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nope.. no you didnt, nor is that what happened. When you start to post the truth, we can then discuss them. Again Bush tried to STOP the fundings. A fact you keep ignoring.. I wonder why
I love facts. Let's face them.
How naïve we were. We should have realized that the modern hard-right is utterly dedicated to the Reaganite slogan that government is always the problem, never the solution. And, therefore, we should have realized that party loyalists, confronted with facts that don’t fit the slogan, would adjust the facts.
According to their meme, the housing crisis was caused by Democratic policies that made it too easy for poor people to get mortgages. Never mind that the perverse incentives for mortgage companies was to not care who got loans, because the financial industry created a new instrument that allowed mortgage companies to sell those risky loans and have Wall St. bundle them and sell them as grade A bonds. Never mind that.
Presuming that their meme was actually true, how do they explain that there was a widely spread housing bubble, not just in the United States, but in Ireland, Spain, and other countries as well? Do the Democrats who took office in 2007 have that great power? Of course not.
In reality, this bubble was inflated by irresponsible lending, made possible both by bank deregulation and the failure to extend regulation to "shadow banks," which weren’t covered by traditional regulation but nonetheless engaged in banking activities and created bank-type risks.
Then the bubble burst, with hugely disruptive consequences. It turned out that Wall Street had created a web of interconnection nobody understood, so that the failure of Lehman Brothers, a medium-size investment bank, could threaten to take down the whole world financial system.
Those who blame the Fed for keeping interest rates too low too long have to explain why Canada, which basically had the same interest rate experience we did, didn’t have anything like the same problems.
So what’s Canada’s secret? Regulation, regulation, regulation. Much stricter limits on leverage, much stricter limits on unconventional mortgages, and an independent consumer protection agency for borrowers.
Not that 83K jobs is anything to celebrate, but it IS more jobs added in private sector than were between Jan 2001 and Jan 2009.
What? Nowhere in that time span were 83,000 jobs added? I would like to see the proof that a cumulative sum of jobs for any period of time from 2001-2009 never saw 83,000.
Fact is, you are looking at net (end - beginning) and as such parroting a taking point for people who have little comprehension of looking at data. Instead, ask the question - what was the total employment in the private sector (not gains or losses - just raw numbers) each month? Plot that as a function of time. Now, look at the graph. How many people are employed in the private sector today vs. 2001, 2002, 2003, etc.? You can also do percentage private vs. percentage govt as an added question.
The fact is - when you are looking at changes in a variable, you discount the total value or even discount the anomaly. Another task - take the entire record of private sector employment for the 2000s (again, raw numbers) and remove the mean employment. Then plot. When did we have anomalously higher people in private sector employment against the mean? When did we have a deficit?
If someone can provide me with a website or a spreadsheet with these numbers, I can make the plots.
Oh I'm well aware... Most districts I've seen are covering the funding gap by promoting early retirement of older teachers and not re-hiring the positions...
The items listed, have nothing to do with a failure to reform housing, or government taking money out of the economy, thus not allowing the economy to grow. Try again..
You're correct. I didn't need to go into specific details of each issue considering your love for painting with a broad brush that only involves finger pointing (and excuses). Those were straight forward questions albeit inconvenient for you to take on with even an ounce of honesty. I'm reminded of this quote:
Any intelligent fool can make things bigger and more complex... It takes a touch of genius - and a lot of courage to move in the opposite direction
- Albert Einstein
Weylll why don't I pull your old trick out of the hat here then.... WHO was in contol of BOTH houses AND the Presidency in 2004?
Yet complaints that "nothing was done"?
Barney Frank blocked any reform from coming out of committees. You do know about committees right?
Quote:
Originally Posted by Rhett_Butler
Not to mention a you tube video cherry-picking quotes is suspect at best, but if that's what you have? Okay.
You are welcome to reply with a youtube video which shows Democrats supporting reform, but then you'd have to explain why they blocked reform from leaving committees...
Quote:
Originally Posted by Rhett_Butler
LOL!!!! Sorry, weren't YOU the one just whining that it appeared some weren't alive during the Bush Administration?..
FAIL.. Unless you can list to me the changes made, to make these mortgages "less riskier".. Just giving minorities, mortgages, doesnt make mortgages riskier. It gets even worse considering the fact that it was AAA credit mortgages defaults which caused the collapse, and the writedowns too place in Switzerland.. But hey, your daily kos said it, so it must be true..
FAIL.. that says nothing about putting people in homes they wouldnt qualify for, unless your argument now is that minorities are unqualified and should never own homes.
You're saying Bush burned $440 Billion on minorities who ALREADY QUALIFIED???? Whhaaaaaaatttt???
Quote:
Are you making racist statements now?
No, that was Bush's speech, not mine.
Oh, here is some more. Downpayment assistance??? Why do people who qualify for loans need downpayment assistance???
A Home Of Your Own: Expanding Opportunities for All Americans (http://www.americandreamdownpaymentassistance.com/whdoc06012002.cfm - broken link)
Providing Downpayment Assistance. The single biggest barrier to homeownership is accumulating funds for a downpayment. The President has proposed $200 million annually for the American Dream Downpayment Fund to help roughly 40,000 families a year with their downpayment and closing costs.
Increasing the Supply of Affordable Homes. The President wants to dramatically increase the supply of homes available to low and moderate income families. The President has proposed the Single-Family Affordable Housing Tax Credit, which will provide approximately $2.4 billion to encourage the production of 200,000 affordable homes for sale to low and moderate income families.
Increasing Support for Self-Help Homeownership Programs. The President’s budget triples funding for organizations, such as Habitat for Humanity, that help families help themselves become homeowners through sweat equity and volunteerism in their communities.
Substantially increase by at least $440 billion, the financial commitment made by the government sponsored enterprises involved in the secondary mortgage market, specifically targeted toward the minority market;
1- Do you blame GOP for letting 9/11 happen under its watch (both Congress and White House)?
2- Do you blame GOP for the 2001 recession and its extremely slow job recovery?
3- Do you think 2007-09 recession wouldn't have been if democrats hadn't taken control of the Congress in 2007?
4- Would you blame GOP's "landslide" victory in 2010 elections if the economy collapses before the next election?
5- And if you still want to lay blame on democratic win and taking over the Congress in 2007 as the reason for recession, how about you also accept that under democratic congress, more jobs were added in a year (Jan 2007-Jan 2008) than under the republican congress before it in 4.5 years since the GOP had control of the Congress AND the White House?
Not that 83K jobs is anything to celebrate, but it IS more jobs added in private sector than were between Jan 2001 and Jan 2009.
The longer Obama is prez, the more I notice the most popular defense of his economic policy is--- Bush was worse. It's like a next to last place team cheering because they're not last.
His 'stimulus' bill flopped. The ur topped what he forecast would be the worst rate Without the 'stimulus.'
You're correct. I didn't need to go into specific details of each issue considering your love for painting with a broad brush that only involves finger pointing (and excuses). Those were straight forward questions albeit inconvenient for you to take on with even an ounce of honesty.
All you did was change the topic because you didnt like the points being made. Are you going to continue to pretend that Congress is responsible for airline security? You guys never cease to provide me with substantial humor.
Quote:
Originally Posted by MTAtech
I love facts. Let's face them.
How naïve we were. We should have realized that the modern hard-right is utterly dedicated to the Reaganite slogan that government is always the problem, never the solution. And, therefore, we should have realized that party loyalists, confronted with facts that don’t fit the slogan, would adjust the facts.
According to their meme, the housing crisis was caused by Democratic policies that made it too easy for poor people to get mortgages. Never mind that the perverse incentives for mortgage companies was to not care who got loans, because the financial industry created a new instrument that allowed mortgage companies to sell those risky loans and have Wall St. bundle them and sell them as grade A bonds. Never mind that.
Presuming that their meme was actually true, how do they explain that there was a widely spread housing bubble, not just in the United States, but in Ireland, Spain, and other countries as well? Do the Democrats who took office in 2007 have that great power? Of course not.
In reality, this bubble was inflated by irresponsible lending, made possible both by bank deregulation and the failure to extend regulation to "shadow banks," which weren’t covered by traditional regulation but nonetheless engaged in banking activities and created bank-type risks.
Then the bubble burst, with hugely disruptive consequences. It turned out that Wall Street had created a web of interconnection nobody understood, so that the failure of Lehman Brothers, a medium-size investment bank, could threaten to take down the whole world financial system.
Those who blame the Fed for keeping interest rates too low too long have to explain why Canada, which basically had the same interest rate experience we did, didn’t have anything like the same problems.
So what’s Canada’s secret? Regulation, regulation, regulation. Much stricter limits on leverage, much stricter limits on unconventional mortgages, and an independent consumer protection agency for borrowers.
Your failure is not recongizing that the reason why these mortgages were able to be sold world wide, is because they came with AAA credit ratings, which wouldnt have been possible without the governmental guarantees backing them up..
its GOVERNMENT creating the problem. Without the GSAs backing them up, these mortgages would have been rated C- at best and wouldnt have been sellable, and without buyers, they wouldnt have been made to begin with.
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