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I like how we moan about the "terrorist threat" and want something to be done, but we don't want to pay for it. Great. I like how everyone is currently enjoying the fruits of a good infrastructure and take it for granted. These things require money. So instead of whining realize that earning more than 98% of Americans is considerably above the norm (yes even if you live in New York or San Francisco...in which case the city itself is a luxury as opposed to living in far flung suburbs) and help your nation. The same people who want the ridiculous tax cuts are the same people who wanted to spend in Iraq and called that spending American. The bill is here, but paying for said spending is anti-American. So the expenditure was American, but paying for it is not American? Geez...
Since progressives have more and more had to lower who they can get their free stuff from. They have taxed the wealthy until they got their response;less investment and hiring.
Since progressives have more and more had to lower who they can get their free stuff from. They have taxed the wealthy until they got their response;less investment and hiring.
You do realize that the recession happened while the Bush tax cuts were in effect. Also, you do realize that the tax cuts haven't ended the recession.
Which has no bearing to how Bush tax cuts did more harm than good. Not to mention the bubble was also during the Bush years, thus his policies.
do you even understand economics
they run in cycles.. of 6-12 years
the recession we are in, is from the clinton era.. he signed nafta into law (thus losing 40 million jobs since 1994)..he revised the policies for mortages through his chief of HUD (Cisneros, and latter andrew cuomo)
the bush tax cuts (which were mostly for the poor and middleclass ) did help
the recession we are in, is from the clinton era.. he signed nafta into law (thus losing 40 million jobs since 1994)..he revised the policies for mortages through his chief of HUD (Cisneros, and latter andrew cuomo)
the bush tax cuts (which were mostly for the poor and middleclass ) did help
I apparently understand more than you. Bush was in office for 8 years. So he had 8 years of policies. These policies led to the recession.
The Bush tax cuts have not helped end the current recession.
I apparently understand more than you. Bush was in office for 8 years. So he had 8 years of policies. These policies led to the recession.
The Bush tax cuts have not helped end the current recession.
bush was an idiot
but the recession was due to the clinton housing bubble bursting, and jobs eaving the country due to bush1/clinton and bush and now obama freetrade agreements
the bush tax cuts/credits did help, otherwise we (the middleclass and poor) would be in WORSE shape
I apparently understand more than you. Bush was in office for 8 years. So he had 8 years of policies. These policies led to the recession.
oh
uhm,,again you are pointing to the wrong president...try clinton
1995 Pres. Clinton (through his chief of HUD (Henry Cisneros and 1999 under his second chief andrew coumo)) eased the rules on obtaining mortgages allowing more 'exotic' mortgages and 'no-doc/low doc' 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
President Clinton, with the blessing of Democrats in Congress, advanced an agenda which they called, The National Homeownership Strategy: Partners in the American Dream. (Do a Web search.) In short, it encouraged mortgage lenders to loosen-up their requirements for those seeking mortgages, thus making home ownership available to those who otherwise wouldn't qualify - in other words, for those who couldn't afford it.
The government, as a result, relaxed requirements for the federal guarantee on those mortgages: lowered income to payment ratio, relaxed income verification, reduced (or eliminated) down payments, etc. Mortgage lenders, as ones who issued those government backed loans, were encouraged - and directed - to follow suit. (I say directed to follow suit because those lenders had to follow government rules if they wanted to continue to be able to issue FHA loans.)
Fast forward to 2000: The National Homeownership Strategy: Partners in the American Dream, is a "..... public-private partnership working to dramatically increase homeownership opportunity in America. Under the directive of President Clinton, the Partnership was formed in 1995 by nearly 60 national organizations that care about homeownership. Today, the Partnership consists of 66 members representing lenders, real estate professionals, home builders, nonprofit housing providers, and federal, state and local governments.
HUD Secretary Andrew Cuomo said: "The good news as we mark National Homeownership Week is that homeownership in America is at record levels. But the bad news we face is that many of HUD's homeownership and other programs are under attack by some members of Congress. The success of our homeownership initiatives proves that HUD in combination with local organizations can further our goal of even more homeownership and fulfill our commitment to making this the blueprint for for other models."
The immediate results: As a result of a huge increase in demand against a limited supply, home prices (and values) rose dramatically. In addition to the injection of even more home buyers (unqualified home buyers) into the market, many people used those increases in their home values to refinance other debt into the more attractive (tax deductable) mortgage debt. Moreover, mortgages are bought and sold on the open market, as they always have been. Historically, behind Treasury Bills, Mortgages were among the safest of all investments to buy. As a result, many investment banks bought those mortgages (government-backed mortgages, by the way).
The eventual (and inevitable?) repercussions: People began defaulting on mortgages they couldn't afford in the first place. Banks and Mortgage lenders were foreclosing at record levels. (Foreclosures are always a lose-lose proposition for both the buyer and the lender.) Home values began to plummet. Mortgage investments were losing value.
The government, is now in the process of bailing-out mortgage lenders who made bad loans to people who couldn't afford them in the first place. Moreover, investment bankers, who are also facing a huge crisis - because of the defaults on the mortgages they purchased - are also being discussed as possible government bail-out candidates. (Can you say 401(k) accounts?)
Last edited by Green Irish Eyes; 01-01-2011 at 12:08 PM..
Reason: Copyright violation -- please post a LINK and a "snippet" only, per the Terms of Service
December 1993 NATFA---passed by the democrat controlled congress, signed into law by Bill Clinton...the result 60 million jobs lost in the USA bewteen 1994 and 2009, because of nafta and its sisters cafta and gatt, to include senator obama's OFTA
1995 updated CRA..Pres. Clinton (through his chief of HUD (Henry Cisneros and later his second chief andrew coumo)) eased the rules on obtaining mortgages allowing more 'exotic' mortgages and 'no-doc/low doc' 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
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)
2000/1 clinton pushes to get china into the world bank
all these things paved the way for our problems of today......if you think all the problems just happened under Bush, then you really need to take your head out of the sand
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