Democrats caused recession in 2007

[Faun]

Oh, goody! We now have a Moron Quorum.....

The "reasons" for the lack of a proper recovery include

a) household deleveraging
b) the complete absence of stimulative fiscal policy - which is NOT the "fault" of Democrats....Net Government contribution to GDP has been 0.85% below the levels of 1981-1989 and 0.5% below 2001-2009.....

Geez... do you think these events had any affect on the economy? People's lives? Jobs? Tax revenue???

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

Moron -- from your own link....

The 2001 recession began in March that year, so today's announcement makes it an eight-month downturn.

USATODAY.com - It's official: 2001 recession only lasted eight months​

So Feb 28,2001 NO recession. Then Mar 1, 2001 12:01 RECESSION! Is that the way it worked?
Don't think so! Idiots like you think recessions are like water faucets. Turn spigot on Recession... Turn off no recession.
Doesn't work that WAY!

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

You are so naive! You think Recessions turn on and turn off just like a water faucet!

How dumb!

Of course that's how it works. Recessions have to start at some point and that one started in March, 2001.

Recessions are not like water faucets. They just don't start at Mar 1,2001 at 12:01 AM!
NO they don't have to start at some point. Idiots like YOU have to have a date... but reality is that the slow down of the economy started under Clinton.
That's a fact.
By the time he left office, the economy was slowing rapidly, and it slipped into recession in March 2001, just weeks after George W. Bush was sworn in.
Clinton and Economic Growth in the ’90s

Clinton's economic policies may have also sowed the seeds of later economic decline. Nothing can take away the fact that Clinton presided over an extraordinarily long economic expansion. But some would argue that he also deserves some demerits for policies that led to less healthy economic developments.

For instance, Dean Baker, a liberal economist, sees the stock market rise as a double-edged sword, leading to the bursting of the bubble in 2001 and perhaps helping shape a subsequent decade of only modest job growth. Baker also cited the Clinton administration's support for a strong dollar. "The policy of promoting an overvalued dollar gave us the record trade deficits that eventually peaked at almost 6 percent of GDP in 2006," Baker said.

Ultimately, few would deny that Clinton presided over impressive economic growth. Meanwhile, our number-crunching suggests that the economy's improvement did indeed accelerate after the 1993 Balanced Budget bill became law. Still, Clinton is exaggerating when he says the 1993 bill "led to an enormous flowering of the economy in America" because economists say many factors played a role. All in all, we give the former president a rating of Half True.
None

Imbecile... YOU posted a link which stated, "the 2001 recession began in March that year"

You're now arguing with your own link.

 

[IcebergSlim]

Oh, goody! We now have a Moron Quorum.....

The "reasons" for the lack of a proper recovery include

a) household deleveraging
b) the complete absence of stimulative fiscal policy - which is NOT the "fault" of Democrats....Net Government contribution to GDP has been 0.85% below the levels of 1981-1989 and 0.5% below 2001-2009.....

Geez... do you think these events had any affect on the economy? People's lives? Jobs? Tax revenue???

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

Moron -- from your own link....

The 2001 recession began in March that year, so today's announcement makes it an eight-month downturn.

USATODAY.com - It's official: 2001 recession only lasted eight months​

So Feb 28,2001 NO recession. Then Mar 1, 2001 12:01 RECESSION! Is that the way it worked?
Don't think so! Idiots like you think recessions are like water faucets. Turn spigot on Recession... Turn off no recession.
Doesn't work that WAY!

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

You are so naive! You think Recessions turn on and turn off just like a water faucet!

How dumb!

Of course that's how it works. Recessions have to start at some point and that one started in March, 2001.

Recessions are not like water faucets. They just don't start at Mar 1,2001 at 12:01 AM!
NO they don't have to start at some point. Idiots like YOU have to have a date... but reality is that the slow down of the economy started under Clinton.
That's a fact.
By the time he left office, the economy was slowing rapidly, and it slipped into recession in March 2001, just weeks after George W. Bush was sworn in.
Clinton and Economic Growth in the ’90s

Clinton's economic policies may have also sowed the seeds of later economic decline. Nothing can take away the fact that Clinton presided over an extraordinarily long economic expansion. But some would argue that he also deserves some demerits for policies that led to less healthy economic developments.

For instance, Dean Baker, a liberal economist, sees the stock market rise as a double-edged sword, leading to the bursting of the bubble in 2001 and perhaps helping shape a subsequent decade of only modest job growth. Baker also cited the Clinton administration's support for a strong dollar. "The policy of promoting an overvalued dollar gave us the record trade deficits that eventually peaked at almost 6 percent of GDP in 2006," Baker said.

Ultimately, few would deny that Clinton presided over impressive economic growth. Meanwhile, our number-crunching suggests that the economy's improvement did indeed accelerate after the 1993 Balanced Budget bill became law. Still, Clinton is exaggerating when he says the 1993 bill "led to an enormous flowering of the economy in America" because economists say many factors played a role. All in all, we give the former president a rating of Half True.
None

So you found another source that confirms that the recession began in March 2001?

Good work.......

Can you find a credible one maintaining that it began in 2000?

 

[IcebergSlim]

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.

The Democrats did not rule the House or the Senate, the Republicans did, and the Republicans were the Majority and could have brought up the legislation that the Republican Senator Hagel proposed to reign in Fannie and Freddie, but Freddie Mac spent a couple of million dollars Lobbying REPUBLICAN SENATORS to kill the Hagel bill, and when the Majority Republican leader of the Senate realized all of these Republican Senators changed their minds on the Hagel legislation after being lobbied/bought by Freddie Mac, they never brought Hagel's bill to the Floor of the Senate for a vote.

YOUR PARTY is at FAULT.

What planet are you living on? When Bush was POTUS he asked the DEMOCRAT Controlled House and Senate 5 times to take steps to stop it. they refused. This is easily proven fact. You are dead wrong as usual, idiot.

FACTS!!!

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

And in 2008, Democrats passed GS

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....

95,000,000 million want to be workers disagree with you, you liberal fucktard......

You're beyond rightarded to think there are 95 million "want to be workers" in the U.S.. See why everyone just points and laugh at you imbeciles?

Thank you for confirming what we all already know....you liberals are fuckimg idiots....

Don't tell us....you're a taker too....

95,000,000 million want to be workers disagree with you, you liberal fucktard......

Damn, are you fucking stupid.....Go find your source for this, and let the bludgeoning commence....

 

[Faun]

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.

The Democrats did not rule the House or the Senate, the Republicans did, and the Republicans were the Majority and could have brought up the legislation that the Republican Senator Hagel proposed to reign in Fannie and Freddie, but Freddie Mac spent a couple of million dollars Lobbying REPUBLICAN SENATORS to kill the Hagel bill, and when the Majority Republican leader of the Senate realized all of these Republican Senators changed their minds on the Hagel legislation after being lobbied/bought by Freddie Mac, they never brought Hagel's bill to the Floor of the Senate for a vote.

YOUR PARTY is at FAULT.

What planet are you living on? When Bush was POTUS he asked the DEMOCRAT Controlled House and Senate 5 times to take steps to stop it. they refused. This is easily proven fact. You are dead wrong as usual, idiot.

FACTS!!!

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

And in 2008, Democrats passed GS

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....

95,000,000 million want to be workers disagree with you, you liberal fucktard......

You're beyond rightarded to think there are 95 million "want to be workers" in the U.S.. See why everyone just points and laugh at you imbeciles?

Thank you for confirming what we all already know....you liberals are fuckimg idiots....

Don't tell us....you're a taker too....

Drools a forum retard who really does think there are 95 million "want to be workers."

As far as "a taker," I have no idea what that means or where your fervent imagination is taking 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.

The Democrats did not rule the House or the Senate, the Republicans did, and the Republicans were the Majority and could have brought up the legislation that the Republican Senator Hagel proposed to reign in Fannie and Freddie, but Freddie Mac spent a couple of million dollars Lobbying REPUBLICAN SENATORS to kill the Hagel bill, and when the Majority Republican leader of the Senate realized all of these Republican Senators changed their minds on the Hagel legislation after being lobbied/bought by Freddie Mac, they never brought Hagel's bill to the Floor of the Senate for a vote.

YOUR PARTY is at FAULT.

What planet are you living on? When Bush was POTUS he asked the DEMOCRAT Controlled House and Senate 5 times to take steps to stop it. they refused. This is easily proven fact. You are dead wrong as usual, idiot.

FACTS!!!

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

True. Fact is that Bush asked the DEMOCRAT controlled Congress 5 times. They refused to act all five times.

 

[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 mean while Republicans controlled the House and the Senate, right?

Jesus Christ, you people were never too bright to begin with but your intelligence level has taken an epic nosedive. Read a book or something, if you can still read.

By your refusal to answer the question, I'll conclude you meant, yes, during Republican-led Congresses.

Hey retard, ever heard of Nancy Pelosi? Speaker of the House? Harry Reid? Leader of the Senate? What year did they take over eh genius? Who was POTUS when they took over, any idea, moron?

Just how fucking stupid ARE you?

 

[Mac1958]

• Greenspan ("the Maestro") kept interest rates too low for too long.
• Greenspan ("the Maestro") refused to leverage his authority to more closely regulate banks and exotic securities.
• Those exotic securities were so fucking complicated & opaque that only those who created them understood them, but no one cared.
  
• The ratings agencies got away with giving shit securities AAA ratings because they didn't want to lose the business to their competitors.
• Consumers purchased homes (especially "investment properties") with shit loans knowing damn well they may not be able to pay for them.
• The mortgage companies were happy to write shit loans because they knew the loans would be packaged, rated AAA and sold to "someone".
• The financial media was somehow clueless about what was happening and didn't call "shenanigans" loudly enough, or much at all.
• The big banks, flush with cash and paralyzed by conflicts of interest, kept their mouths shut.

I know how important it is nowadays to take those facts, bundle them up into a nice little ball, and blame "that party, over there", but the fact is that this was a group effort and blame can be applied pretty much across the political spectrum.

Since we love to assign complete blame or credit to whomever is in the White House at the time, start with the Bush administration. And it may well be that they deserve more blame than the Democrats. But if you stop there, you're being intellectually dishonest in the extreme.
.

 

[owebo]

The Democrats did not rule the House or the Senate, the Republicans did, and the Republicans were the Majority and could have brought up the legislation that the Republican Senator Hagel proposed to reign in Fannie and Freddie, but Freddie Mac spent a couple of million dollars Lobbying REPUBLICAN SENATORS to kill the Hagel bill, and when the Majority Republican leader of the Senate realized all of these Republican Senators changed their minds on the Hagel legislation after being lobbied/bought by Freddie Mac, they never brought Hagel's bill to the Floor of the Senate for a vote.

YOUR PARTY is at FAULT.

What planet are you living on? When Bush was POTUS he asked the DEMOCRAT Controlled House and Senate 5 times to take steps to stop it. they refused. This is easily proven fact. You are dead wrong as usual, idiot.

FACTS!!!

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

And in 2008, Democrats passed GS

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....

95,000,000 million want to be workers disagree with you, you liberal fucktard......

You're beyond rightarded to think there are 95 million "want to be workers" in the U.S.. See why everyone just points and laugh at you imbeciles?

Thank you for confirming what we all already know....you liberals are fuckimg idiots....

Don't tell us....you're a taker too....

95,000,000 million want to be workers disagree with you, you liberal fucktard......

Damn, are you fucking stupid.....Go find your source for this, and let the bludgeoning commence....

Um....the BLS....you stupid liberal.....

 

[PredFan]

• Greenspan ("the Maestro") kept interest rates too low for too long.
• Greenspan ("the Maestro") refused to leverage his authority to more closely regulate banks and exotic securities.
• Those exotic securities were so fucking complicated & opaque that only those who created them understood them, but no one cared.
  
• The ratings agencies got away with giving shit securities AAA ratings because they didn't want to lose the business to their competitors.
• Consumers purchased homes (especially "investment properties") with shit loans knowing damn well they may not be able to pay for them.
• The mortgage companies were happy to write shit loans because they knew the loans would be packaged, rated AAA and sold to "someone".
• The financial media was somehow clueless about what was happening and didn't call "shenanigans" loudly enough, or much at all.
• The big banks, flush with cash and paralyzed by conflicts of interest, kept their mouths shut.

I know how important it is nowadays to take those facts, bundle them up into a nice little ball, and blame "that party, over there", but the fact is that this was a group effort and blame can be applied pretty much across the political spectrum.

Since we love to assign complete blame or credit to whomever is in the White House at the time, start with the Bush administration. And it may well be that they deserve more blame than the Democrats. But if you stop there, you're being intellectually dishonest in the extreme.
.

Bush DID ask the Democrat controlled Congress to act on this but they refused. As I said way earlier in this thread, I can't say that the Democrats cause the crisis, but they did refuse to act on it.

 

[Faun]

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 mean while Republicans controlled the House and the Senate, right?

Jesus Christ, you people were never too bright to begin with but your intelligence level has taken an epic nosedive. Read a book or something, if you can still read.

By your refusal to answer the question, I'll conclude you meant, yes, during Republican-led Congresses.

Hey retard, ever heard of Nancy Pelosi? Speaker of the House? Harry Reid? Leader of the Senate? What year did they take over eh genius? Who was POTUS when they took over, any idea, moron?

Just how fucking stupid ARE you?

Smarter than you, that's for sure. Had you read the link healthmyths posted which you agreed with, you would have read where it claimed Bush was warning Congress since 2003. Republicans controlled both chambers of Congress in 2003, 2004. 2005, and 2006. You seem to think there was no problem with the housing markets during those key years.

Democrats took over in 2007, after the damage was done and after some states were already recording a record number of foreclosures. By then, Republican-led Congress had already fucked America. Then in 2008, the Democrat-led Congress did what the Republican-led Congress failed to do during the 4 years they were in charge -- they delivered a GSE reform bill to the president's desk.

 

[Care4all]

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.

The Democrats did not rule the House or the Senate, the Republicans did, and the Republicans were the Majority and could have brought up the legislation that the Republican Senator Hagel proposed to reign in Fannie and Freddie, but Freddie Mac spent a couple of million dollars Lobbying REPUBLICAN SENATORS to kill the Hagel bill, and when the Majority Republican leader of the Senate realized all of these Republican Senators changed their minds on the Hagel legislation after being lobbied/bought by Freddie Mac, they never brought Hagel's bill to the Floor of the Senate for a vote.

YOUR PARTY is at FAULT.

What planet are you living on? When Bush was POTUS he asked the DEMOCRAT Controlled House and Senate 5 times to take steps to stop it. they refused. This is easily proven fact. You are dead wrong as usual, idiot.

FACTS!!!

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

FACT= it doesn't matter what Barney Franks felt or had to say about his thoughts on Fannie and Freddie....Barney Franks was a MINORITY MEMBER of the house and finance committee.... he HAD NO POWER to do anything, his Party was NOT in charge, the Republicans were in charge and had the votes to move ANY AND ALL legislation on Fannie and Freddie forward, out of committee, without a single Democratic Party member's vote.

and the Republicans did move Senator Hagel's bill forward to the Senate for a vote on the Senate floor, to reign Fannie and Freddie Mac in....

But as stated, Freddie Mac, LOBBIED THE REPUBLICAN SENATORS supporting the Senator Hagel bill initially, and got them to change their initial position on the Hagel bill, and to pledge to vote AGAINST the Hagel reforms on Fannie and Freddie... So then the Republican Senate Majority Leader, DROPPED the Hagel Bill and refused to bring it to the Senate floor for a vote, because he did not have enough Republicans to get it passed.

so please, cry me a river on this obfuscation and video on Barney Frank, Barney Frank had NO POWER to do a damn thing, Repubs were in the Majority.

and cry me a river on Bush calling for reform, WHILE he was calling for the banks to get "creative" to get 5 MILLION more poor people in to homes, with Bush's Home Program for the Poor Goal...

And cry me a river on Bush wanting reform, while the Republicans in the majority CHOSE not to legislate Fannie and Freddie due to being bought off by their lobbyists.

And cry me a river Bush wanted more regulations on Fannie and Freddie while he had his Regulators turn a BLIND EYE to the banks.

 

[Faun]

• Greenspan ("the Maestro") kept interest rates too low for too long.
• Greenspan ("the Maestro") refused to leverage his authority to more closely regulate banks and exotic securities.
• Those exotic securities were so fucking complicated & opaque that only those who created them understood them, but no one cared.
  
• The ratings agencies got away with giving shit securities AAA ratings because they didn't want to lose the business to their competitors.
• Consumers purchased homes (especially "investment properties") with shit loans knowing damn well they may not be able to pay for them.
• The mortgage companies were happy to write shit loans because they knew the loans would be packaged, rated AAA and sold to "someone".
• The financial media was somehow clueless about what was happening and didn't call "shenanigans" loudly enough, or much at all.
• The big banks, flush with cash and paralyzed by conflicts of interest, kept their mouths shut.

I know how important it is nowadays to take those facts, bundle them up into a nice little ball, and blame "that party, over there", but the fact is that this was a group effort and blame can be applied pretty much across the political spectrum.

Since we love to assign complete blame or credit to whomever is in the White House at the time, start with the Bush administration. And it may well be that they deserve more blame than the Democrats. But if you stop there, you're being intellectually dishonest in the extreme.
.

Bush DID ask the Democrat controlled Congress to act on this but they refused. As I said way earlier in this thread, I can't say that the Democrats cause the crisis, but they did refuse to act on it.

Dumbfuck.... Democrats got a GSE reform bill for Bush to sign.

President Bush signs into law “Housing and Economy Recovery Act of 2008”

It was the Republican party, who controlled the House since 1995 and the Senate since 1995 except for 2002 and half of 2001, who wouldn't pass a GSE reform bill.

 

[owebo]

• Greenspan ("the Maestro") kept interest rates too low for too long.
• Greenspan ("the Maestro") refused to leverage his authority to more closely regulate banks and exotic securities.
• Those exotic securities were so fucking complicated & opaque that only those who created them understood them, but no one cared.
  
• The ratings agencies got away with giving shit securities AAA ratings because they didn't want to lose the business to their competitors.
• Consumers purchased homes (especially "investment properties") with shit loans knowing damn well they may not be able to pay for them.
• The mortgage companies were happy to write shit loans because they knew the loans would be packaged, rated AAA and sold to "someone".
• The financial media was somehow clueless about what was happening and didn't call "shenanigans" loudly enough, or much at all.
• The big banks, flush with cash and paralyzed by conflicts of interest, kept their mouths shut.

I know how important it is nowadays to take those facts, bundle them up into a nice little ball, and blame "that party, over there", but the fact is that this was a group effort and blame can be applied pretty much across the political spectrum.

Since we love to assign complete blame or credit to whomever is in the White House at the time, start with the Bush administration. And it may well be that they deserve more blame than the Democrats. But if you stop there, you're being intellectually dishonest in the extreme.
.

Bush DID ask the Democrat controlled Congress to act on this but they refused. As I said way earlier in this thread, I can't say that the Democrats cause the crisis, but they did refuse to act on it.

Dumbfuck.... Democrats got a GSE reform bill for Bush to sign.

President Bush signs into law “Housing and Economy Recovery Act of 2008”

It was the Republican party, who controlled the House since 1995 and the Senate since 1995 except for 2002 and half of 2001, who wouldn't pass a GSE reform bill.

Remember redlining and democrat bank terrorism....good times.....right?

 

[AntonToo]

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

No dumbass, there are actual facts in the world that words describe.

According to those facts we haven't had two consecutive quarters of negative GDP growth since the middle of 2009, which is the same thing as saying we haven't been in recession since middle of 2009.

You don't have to like facts, you don't have to like definitions of words but that IS what they are and when you deny that you look like a fucking moron.

 

[Faun]

• Greenspan ("the Maestro") kept interest rates too low for too long.
• Greenspan ("the Maestro") refused to leverage his authority to more closely regulate banks and exotic securities.
• Those exotic securities were so fucking complicated & opaque that only those who created them understood them, but no one cared.
  
• The ratings agencies got away with giving shit securities AAA ratings because they didn't want to lose the business to their competitors.
• Consumers purchased homes (especially "investment properties") with shit loans knowing damn well they may not be able to pay for them.
• The mortgage companies were happy to write shit loans because they knew the loans would be packaged, rated AAA and sold to "someone".
• The financial media was somehow clueless about what was happening and didn't call "shenanigans" loudly enough, or much at all.
• The big banks, flush with cash and paralyzed by conflicts of interest, kept their mouths shut.

I know how important it is nowadays to take those facts, bundle them up into a nice little ball, and blame "that party, over there", but the fact is that this was a group effort and blame can be applied pretty much across the political spectrum.

Since we love to assign complete blame or credit to whomever is in the White House at the time, start with the Bush administration. And it may well be that they deserve more blame than the Democrats. But if you stop there, you're being intellectually dishonest in the extreme.
.

Until 2007-2008, Democrats were against GSE reform. But until then, they weren't in charge of Congress. They had no control over which bills would be voted on. Republicans did. Plus we had Bush talking out of both sides of his mouth. At the very same time he's warning Congress for GSE reform, he's pushing the GSE to take on millions of more loans for underqualified minorities and lowering or waiving the downpayments for those who couldn't afford it.

So you can blame Democrats for being too stupid for not recognizing the tidal wave that was coming -- but Republicans were in charge and wouldn't pass GSE reform. That's why they get, and deserve, the lion's share of the blame. That's why this thread is a joke.

 

[Flash]

The economy was doing OK until that filthy ass 2006 elected Democrat Congress took over with Barney Queerboy, Hussein Obama, Nancy Peloski and Dirty Harry.

Then it became worse when Hussein became President and hasn't recovered much since then.

The lesson that Americans should have learned is never ever in a million years elect Democrats to power.

 

[Faun]

What planet are you living on? When Bush was POTUS he asked the DEMOCRAT Controlled House and Senate 5 times to take steps to stop it. they refused. This is easily proven fact. You are dead wrong as usual, idiot.

FACTS!!!

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

And in 2008, Democrats passed GS

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

95,000,000 million want to be workers disagree with you, you liberal fucktard......

You're beyond rightarded to think there are 95 million "want to be workers" in the U.S.. See why everyone just points and laugh at you imbeciles?

Thank you for confirming what we all already know....you liberals are fuckimg idiots....

Don't tell us....you're a taker too....

95,000,000 million want to be workers disagree with you, you liberal fucktard......

Damn, are you fucking stupid.....Go find your source for this, and let the bludgeoning commence....

Um....the BLS....you stupid liberal.....

Thanks for confirming what everyone already knew -- You're a moron.

The BLS has no statistics showing 95 million "want to be workers."

 

[AntonToo]

• Greenspan ("the Maestro") kept interest rates too low for too long.
• Greenspan ("the Maestro") refused to leverage his authority to more closely regulate banks and exotic securities.
• Those exotic securities were so fucking complicated & opaque that only those who created them understood them, but no one cared.
  
• The ratings agencies got away with giving shit securities AAA ratings because they didn't want to lose the business to their competitors.
• Consumers purchased homes (especially "investment properties") with shit loans knowing damn well they may not be able to pay for them.
• The mortgage companies were happy to write shit loans because they knew the loans would be packaged, rated AAA and sold to "someone".
• The financial media was somehow clueless about what was happening and didn't call "shenanigans" loudly enough, or much at all.
• The big banks, flush with cash and paralyzed by conflicts of interest, kept their mouths shut.

I know how important it is nowadays to take those facts, bundle them up into a nice little ball, and blame "that party, over there", but the fact is that this was a group effort and blame can be applied pretty much across the political spectrum.

Since we love to assign complete blame or credit to whomever is in the White House at the time, start with the Bush administration. And it may well be that they deserve more blame than the Democrats. But if you stop there, you're being intellectually dishonest in the extreme.
.

Until 2007-2008, Democrats were against GSE reform. But until then, they weren't in charge of Congress. They had no control over which bills would be voted on. Republicans did. Plus we had Bush talking out of both sides of his mouth. At the very same time he's warning Congress for GSE reform, he's pushing the GSE to take on millions of more loans for underqualified minorities and lowering or waiving the downpayments for those who couldn't afford it.

So you can blame Democrats for being too stupid for not recognizing the tidal wave that was coming -- but Republicans were in charge and wouldn't pass GSE reform. That's why they get, and deserve, the lion's share of the blame. That's why this thread is a joke.

How would those proposed GSE reforms prevent recession? Have those reforms been implemented since or even MENTIONED by Republicans?...I mean if it was such a hot idea that would prevent the next collapse wouldn't that be on top of everyone's agenda today?

 

[AntonToo]

Thanks for confirming what everyone already knew -- You're a moron.

The BLS has no statistics showing 95 million "want to be workers."

Nuh man, they really want a job...they just don't want to look for one.

 

[Faun]

The economy was doing OK until that filthy ass 2006 elected Democrat Congress took over with Barney Queerboy, Hussein Obama, Nancy Peloski and Dirty Harry.

Then it became worse when Hussein became President and hasn't recovered much since then.

The lesson that Americans should have learned is never ever in a million years elect Democrats to power.

Thanks, but it really wasn't necessary for you to demonstrate for the forum again just how retarded you really are. One has to be retarded to think the housing markets were "doing ok" in 2006.

In reality, state after state after state was recording at, or near, record numbers of foreclosures...

The Foreclosure Report: November 2006