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October 10, 2000
Web posted at: 6:28 p.m. EDT (2228 GMT)
By Matt Smith/CNN
WASHINGTON (CNN) -- President Clinton closed years of political and economic debate Tuesday, and sealed a major achievement of his administration by signing a bill extending permanent, normal trade status to China.
http://archives.cnn.com/2000/ALLPOLITICS/stories/10/10/clinton.pntr/story.us.china.gif (broken link) "Today we take a major step toward China's entry into the World Trade Organization and a major step toward answering some of the central challenges of this new century," Clinton said in a bipartisan White House ceremony Tuesday afternoon.
"Trade with China will not only extend our nation's unprecedented economic growth, it offers us a chance to help shape the future of the world's most prosperous nation and to reaffirm our own global leadership for peace and prosperity."
The measure is considered the most important U.S. trade legislation since passage of the North American Free Trade Agreement in 1993. But it faced a long campaign of opposition from labor, human rights and conservative groups who wanted to retain the annual review of trade relations with China.
The Senate passed the China trade bill in September after supporters won a bruising battle in the House of Representatives in May. Lawmakers from both sides of the aisle joined Clinton on the South Lawn of the White House to watch him sign the measure, dubbed the U.S.-China Relations Act of 2000.
If Obama followed Clinton, we would be just fine, because Clinton left a prosperous economy and large surpluses. Unfortunately he is following the worst president in American history, with an outsourced economy and trillion dollar deficits - and since Obama is a do-nothing president, not much of the Bush policies have changed.
There were NO surpluses, that myth has been debunked countless times and the Dot Com bubble was about to burst.
Unfortunately, the libs can call Bush the worst President in history but Carter and Obama are pretty much neck and neck in the that area.
the bush administration tried to rein in freddy and fannie, but without a super majority in congress, and with the democrats obstructing the effort, there was nothing the republicans could do.
Can you be more specific and how the Bush Administration tried to rein in Freddy and Fannie?
Exactly what policies did they try to enact?
What did Bush say to the American public concerning this impending crisis?
Did Bush address the nation about this potential crisis during one of his State of the Union Addresses?
Exactly how did the Democrats obstruct whatever efforts Bush made?
the bush administration tried to rein in freddy and fannie, but without a super majority in congress, and with the democrats obstructing the effort, there was nothing the republicans could do.
During Bush's eight years in office, what years did congress have a super majority?
The problem wasn't affordable ownership it was unaffordable ownership pushed upon us when the Clinton WH forced lenders to lower standards.
So you're finally back.
Care to address this revealing post?
Quote:
Originally Posted by txgolfer130
You want to know what's really funny? Is that the part of the CRA that you're talking about... was signed into law 28 Oct 1992. And who was in power to sign that bill into law? Bush.
Bill Clinton...was sworn in on 20 Jan 1993.
LOL! Another Republican attempt FAILED! Too funny...too funny.
The National Homeownership Strategy began in 1994 when Clinton directed HUD Secretary Henry Cisneros to come up with a plan, and Cisneros convened what HUD called a "historic meeting" of private and public housing-industry organizations in August 1994. The group eventually produced a plan, of which Mason sent me a PDF of Chapter 4, the one that argues for creative measures to promote homeownership.
In 1995, seeking to save his department from elimination by the newly elected Republican-led Congress, Housing Secretary Henry G. Cisneros adopted a ''national homeownership strategy'' that eased requirements to qualify for Federal Housing Administration-insured loans and reduced closing costs by as much as $1,200 on those loans for first-time buyers.
Regulatory changes 1995
In July 1993, President Bill Clinton asked regulators to reform the CRA in order to make examinations more consistent, clarify performance standards, and reduce cost and compliance burden. Robert Rubin, the Assistant to the President for Economic Policy, under President Clinton, explained that this was in line with President Clinton's strategy to "deal with the problems of the inner city and distressed rural communities". Discussing the reasons for the Clinton administration's proposal to strengthen the CRA and further reduce red-lining, Lloyd Bentsen, Secretary of the Treasury at that time, affirmed his belief that availability of credit should not depend on where a person lives, "The only thing that ought to matter on a loan application is whether or not you can pay it back, not where you live." By early 1995, the proposed CRA regulations were substantially revised to address criticisms that the regulations, and the agencies' implementation of them through the examination process to date, were too process-oriented, burdensome, and not sufficiently focused on actual results.
The National Homeownership Strategy began in 1994 when Clinton directed HUD Secretary Henry Cisneros to come up with a plan, and Cisneros convened what HUD called a "historic meeting" of private and public housing-industry organizations in August 1994. The group eventually produced a plan, of which Mason sent me a PDF of Chapter 4, the one that argues for creative measures to promote homeownership.
In 1995, seeking to save his department from elimination by the newly elected Republican-led Congress, Housing Secretary Henry G. Cisneros adopted a ''national homeownership strategy'' that eased requirements to qualify for Federal Housing Administration-insured loans and reduced closing costs by as much as $1,200 on those loans for first-time buyers.
Regulatory changes 1995
In July 1993, President Bill Clinton asked regulators to reform the CRA in order to make examinations more consistent, clarify performance standards, and reduce cost and compliance burden. Robert Rubin, the Assistant to the President for Economic Policy, under President Clinton, explained that this was in line with President Clinton's strategy to "deal with the problems of the inner city and distressed rural communities". Discussing the reasons for the Clinton administration's proposal to strengthen the CRA and further reduce red-lining, Lloyd Bentsen, Secretary of the Treasury at that time, affirmed his belief that availability of credit should not depend on where a person lives, "The only thing that ought to matter on a loan application is whether or not you can pay it back, not where you live." By early 1995, the proposed CRA regulations were substantially revised to address criticisms that the regulations, and the agencies' implementation of them through the examination process to date, were too process-oriented, burdensome, and not sufficiently focused on actual results.
Once again, proudly defending Dumbya is not going to help your credibility.
"Today, the White House cites that report — and its subsequent effort to better regulate Fannie and Freddie — as evidence that it foresaw the crisis and tried to avert it. Bush officials recently wrote up a talking points memo headlined “G.S.E.’s — We Told You So.”
But the back story is more complicated. To begin with, on the day Mr. Falcon issued his report, the White House tried to fire him.
At the time, Fannie and Freddie were allies in the president’s quest to drive up homeownership rates; Franklin D. Raines, then Fannie’s chief executive, has fond memories of visiting Mr. Bush in the Oval Office and flying aboard Air Force One to a housing event. “They loved us,” he said."
Quote:
Originally Posted by kovert
"So Mr. Bush had to, in his words, “use the mighty muscle of the federal government” to meet his goal. He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.
When states tried to use consumer protection laws to crack down on predatory lending, the comptroller of the currency blocked the effort, asserting that states had no authority over national banks."
The problems with Fannie & Freddie started with Reagan and Greenspan's reckless Ayn Rand infatuation and were exacerbated by Junior.
And despite the financial catastrophe they have caused the formerly known as conservatives have once again proven to be the party of no clue.
Quote:
Originally Posted by kovert
Another article of how the crash was not an accident and how states' rights were blatantly violated.
"State whistleblowers tried to curtail greedy lending—and were thwarted by the Bush Administration and the financial industry"
But the real question is why the op keeps disappearing into the mist when the detail, this poster raised is brought up:
Quote:
Originally Posted by txgolfer130
You want to know what's really funny? Is that the part of the CRA that you're talking about... was signed into law 28 Oct 1992. And who was in power to sign that bill into law? Bush.
Bill Clinton...was sworn in on 20 Jan 1993.
LOL! Another Republican attempt FAILED! Too funny...too funny.
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Did you finish HS?
