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How about a little truth and honesty here, and some fact checking.
We weren't in recession in Dec 2007 in the first place, and not really till the mortgage/banking scandal (Democrat created) broke. Yes, there was slowing in the housing market, and construction, but these two things alone do not by themselves constitute or indicate a recession.
That crisis (mortgage/banking) actually began many years ago with the CRA (Community Reinvestment Act) a Jimmy Carter era piece of legislation that forced banks to make loans to people in low income neighborhoods who couldn't afford to pay them back. This was expanded under Bill Clinton, and many loans were being made with no verification of a persons income, or ability to pay them back.
These bad loans were then bundled and sold to Fannie Mae, which in turn were then sold as "mortgage backed securites" to investors.
Clinton administration director of the US Office of Management and Budget, Franklin Raines, Democrat, became CEO of Fannie Mae in 1999 until Dec 2004, when he took early retirement. Raines was accused of accounting irregularities, and had shifted losses so that senior executives such as himself, would earn bonuses. Raines received some $90 million. Two others were also charged in this scandal.
It was Raines who in accordance with the requirements of the CRA initiated a program at Fannie Mae to make loans to low income individuals.
When Republicans attempted to establish greater regulatory control over Fannie Mae, it was Barney Frank and Chris Dodd (primarily) that blocked these attemps. This was as far back as 2003.
Durring hearings, Frank declared: "The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], the more people conjure up the possibility of serious financial losses to the Treasury which I do not see. I think we see entities that are fundamentally sound financially."
Maxine Waters, D-CA remarked: "There were nearly a dozen hearings where we were trying to fix something that wasn't broke. Mr Chairman, we do not have a crisis at Freddie Mac and particularly at Fannie Mae under the outstanding leadership of Mr Franklin Raines."
Of course we know different now, don't we?
right, here's some truth for you. official start of the recession: 2007. get real and HONEST, The Recession of 2007
Historically speaking, bush signed every bill that crossed his desk, he vetoed very little. Congress does not run the country, the president runs the country. the president is the one that has the power to veto any bill which he/she deems unethical or pork.
If Bush Is Such a Strong Leader, How Come He Hasn't Cast a Single Veto? (http://hnn.us/articles/8020.html - broken link)
how far back into history do you want to delve against democrats? till the beginning of time? in your mind/eyes, there should only be ONE party, which is the republican party.
we democrats have been telling you that you republicans have been on the wrong train track for years, but you wouldn't believe us. now we're in for the massive train wreck which the republican party began in 2006. even your own RNC chair admitted "MY BAD", it's funny none of the rest of you are big enough to admit your mistakes and move on. the republican party began the mess we're in. you can't cut taxes and keep spending, spending, spending, the money has to come from somewhere, other than the tooth fairy.
Last edited by highdesertmutz; 03-02-2009 at 08:34 AM..
Who was the majority party in Congress when that all happened?
Yes, starting in January 2007, Congressional Democrats should have taken better advantage of their close working relationship with Senate Republicans and the President to take more serious steps toward warding off the train wreck that Republicans had set us careening along the path toward. I don't know what it was that held them back...
"More and more people own their homes in America today. Two-thirds of all Americans own their homes, yet we have a problem here in America because few than half of the Hispanics and half the African Americans own the home. That's a home ownership gap. It's a -- it's a gap that we've got to work together to close for the good of our country, for the sake of a more hopeful future. We've got to work to knock down the barriers that have created a home ownership gap.
I set an ambitious goal. It's one that I believe we can achieve. It's a clear goal, that by the end of this decade we'll increase the number of minority homeowners by at least 5.5 million families . . .
George W Bush - October 15 2002.
And that goal was achieved by lowering the lending standards for people with poor credit history. They were encouraged the take advantage of the sub-prime morgtgage market, and often were given tax payer money so they could pay the down payment.
Clinton did it too. Reagan did it, but Bush took it to a whole new level.
One other thing I've done, is I've called on private sector mortgage banks and banks to be more aggressive about lending money to first-time home buyers. And the response has been really good. There's a lot of people in this -- our communities around the country that deeply care about the issue of homeownership, and they've been responsive."
- George W. Bush, U.S. President, March 26, 2004.
And 2003 was when the housing prices started to skyrocket again in California (I lived there) and people started moving into our condo complex, paying over $300K for little condos, even though they had low paying jobs, junker cars, and little furniture. Conicidence?
Yes, starting in January 2007, Congressional Democrats should have taken better advantage of their close working relationship with Senate Republicans and the President to take more serious steps toward warding off the train wreck that Republicans had set us careening along the path toward. I don't know what it was that held them back...
Bush's veto power and record breaking amount of signing statements????
And 2003 was when the housing prices started to skyrocket again in California (I lived there) and people started moving into our condo complex, paying over $300K for little condos, even though they had low paying jobs, junker cars, and little furniture. Conicidence?
No coincidence. It is easy enough to get people to buy houses. All you have to do is make the mortgages available to just about anyone. And when everyone is buying, the prices go up. And when they go up fast enough, it further accelerates the appreciation and creates a bubble. Here in Miami we had people sleeping on the sidewalks few nights before they opened the sales offices for pre-construction condos, and everything sold in a day. And they held lotteries, where they'd pull 20 names out of a hat and the winners got to buy properties at opening prices. Then they'd raise the price by 10K, and pulled another 20 names, and on it went. The last properties could sell for over 100K more than the first ones. And the word of the day was always "interest only mortgage". Anyone could get a mortgage.
Ok guy's...republican...democrat..independant..both parties royally screwed over the american people.But i can promise you without a shadow of a doubt Obama is and will destroy our contituition..our entire way of life and the usa. That is his agenda and what is tragic the american people will let him. Take a hard look at all of his promises....all lies. He promised to run a transparent adminastration..yet refuses us a look at any personal information..school records..etc. He promised to hire only those with integrity...look at all the tax cheats..he promised to put his stimulas plan on the internet for all to read..he failed to do so. He will not raise taxes on the middle class..he is in process of doing so.. he makes one ormise in the a.m. and breaks it in the p.m. I could go on and on. Very shortly and we will all be impoverished..instead of seeing little children starving in 3rd world countries..it will be your child starving..It is the american people who heard 'take from the rich and give to us' that got him elected. Our greed will destroy un through this man. Please wake up america before it's too late.Do you so dispise your contitution that your willing to allow a kenyan born man who grew up in another land who doesn't have a clue what america is all about..not a clue. He has made it very clear he hates america..thus he hates us the american people.This isn't about being a sore loser...i didn't like any of the 2008 canadates..ITS ABOUT SAVING OUR COUNTRY or LOSING IT FORVER. iS THIS WHAT YOU WANT? Health care? When 5 years down the road you develope liver cancer or some other dreadful illness.. and the goverment denies you care because it would be too costly..
sigh
When did the Stock Market start to crash? Sept 2008!
It was actually the dot com bust that started the market going down.
Look at the history of it. We had a "jobless" recovery remember ?
That was due to easy money and lax lending standards.
The market crash was a culmination of years of growing debt.
Low interest and lax standards only prolonged the agony of it.
Ok guy's...republican...democrat..independant..both parties royally screwed over the american people.But i can promise you without a shadow of a doubt Obama is and will destroy our contituition..our entire way of life and the usa. That is his agenda and what is tragic the american people will let him. Take a hard look at all of his promises....all lies. He promised to run a transparent adminastration..yet refuses us a look at any personal information..school records..etc. He promised to hire only those with integrity...look at all the tax cheats..he promised to put his stimulas plan on the internet for all to read..he failed to do so. He will not raise taxes on the middle class..he is in process of doing so.. he makes one ormise in the a.m. and breaks it in the p.m. I could go on and on. Very shortly and we will all be impoverished..instead of seeing little children starving in 3rd world countries..it will be your child starving..It is the american people who heard 'take from the rich and give to us' that got him elected. Our greed will destroy un through this man. Please wake up america before it's too late.Do you so dispise your contitution that your willing to allow a kenyan born man who grew up in another land who doesn't have a clue what america is all about..not a clue. He has made it very clear he hates america..thus he hates us the american people.This isn't about being a sore loser...i didn't like any of the 2008 canadates..ITS ABOUT SAVING OUR COUNTRY or LOSING IT FORVER. iS THIS WHAT YOU WANT? Health care? When 5 years down the road you develope liver cancer or some other dreadful illness.. and the goverment denies you care because it would be too costly..
sigh
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If any insured depository institution or insured depository institution affiliate of a financial holding company received less than a satisfactory rating in its most recent CRA exam, the appropriate Federal banking agency may not approve any additional new activities or acquisitions under the authorities granted under the Act."
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