Bush destroyed capitalism. Obama Saved it.

[TemplarKormac]

George Bush presided over the greatest era of financial lawlessness since the Gilded Age. He used the Housing Market to stimulate a dead economy by loaning money into the economy on the backs of people who had no downpayment, no collateral and often no job. Under his guidance, any impediment to mortgage lending was suppressed. Under his leadership, the most corrupt and unregulated derivatives market in world history flourished - until it blew up and destroyed the lives of millions. When Bush was begged to pressure Greenspan to raise rates and cool the bubble, he simply turned a deaf ear.

The Bush job growth numbers are the worst of any president since Hoover.
Jobs created during U.S. presidential terms - Wikipedia the free encyclopedia

Obama inherited the greatest mess of any president since FDR, yet his job growth has eclipsed Reagan's

Click this Forbe's article...
Obama Outperforms Reagan On Jobs Growth And Investing - Forbes

Once again, a great democratic leader saves capitalism from itself.

Discuss.

So erm, why didn't the American people vote Obama's "capitalism saving" party back into office? Because your post is untrue. An economy can grow infinitely, but if the middle class doesn't reap the benefits, they'll elect people who can make that happen.

 

[francoHFW]

Dems are more frustrated and sick of politics than Pub dupes lol. BTW, you won very little. Disfunction is disfunction. Better chance for the morons to hang themselves.

 

[tuhaybey]

Change in unemployment rate by party

 

[Politico]

All I can say is bahahahaha!

 

[Tom Sweetnam]

 

[BluesLegend]

Dems are more frustrated and sick of politics than Pub dupes lol. BTW, you won very little. Disfunction is disfunction. Better chance for the morons to hang themselves.

You seem bitter, remember just 6 short years ago when the libs were on top of the world. lmao!

 

[francoHFW]

Your party is a lying, obstructing, party first disgrace, fool for the greedy idiot rich. So's our bought off, cowardly media.. Looking forward to the GOP self-destruction. Cruz/Paul 2016!

 

[Mac1958]

.

It's still far too early to assess what Obama has done for capitalism. We'll know more in five to eight years - QE has to play out fully.

Ironic, since so many of his voters hate capitalism. Regardless, there's no way to accurately say right now.

.

 

[80zephyr]

Actually Bush tried to stop the democrat loan system put in place by the democrat controlled congress. Because he knew it wasn't sustainable. Much like anyone with a functioning mind would know but the democrats kept insisting it could go on forever.

Obie didn't inherit a mess of someone elses making, he inherited a mess his own people created and he voted for. It's amazing to me how you morons need to twist data in order to support this idiot when actual numbers tell the story. Bush didn't need to fake his numbers like obie does. That should be painfully obvious after six years of obies so called "recovery" when nobody is recovering.

False. Listen to what Bush says in the supplied video. He fiercely advocates for the aggressive expansion of home ownership among the poor, including the elimination of things like down payments coupled with a steroidal role for Fannie/Freddie.

Stop lying and listen to his words.

What happened was predicted even before Bush became president. A New York Times article from 1999:

Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times

Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market.

In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's.

''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.''


Mark

 

[AmericanFirst]

Great corrupt bubble Bush used to have a weak economy.

Is that english? Are you trying to invent your own language here?

It's Master in History speak you always want to hear, Jethro. Also the story (history) of the century so far. Beside the total incompentence allowing 9/11 and the stupidest wars ever...

9-11 was clintons fault, he had a chance to get bin laden and chickened out.

 

[AmericanFirst]

George Bush presided over the greatest era of financial lawlessness since the Gilded Age. He used the Housing Market to stimulate a dead economy by loaning money into the economy on the backs of people who had no downpayment, no collateral and often no job. Under his guidance, any impediment to mortgage lending was suppressed. Under his leadership, the most corrupt and unregulated derivatives market in world history flourished - until it blew up and destroyed the lives of millions. When Bush was begged to pressure Greenspan to raise rates and cool the bubble, he simply turned a deaf ear.

The Bush job growth numbers are the worst of any president since Hoover.
Jobs created during U.S. presidential terms - Wikipedia the free encyclopedia

Obama inherited the greatest mess of any president since FDR, yet his job growth has eclipsed Reagan's

Click this Forbe's article...
Obama Outperforms Reagan On Jobs Growth And Investing - Forbes

Once again, a great democratic leader saves capitalism from itself.

Discuss.

Clinton is the potus that signed the law mandating those lending laws that led to the collapse as pushed by frank and Dodd, dimwits. What is it with libtards blaming bush for their screw ups?

BS. That was a GOP bill he went along with. Anyway, funny how things were fine until Booosh crony regulators let their pals wreck the real estate market and the world...

Mind posting a link to where this was a republican bill?

He can't.

 

[AmericanFirst]

Dems are more frustrated and sick of politics than Pub dupes lol. BTW, you won very little. Disfunction is disfunction. Better chance for the morons to hang themselves.

You are an idiot.

 

[AmericanFirst]

Your party is a lying, obstructing, party first disgrace, fool for the greedy idiot rich. So's our bought off, cowardly media.. Looking forward to the GOP self-destruction. Cruz/Paul 2016!

Your party lies even more and are a bunch of cowardly socialist retards, retard.

 

[francoHFW]

We shall see, Pub dupe. Thanks for the world depression, 6 years of mindless obstruction, and the stupidest wars ever.

F+F's share of the market went from 75% to 25%. when Boosh regulators allowed corruption with private lenders.

 

[80zephyr]

Here's the truth. In reality, home ownership was a prime directive for both parties, and both parties worked toward accomplishing it. It wasn't the Republicans fault. It wasn't the Democrats fault. It was the governments fault. That is the problem with big government. They think that if they "will" a problem to be solved, it will happen.

And in reality, what usually happens is that they cause more problems than they solve.

If you look at the voting records and the backing, it is clear that both sides were equally culpable in this mess.

Anyone who tries to blame just one side or the other denies history.

Mark

 

[francoHFW]

Your party is a lying, obstructing, party first disgrace, fool for the greedy idiot rich. So's our bought off, cowardly media.. Looking forward to the GOP self-destruction. Cruz/Paul 2016!

Your party lies even more and are a bunch of cowardly socialist retards, retard.

only in the Pub alternate universe, which corporate media presents without any truth checking journalism.

 

[rightwinger]

Obama's "capitalism" in one easy-to-read graphic:

Interesting graph

What causes increases in eligibility for food stamps?
Depressed wages

President Obama has pushed to increase wages at low end working levels. What has stopped him?

We all know the answer

 

[Theowl32]

Piece of double talking shit leftists. They are all of a sudden, IN THIS THREAD pro capitalism? Is there even one reason why anyone would try to debate such hypocrisy? They play both sides of every issue and shift all of their stances to fit one particular argument. Love it.

FACT CHECK TIME:

Fact Check Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did The Gateway Pundit

Look at that stupid face

State Sen. Barack Obama and crackpot priest Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.
The Daily Caller reported:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices…

…Obama has pursued the same top-down mortgage lending policies in the White House.

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

Then there’s Bush…
On the flip side, President George W. 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.

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

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.


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

Liberals stand for nothing folks. They are fucking liars. They are pieces of shit. They are all dumb as all fuck, and there is no use in debating these pieces of shit.

Treat them with zero respect. They are intolerant, intolerable morons. All of them. No exceptions.

 

[80zephyr]

Obama's "capitalism" in one easy-to-read graphic:

Interesting graph

What causes increases in eligibility for food stamps?
Depressed wages

President Obama has pushed to increase wages at low end working levels. What has stopped him?

We all know the answer

And why are wages depressed? Globalization and mechanization has led to a decrease in available jobs. More people competing for less jobs = stagnant wages.

The presidents aim to increase wages does nothing more than to create a false economy that will crumble at the first sign of recession.

Do we really want the government to manipulate our economy to save us? Didn't our last meltdown and things like the S&L crisis teach us anything?

Mark

 

[rightwinger]

Obama's "capitalism" in one easy-to-read graphic:

Interesting graph

What causes increases in eligibility for food stamps?
Depressed wages

President Obama has pushed to increase wages at low end working levels. What has stopped him?

We all know the answer

And why are wages depressed? Globalization and mechanization has led to a decrease in available jobs. More people competing for less jobs = stagnant wages.

The presidents aim to increase wages does nothing more than to create a false economy that will crumble at the first sign of recession.

Do we really want the government to manipulate our economy to save us? Didn't our last meltdown and things like the S&L crisis teach us anything?

Mark

So you support the increase in food stamp usage