Financial Meltdown due to Bush-McCain Economic Philosophy (Obama, American, March)

[walidm]

Strange how folks find it easy to "skip" an Administration to place blame on a prior Administration. Responsibility is sorely lacking. If this whole mess is President Clinton's fault, then the Republicans are even more culpable - they sat here for years and let it happen. So which would you have us believe, the Republican's want the US citizens to suffer or they're incompetent?

[One Thousand]

Originally Posted by .....think

... if you know anything about history it was Bill Clinton who caused the greatest econmic boom we have had in the past 60 years.

Side note: Actually, according to Greenspan's "The Age of Turbulence", although Clinton was/is exceptionally intelligent, the reason for the boom was the significant, positive effect on productivity by the economy switching over to the internet. Greenspan spends and extended period on this topic and fills in the history quite thoroughly.

[NewToCA]

Originally Posted by .....think

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.

So you disagree with this article in the Village Voice (hardly a conservative paper) which states in part:

Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country's current crisis. He took actions that—in combination with many other factors—helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded "kickbacks" to brokers that have fueled the sale of overpriced and unsupportable loans.

In 2000, Cuomo required a quantum leap in the number of affordable, low-to-moderate-income loans that the two mortgage banks—known collectively as Government Sponsored Enterprises—would have to buy. The GSEs don't actually sell mortgages to borrowers. They buy them from banks and mortgage companies, allowing lenders to replenish their capital and make more loans. They also purchase mortgage-backed securities, which are pools of mortgages regularly acquired by the GSEs from investment firms. The government chartered these banks to pump money into the mortgage market.

If you don't think this is incorrect, it is difficult for the Democrats not to accept significant responsibility for the current mortgage crisis.

If you think this is factually incorrect, where do you think the statements are erroneous?


http://www.villagevoice.com/content/printVersion/541234

[NewToCA]

Originally Posted by walidm

Strange how folks find it easy to "skip" an Administration to place blame on a prior Administration. Responsibility is sorely lacking. If this whole mess is President Clinton's fault, then the Republicans are even more culpable - they sat here for years and let it happen. So which would you have us believe, the Republican's want the US citizens to suffer or they're incompetent?

Shared blame? Sure, no problem with that at all.

Do you have anything to factually refute the claim that Cuomo, Clinton's HUD Secretary, set up the process causing the current mortgage meltdown?

[.....think]

First off all the bills made in 1997 -2001 were republicans

You do realize that Congress was owned by the republicans they made all those bills you put out before it is a little sad that republicans are going after an escape goat and all they can find is the man who had the best list of economic success in the past 60 years

The Clinton Record - Clinton's Accomplishments

read this link on Bill Clinton and attack him on the economy

I have seen no proof of your claim the experts who do study this daily say it was because of not Alan greenspan but because people who shouldn't have been getting mortgages were getting them LOL Bill Clinton your the biggest joke i have herd today .... but today has been a dull day

[NewToCA]

Originally Posted by .....think

First off all the bills made in 1997 -2001 were republicans

I have seen no proof of your claim the experts who do study this daily say it was because of not Alan greenspan but because people who shouldn't have been getting mortgages were getting them LOL Bill Clinton your the biggest joke i have herd today .... but today has been a dull day

What do you think the Secretary of HUD does? Don't you think they have any administrative authority?

What in that extensive article, with specific directives listed, do you believe to be in error?


http://www.hudclips.org/notices/acg/97-1.txt (broken link)
http://www.hudclips.org/notices/acg/98-1.txt (broken link)

[.....think]

Originally Posted by One Thousand

Side note: Actually, according to Greenspan's "The Age of Turbulence", although Clinton was/is exceptionally intelligent, the reason for the boom was the significant, positive effect on productivity by the economy switching over to the internet. Greenspan spends and extended period on this topic and fills in the history quite thoroughly.

He then goes on complementing that Bill Clinton has done the most on helping the economy than any other president that he has served under

[eastguy]

The NY Times five years ago reported that the Bush administration proposed increased oversight and regulation of Fannie and Freddie, but Democrats pushed back. "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." Democrats pushed back: "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." You think Pelosi is going to bring this up?

[.....think]

Originally Posted by NewToCA

What do you think the Secretary of HUD does? Don't you think they have any administrative authority?

What in that extensive article, with specific directives listed, do you believe to be in error?


http://www.hudclips.org/notices/acg/97-1.txt (broken link)

here is the reason for the Sublime crash
Sub Prime Mortgage Crisis Caused By Unexpected Success | BloodhoundBlog: National real estate marketing and technology blog | Realtors and real estate, mortgages, lending, investments

[.....think]

Originally Posted by eastguy

The NY Times five years ago reported that the Bush administration proposed increased oversight and regulation of Fannie and Freddie, but Democrats pushed back. "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." Democrats pushed back: "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." You think Pelosi is going to bring this up?

The Democrats didnt have much control in congress 5 years ago.

Plz link a source