Democrats caused recession in 2007

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called on him to "immediately reconsider his ill-advised"
position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Seriously......you may be an even bigger moron than the OP.....

Why do you persist in comparing REAL to NOMINAL GDP numbers? Have you reconciled this crap you've collected with Reality?

Are you aware that a recession started under Clinton and became official 3/01

A recession doesn't "start" on one date and become "official" on another.....You've already been told this, but you are simply too dim to grasp it...

OK since you can't handle NUMBERS here are pictures!!!
GWB's GDP IS IN REAL GDP! NOT NOMINAL! And it is the GREEN LINE in case you don't know the difference!
More importantly though READ the comments to the right! That is what idiots and a lot of people seem to IGNORE!!!
These events were monumental. Our country never had such events occur in a span of 6 years... Worst attack, recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!
Economic Record: President Bush Jr.
View attachment 83803

btw, you don't even understand what your meme describes.....

let me help you.....it is the CUMULATIVE growth of GDP over the period charted....

 

[PredFan]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

The Democrats didn't cause the collapse, but they had a chance to head it off and did nothing. In fact they were warned by Bush and he asked them to act 5 times. Each time they said no. They wanted it to happen so they could blame Bush and win elections.

You are clearly entirely unfamiliar with the FCIC report.....

A federal government report? That's comical that you put faith in it.

 

[PredFan]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

You are a moron, the recession is still
on-going, you believe what you are spoon fed.

Not by any recognized measure of recession......but, being an uninformed imbecile, you are not expected to understand these things....

Translation: IcebergSlim believes anything that tells him what he wants to hear and ignores everything that doesn't.

Conclusion: Iceberg slim is an idiot.

 

[Little-Acorn]

A summary I wrote more than six years ago. Even more timely today, with the Democrats re-starting the same policies that led to the economic crash of 2008: Millions of risky housing loans to people unlikely to be able to pay them back.

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

An hour-long program on the origins of the current financial crisis, was put together by Fox News in 2008. It contains a great many clips from various officials who were involved, interviews by news people, etc. They called it "Saving Our Economy". Someone put it on YouTube, in six segments. Go there and do a search on that title, and you should get all six segments. They vary from 5 to 10 minutes each, about 45 minutes running time total (no commercials).

It's an excellent explanation of how the crisis started, who did what, what the results were, etc. A real must-see.

Here's a summary:

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

Sept. 23, 2008: Treasury Secretary Henry Paulson: "The events leading us here began many years ago, starting with bad lending practices by banks and financial institutions, and by borrowers taking up mortgages they couldn't afford."

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

The Federal National Mortgage Association (FNMA, or "Fannie Mae") was created in 1938 during the Great Depression, to create a market for mortgages where they could be bought and sold.

In 1968, Lyndon Johnson and a Democratic Congress spun off Fannie Mae so that it would not show up in the Federal budget. But the Federal govt was always there, ready to bail out Fannie Mae if problems happened. This enables Fannie Mae to offer lower rates for the mortgages it bought, since it was not taking the risks that other banks and institutions had to. In 1970, the Federal Home Loan Mortgage Corporation ("Freddie Mac") was formed, to create competition for Fannie Mae, since ordinary banks could NOT compete with the government-backed rates they offered.

The Community Reinvestment Act (CRA) was passed by a Democrat Congress and signed by Jimmy Carter in 1977. It made sure banks were lending to people of all colors and income levels. But things quickly began going off the rails, as activist groups found a new weapon in the law: The could start suing lenders for discrimination if they didn't lend to enough minority families, regardless of the families' ability to pay the loans back as promised. Banks began making riskier and riskier loans for fear of having to fight expensive lawsuits.

Community groups began bullying the banks, especially one called the Association of Community Organizers for Reform Now ("ACORN"). It hired several specialized lawyers, including a young man named Barack Obama, to teach its employees how to go to the homes of bank CEOs and senior officers, harassing and publicly embarrassing them while remaining within the limits of local law to avoid prosecution. At one point, ACORN brought a lawsuit against a thrift merger in Illinois, insisting that the lending institutions had not made as many loans to minorities as ACORN thought they should. The bank replied that such loans would be financially irresponsible, and would put ALL the bank's customers at unacceptable risk. ACORN prevailed in court, and banks began making more and more risky loans to home buyers who could have never qualified for those loans under ordinary circumstances.

In late 2000, in the last days of the Clinton administration, the government ordered Fannie and Freddie to increase the numbers of these risky ("sub-prime") mortgages they were buying from banks and lending institutions across the country. They did, lowering their rates and buying more and more, until fully half their portfolios consisted of these risky sub-prime mortgages, combined and packaged in various ways.

The Bush administration raised red flags starting in April 2001. Their 2002 Budget Request declared that the size of mortgage giants Freddie Mac and Fannie Mae is "a potential problem" because financial trouble in either one of them "could cause strong repercussions in financial markets".

In 2003, the White House warning about Fannie and Freddie, was upgraded to a "Systemic Risk that could spread beyond just the housing sector".

As Fannie and Freddie continued to lower their rates and buy mortgages, lenders made more and more mortgages to buyers with questionable ability to pay, safe in the knowledge that they could immediately turn around and sell the mortgages to the government-sponsored Fannie and Freddie, thus avoiding any consequences if the loans were later defaulted. They were happy to make more and more such mortgages, collecting fees for each and selling the mortgages to F&F.

Countrywide Financial chairman Angelo Mazzillo literally started screaming at Wall Street Journal editor Paul Gigot, when Gigot asked him about the wisdom of making so many loans to buyers unlikely to pay them back. Mazzillo insisted loudly that Gigot had no idea what he was talking about, did not understand the first thing about mortgage lending, etc., etc. He failed, however, to answer any of Gigot's questions in even the simplest terms or explain why they were "wrong".


(to be continued)

 

[IcebergSlim]

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called on him to "immediately reconsider his ill-advised"
position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Damn, are you an idiot....


It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."

Officials seized Superior in July 2001

Pritzker’s Superior Bank Subprime Losses Blemish Resume

Did you read this article that I quoted? FDIC Faces Mortgage Mess After Running Failed Bank
No you didn't! So here is another one for you to be so embarrassing stupid for not using the Internet!!!!!

Superior reopens under FDIC

By: Ellen Almer July 30, 2001
After being shut down last week by federal regulators, the former Superior Bank reopened Monday as Superior Federal FSB, only now it is being run by the Federal Deposit Insurance Corp. (FDIC), instead of a small group of owners that included Chicago's billionaire Pritzker family.

The FDIC takeover of Superior marks the first time since 1992 that the agency has stepped in to run a failed bank, an FDIC spokesman said. The Office of Thrift Supervision closed Superior Bank on Friday amid accusations it has lost almost all of its $2.1 billion in assets and engaged in poor lending practices, among other infractions.

The FDIC will continue to run Superior as a full-service bank for at least two months, until it can be sold.

"Usually in a case like this we have a buyer in the wings, and the deal is signed, sealed and delivered," long before the bank fails, the spokesman said.
"But the timing was off, it was hard to find someone to swallow $1.6 billion in deposits."

He said that because the potential pool of buyers was so small, the FDIC decided to wait a few months and "maximize the franchise's value" before trying to sell it. The FDIC hopes to find a buyer by year's end.

The spokesman said most of Superior's customers needn't worry about getting their funds, although those with deposits of $100,000 or more may not be fully insured. "In cases like this, I've seen customers get anything from 50 cents on the dollar to 100 cents on the dollar," he said, adding that most of Superior's customers were individual consumers, not corporations.

As for local businesses that may have received checks recently from Superior Bank, the spokesman said they will be insured as long as the account holder can cover the amount.
Crain's Chicago Business

How does this bear on the Financial Crisis of 2008?

IDIOT!!! IT IS AN EXAMPLE of how the FDIC had to come to the rescue of banks that made bad subprime loans DUE to the banks knowing
Fannie/Freddie/US government would bail them out!
The dominant reason though for the 2008 crisis no one seems to remember!
HERE are the facts about the Economic Terrorist attack of
The 9/18/2008 Economic Terrorist Attack that:

On Thursday (Sept 18), at 11 in the morning the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S.,
to the tune of $550 billion was being drawn out in the matter of an hour or two.
The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks.
They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.
If they had not done that, their estimation was that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed... It would have been the end of our economic system and our political system as we know it...
http://seekingalpha.com/article/119619-how-the-world-almost-came-to-an-end-on-september-18-2008

The subprime mortgage crisis reached a critical stage during the first week of September 2008, characterized by severely contracted liquidity in the global credit markets[1] and insolvency threats to investment banks and other institutions.
By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.[22][23] On September 19 the U.S. Treasury offered temporary insurance (akin to Federal Deposit Insurance Corporation insurance of bank accounts) to money market funds.[24] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.[25] Similar measures were taken by authorities in other countries.[26]Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission[27][28]

Global financial crisis in September 2008 - Wikipedia, the free encyclopedia

Why haven't you mentioned THAT event?? Dummies like you don't seem to have any recollection of these events!

Oh and by the way, the solution i.e. TARP? Which idiots like you and Obama criticized YET OBAMA has benefited from in this fashion.
If it weren't for TARP's payback of $688.9 billion on the $620.3 Billion outflow Obama's deficit would be even worse!
Bailout Scorecard | Eye on the Bailout | ProPublica
View attachment 83804

IDIOT!!! IT IS AN EXAMPLE of how the FDIC had to come to the rescue of banks that made bad subprime loans DUE to the banks knowing
Fannie/Freddie/US government would bail them out!


You are an idiot......Fannie and Freddie aren't in the business of "bailing out" banks......they provide liquidity to the mortgage market by buying conforming mortgages from issuers......the FDIC is responsible for protecting DEPOSITORS.....

You are a veritable Smörgåsbord of Ignorance...you should stop spamming these fora with the Indisputable Evidence....

 

[Little-Acorn]

(continued from above)


In Fall 2003, the Bush Admin was pushing Congress hard to create a new Federal agency to regulate and supervise Fannie and Freddie, both Government Sponsored Entities, or GSEs.

At a Congressional hearing on Sept 10, 2003, John Snow, Secretary of the Treasury stated: "We need a strong, world-class regulatory agency to oversee the prudential operations of the GSE's, and the safety and soundness of their financial activities."

At that same hearing, ranking member of the House Financial Services Committee Barney Frank (D-MA) defended his practices with regard to Fannie Mae and Freddie Mac: "Fannie Mae and Freddie Mac, are not in a crisis."

Frank said the Fed Govt should be encouraging F&F to do more to get low-income families into homes:
"The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up a possibility of serious financial losses to the treasury - which I do not see, I think we see entities which are fundamentally sound financially and can withstand some of the disaster scenarios - the more pressure there is there, then the less I think we see in terms of 'affordable housing' ".

The top executives at F&F began cooking their books, exaggerating their sales in their quarterly reports, so that the company officials could claim they had met their companies' sales targets, and thus collect huge salary bonuses. They were finally caught in 2004. Several of them stepped down, but none was every punished, or even charged. One of them, Franklin Raines, CEO of Fannie Mae, later gave financial and housing advice to the campaign of Presidential contender Barack Obama.

At a House Financial Services Committee Hearing on Feb. 17, 2005, Alan Greenspan warned against one of the fundamental ideas of modern liberalism, the idea of putting all our eggs in one basket by concentrating financial activity into just a few big agencies in central government: "... Enabling these institutions to increase in size - and they will once the crisis in their judgment passes - we are placing the total financial system of the future at a substantial risk."
He later added at another hearing on April 6, 2005: "If we fail to strengthen GSE regulation, we increase the possibility of insolvency and crisis."

Senator Charles Schumer (D-NY) ignored any possibility the F&F might be in trouble at that hearing, and simply pointed to the advantages some people had gotten from the government's activities: "I think Fannie and Freddie ... are an intrinsic part of making America the best-housed people in the world... if you look over the last 20 or whatever years, they have done a very, very good job."
Schumer also complained, "Things are good in the housing market. Why are people entertaining radical change?"

On April 7, 2005, Treasury Secretary John Snow warned again: "These large portfolios, unchecked in their growth over the last decade or so, pose a real problem." The Senate Banking Committee adopted strong regulation that would have prevented Fannie and Freddie from acquiring these bad mortgages. All of the Republicans on the committee voted for it, and all the Democrats voted against it, and it passed out of the committee on a straight party-line vote. But Democrats then filibustered the bill on the Senate floor, preventing it from being brought to a vote.

Freddie Mac and Fannie Mae was active in making campaign contributions to politicians, from money that ostensibly was for low-income mortgages. The top two recipients were:

Christopher Dodd (D-CT): $165,000
Barack Obama (D-IL): $126,000

The highest-receiving Republican was Bob Bennett (R-UT), who got $108,000. Further down the list was John McCain (R-AZ), who accepted $25,000.

On May 25, 2006 in the Senate, John McCain (R-AZ) sounded more warnings over the huge size and lack of discipline in the government companies, and sponsored a bill to regulate the companies more firmly: "For years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac... and the sheer magnitude of these companies and the role they play in the housing market... the GSEs need to be reformed without delay." McCain's bill was voted out of committee on a straight party-line vote: All Republicans voted for it, and all Democrats voted against. Democrats then announced they would filibuster the bill in the Senate, as they had the previous year's regulatory legislation. Republicans knew they did not have enough votes to achieve the 60% needed, and so never brought the bill to the Senate floor.

By the beginning of 2008, Fannie Mae and Freddie Mac had bought up over $4 trillion in mortgages, roughly one-quarter of which was risky sub-prime mortgage paper. With interest rates rising, these rickety homeowners started defaulting on their loans. Only about 2% of them defaulted by January 2008, but the effect was disastrous. Banks began to get leery of lending money to each other, knowing that their fellow banks held substantial assets that might default and become worthless, thus making the banks unable to pay back their loans to each other.

Banks and lending institutions began collapsing or seeking emergency help: Countrywide Financial, Lehman Brothers, insurer AIG, Bear Stearns, IndyMac bank, etc. buckled to their knees as paralysis spread. The huge numbers of risky subprime mortgages, had become like a "poison pill" that choked the institutions that had swallowed them. The Fed finally took over Freddie Mac and Fannie Mae, but the damage had long been done.

Congress appropriated nearly $1 trillion in emergency funds to loan to, or otherwise prop up, failing financial institutions. But none of the original legislation that had spurred decades of risky lending, has been repealed in all the "bailout" frenzy, and as of this writing (in 2008) there are no bills pending to do so.

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

The Democrats didn't cause the collapse, but they had a chance to head it off and did nothing. In fact they were warned by Bush and he asked them to act 5 times. Each time they said no. They wanted it to happen so they could blame Bush and win elections.

You are clearly entirely unfamiliar with the FCIC report.....

A federal government report? That's comical that you put faith in it.

It was commissioned by the Federal Government, but the Feds didn't write the report....

you are an imbecile.....

What do YOU put your faith in?

 

[IcebergSlim]

A summary I wrote more than six years ago. Even more timely today, with the Democrats re-starting the same policies that led to the economic crash of 2008: Millions of risky housing loans to people unlikely to be able to pay them back.

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

An hour-long program on the origins of the current financial crisis, was put together by Fox News in 2008. It contains a great many clips from various officials who were involved, interviews by news people, etc. They called it "Saving Our Economy". Someone put it on YouTube, in six segments. Go there and do a search on that title, and you should get all six segments. They vary from 5 to 10 minutes each, about 45 minutes running time total (no commercials).

It's an excellent explanation of how the crisis started, who did what, what the results were, etc. A real must-see.

Here's a summary:

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

Sept. 23, 2008: Treasury Secretary Henry Paulson: "The events leading us here began many years ago, starting with bad lending practices by banks and financial institutions, and by borrowers taking up mortgages they couldn't afford."

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

The Federal National Mortgage Association (FNMA, or "Fannie Mae") was created in 1938 during the Great Depression, to create a market for mortgages where they could be bought and sold.

In 1968, Lyndon Johnson and a Democratic Congress spun off Fannie Mae so that it would not show up in the Federal budget. But the Federal govt was always there, ready to bail out Fannie Mae if problems happened. This enables Fannie Mae to offer lower rates for the mortgages it bought, since it was not taking the risks that other banks and institutions had to. In 1970, the Federal Home Loan Mortgage Corporation ("Freddie Mac") was formed, to create competition for Fannie Mae, since ordinary banks could NOT compete with the government-backed rates they offered.

The Community Reinvestment Act (CRA) was passed by a Democrat Congress and signed by Jimmy Carter in 1977. It made sure banks were lending to people of all colors and income levels. But things quickly began going off the rails, as activist groups found a new weapon in the law: The could start suing lenders for discrimination if they didn't lend to enough minority families, regardless of the families' ability to pay the loans back as promised. Banks began making riskier and riskier loans for fear of having to fight expensive lawsuits.

Community groups began bullying the banks, especially one called the Association of Community Organizers for Reform Now ("ACORN"). It hired several specialized lawyers, including a young man named Barack Obama, to teach its employees how to go to the homes of bank CEOs and senior officers, harassing and publicly embarrassing them while remaining within the limits of local law to avoid prosecution. At one point, ACORN brought a lawsuit against a thrift merger in Illinois, insisting that the lending institutions had not made as many loans to minorities as ACORN thought they should. The bank replied that such loans would be financially irresponsible, and would put ALL the bank's customers at unacceptable risk. ACORN prevailed in court, and banks began making more and more risky loans to home buyers who could have never qualified for those loans under ordinary circumstances.

In late 2000, in the last days of the Clinton administration, the government ordered Fannie and Freddie to increase the numbers of these risky ("sub-prime") mortgages they were buying from banks and lending institutions across the country. They did, lowering their rates and buying more and more, until fully half their portfolios consisted of these risky sub-prime mortgages, combined and packaged in various ways.

The Bush administration raised red flags starting in April 2001. Their 2002 Budget Request declared that the size of mortgage giants Freddie Mac and Fannie Mae is "a potential problem" because financial trouble in either one of them "could cause strong repercussions in financial markets".

In 2003, the White House warning about Fannie and Freddie, was upgraded to a "Systemic Risk that could spread beyond just the housing sector".

As Fannie and Freddie continued to lower their rates and buy mortgages, lenders made more and more mortgages to buyers with questionable ability to pay, safe in the knowledge that they could immediately turn around and sell the mortgages to the government-sponsored Fannie and Freddie, thus avoiding any consequences if the loans were later defaulted. They were happy to make more and more such mortgages, collecting fees for each and selling the mortgages to F&F.

Countrywide Financial chairman Angelo Mazzillo literally started screaming at Wall Street Journal editor Paul Gigot, when Gigot asked him about the wisdom of making so many loans to buyers unlikely to pay them back. Mazzillo insisted loudly that Gigot had no idea what he was talking about, did not understand the first thing about mortgage lending, etc., etc. He failed, however, to answer any of Gigot's questions in even the simplest terms or explain why they were "wrong".


(to be continued)

was put together by Fox News in 2008


STOP RIGHT THERE!

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

You are a moron, the recession is still
on-going, you believe what you are spoon fed.

Not by any recognized measure of recession......but, being an uninformed imbecile, you are not expected to understand these things....

Translation: IcebergSlim believes anything that tells him what he wants to hear and ignores everything that doesn't.

Conclusion: Iceberg slim is an idiot.

I go by the data.....

You?

 

[PredFan]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

The Democrats didn't cause the collapse, but they had a chance to head it off and did nothing. In fact they were warned by Bush and he asked them to act 5 times. Each time they said no. They wanted it to happen so they could blame Bush and win elections.

You are clearly entirely unfamiliar with the FCIC report.....

A federal government report? That's comical that you put faith in it.

It was commissioned by the Federal Government, but the Feds didn't write the report....

you are an imbecile.....

What do YOU put your faith in?

You are not only an idiot, but you are a naïve idiot. Good luck with that double jeopardy, dumbass.

 

[PredFan]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

You are a moron, the recession is still
on-going, you believe what you are spoon fed.

Not by any recognized measure of recession......but, being an uninformed imbecile, you are not expected to understand these things....

Translation: IcebergSlim believes anything that tells him what he wants to hear and ignores everything that doesn't.

Conclusion: Iceberg slim is an idiot.

I go by the data.....

You?

I go by facts, facts which you will ignore. If I, for one second thought you could be mature and smart enough to admit you were wrong, I'd go to Google and bring up dozens of reports that back me up, but you won't accept them because you only accept things that support what you believe. You waste my time. Now, go ahead and get the last word, say that I'm running away or whatever, but there's no reason to discuss anything with an idiot such as you.

 

[IcebergSlim]

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

You are a moron, the recession is still
on-going, you believe what you are spoon fed.

Not by any recognized measure of recession......but, being an uninformed imbecile, you are not expected to understand these things....

Translation: IcebergSlim believes anything that tells him what he wants to hear and ignores everything that doesn't.

Conclusion: Iceberg slim is an idiot.

I go by the data.....

You?

I go by facts, facts which you will ignore. If I, for one second thought you could be mature and smart enough to admit you were wrong, I'd go to Google and bring up dozens of reports that back me up, but you won't accept them because you only accept things that support what you believe. You waste my time. Now, go ahead and get the last word, say that I'm running away or whatever, but there's no reason to discuss anything with an idiot such as you.

Allow me to cut to the chase....

Recession

NotRecession

Any questions?

 

[healthmyths]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called on him to "immediately reconsider his ill-advised"
position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Seriously......you may be an even bigger moron than the OP.....

Why do you persist in comparing REAL to NOMINAL GDP numbers? Have you reconciled this crap you've collected with Reality?

Are you aware that a recession started under Clinton and became official 3/01

A recession doesn't "start" on one date and become "official" on another.....You've already been told this, but you are simply too dim to grasp it...

OK since you can't handle NUMBERS here are pictures!!!
GWB's GDP IS IN REAL GDP! NOT NOMINAL! And it is the GREEN LINE in case you don't know the difference!
More importantly though READ the comments to the right! That is what idiots and a lot of people seem to IGNORE!!!
These events were monumental. Our country never had such events occur in a span of 6 years... Worst attack, recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!
Economic Record: President Bush Jr.
View attachment 83803

You're an idiot.......

http://www.bea.gov/national/xls/gdpchg.xls

GDP percent change based on chained 2009 dollars



2001 1.0
2002 1.8
2003 2.8
2004 3.8
2005 3.3
2006 2.7
2007 1.8
2008 -0.3

........

recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!

Uh...yes it does.......Though NBER doesn't peg start and end to a particular date.....instead of staying stupid for the rest of your life, why don't you go over to the NBER site and learn how they go about it.....

OK let's look at NBER site...

Q: Isn't a recession a period of diminished economic activity?

A: It's more accurate to say that a recession-the way we use the word-is a period of diminishing activity rather than diminished activity.
We identify a month when the economy reached a peak of activity and a later month when the economy reached a trough.
The time in between is a recession, a period when the economy is contracting.
The following period is an expansion.
Economic activity is below normal or diminished for some part of the recession and for some part of the following expansion as well.
Some call the period of diminished activity a slump.

The NBER’s Recession Dating Procedure

So idiot.... NBER clearly states a RECESSION doesn't start on 3/1/01 but it is MORE accurate is a period of diminishing activity!

And of course common sense will tell anyone with it... that Feb 28,2001 NO RECESSION! OOPs! Mar 1,2001 RECESSION STARTS!!!
More importantly geez... idiot... GWB took the oath of office on 1/20/2001... And you expected him to change immediately the wasted phony
DOT.com frenzy that collapsed a loss of almost $8 trillion of wealth. The Dot Com Bubble Burst That Caused The 2000 Stock Market Crash | Stock Picks System
Oh and by the way... Market losses are written off against tax payments! Which again worked against GWB!
But of course NOT ONE of you seem to be aware of any of these events!

 

[jillian]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

You are a moron, the recession is still
on-going, you believe what you are spoon fed.

Idiota. We are not in a recession now.

That said no one forced banks to give mortgages to people who couldn't afford them. Banks were prohibited from redlining neighborhoods not from abiding by their own financial standards.

You people live in a fact-free universe.

 

[LaDexter]

What caused the recession/depression of 2007 was the GOP's abandonment of the fiscal discipline of the Gingrich years. Once Gingrich left in 1998 (the first year Paul BIZARRO Ryan and other treasonous Zionist RINOs were elected), the Federal spending machine started up again, and the US may never recover.

 

[IcebergSlim]

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called on him to "immediately reconsider his ill-advised"
position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Seriously......you may be an even bigger moron than the OP.....

Why do you persist in comparing REAL to NOMINAL GDP numbers? Have you reconciled this crap you've collected with Reality?

Are you aware that a recession started under Clinton and became official 3/01

A recession doesn't "start" on one date and become "official" on another.....You've already been told this, but you are simply too dim to grasp it...

OK since you can't handle NUMBERS here are pictures!!!
GWB's GDP IS IN REAL GDP! NOT NOMINAL! And it is the GREEN LINE in case you don't know the difference!
More importantly though READ the comments to the right! That is what idiots and a lot of people seem to IGNORE!!!
These events were monumental. Our country never had such events occur in a span of 6 years... Worst attack, recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!
Economic Record: President Bush Jr.
View attachment 83803

You're an idiot.......

http://www.bea.gov/national/xls/gdpchg.xls

GDP percent change based on chained 2009 dollars



2001 1.0
2002 1.8
2003 2.8
2004 3.8
2005 3.3
2006 2.7
2007 1.8
2008 -0.3

........

recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!

Uh...yes it does.......Though NBER doesn't peg start and end to a particular date.....instead of staying stupid for the rest of your life, why don't you go over to the NBER site and learn how they go about it.....

OK let's look at NBER site...

Q: Isn't a recession a period of diminished economic activity?

A: It's more accurate to say that a recession-the way we use the word-is a period of diminishing activity rather than diminished activity.
We identify a month when the economy reached a peak of activity and a later month when the economy reached a trough.
The time in between is a recession, a period when the economy is contracting.
The following period is an expansion.
Economic activity is below normal or diminished for some part of the recession and for some part of the following expansion as well.
Some call the period of diminished activity a slump.

The NBER’s Recession Dating Procedure

So idiot.... NBER clearly states a RECESSION doesn't start on 3/1/01 but it is MORE accurate is a period of diminishing activity!

And of course common sense will tell anyone with it... that Feb 28,2001 NO RECESSION! OOPs! Mar 1,2001 RECESSION STARTS!!!
More importantly geez... idiot... GWB took the oath of office on 1/20/2001... And you expected him to change immediately the wasted phony
DOT.com frenzy that collapsed a loss of almost $8 trillion of wealth. The Dot Com Bubble Burst That Caused The 2000 Stock Market Crash | Stock Picks System
Oh and by the way... Market losses are written off against tax payments! Which again worked against GWB!
But of course NOT ONE of you seem to be aware of any of these events!

"Diminishing activity" is CONTRACTION........NOT a decreasing rate of growth......this is Econ 1 stuff........all a mystery to you because you were out in the parking lot drinking Ripple during class...The business cycle looks like a rising sine wave......as such there is a point of inflection.......this would be "the month" to which NBER refers......

Market losses are written off against tax payments! Which again worked against GWB!

Only to the extent that they are REALIZED....and they are NETTED against realized profits...

 

[healthmyths]

What caused the recession/depression of 2007 was the GOP's abandonment of the fiscal discipline of the Gingrich years. Once Gingrich left in 1998 (the first year Paul BIZARRO Ryan and other treasonous Zionist RINOs were elected), the Federal spending machine started up again, and the US may never recover.

FACTS come on provide FACTS!

Why is it so hard to get the facts? The internet is so easy to use but instead idiots like you resort to stupid comments like the above...all very very
personal and very subjective. Not ONE source for your comments! As a result it is CRAP!

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20


And by the way TARP has been all paid BACK Plus making money!
Which went to Obama credit and he still has the biggest deficits!

 

[IcebergSlim]

What caused the recession/depression of 2007 was the GOP's abandonment of the fiscal discipline of the Gingrich years. Once Gingrich left in 1998 (the first year Paul BIZARRO Ryan and other treasonous Zionist RINOs were elected), the Federal spending machine started up again, and the US may never recover.

And in what year did Congress abandon this "discipline"?

 

[IcebergSlim]

What caused the recession/depression of 2007 was the GOP's abandonment of the fiscal discipline of the Gingrich years. Once Gingrich left in 1998 (the first year Paul BIZARRO Ryan and other treasonous Zionist RINOs were elected), the Federal spending machine started up again, and the US may never recover.

FACTS come on provide FACTS!

Why is it so hard to get the facts? The internet is so easy to use but instead idiots like you resort to stupid comments like the above...all very very
personal and very subjective. Not ONE source for your comments! As a result it is CRAP!

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20


And by the way TARP has been all paid BACK Plus making money!
Which went to Obama credit and he still has the biggest deficits!
View attachment 83805

Hey, moron......Scrub was not counting ESAs for Iraqnam when calculating the deficit......

 

[boedicca]

Big Government proponents from both parties contributed to the Recession, but the Dems are responsible for the lack of a proper recovery.

If we had just had an AVERAGE recovery, the economy would be $2.2T larger - $17,000 per household. Instead, we've been subjected to the blinding stupidity and incompetence of Obamanomics.

Obama's Economic Recovery Is Now $2.2 Trillion Below Average | Stock News & Stock Market Analysis - IBD