Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
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_thread/hotproperty/archives/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
This pretty much nails the issue, and you can add Andrew Cuomo (HUD Director under Clinton), who loosened the documentation requirements for home loans, under the objective of increasing the % of folks who own homes.
So, who on the Democratic side is going to refute these "facts"?
The republicans cant twist his words this time. McCain is out of touch, after the biggest loss in the market since the Depression he thinks the fundamental is still strong
Once more Alan Greenspan said that McCain's economic policy would hurt America's economy.
Once more Alan Greenspan said that McCain's economic policy would hurt America's economy.
That's funny because not too long ago you and others were cursing Greenspan for having low interest rates which caused the housing crisis and weakened the dollar. Now suddenly you claim he's a genius.
This pretty much nails the issue, and you can add Andrew Cuomo (HUD Director under Clinton), who loosened the documentation requirements for home loans, under the objective of increasing the % of folks who own homes.
So, who on the Democratic side is going to refute these "facts"?
So the chance for the republicans do to all that while they had all 3 branches did they?
nope they just racked up the biggest deficit in americas history. Bill Clinton however has raised the economy growth bigger than anyone has for 40 years he has got our dollar to a close 2nd highest place in the world and prosperity was had in not only the upper class but the middle one as well.
A democrat has raised the economies growth than it has ever in 40 years
there has been 7 republicans in office and 3 democrats.
in 8 years with a republican in office we lost our 1st place standing in education ( now 27th) our 1st place standing on prosperity growth out 1st place standing on most loved and respected country in fact we are last place standing now we have lost our 1st place role of "Land of opportunity" we have loss out first place role in science (England is ahead) We lost our 2nd place position in the top dollar value.
Let me tell you want we won. we have won the biggest deafest America has ever had, we have became the most unstable economy in the world, we have lost our mortgage housing and banking empires.
Try 1999, and it wasn't President Clinton. It was the Republican Congress led by Senator Gramm's efforts.
"In Senate, Gramm Led Effort for Banking Deregulation, Which Set Stage for Current Mortgage Crisis (http://www.mccainpedia.org/index.php/Mortgage_Crisis - broken link). Gramm led "aggressive efforts when he was chairman of the Senate Banking Committee to deregulate the banking and financial services industry. That culminated in passage in 1999 of a sweeping financial services law that tore down the Depression-era Glass-Steagall wall separating regulated commercial banks from largely unregulated investment banks. And little regulation was put in to replace it." :To many liberal economists, Gramm's efforts set the stage for the current crisis," with investment banks lending soaring, starting the trading in subprime mortgages and becoming too large to be allowed to fail."[1]
Thanks Wally, I think there will be lots of Republicans who will want to forget which party is traditionally for "smaller government, less regulation". But don't worry, I've already read several articles pointing out this fact. Bad timing for the repubs...but they got what they wanted before ...less regulation.... and now who's paying for some of the bailouts?????Us!
(While , of course, the CEOs and execs get great big huge Golden Umbrellas for letting their companies fail...it's the Republican way!!.....)
He signed off on it against the advice of his treasury secretary. If it was bad legislation Clinton should have vetoed it.
Congress never should have put it on his plate. They are to represent the Will of the People. This doesn't relieve President Clinton of his culpability, nor the Republican Congress and President who followed, and allowed, no, engineered as much oversight and regulation to fall as humanly possible in order to make money and hand us this mess in return for their eternal gratitude.
That's funny because not too long ago you and others were cursing Greenspan for having low interest rates which caused the housing crisis and weakened the dollar. Now suddenly you claim he's a genius.
No wrong economic advisor see he is beloved by democrats and republicans, he retired in 2006. But this would get in your way of your overall feeling that republicans know best. Which by the way he is a republican.
they are criticizing Ben Bernanke the current head of the reserve for not cutting the interest rates.
Greenspan is the reason for the economic success back in the clinton administration and was in charge durning Bush Senior, Alan has been asked several times by republicans and democrats to retake the head position of the reserve system
So the chance for the republicans do to all that while they had all 3 branches did they?
nope they just racked up the biggest deficit in americas history. Bill Clinton however has raised the economy growth bigger than anyone has for 40 years he has got our dollar to a close 2nd highest place in the world and prosperity was had in not only the upper class but the middle one as well.
A democrat has raised the economies growth than it has ever in 40 years
there has been 7 republicans in office and 3 democrats.
in 8 years with a republican in office we lost our 1st place standing in education ( now 27th) our 1st place standing on prosperity growth out 1st place standing on most loved and respected country in fact we are last place standing now we have lost our 1st place role of "Land of opportunity" we have loss out first place role in science (England is ahead) We lost our 2nd place position in the top dollar value.
Let me tell you want we won. we have won the biggest deafest America has ever had, we have became the most unstable economy in the world, we have lost our mortgage housing and banking empires.
So you appear to believe that the blame of the situation falling towards the Democrats is factually accurate, but don't believe the Republicans fixed the problem.
Do you think that the cumulative effect of these decisions made under Democratic administrations might have accumulated subsequent to Clinton's time in office?
If you think about this accurately, if Cuomo and others had established these homeownership goals, wouldn't the cumulative effect take some time before they would actually be realized?
I'm not excusing Republican administrations for not changing some of these directives, but don't you see Democratic administration culpability concerning root cause?
So you appear to believe that the blame of the situation falling towards the Democrats is factually accurate, but don't believe the Republicans fixed the problem.
Do you think that the cumulative effect of these decisions made under Democratic administrations might have accumulated subsequent to Clinton's time in office.
If you think about this accurately, if Cuomo and others had established these homeownership goals, wouldn't the cumulative effect take some time before they would actually be realized.
I'm not excusing Republican administrations for not changing some of these directives, but don't you see Democratic administration culpability concerning root cause?
LOL i said is that the republicans had to chance to make changes like that but those treaties didn't cause the problem, saying democrats are the reposibilty for this ecomic crisis is just sad and stupid if you know anything about history it was Bill Clinton who caused the greatest econmic boom we have had in the past 60 years.
The republicans finally get all 3 branches though and at of a result of which in 8 years look what has happened.
Only a idiot would claim that Bill Clinton is the reason for the problem. Really if had the chance to be run for president today he would win hands down. Because he was damn good at what he did, with the economy. There is a reason why you dont see McCain going up on a national stage and saying Bill Clinton is the reason for all of our problems. He would be laughed at even by half of the republicans. Because it is simply not true, but not only is it not true but under the 8 years of Clinton we were 2 years away from balancing the budget. Listen to the economic experts even they say it was this administrations failed economic policy.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
