of economic growth. What is important to the American people is how they use the resources of the federal government and the power of their office to respond to them.
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.
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