healthmyths
Platinum Member
- Sep 19, 2011
- 29,069
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I can't believe there are still idiots blaming Barney Frank for the real estate bubble collapse. He was one member of the minority party and you think he brought the whole system down. Republicans controlled the house. Republicans controlled the Senate. Republicans controlled the executive branch. Republicans get the blame, not a member of the minority party. I can't believe you're still in blaine barney frank for the real estate bubble collapse. I'm not saying Barney Frank was right. He wasn't. But he was just one member of the minor party and you think he brought a whole system down.Anyone with a brain, which excludes you, knows I'm talking about the Great Recession Bush handed Obama. And while Bush alone was not the cause, he had help from his Republican Congress, the hurricane is named after him since he was leading the country.And here is why you remain a fucking retard .... "Obama? With NO Major events like hurricanes,9/11,dot.com/etc.... GDP growth:17.87%!"MY whole point about hurricane stuff was to point out that IN SPITE of those gigantic life changing events, hurricanes, 9/11/dot.com bust,
recessions the economy GREW at a faster rate then today under Obama who has had NONE of those events!
IN spite of those economic,life loss events..
So how did those 4 gigantic events affect the Gross Domestic Product from 2000 to 2009?
Largest Gross Domestic Product in history!!
When Bush took office in 2001 GDP was $10,622,000,000,000
when Bush left office in 2008 GDP was $14,719,000,000,000
A 41.7% increase in GDP or $4.4 TRILLION.
Obama? With NO Major events like hurricanes,9/11,dot.com/etc.... GDP growth:17.87%!
Bush GDP increased 41.7% while all those events occurred .... Obama with NO events.... 17.87%!
View attachment 47022
Obama had to deal with Hurricane Bush, whose wake of destruction crated the economy, cost us tens of trillions of dollars, some 12 million jobs, more than all of the disasters combined.
Even worse for you, you're idiotically posting nominal figures and you're comparing 96 months under Bush againsst 78 months under Obama. In real numbers, GDP under Bush grew 1.9%; 1.8% under Obama.
And even with you posting nominal figures, your math is wrong. Nominally, GDP increased 38.9% under Bush and 22.6% under Obama. Who knows how you came up with 41.7% and 17.9%?
http://www.bea.gov/national/xls/gdplev.xls
you continue to embarrass yourself. when you say "hurricane bush" you ought to be adult enough, at a very minimum; be able to show folks what of the so-called destructive policies of Bush that your own jackass party actually opposed, instead of VOTING FOR REPEATEDLY, and continuing the vast majority of them long after Bush was gone
Still waiting for an answer .... how many times did you vote for Bush?
I VOTED TWICE for Bush.
AGAIN NONE of you seem to recognize that 4 major events occurred that have never occurred during any other president's terms.
More importantly this crap about housing bubble???
AGAIN FACTS FACTS FACTS!!!
Obama...
1) 1995 ACORN/with Obama sued CitiBank forcing them to make loans to people THAT would default on their properties!
1995 ACORN/with Obama as one of the attorneys sued CitiBank forcing them to make loans to people THAT would default on their properties!
Citibank settled out of court but this laid the premise for banks to make sub-prime loans.
So now the banks had a problem.
Forced to make sub-prime loans to people that they were pretty sure not going to pay off the loans they had to do something because the FDIC auditors said all those loans were affecting the banks financial status.
On one hand courts ordering bad loans and other hand loans were violating FDIC rules!
2) Banks were forced by FDIC to SELL these TOXIC loans to Fannie/Freddie.. and because in their own words
Oct. 23,2008 (Bloomberg) --
Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the
"full faith and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart said after the hearing. That does give them effectively a guarantee of the U.S. government.''
Lockhart s Fannie Freddie Guarantee Remarks Stir Up Confusion - Bloomberg
GWB's administration was LAUGHED AT BY Democrats Frank and Dodd after 17 times trying to get Fannie/Freddie fixed!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank s Fannie and Freddie Muddle - US News
3) AND YOU HAVE NO idea of what happened on 9/18/2008...
The near economic collapse on Thursday (Sept 18,2008), at 11am the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S., to the tune of $550 billion was being drawn out in the matter of an hour or two. The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks. They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn’t be further panic out there. If they had not done that, their estimation is that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed.
It would have been the end of our economic system and our political system as we know it.
Zero Hedge How The World Almost Came To An End At 2PM On September 18
Now as far as TARP...
Of the $245 billion invested in U.S. banks, over $169 billion has been paid back, including $13.7 billion in dividends, interest and other income, along with $4 billion in warrant proceeds as of April 2010[update]. AIG is considered "on track" to pay back $51 billion from divestitures of two units and another $32 billion in securities.[4]
Now.. WHAT HAPPENED to TARP the program that Bush has been blamed for?
Bailout Scorecard Eye on the Bailout ProPublica
$615 billion went out
$672 Billion came in...
ALL PAID BACK...
PLUS A PROFIT of: $57.7 billion...
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Barney was to blame. Dodd was to blame. Obama was to blame! The entire group of people possibly some GOPers who thought it ok
to have people who had poor credit to buy multiple houses with no money down and "flip them" those people caused the bubble.
Barney told Bush people and I quote:
House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying "these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)
Dodd said:
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
What more proof do you need then to have these two plus countless thousands of Democrats wanting to give
FREE loans to people that couldn't pay the mortgages?
PLUS remember idiot... what had been the top of the mind concentration of GWB et.al.
THESE EVENTS: dummy!
Recession
1) Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because you don't seem to comprehend... RECESSIONS are like football length tankers... it takes miles to turn one...i.e. so does
a "RECESSION"... it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It s official 2001 recession only lasted eight months
A Major $5 trillion market loss
2) Are you aware that the dot.com bust occurred and cost $5 trillion in losses?
Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year! $5 trillion in market losses MEAN lost tax revenue
PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $5 trillion dollars in market value for tech companies. More than half of the Internet companies created since 1995 were gone by 2004 - and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble How to lose 5 trillion Anderson Cooper 360 - CNN.com Blogs
The worst attacks on the USA in History.. 3,000 deaths!!!
3)Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets. Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: The Top 10 Financial Events of the Decade
Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.
4) $1 trillion in losses due to the WORST Hurricane SEASONS in history.
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters Weather Underground
Finally who controlled congress from 2006 to 2008???
DEMOCRATS!!!
Party In Power - Congress and Presidency - A Visual Guide To The Balance of Power In Congress 1945-2008