Another Good Month On The Jobs Front...unemployment Drops To 5.9%

[SmarterThanTheAverageBear]

Economy gains 248 000 jobs as hiring rebounds

The labor market rebounded sharply in September as employers added 248,000 jobs, the second largest gain for any month this year.
The unemployment rate fell to 5.9% from 6.1%, lowest since July 2008, the Labor Department said Friday.

Thank y.....

I just realized with this post, that ever since your thread, laugh and mocking the death of a toddler who drowned, that honestly, I can't stand to even see your cruel evil name, no matter what you have to say.

Every single post, all I can see, is a cruel evil horrible person, laughing at the pain of parents who toddler just drowned.

So.... I'm not going to see your posts anymore. Goodbye Luddly. You are ignored forever. I'll never see, nor respond to your pure evil again.

can you link that?

 

[bigrebnc1775]

It was 4.6 the last time republicans had majority power, which they from 1994 to 2006. Not that rightwinger knew or cared.

How many full time jobs? How many in the private sector?

Yes, statistics are like bikinis. What they reveal is suggestive, what they conceal is vital.

Rightwinger is just a fucking ignorant hack

As long as the Senate has filibuster power and president has veto power, it takes a 2/3 majority in BOTH houses to override a presidential veto, so the Dems controlled NOTHING as long as Bush was president.

A perfect example is after the Dems won both houses they passed an increase in the minimum wage in the house. Bush was against it and threatened a veto if he didn't get more tax cuts for business. The GOP in the Senate filibustered the bill and the cloture vote failed with 43 Republicans voting against it. So once Bush got his tax cuts added to the bill it passed in the Senate. Bush and the GOP still controlled everything related to the economy and everything else with their filibuster and veto power. Bush and the GOP own the Bush Depression lock, stock and barrel!!!

You think Bush controlled everything related to the economy when the democrats owned the house and senate?

Do you even know who controls the purse strings?

When I get home I will show you how Bush warned 17 different times in 2008 alone about the housing bubble.

You have to be kidding. Much to your dismay, thebpreident is not a king. Raising the minimum wage would not have done a thing for the economy. That is yet another democrat liberal ploy to cause divisions in the classes and to make them look like Robinhood.

"Bush warned 17 different times in 2008 alone about the housing bubble."

LIAR


BUSH WAS THE REGULATOR OF F/F. THEY WERE EXECUTIVE BRANCH DUMMY!!!

June 17, 2004


(CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.



Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”

Home builders fight Bush s low-income housing - Jun. 17 2004







"Another form of easing facilitated the rapid rise of mortgages that didn't require borrowers to fully document their incomes. In 2006, these low- or no-doc loans comprised 81 percent of near-prime, 55 percent of jumbo, 50 percent of subprime and 36 percent of prime securitized mortgages."

Q HOLY JESUS! DID YOU JUST PROVE THAT OVER 50 % OF ALL MORTGAGES IN 2006 DIDNT REQUIRE BORROWERS TO DOCUMENT THEIR INCOME?!?!?!?

A Yes.




Q WHO THE HELL LOANS HUNDREDS OF THOUSANDS OF DOLLARS TO PEOPLE WITHOUT CHECKING THEIR INCOMES?!?!?

A Banks.

Q WHY??!?!!!?!

A Two reasons, greed and Bush's regulators let them

Bushs documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment bank’s capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional 440 billion in the secondary markets
Giving away 40,000 free down payments
PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING


But the biggest policy was regulators not enforcing lending standards.


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

How about pulling more lkies out? Nothing changes with dumb ass obama supporters.

 

[edthecynic]

Economy gains 248 000 jobs as hiring rebounds

The labor market rebounded sharply in September as employers added 248,000 jobs, the second largest gain for any month this year.

Yes, unemployement is down, because losers have figured out that they can EASILY qualify for SSI for bogus shit like being sad, or back pain or whatever.

In Aug 2014. 4,636,000 people under the age of 65 collected SSI. Let's be generous and assume that only 1/3 of those are fraudulent , bullshit claims like "too sad to work" that's still 2.5M + people who are no longer "unemployed" as far as the government is concerned.

The unemployment rate means nothing.

Complete Bushshit.
Just because the Tea Bag Brotherhood APPLIES for disability for being too sad Obama is president does not mean the CON$ will get an award for that claim.
But you knew that already.

 

[Andylusion]

Economy gains 248 000 jobs as hiring rebounds

The labor market rebounded sharply in September as employers added 248,000 jobs, the second largest gain for any month this year.
The unemployment rate fell to 5.9% from 6.1%, lowest since July 2008, the Labor Department said Friday.

Thank y.....

I just realized with this post, that ever since your thread, laugh and mocking the death of a toddler who drowned, that honestly, I can't stand to even see your cruel evil name, no matter what you have to say.

Every single post, all I can see, is a cruel evil horrible person, laughing at the pain of parents who toddler just drowned.

So.... I'm not going to see your posts anymore. Goodbye Luddly. You are ignored forever. I'll never see, nor respond to your pure evil again.

can you link that?

Sure.
Prayer Baby Drowns In Baptism Tank US Message Board - Political Discussion Forum

He is a truly evil person. I'll never see him, or his posts again for the rest of my life.

 

[Dad2three]

It was 4.6 the last time republicans had majority power, which they from 1994 to 2006. Not that rightwinger knew or cared.

How many full time jobs? How many in the private sector?

Yes, statistics are like bikinis. What they reveal is suggestive, what they conceal is vital.

Rightwinger is just a fucking ignorant hack

As long as the Senate has filibuster power and president has veto power, it takes a 2/3 majority in BOTH houses to override a presidential veto, so the Dems controlled NOTHING as long as Bush was president.

A perfect example is after the Dems won both houses they passed an increase in the minimum wage in the house. Bush was against it and threatened a veto if he didn't get more tax cuts for business. The GOP in the Senate filibustered the bill and the cloture vote failed with 43 Republicans voting against it. So once Bush got his tax cuts added to the bill it passed in the Senate. Bush and the GOP still controlled everything related to the economy and everything else with their filibuster and veto power. Bush and the GOP own the Bush Depression lock, stock and barrel!!!

You think Bush controlled everything related to the economy when the democrats owned the house and senate?

Do you even know who controls the purse strings?

When I get home I will show you how Bush warned 17 different times in 2008 alone about the housing bubble.

You have to be kidding. Much to your dismay, thebpreident is not a king. Raising the minimum wage would not have done a thing for the economy. That is yet another democrat liberal ploy to cause divisions in the classes and to make them look like Robinhood.

Talk is cheap, Bush may have given warnings, but the GOP blocked every attempt at reform.

Talk is cheap? That is funny. Why don't we go over exactly what was blocked.

You already brought the bullshit raise in minimum wage issue. I think it is pretty amusing to me how you do not see how the democrats use such issues in order to build the narrative that always works for them.

Raising the minimum wage does little to nothing for the economy and it is ignorant to even suggest that it would have impacted the real estate bubble. What, would those with a 9 dollar an hour job have paid their mortgages?

While you say talk is cheap, that is great.

Briefing Room The White House
Speaker Pelosi failed to mention was that President Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

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.

The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:

** 2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

------------------------------------------

You liberals that love to blame BOOOOOOSH for the bubble bursting and cannot see that it was a bipartisan problem, then you are the hack. Factcheck.org also agrees it was bipartisan. No way is it all on BOOOOOSH.

Who Caused the Economic Crisis

There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role." Here’s a partial list of those alleged to be at fault:

• The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
• Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
• Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
• Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
• The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
• Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
• Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
• Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
• The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
• An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
• Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

WHAT A BUNCH OF DELUSIONAL NONSENSE!!!

Bush forced Freddie and Fannie to purchase more low income home loans, $440 billion in MBSs and then reversed the Clinton rule that actually reigned in Freddie and Fannie


STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs'
commitment to low-income homebuyers"



The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley (R), now vice-chairman of Nasdaq.”

“What did we get from the White House? We got a one-finger salute.”

Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again



One president controlled the regulators that not only let banks stop checking income but cheered them on. And as president Bush could enact the very policies that caused the Bush Mortgage Bubble and he did. And his party controlled congress.


Bush;s documented policies and statements in timeframe leading up to the start of the Bush Mortgage Bubble include (but not limited to)

Wanting 5.5 million more minority homeowners
Tells congress there is nothing wrong with GSEs
Pledging to use federal policy to increase home ownership
Routinely taking credit for the housing market
Forcing GSEs to buy more low income home loans by raising their Housing Goals
Lowering Invesntment banks capital requirements, Net Capital rule
Reversing the Clinton rule that restricted GSEs purchases of subprime loans
Lowering down payment requirements to 0%
Forcing GSEs to spend an additional $440 billion in the secondary markets
Giving away 40,000 free down payments

PREEMPTING ALL STATE LAWS AGAINST PREDATORY LENDING

FACTS on Dubya s great recession US Message Board - Political Discussion Forum
But the biggest policy was regulators not enforcing lending standards.

 

[Dad2three]

It was 4.6 the last time republicans had majority power, which they from 1994 to 2006. Not that rightwinger knew or cared.

How many full time jobs? How many in the private sector?

Yes, statistics are like bikinis. What they reveal is suggestive, what they conceal is vital.

Rightwinger is just a fucking ignorant hack

As long as the Senate has filibuster power and president has veto power, it takes a 2/3 majority in BOTH houses to override a presidential veto, so the Dems controlled NOTHING as long as Bush was president.

A perfect example is after the Dems won both houses they passed an increase in the minimum wage in the house. Bush was against it and threatened a veto if he didn't get more tax cuts for business. The GOP in the Senate filibustered the bill and the cloture vote failed with 43 Republicans voting against it. So once Bush got his tax cuts added to the bill it passed in the Senate. Bush and the GOP still controlled everything related to the economy and everything else with their filibuster and veto power. Bush and the GOP own the Bush Depression lock, stock and barrel!!!

You think Bush controlled everything related to the economy when the democrats owned the house and senate?

Do you even know who controls the purse strings?

When I get home I will show you how Bush warned 17 different times in 2008 alone about the housing bubble.

You have to be kidding. Much to your dismay, thebpreident is not a king. Raising the minimum wage would not have done a thing for the economy. That is yet another democrat liberal ploy to cause divisions in the classes and to make them look like Robinhood.

Talk is cheap, Bush may have given warnings, but the GOP blocked every attempt at reform.

Talk is cheap? That is funny. Why don't we go over exactly what was blocked.

You already brought the bullshit raise in minimum wage issue. I think it is pretty amusing to me how you do not see how the democrats use such issues in order to build the narrative that always works for them.

Raising the minimum wage does little to nothing for the economy and it is ignorant to even suggest that it would have impacted the real estate bubble. What, would those with a 9 dollar an hour job have paid their mortgages?

While you say talk is cheap, that is great.

Briefing Room The White House
Speaker Pelosi failed to mention was that President Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

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.

The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:

** 2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

------------------------------------------

You liberals that love to blame BOOOOOOSH for the bubble bursting and cannot see that it was a bipartisan problem, then you are the hack. Factcheck.org also agrees it was bipartisan. No way is it all on BOOOOOSH.

Who Caused the Economic Crisis

There’s plenty of blame to go around, and it doesn’t fasten only on one party or even mainly on what Washington did or didn’t do. As The Economist magazine noted recently, the problem is one of "layered irresponsibility … with hard-working homeowners and billionaire villains each playing a role." Here’s a partial list of those alleged to be at fault:

• The Federal Reserve, which slashed interest rates after the dot-com bubble burst, making credit cheap.
• Home buyers, who took advantage of easy credit to bid up the prices of homes excessively.
• Congress, which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
• Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
• The Clinton administration, which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
• Mortgage brokers, who offered less-credit-worthy home buyers subprime, adjustable rate loans with low initial payments, but exploding interest rates.
• Former Federal Reserve chairman Alan Greenspan, who in 2004, near the peak of the housing bubble, encouraged Americans to take out adjustable rate mortgages.
• Wall Street firms, who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities (MBS), and issued bonds using those securities as collateral.
• The Bush administration, which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
• An obscure accounting rule called mark-to-market, which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
• Collective delusion, or a belief on the part of all parties that home prices would keep rising forever, no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation. Claiming that a single piece of legislation was responsible for (or could have averted) the crisis is just political grandstanding. We have no advice to offer on how best to solve the financial crisis. But these sorts of partisan caricatures can only make the task more difficult.

"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.

The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:"

WEIRD, DUBYA GOT 2 UNFUNDED TAX CUTS, 2 UNFUNDED WARS AND UNFUNDED MEDICARE EXPANSION THROUGH, BUT COULDN'T GET THE GOP CONGRESS TO ACT ON F/F REFORM ON AN EXECUTIVE BRANCH OVERSIGHT WHERE HE FORCED THEM TO BUY $440 BILLION IN MBS'S TO MEET HIS GOALS, UPPED THE PERCENTAGE BY 20% AND FOUGHT THE ONLY BILL TO MAKE IT OUT OF EITHER GOP HOUSE 1995-2007 ON F/F REFORM? Almost like DUBYA didn't really want reform?

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Andylusion]

Economy gains 248 000 jobs as hiring rebounds

The labor market rebounded sharply in September as employers added 248,000 jobs, the second largest gain for any month this year.

Yes, unemployement is down, because losers have figured out that they can EASILY qualify for SSI for bogus shit like being sad, or back pain or whatever.

In Aug 2014. 4,636,000 people under the age of 65 collected SSI. Let's be generous and assume that only 1/3 of those are fraudulent , bullshit claims like "too sad to work" that's still 2.5M + people who are no longer "unemployed" as far as the government is concerned.

The unemployment rate means nothing.

Complete Bushshit.
Just because the Tea Bag Brotherhood APPLIES for disability for being too sad Obama is president does not mean the CON$ will get an award for that claim.
But you knew that already.

I don't blame Obama for this. Specifically the massive fraud in SSI. It's just part of the system. People were doing it under Bush too.

Nevertheless, the point being made is true. When you give people alternatives to collecting unemployment, that still involve getting paid by government, to sit at home and do nothing..... Well then what do lower unemployment rates mean? What's the point?

 

[Lovebears65]

And even that the Labor force is at a 36 yr low doesnt even take in the fact back in 1978 the norm was for mothers to stay at home . Now more then ever it is usually a 2 person income family if they can find jobs that is

 

[edthecynic]

Bush had more people in the work force?
We are at a 35 year low.

The Bushshit just keeps on coming.

When Bush left office there were 153,445,000 in the labor force and there are 155,903,000 now.

 

[Dad2three]

Are liberals here denying the unemployment rate was 4.6 percent the last time the republicans had majority of the power?

Talk is cheap? That is funny. Why don't we go over exactly what was blocked.

You already brought the bullshit raise in minimum wage issue. I think it is pretty amusing to me how you do not see how the democrats use such issues in order to build the narrative that always works for them.

Raising the minimum wage does little to nothing for the economy and it is ignorant to even suggest that it would have impacted the real estate bubble. What, would those with a 9 dollar an hour job have paid their mortgages?

While you say talk is cheap, that is great.

Briefing Room The White House
Speaker Pelosi failed to mention was that President Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

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.

The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:

All this is bullshit. Bush was pushing for more & more subprime loans & holding down interest rates all the way until the bubble burst. Every politician talks out of both sides of their mouthes, but the facts are that Bush & the Repubs were full steam ahead on subprime until the shit hit the fan. They never ever took a vote or did a dam thing to to stop it. Stop crying & trying to shift the blame. Bush & Repubs held all branches of power while they destroyed 18 million jobs & crashed the economy.

You are an absolute piece of brainwashed shit.

BEFORE Dubya's ponzi sheme popped? Sure

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”

FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Andylusion]

And even that the Labor force is at a 36 yr low doesnt even take in the fact back in 1978 the norm was for mothers to stay at home . Now more then ever it is usually a 2 person income family if they can find jobs that is

And the standard of living was much lower. Again, my issue here is that, people don't have to do this. You can sacrifice having all the bells and whistles, and all your extra stuff, and not have the wife work.

People choose to have three jobs, so they can afford all this crap, that doesn't make them happy.

My sister is a stay-at-home mom, and loves it. Does she have all the new cars, and big screen TVs, and 15 bedroom home, and the walk in closet with 800 outfits, so she can ware two outfits every day, and still have ones never worn at the end of the year? No.

But she's a happy married girl with a wonderful family. It's a choice. Make better choices.

Sorry... I rant sometimes. This issue bugs me. People sacrifice everything on the alter of lifestyle, and then complain they are depressed.

 

[edthecynic]

Economy gains 248 000 jobs as hiring rebounds

The labor market rebounded sharply in September as employers added 248,000 jobs, the second largest gain for any month this year.

Yes, unemployement is down, because losers have figured out that they can EASILY qualify for SSI for bogus shit like being sad, or back pain or whatever.

In Aug 2014. 4,636,000 people under the age of 65 collected SSI. Let's be generous and assume that only 1/3 of those are fraudulent , bullshit claims like "too sad to work" that's still 2.5M + people who are no longer "unemployed" as far as the government is concerned.

The unemployment rate means nothing.

Complete Bushshit.
Just because the Tea Bag Brotherhood APPLIES for disability for being too sad Obama is president does not mean the CON$ will get an award for that claim.
But you knew that already.

I don't blame Obama for this. Specifically the massive fraud in SSI. It's just part of the system. People were doing it under Bush too.

Nevertheless, the point being made is true. When you give people alternatives to collecting unemployment, that still involve getting paid by government, to sit at home and do nothing..... Well then what do lower unemployment rates mean? What's the point?

Except the number of new disability awards has been going DOWN since 2010, so you need another scapegoat!

 

[Dad2three]

Still higher than Obama's team predicted without a stimulus.

http://www.ampo.org/assets/library/184_obama.pdf

You mean before the depth of the hole Dubya built was figured out? True

 

[pinqy]

Incorrect. U-6 does not include the long term discouraged workers who have given up looking for work. They are no longer included in the labor force totals.

Yes it does include discouraged workers, and you know that.

From the BLS:

U-6 Total unemployed, plus all persons marginally attached to the labor force, plus total employed part time for economic reasons, as a percent of the civilian labor force plus all persons marginally attached to the labor force

NOTE: Persons marginally attached to the labor force are those who currently are neither working nor looking for work but indicate that they want and are available for a job and have looked for work sometime in the past 12 months. Discouraged workers, a subset of the marginally attached, have given a job-market related reason for not currently looking for work. Persons employed part time for economic reasons are those who want and are available for full-time work but have had to settle for a part-time schedule.

[TBODY] [/TBODY]
[TFOOT] [/TFOOT]

That does not include long term discouraged workers who have given up. They are not part of the labor force.

Another wing-nut who pretends they can't read simple English so they can like with impunity. I clearly marked it in RED so even YOU can't say that you missed it! The O-6 rate INCLUDES discouraged workers!!!!!!
Stop lying!

She clearly wrote "long-term discouraged."
Between 1976 and 1994 Discouraged was only defined as previously looked for work but no longer looking due to belief that no work will be found.

In 1994, a time limit of one year was added to the definition.

So long term discouraged are those who want to work, are available, haven't looked for work in over a year, and stopped looking because they believed they'd be unsuccessful.

It's a useless category and is not measured.

And therefore Shadowstats has no number for "long term" discouraged workers and thus can make up any number he wants. However, since the number of short term discouraged workers has gone down since Bush left office, which IS measured, it is logical that the fictitious long term discouraged workers also went down, but shadowstats fabricates an increasing phony number, exposing his hackery.

His current claim is 23.3 "long term discouraged" even though there are only 3.2 million people who have not looked in over a year but want a job.

 

[Dad2three]

The labor participation rate peaked under President Clinton.

So all you RWnuts obsessing on the labor participation rate have to concede that the best president in that regard would be to elect another Bill Clinton.

Or elect a republican house and senate who controlled Clintons spending for 7 of his 8 years.

Moron.

You fucking morons not admitting that there was a bipartisan reason for the real estate bubble are the fucking hacks.

You are all pieces of shit.

I am still waiting for you assholes to tell me how many of those jobs are fulltime and how many are in the private sector.

I am also still trying to figure out how the recipients of those on food stamps have not reduced, at all. Considering how great and better off the economy is.

Meanwhile, the debt is still climbing exponentially.

Liberals are pathetic.

Weird how EXECUTIVE branch oversight was ignored under Dubya and the housing subprime bubble happened, just like Ronnie ignored regulator Gray's warnings that would've stopped 90% + of the S&L crisis crap in 1984!


Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse


2004 Republican Convention:

Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
...

Thanks to our policies, home ownership in America is at an all- time high.

(APPLAUSE)

Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."


June 17, 2004


Builders to fight Bush's low-income plan


NEW YORK (CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative


FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[Dad2three]

OK. Maybe you just don't understand who creates jobs, yet I read it all the time on here. The government does not create jobs. You ever read that before? Or has that changed now?

The government does mandate a minimum wage that they have tried to increase with no success. Did you know that? The government even issues reports on the state of employment within the country.

Did you know that the Republicans in Bush's administration said that if only the job creators (those running private industry making big money) would create lots of jobs IF they could just get their taxes cut. They got the cuts.

Why don't you ask them where are the good paying jobs that wouldn't allow people to qualify for food stamps?

Obama raised taxes and put in many regulations by executive fiat that cost businesses the money they could have given as raises.

Name five of those regulations, please.

Here are ten for you.

Ten Job-Destroying Regulations National Review Online

Nope. I need the ones that Obama has instituted by fiat and I then need the numbers of jobs killed.

That was ANOTHER link from 2011, by the way.

Just give me the names of the regulations. No bullshit article needed.

The name is MACT.

More than 34 gigawatts (GW) of electrical generating capacity are now set to retire because of the Environmental Protection Agency’s (EPA) Mercury and Air Toxics Rule (colloquially called Utility MACT)and the Cross State Air Pollution Rule (CSAPR)regulations. Most of these retirements will come from coal-fired power plants, shuttering over 10 percent of the U.S.’s coal-fired generating capacity.

An analysis for ACCCE by National Economic Research Associates (NERA) found that the proposed Utility MACT rule and other pending EPA regulations would destroy an average of 183,000 jobs every year from 2012- 2020 and increase electricity and other energy prices by $170 billion. The NERA analysis also found that the average American household would have $270 less to spend each year because of new EPA regulations. According to EPA’s own analysis, the Utility MACT regulation could cost more than $100 billion.

Here is a link for you.

Revised Boiler MACT Rules Now Final Substantial Cost Impacts to the Chemical Industry - Chemical Industry Update

National Economic Research Associates

National Economic Research Associates, commonly referred to as NERA, is an economic consulting firm. On its website it states that it "for half a century, NERA’s economists have been creating strategies, studies, reports, expert testimony, and policy recommendations for government authorities and the world’s leading law firms and corporations. We bring academic rigor, objectivity, and real world industry experience to bear on issues arising from competition, regulation, public policy, strategy, finance, and litigation."

INDUSTRY HUH? LOL

National Economic Research Associates - SourceWatch


2011 Report: EPA Regulations to cost $18 billion


In June 2011, a coal industry front group, American Coalition for Clean Coal Electricity (ACCCE) released a report stating that clean-air rules proposed by the Obama administration would cost utilities $17.8 billion annually and raise electricity rates 11.5 percent on average in 2016

ACCCE paid for National Economic Research Associates Inc. to conduct the report, which a Bloomberg report described "as part of a campaign to delay compliance deadlines in the pending rules."

 

[Dad2three]

The labor participation rate peaked under President Clinton.

So all you RWnuts obsessing on the labor participation rate have to concede that the best president in that regard would be to elect another Bill Clinton.

Or elect a republican house and senate who controlled Clintons spending for 7 of his 8 years.

It peaked under Clinton. And then started falling. Congress didn't change.

Congress changed in 2007 you miserable asshole.

Pelosi took over in 2007, and the unemployment rate was 4.6 percent.

You stupid illiterate dick.

Just ONE bill that substantially changed Dubya's policies? lol

MORON


Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
FACTS on Dubya s great recession US Message Board - Political Discussion Forum

 

[bigrebnc1775]

Bush had more people in the work force?
We are at a 35 year low.

The Bushshit just keeps on coming.

When Bush left office there were 153,445,000 in the labor force and there are 155,903,000 now.

Tell another lie
There was no decline until after obama
Bureau of Labor Statistics Data

 

[Dad2three]

The labor participation rate peaked under President Clinton.

So all you RWnuts obsessing on the labor participation rate have to concede that the best president in that regard would be to elect another Bill Clinton.

Clinton had a Republican Congress and an unprecedented boom in the dotcom bubble that went south shortly after he left office. Unlike Obama, Clinton paid attention to the Congress and negotiated and compromised.

Sure, must have been why GOPers shut doiwn the Gov't, TWICE and impeached Clinton

The economy was good, IN SPITE of GOP nonsense, AFTER Clinton's/Dems first surplus the GOP passed a $700+ billion tax cut Clinton had to veto to get 3 more, then Dubya came in and had 6 years of GOP Congress to fuck EVERYTHING up!

 

[Dad2three]

So. No one knows how many fulltime that fake number represents?

Did a liberal attempt to explain why if the economy is doing so well why the foodstamp recipients increased?

So how does the unemployment rate decrease and foodstamp list increase at the same time?

Liberals folks.

I'd love to see them explain that phenomenon.

IT'S ANOTHER lie of the posters. Shocking I know

Food-Stamp Use Starting to Fall

As the Job Market Improves, More Americans Are Able to Wean Off the Program


There were 46.2 million Americans on food stamps in May, the latest data available, down 1.6 million from a record 47.8 million in December 2012. Some 14.8% of the U.S. population is on the Supplemental Nutrition Assistance Program, or SNAP, down from 15.3% last August, U.S. Department of Agriculture data show

\
End of year data from the government doesn't match this article.
http://online.wsj.com/articles/food-stamps-starting-to-fall-1409606700


And look at the HUGE increase from 2008 to 2009. Now what happened in 2008? Remind me.....

Food-Stamp Use Starting to Fall

As the Job Market Improves, More Americans Are Able to Wean Off the Program

WHAT HAPPENED IN 2008? THE BANKSTER CREATED PONZI SCHEME DUBYA CHEERED ON COLLAPSED, WORLDWIDE. AND?

FACTS on Dubya s great recession US Message Board - Political Discussion Forum