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Given that the economy has been seriously threatened by the financial crisis, Obama has acted quickly to surround himself with people tasked to restore trust and confidence to our banking system. The ad hoc approach of the current Secretary of the Treasury will hopefully yield to a more reasoned effort, but it is clearly one in which the government will inject huge amounts of money into the system to give it, in Obama’s words, “a jolt.” Moderator cut: copyrighted material. Please post a link and do not cut and paste entire articles.
Yeah that's it, blame Obama for this mess.. When did the recession start? Dec 2007. Who gave us 11 Trillion in debt? Republicans! Who Federal Reserve Chair gave away 4 trillion that isn't on the books? G.W. Bush's Federal Reserve Chair. When did the Housing and Credit Crisis Start? Early 2008. When did the Stock Market start to crash? Sept 2008! Who was President? Republican G.W. Bush. Sounds like Republicans already destroyed America and Obama is trying his best to save us from becoming a 3RD world nation.
Hmmm...the Heartland Institute, eh. I believe they're still denying that cigarettes can cause cancer. And is the Lord Monckton cited actually the famous British journalist who has had no scientific training whatsoever?
Yeah that's it, blame Obama for this mess.. When did the recession start? Dec 2007. Who gave us 11 Trillion in debt? Republicans! Who Federal Reserve Chair gave away 4 trillion that isn't on the books? G.W. Bush's Federal Reserve Chair. When did the Housing and Credit Crisis Start? Early 2008. When did the Stock Market start to crash? Sept 2008! Who was President? Republican G.W. Bush. Sounds like Republicans already destroyed America and Obama is trying his best to save us from becoming a 3RD world nation.
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."
I am beginning to think that the republicans want our economy and nation to fail under the Democrats. This would be the Republicans’ only hope of not becoming extinct! Should the economy grow and we experience great improvement in all areas of our nation under Obama, would you Republicans be grateful and pleased with the progress?
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?
Mortgage companies were not subject to the CRA. Most home loans are through mortgage companies (i.e. Countrywide). Most of the bad loans were via mortgage companies. The banks seeking large profits on high interest loans bought these bad mortgages.
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?
"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.
Yeah that's it, blame Obama for this mess.. When did the recession start? Dec 2007. Who gave us 11 Trillion in debt? Republicans! Who Federal Reserve Chair gave away 4 trillion that isn't on the books? G.W. Bush's Federal Reserve Chair. When did the Housing and Credit Crisis Start? Early 2008. When did the Stock Market start to crash? Sept 2008! Who was President? Republican G.W. Bush. Sounds like Republicans already destroyed America and Obama is trying his best to save us from becoming a 3RD world nation.
Who was the majority party in Congress when that all happened?
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?
Your post indicates the entire economic mess is 100% the fault of the Democrats...
What an absolutely ignorant and 100% partisan thing to say..
You have no credibility on the matter - you're just a 100% loyal Republican Neocon comrade who can't see anything wrong with his party, and only sees bad in the other...
Well, it is amusing at least - watching sore losers like you and a bunch of other posters on this forum trying to turn the tidal wave of national support for Obama around!!
Why don't you just try spitting into the wind???
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