Cruz!...Cruz..!..Cruz!

[PoliticalChic]

It wasn't a temporary drop; how young are you?
Sheesh!
Supply Side created the excess of off-shoring an, Business Visas and Illegals.
A toxic formula for a nation.

The stock market was way up under Reagan

Are you reading my posts?
Pay attention...
Bush Sr. continued Reagan's Supply Side Economics and the market crashed Oct 17, 1987 and NEVER REALLY RECOVERED.
The DOT COM, NOT driven by Reagan's Supply Side Economics, was REAL but people weren't ready for it.
The Housing Bubble combined with, once again, Reagan's Supply Side Legacy crashed in 2008.
Reagan's Legacy is a farce...unless you happen to be in the 1% of the 1% and don't mind making sure the rest of the US makes less than 20K/year.
Like you, I live in a relatively affluent area but I'm not blind to reality.

You're delusional, Housing crash happened because of too much government interference with the free market and all the crony capitalist bullshit .I'm not affluent. I don't live in Detroit anymore, but I'm certainly not anything close to affluent. the problem with too many Jews, is they live in a bubble. they have no concept of the real world outside of that bubble, which is why 70% are leftist and vote liberal. They think that makes them good people.The way i grew up, I had more in common with black people than Jews. Reagan restored this country to greatness. restored pride in this country, people moved up the income ladder, our military was restored after the "farce" of Jimmi Carter. He couldn't cut government like he tried, and wanted to do, because of congress ,but Our economy grew an average of over 4% So you keep trading your stocks or whatever it is you do. I live in the real world and it isn't day trading.

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

 

[Slade3200]

The stock market was way up under Reagan

Are you reading my posts?
Pay attention...
Bush Sr. continued Reagan's Supply Side Economics and the market crashed Oct 17, 1987 and NEVER REALLY RECOVERED.
The DOT COM, NOT driven by Reagan's Supply Side Economics, was REAL but people weren't ready for it.
The Housing Bubble combined with, once again, Reagan's Supply Side Legacy crashed in 2008.
Reagan's Legacy is a farce...unless you happen to be in the 1% of the 1% and don't mind making sure the rest of the US makes less than 20K/year.
Like you, I live in a relatively affluent area but I'm not blind to reality.

You're delusional, Housing crash happened because of too much government interference with the free market and all the crony capitalist bullshit .I'm not affluent. I don't live in Detroit anymore, but I'm certainly not anything close to affluent. the problem with too many Jews, is they live in a bubble. they have no concept of the real world outside of that bubble, which is why 70% are leftist and vote liberal. They think that makes them good people.The way i grew up, I had more in common with black people than Jews. Reagan restored this country to greatness. restored pride in this country, people moved up the income ladder, our military was restored after the "farce" of Jimmi Carter. He couldn't cut government like he tried, and wanted to do, because of congress ,but Our economy grew an average of over 4% So you keep trading your stocks or whatever it is you do. I live in the real world and it isn't day trading.

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

Simple enough to prove.


If Democrat Roosevelt hadn't invaded the private economy with Fannie....
...if there were no Fannie and no Freddie Mac....

....would there have been a mortgage meltdown.

Of course not.

Fannie and Freddie were not responsible for the housing bubble nor was it a single political party, president, institution, or entity. There was years of fraud and abuse on many levels and mostly by private banks and mortgage brokers that led to the bust. It was fueled by greed and many profited on the backs of the tax payers. The free market got an inch and they took a mile and its a crime and shame. Like I said, do a little more research on the causes of the collapse... Whats been presented here is way off base.

If you want to knit pick on policy then don't forget about the massive deregulation of the banking industry that happened in the 1980's (I forget, who was president in the 80's?) which led to high risk products like Adjustable mortgage rate loans, which were given out like candy by irresponsible brokers with little to no accountability... I could go on for days but perhaps you should do your own research.

 

[PoliticalChic]

Are you reading my posts?
Pay attention...
Bush Sr. continued Reagan's Supply Side Economics and the market crashed Oct 17, 1987 and NEVER REALLY RECOVERED.
The DOT COM, NOT driven by Reagan's Supply Side Economics, was REAL but people weren't ready for it.
The Housing Bubble combined with, once again, Reagan's Supply Side Legacy crashed in 2008.
Reagan's Legacy is a farce...unless you happen to be in the 1% of the 1% and don't mind making sure the rest of the US makes less than 20K/year.
Like you, I live in a relatively affluent area but I'm not blind to reality.

You're delusional, Housing crash happened because of too much government interference with the free market and all the crony capitalist bullshit .I'm not affluent. I don't live in Detroit anymore, but I'm certainly not anything close to affluent. the problem with too many Jews, is they live in a bubble. they have no concept of the real world outside of that bubble, which is why 70% are leftist and vote liberal. They think that makes them good people.The way i grew up, I had more in common with black people than Jews. Reagan restored this country to greatness. restored pride in this country, people moved up the income ladder, our military was restored after the "farce" of Jimmi Carter. He couldn't cut government like he tried, and wanted to do, because of congress ,but Our economy grew an average of over 4% So you keep trading your stocks or whatever it is you do. I live in the real world and it isn't day trading.

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

Simple enough to prove.


If Democrat Roosevelt hadn't invaded the private economy with Fannie....
...if there were no Fannie and no Freddie Mac....

....would there have been a mortgage meltdown.

Of course not.

Fannie and Freddie were not responsible for the housing bubble nor was it a single political party, president, institution, or entity. There was years of fraud and abuse on many levels and mostly by private banks and mortgage brokers that led to the bust. It was fueled by greed and many profited on the backs of the tax payers. The free market got an inch and they took a mile and its a crime and shame. Like I said, do a little more research on the causes of the collapse... Whats been presented here is way off base.

If you want to knit pick on policy then don't forget about the massive deregulation of the banking industry that happened in the 1980's (I forget, who was president in the 80's?) which led to high risk products like Adjustable mortgage rate loans, which were given out like candy by irresponsible brokers with little to no accountability... I could go on for days but perhaps you should do your own research.

Nonsense.
Democrat policy, exactly what I summarized earlier as CliffNotes explains it.
1. You forgot to admit that sans Fannie and Freddie there would not have been a mortgage meltdown.
2. Without the pressure of the Democrat CRA, banks would not have given NINJA loans (look that up)
3. For your advanced research:

a. Congress passed a bill in 1975 requiring banks to provide the government with information on their lending activities in poor urban areas. Two years later, it passed the Community Reinvestment Act (CRA), which gave regulators the power to deny banks the right to expand if they didn’t lend sufficiently in those neighborhoods. In 1979 the FDIC used the CRA to block a move by the Greater NY Savings Bank for not enough lending.

b. In 1986, when the Association of Community Organizations for Reform Now (Acorn) threatened to oppose an acquisition by a southern bank, Louisiana Bancshares, until it agreed to new “flexible credit and underwriting standards” for minority borrowers—for example, counting public assistance and food stamps as income.

c. In 1987, Acorn led a coalition of advocacy groups calling for industry-wide changes in lending standards. Among the demanded reforms were the easing of minimum down-payment requirements and of the requirement that borrowers have enough cash at a closing to cover two to three months of mortgage payments (research had shown that lack of money in hand was a big reason some mortgages failed quickly).

d. ACORN then attacked Fannie Mae, the giant quasi-government agency that bought loans from banks in order to allow them to make new loans. Its underwriters were “strictly by-the-book interpreters” of lending standards and turned down purchases of unconventional loans, charged Acorn. The pressure eventually paid off. In 1992, Congress passed legislation requiring Fannie Mae and the similar Freddie Mac to devote 30 percent of their loan purchases to mortgages for low- and moderate-income borrowers.

e. Clinton Administration housing secretary, Henry Cisneros, declared that he would expand homeownership among lower- and lower-middle-income renters. His strategy: pushing for no-down-payment loans; expanding the size of mortgages that the government would insure against losses; and using the CRA and other lending laws to direct more private money into low-income programs.

f. Shortly after Cisneros announced his plan, Fannie Mae and Freddie Mac agreed to begin buying loans under new, looser guidelines. Freddie Mac, for instance, started approving low-income buyers with bad credit histories or none at all, so long as they were current on rent and utilities payments. Freddie Mac also said that it would begin counting income from seasonal jobs and public assistance toward its income minimum, despite the FHA disaster of the sixties.

g. Freddie Mac began an “alternative qualifying” program with the Sears Mortgage Corporation that let a borrower qualify for a loan with a monthly payment as high as 50 percent of his income, at a time when most private mortgage companies wouldn’t exceed 33 percent. The program also allowed borrowers with bad credit to get mortgages if they took credit-counseling classes administered by Acorn and other nonprofits. Subsequent research would show that such classes have little impact on default rates.

h. Pressuring nonbank lenders to make more loans to poor minorities didn’t stop with Sears. If it didn’t happen, Clinton officials warned, they’d seek to extend CRA regulations to all mortgage makers. In Congress, Representative Maxine Waters called financial firms not covered by the CRA “among the most egregious redliners.”

i. Mortgage Bankers Association (MBA) shocked the financial world by signing a 1994 agreement with the Department of Housing and Urban Development (HUD), pledging to increase lending to minorities and join in new efforts to rewrite lending standards. The first MBA member to sign up: Countrywide Financial, the mortgage firm that would be at the core of the subprime meltdown.

j. A 1998 sales pitch by a Bear Stearns managing director advised banks to begin packaging their loans to low-income borrowers into securities that the firm could sell. Forget traditional underwriting standards when considering these loans, the director advised. For a low-income borrower, he continued in all-too-familiar terms, owning a home was “a near-sacred obligation. A family will do almost anything to meet that monthly mortgage payment.” Bunk, says Stan Liebowitz, a professor of economics at the University of Texas: “The claim that lower-income homeowners are somehow different in their devotion to their home is a purely emotional claim with no evidence to support it.”

k. Any concern was quickly dismissed. When in early 2000 the FDIC proposed increasing capital requirements for lenders making “subprime” loans—loans to people with questionable credit, that is—Democratic representative Carolyn Maloney of New York told a congressional hearing that she feared that the step would dry up CRA loans. Her fellow New York Democrat John J. LaFalce urged regulators “not to be premature” in imposing new regulations.

l. In July 1999, HUD proposed new levels for Fannie Mae’s and Freddie Mac’s low-income lending; in September, Fannie Mae agreed to begin purchasing loans made to “borrowers with slightly impaired credit”—that is, with credit standards even lower than the government had been pushing for a generation.

m. In 2004 Congress pressed new affordable-housing goals on the two mortgage giants, which through 2007 purchased some $1 trillion in loans to lower- and moderate-income buyers. The buying spree helped spark a massive increase in securitization of mortgages to people with dubious credit.

n. In October 1994, Fannie Mae head James Johnson had reminded a banking convention that mortgages with small down payments had a much higher risk of defaulting. (A Duff & Phelps study found that they were nearly three times more likely to default than conventional mortgages.) Yet the very next month, Fannie Mae said that it expected to back loans to low-income home buyers with a 97 percent loan-to-value ratio—that is, loans in which the buyer puts down just 3 percent—as part of a commitment, made earlier that year to Congress, to purchase $1 trillion in affordable-housing mortgages by the end of the nineties. According to Edward Pinto, who served as the company’s chief credit officer, the program was the result of political pressure on Fannie Mae trumping lending standards.

o. In 1992, the Boston Fed produced an extraordinary 29-page document that codified the new lending wisdom. Conventional mortgage criteria, the report argued, might be “unintentionally biased” because they didn’t take into account “the economic culture of urban, lower-income and nontraditional customers.” Lenders should thus consider junking the industry’s traditional income-to-payments ratio and stop viewing an applicant’s “lack of credit history” as a “negative factor.” Further, if applicants had bad credit, banks should “consider extenuating circumstances”—even though a study by mortgage insurance companies would soon show, not surprisingly, that borrowers with no credit rating or a bad one were far more likely to default. If applicants didn’t have enough savings for a down payment, the Boston Fed urged, banks should allow loans from nonprofits or government assistance agencies to count toward one. A later study of Freddie Mac mortgages would find that a borrower who made a down payment with third-party funds was four times more likely to default, a reminder that traditional underwriting standards weren’t arbitrary but based on historical lending patterns.

p. The Congressional Hispanic Caucus launched Hogar in 2003, an initiative that pushed for easing lending standards for immigrants, including touting so-called seller-financed mortgages in which a builder provided down-payment aid to buyers via contributions to nonprofit groups. As a result, mortgage lending to Hispanics soared. And today, in districts where Hispanics make up at least 25 percent of the population, foreclosure rates are now nearly 50 percent higher than the national average, according to a Wall Street Journal analysis.

q. Republicans and Democrats, meanwhile, have scrambled to reignite the housing market through ill-conceived tax credits and renewed federal subsidies for mortgages, including the Obama administration’s mortgage bailout plan, which recalls the New Deal’s HOLC. Behind these efforts is a fundamental misconception among politicians that housing drives the American economy and therefore demands subsidy at virtually any cost. Our praiseworthy initial efforts—to eliminate housing discrimination and provide all Americans an equal opportunity to buy a home—were eventually turned on their heads by advocates and politicians, who instead tried to ensure equality of outcomes.



Timeline shows Dems were warned:

 

[Slade3200]

The stock market was way up under Reagan

Are you reading my posts?
Pay attention...
Bush Sr. continued Reagan's Supply Side Economics and the market crashed Oct 17, 1987 and NEVER REALLY RECOVERED.
The DOT COM, NOT driven by Reagan's Supply Side Economics, was REAL but people weren't ready for it.
The Housing Bubble combined with, once again, Reagan's Supply Side Legacy crashed in 2008.
Reagan's Legacy is a farce...unless you happen to be in the 1% of the 1% and don't mind making sure the rest of the US makes less than 20K/year.
Like you, I live in a relatively affluent area but I'm not blind to reality.

You're delusional, Housing crash happened because of too much government interference with the free market and all the crony capitalist bullshit .I'm not affluent. I don't live in Detroit anymore, but I'm certainly not anything close to affluent. the problem with too many Jews, is they live in a bubble. they have no concept of the real world outside of that bubble, which is why 70% are leftist and vote liberal. They think that makes them good people.The way i grew up, I had more in common with black people than Jews. Reagan restored this country to greatness. restored pride in this country, people moved up the income ladder, our military was restored after the "farce" of Jimmi Carter. He couldn't cut government like he tried, and wanted to do, because of congress ,but Our economy grew an average of over 4% So you keep trading your stocks or whatever it is you do. I live in the real world and it isn't day trading.

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

 

[Slade3200]

You're delusional, Housing crash happened because of too much government interference with the free market and all the crony capitalist bullshit .I'm not affluent. I don't live in Detroit anymore, but I'm certainly not anything close to affluent. the problem with too many Jews, is they live in a bubble. they have no concept of the real world outside of that bubble, which is why 70% are leftist and vote liberal. They think that makes them good people.The way i grew up, I had more in common with black people than Jews. Reagan restored this country to greatness. restored pride in this country, people moved up the income ladder, our military was restored after the "farce" of Jimmi Carter. He couldn't cut government like he tried, and wanted to do, because of congress ,but Our economy grew an average of over 4% So you keep trading your stocks or whatever it is you do. I live in the real world and it isn't day trading.

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

Simple enough to prove.


If Democrat Roosevelt hadn't invaded the private economy with Fannie....
...if there were no Fannie and no Freddie Mac....

....would there have been a mortgage meltdown.

Of course not.

Fannie and Freddie were not responsible for the housing bubble nor was it a single political party, president, institution, or entity. There was years of fraud and abuse on many levels and mostly by private banks and mortgage brokers that led to the bust. It was fueled by greed and many profited on the backs of the tax payers. The free market got an inch and they took a mile and its a crime and shame. Like I said, do a little more research on the causes of the collapse... Whats been presented here is way off base.

If you want to knit pick on policy then don't forget about the massive deregulation of the banking industry that happened in the 1980's (I forget, who was president in the 80's?) which led to high risk products like Adjustable mortgage rate loans, which were given out like candy by irresponsible brokers with little to no accountability... I could go on for days but perhaps you should do your own research.

Nonsense.
Democrat policy, exactly what I summarized earlier as CliffNotes explains it.
1. You forgot to admit that sans Fannie and Freddie there would not have been a mortgage meltdown.
2. Without the pressure of the Democrat CRA, banks would not have given NINJA loans (look that up)
3. For your advanced research:

Lets skip the lengthy copy and pastes, I am aware of the history... Regarding the above:
1. You forgot to admit that sans Fannie and Freddie there would not have been a mortgage meltdown.
Thats like saying without the Stock Exchange, Banking industry, Mortgage/Loan industry, there wouldn't have been a meltdown. It is a bad argument. Abuse and fraud are what caused the meltdown.

2. Without the pressure of the Democrat CRA, banks would not have given NINJA loans (look that up)
I don't need to look it up I know what NINJA is... the CRA definitely had an effect on loosening things up but again, not the cause. And thats a cheep cop out saying that the banks had no choice. Thats like saying cutting welfare gives the poor no choice but to steal. It's always a choice, even if life gets hard. The government had intensions of helping the middle class and poor get housing and they tried to create a path for them to do this. The execution was poor and the mortgage industry jumped on the opportunity to hand out loans like candy on Halloween, and they reaped the rewards, making a ton of money. It was reckless on both parts and should have been better executed and regulated. You also can't put the whole meltdown on the back of CRA and GRE, they were a small part of it... it was a systemic problem from bogus ratings of CDO's, manipulation of interest rates, dishonesty in the market, and ethical abuse amongst lenders, the list goes on and on

 

[PoliticalChic]

Are you reading my posts?
Pay attention...
Bush Sr. continued Reagan's Supply Side Economics and the market crashed Oct 17, 1987 and NEVER REALLY RECOVERED.
The DOT COM, NOT driven by Reagan's Supply Side Economics, was REAL but people weren't ready for it.
The Housing Bubble combined with, once again, Reagan's Supply Side Legacy crashed in 2008.
Reagan's Legacy is a farce...unless you happen to be in the 1% of the 1% and don't mind making sure the rest of the US makes less than 20K/year.
Like you, I live in a relatively affluent area but I'm not blind to reality.

You're delusional, Housing crash happened because of too much government interference with the free market and all the crony capitalist bullshit .I'm not affluent. I don't live in Detroit anymore, but I'm certainly not anything close to affluent. the problem with too many Jews, is they live in a bubble. they have no concept of the real world outside of that bubble, which is why 70% are leftist and vote liberal. They think that makes them good people.The way i grew up, I had more in common with black people than Jews. Reagan restored this country to greatness. restored pride in this country, people moved up the income ladder, our military was restored after the "farce" of Jimmi Carter. He couldn't cut government like he tried, and wanted to do, because of congress ,but Our economy grew an average of over 4% So you keep trading your stocks or whatever it is you do. I live in the real world and it isn't day trading.

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

Long story short....Democrats have been responsible for the Depression, the survival of Soviet Communism, and the mortgage meltdown.

If they didn't control the media and the schools, they wouldn't be turning out ignorant Lock-Step Liberals like you.

It is clear how totally indelible indoctrination is.




If there is any hope for you, it should start with

"‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner


2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
Fanniegate: Gamechanger For The GOP? | Via Meadia

http://blogs.the-american-interest.com/wrm/2011/06/07/fanniegate-gamechanger-for-the-gop/

 

[Slade3200]

You're delusional, Housing crash happened because of too much government interference with the free market and all the crony capitalist bullshit .I'm not affluent. I don't live in Detroit anymore, but I'm certainly not anything close to affluent. the problem with too many Jews, is they live in a bubble. they have no concept of the real world outside of that bubble, which is why 70% are leftist and vote liberal. They think that makes them good people.The way i grew up, I had more in common with black people than Jews. Reagan restored this country to greatness. restored pride in this country, people moved up the income ladder, our military was restored after the "farce" of Jimmi Carter. He couldn't cut government like he tried, and wanted to do, because of congress ,but Our economy grew an average of over 4% So you keep trading your stocks or whatever it is you do. I live in the real world and it isn't day trading.

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

Long story short....Democrats have been responsible for the Depression, the survival of Soviet Communism, and the mortgage meltdown.

If they didn't control the media and the schools, they wouldn't be turning out ignorant Lock-Step Liberals like you.

It is clear how totally indelible indoctrination is.




If there is any hope for you, it should start with

"‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner


2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
Fanniegate: Gamechanger For The GOP? | Via Meadia

Fanniegate: Gamechanger For The GOP?

Jesus, can you write a post without copy and pasting a book?? You present weak one sided arguments that display a lack of original thought or real understanding about the situation we are talking about... there is really is no point in continuing this discussion.

 

[PoliticalChic]

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

Long story short....Democrats have been responsible for the Depression, the survival of Soviet Communism, and the mortgage meltdown.

If they didn't control the media and the schools, they wouldn't be turning out ignorant Lock-Step Liberals like you.

It is clear how totally indelible indoctrination is.




If there is any hope for you, it should start with

"‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner


2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
Fanniegate: Gamechanger For The GOP? | Via Meadia

Fanniegate: Gamechanger For The GOP?

Jesus, can you write a post without copy and pasting a book?? You present weak one sided arguments that display a lack of original thought or real understanding about the situation we are talking about... there is really is no point in continuing this discussion.

Why do you gripe about the manner in which facts are presented?

'Copy and paste' has nothing to do with the facts provided.

Time for you to face the truth.


1. "You present weak one sided arguments..."
If they were weak, you'd be able to dispel them....you can't because they are not.

2. "...a lack of original thought..."
Original or not...they are true and accurate.

3. "...real understanding about the situation we..."
Obviously that is a lie.....the default of a Liberal.

4. "...there is really is no point in continuing this discussion."
Meaning that learning is not an available option for you.

 

[PoliticalChic]

"Housing crash happened because of too much government interference with the free market and all the crony capitalist bulls**t"


Absolutely, totally, 100% correct.

The mortgage meltdown can be attributed to FDR and Democrat policies.


1. Democrat FDR shredded the Constitution....ignoring article I, section 8, the enumerated powers.

He created GSE's Fannie and Freddie to do something the Constitution didn't authorize: meddle in housing.


2. Democrat Carter....the CRA, constraining banking policy


3. Democrat Clinton....strengthened the CRA

Under Clinton, HUD threatened banks, again, to give unrequited loans.

Henchmen: Democrats Cisneros and Cuomo.


4. Democrats Frank and Dodd barred any governmental discipline in this area.



That's the CliffNotes version.

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

Long story short....Democrats have been responsible for the Depression, the survival of Soviet Communism, and the mortgage meltdown.

If they didn't control the media and the schools, they wouldn't be turning out ignorant Lock-Step Liberals like you.

It is clear how totally indelible indoctrination is.




If there is any hope for you, it should start with

"‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner


2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
Fanniegate: Gamechanger For The GOP? | Via Meadia

Fanniegate: Gamechanger For The GOP?

Jesus, can you write a post without copy and pasting a book?? You present weak one sided arguments that display a lack of original thought or real understanding about the situation we are talking about... real understanding about the situation we

1. "You present weak one sided arguments..."
If they were weak, you'd be able to dispel them....you can't because they are not.

2. "...a lack of original thought..."
Original or not...they are true and accurate.

3. "...real understanding about the situation we..."
Obviously that is a lie.....the default of a Liberal.

4. "...real understanding about the situation we

Why do you gripe about the manner in which facts are presented?

'Copy and paste' has nothing to do with the facts provided.

Time for you to face the truth.

 

[Slade3200]

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

Long story short....Democrats have been responsible for the Depression, the survival of Soviet Communism, and the mortgage meltdown.

If they didn't control the media and the schools, they wouldn't be turning out ignorant Lock-Step Liberals like you.

It is clear how totally indelible indoctrination is.




If there is any hope for you, it should start with

"‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner


2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
Fanniegate: Gamechanger For The GOP? | Via Meadia

Fanniegate: Gamechanger For The GOP?

Jesus, can you write a post without copy and pasting a book?? You present weak one sided arguments that display a lack of original thought or real understanding about the situation we are talking about... there is really is no point in continuing this discussion.

Why do you gripe about the manner in which facts are presented?

'Copy and paste' has nothing to do with the facts provided.

Time for you to face the truth.


1. "You present weak one sided arguments..."
If they were weak, you'd be able to dispel them....you can't because they are not.

2. "...a lack of original thought..."
Original or not...they are true and accurate.

3. "...real understanding about the situation we..."
Obviously that is a lie.....the default of a Liberal.

4. "...there is really is no point in continuing this discussion."
Meaning that learning is not an available option for you.

1. "You present weak one sided arguments..."
If they were weak, you'd be able to dispel them....you can't because they are not.
I did dispel your arguments quite easily, did you read my post? I didn't even copy and paste!!

2. "...a lack of original thought..."
Original or not...they are true and accurate.
They are not true and accurate they are one-sided partisan cherry picks of a much larger situation. There are articles written on both sides of the argument so for every article you copy into this thread I can copy an opposing one. Original thought comes in the ability to gather all the information and present a real argument. This means having objectivity and an understanding of the facts. Not regurgitating information that you are spoon fed by conservative media.

3. "...real understanding about the situation we..."
Obviously that is a lie.....the default of a Liberal.
Nice, attacks Liberals, seems to be your default. On economic policy I am more conservative than liberal. I am also objective when looking at the facts.

4. "...there is really is no point in continuing this discussion."
Meaning that learning is not an available option for you.
I learn everyday, the method and bias of the information you present is not an effect way to present an argument and is not teaching anybody very much at all. Keep trying though... You get an E for effort

 

[ptbw forever]

In closed primaries Cruz is the preferred candidate. There's no doubt lots of libs in these open primaries trying to choose our candidate for us. If Rubio doesn't win FL, he should drop out and join Cruz to defeat Trump

perhaps which means a guy like trump would do well in the general election

where a guy like cruz will get a good portion of his own party and that is it

which one is the winning ticket

The historical record is that the more conservative a Republican candidate is, the more likely he will win.

List of GOP winners since 1972; Nixon, Reagan, George W Bush, George H W Bush before he broke his no new taxes pledge.

List of GOP losers since 1972; Ford, George H W Bush after breaking his tax pledge, Dole, McCain, Romney.

Every time the supposedly more moderate candidate (that was supposed to be the more winnable candidate) LOST.

Now why do you think that is?

Because the electorate is MOSTLY conservative.

Conservatives are 45% Moderates 35% and liberals about 20% of the voters.

The GOP moderates have been 'running to the middle' during the general and it costs them support in their conservative base, if it wasnt severely damaged already. It does no good to campaign to gain 1% in the middle of the ideological spectrum if it costs you 3% of your base for each 1% you gain in the middle.

That is what the losers have all done, fought for that middle percentage and inspired the conservative base to stay home and watch TV on election day.

Trump will get them to vote.

 

[Cecilie1200]

In closed primaries Cruz is the preferred candidate. There's no doubt lots of libs in these open primaries trying to choose our candidate for us. If Rubio doesn't win FL, he should drop out and join Cruz to defeat Trump

perhaps which means a guy like trump would do well in the general election

where a guy like cruz will get a good portion of his own party and that is it

which one is the winning ticket

The historical record is that the more conservative a Republican candidate is, the more likely he will win.

List of GOP winners since 1972; Nixon, Reagan, George W Bush, George H W Bush before he broke his no new taxes pledge.

List of GOP losers since 1972; Ford, George H W Bush after breaking his tax pledge, Dole, McCain, Romney.

Every time the supposedly more moderate candidate (that was supposed to be the more winnable candidate) LOST.

Now why do you think that is?

Because the electorate is MOSTLY conservative.

Conservatives are 45% Moderates 35% and liberals about 20% of the voters.

The GOP moderates have been 'running to the middle' during the general and it costs them support in their conservative base, if it wasnt severely damaged already. It does no good to campaign to gain 1% in the middle of the ideological spectrum if it costs you 3% of your base for each 1% you gain in the middle.

That is what the losers have all done, fought for that middle percentage and inspired the conservative base to stay home and watch TV on election day.

Trump will get them to vote.

Yeah? What's he gonna do? Call us fat and ugly, or send his mob friends out to whack us?

 

[Jroc]

Funny how you find a way to pin the crash only on democrats. Let's play a game... What comes in between Carter and Clinton? And what comes in between Clinton and the housing crash?

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

Long story short....Democrats have been responsible for the Depression, the survival of Soviet Communism, and the mortgage meltdown.

If they didn't control the media and the schools, they wouldn't be turning out ignorant Lock-Step Liberals like you.

It is clear how totally indelible indoctrination is.




If there is any hope for you, it should start with

"‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner


2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
Fanniegate: Gamechanger For The GOP? | Via Meadia

Fanniegate: Gamechanger For The GOP?

Jesus, can you write a post without copy and pasting a book?? You present weak one sided arguments that display a lack of original thought or real understanding about the situation we are talking about... real understanding about the situation we

1. "You present weak one sided arguments..."
If they were weak, you'd be able to dispel them....you can't because they are not.

2. "...a lack of original thought..."
Original or not...they are true and accurate.

3. "...real understanding about the situation we..."
Obviously that is a lie.....the default of a Liberal.

4. "...real understanding about the situation we

Why do you gripe about the manner in which facts are presented?

'Copy and paste' has nothing to do with the facts provided.

Time for you to face the truth.

Liberal hate facts, they're more into demagoguery

 

[PoliticalChic]

"And what comes in between Clinton and the housing crash?"

Time for your remedial education?
Sure.....now, take notes:


".... 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. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

2001

• April:The Administration'sFY02 budgetdeclares 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 Budget Analytic Perspectives, pg. 142)

2002

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

2003

• February: The Office of Federal Housing Enterprise Oversight (OFHEO)releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

• September: Then-Treasury Secretary John Snowtestifies 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.

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA)strongly disagrees with the Administration's assessment, 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,"The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE)refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

• November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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 Budgetagain highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls 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: Then-CEA Chairman Mankiwcautions 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)

• April: Rep. Frankignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue,"American Banker, 4/21/04)

• June: Then-Treasury Deputy Secretary Samuel Bodmanspotlights the risk posed by the GSEs and calls 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: Then-Secretary Snowrepeats 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)

• July: Then-Minority Leader Harry Reidrejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure,"United Press International, 7/28/05)

2007

• August: President Bushemphatically 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)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Doddignores the President's warnings and calls 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,"The New York Times, 8/11/07)

• December: President Bushagain 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

• February: Assistant Treasury Secretary David Nasonreiterates the urgency of reforms, saying "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: President Bushcalls 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 Bushurges 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 Bushissues 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 Presidentonce 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

• September:Democrats in Congress forget their previous objections to GSE reforms, asSenator Doddquestions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover,"Bloomberg, 9/9/08)

Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform

Your copy and paste skills dazzle me... I am not relinquishing responsibility on a government level, I attribute a much fault to decades and multiple administrations but this responsibility is shared and even led by a very corrupt private banking system. Fact is Freddy and Fanny and GSE were only a portion of the problem and not simply a leftist agenda. Originally HUD mandated Franny and Freddy to 30% for Affordable housing loans under Clinton and it increased to 50% by the end of his term. Bush pushed it to 52% in 2005 and then 56% in 2008. This HUD mandate resulted in riskier products in the marketplace and loosened the standards, but this was at the hands of the banks/lenders. If anything government regulations should have been tighter. BTW. Did I mention Regan's deregulation of the banks in the 80's??

The system has been abused and has needed reform for decades but to suggest that over-regulation from a leftist government was the cause is lunacy. Private institutions were responsible for over 80% of the subprime mortgages in 2006 and Franny/Freddy only insured around 25%. From Carter to Crash you had 12 years of Democratic leadership and 20 years of Republican. Open your eyes and stop playing partisan politics.

Long story short....Democrats have been responsible for the Depression, the survival of Soviet Communism, and the mortgage meltdown.

If they didn't control the media and the schools, they wouldn't be turning out ignorant Lock-Step Liberals like you.

It is clear how totally indelible indoctrination is.




If there is any hope for you, it should start with

"‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner

1. 'In “Reckless Endangerment,” Gretchen Morgenson and Joshua Rosner argue that cozy connections between government and the financial industry were the primary cause of the financial crisis. In a series of clearly written narratives with many names, dates and figures, they show that government officials took actions that benefited well-connected individuals, who in turn helped the government officials. This mutual support system thwarted good economic policies and encouraged reckless ones. It thereby brought on the crisis, sending the economy into a tailspin.'
‘Reckless Endangerment’ by Gretchen Morgenson and Joshua Rosner


2. "The Republican Party and especially its Tea Party wing have just acquired a new weapon of mass destruction — and it has nothing to do with any of Congressman Wiener’s rogue body parts. If they deploy this weapon effectively in the next election cycle — a big if — then they have the biggest opportunity to move the country rightward since Ronald Reagan took the oath of office back in 1981.

3. The Tea Party WMD stockpile is currently stored in book form: Reckless Endangerment: How Outsized Ambition, Greed, and Corruption Led to Economic Armageddon. By Gretchen Morgenson, one of America’s best business journalists who is currently at The New York Times, and noted financial analyst Joshua Rosner, Reckless Endangerment gives the best available account of how the growing chaos in the mortgage and personal finance markets and the rampant bundling of dubious loans into exotically toxic securities plunged the world, and millions of American families, into the gravest financial crisis since World War Two.

4. The villains? An unholy alliance between Wall Street, the Democratic establishment, community organizing groups like ACORN and La Raza, and politicians like Barney Frank, Nancy Pelosi and Henry Cisneros. (Frank got a cushy job for a lover, Pelosi got a job and layoff protection for a son, Cisneros apparently got a license to mint money bilking Mexican-Americans of their life savings in cheesy housing developments.)

5. If the GOP can make this narrative mainstream, and put this picture into the heads of voters nationwide, the Democrats are toast.

6. If Morgenstern and Rosner are to be believed, the American dream didn’t die of old age; it was murdered and most of the fingerprints on the corpse come from Democratic insiders. Democratic power brokers stoked the housing bubble and turned a blind eye to the increasingly rampant corruption and incompetence at Fannie Mae and the associated predatory lenders who sheltered under its umbrella; core Democratic ideas may well be at fault.

7. Big government, affirmative action and influence peddling among Democratic insiders came within inches of smashing the US economy.

8. The Great Villain, the man who almost ruined America according to the book, is James Johnson, long one of the most important members of the Democratic establishment. ...Barack Obama, impressed by this track record of discernment, reportedly asked him to lead Obama’s search in 2008 ...

9. Politically, this story is a killer app for the GOP. It demonizes Dems, lends itself to attack ads, divides Democrats between their Wall Street and union bases, and combines GOP hate figures in ways calculated to unify the GOP and heighten the intensity of the faithful. The story illustrates everything the Tea Party thinks about the corrupt Washington establishment and the evils of big government. It demonstrates the limits on the ability of government programs to help the poor.

10. ...if the GOP plays its cards right, Fanniegate could push this country into a new political era."
Fanniegate: Gamechanger For The GOP? | Via Meadia

Fanniegate: Gamechanger For The GOP?

Jesus, can you write a post without copy and pasting a book?? You present weak one sided arguments that display a lack of original thought or real understanding about the situation we are talking about... real understanding about the situation we

1. "You present weak one sided arguments..."
If they were weak, you'd be able to dispel them....you can't because they are not.

2. "...a lack of original thought..."
Original or not...they are true and accurate.

3. "...real understanding about the situation we..."
Obviously that is a lie.....the default of a Liberal.

4. "...real understanding about the situation we

Why do you gripe about the manner in which facts are presented?

'Copy and paste' has nothing to do with the facts provided.

Time for you to face the truth.

Liberal hate facts, they're more into demagoguery

Can you imagine how very different things would be if the press were actually fair and informative, and the schools weren't propaganda mills?


"'Tis a consummation. Devoutly to be wished."
Hamlet

 

[Geaux4it]

Cruz has been my pick ever since his all nighter on the senate floor.

-Geaux

 

[PoliticalChic]

Cruz has been my pick ever since his all nighter on the senate floor.

-Geaux

We live in interesting times.

 

[Geaux4it]

Cruz has been my pick ever since his all nighter on the senate floor.

-Geaux

We live in interesting times.

Indeed we do

-Geaux

 

[Slade3200]

Cruz has been my pick ever since his all nighter on the senate floor.

-Geaux

My favorite thing about Cruz is his plan to ABOLISH the IRS and simplify the tax code to a post card with a 10% flat tax. Since the IRS is gone I guess we all should just make our checks out to Ted Cruz and mail them to the whitehouse. He will be long gone sipping margaritas on his island by the time the rest of the country gets privy to his diabolical plan!

 

[Cecilie1200]

Cruz has been my pick ever since his all nighter on the senate floor.

-Geaux

My favorite thing about Cruz is his plan to ABOLISH the IRS and simplify the tax code to a post card with a 10% flat tax. Since the IRS is gone I guess we all should just make our checks out to Ted Cruz and mail them to the whitehouse. He will be long gone sipping margaritas on his island by the time the rest of the country gets privy to his diabolical plan!

So tell me. Were you born a fucking moron, or did you have to get a special operation?

 

[Slade3200]

Cruz has been my pick ever since his all nighter on the senate floor.

-Geaux

My favorite thing about Cruz is his plan to ABOLISH the IRS and simplify the tax code to a post card with a 10% flat tax. Since the IRS is gone I guess we all should just make our checks out to Ted Cruz and mail them to the whitehouse. He will be long gone sipping margaritas on his island by the time the rest of the country gets privy to his diabolical plan!

So tell me. Were you born a fucking moron, or did you have to get a special operation?

This is all natural! Good shit huh?!