FACTS on Dubya's great recession

[EdwardBaiamonte]

, like today!

no idea what point you're trying to make. Lib govt interference with free market was massive huge tremendous and all designed to subvert the free market to get people into homes the free market said they could not afford.


Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. .

was Barney talking to Republicans or Girl Scouts?

 

[Dad2three]

, like today!

no idea what point you're trying to make. Lib govt interference with free market was massive huge tremendous and all designed to subvert the free market to get people into homes the free market said they could not afford.


Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. .

was Barney talking to Republicans or Girl Scouts?

Barney, minority member of the GOP majority House 1995-Jan 2007? PLEASE tell me the super power he had?


YOU SERIOUSLY think the Banksters created a bubble to give poor people houses? lol

In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."

SO IT TOOK 70 YEARS FOR 'LIB' INTERFERENCE TO CRASH THE GSE';s huh? lol

Private lenders not subject to congressional regulations collapsed lending standards.

....A 2008 analysis found that the nonbank underwriters made more than 12 million subprime mortgages with a value of nearly $2 trillion. The lenders who made these were exempt from federal regulations


Examining the big lie: How the facts of the economic crisis stack up | The Big Picture


lol

 

[EdwardBaiamonte]

Barney, minority member of the GOP majority House 1995-Jan 2007? PLEASE tell me the super power he had?

actually he had the power to write Dodd/Frank and he and all the Democrats were arguiig to roll the dice more toward housing socialism while Republicans opposed free market interference.

 

[Dad2three]

Barney, minority member of the GOP majority House 1995-Jan 2007? PLEASE tell me the super power he had?

actually he had the power to write Dodd/Frank and he and all the Democrats were arguiig to roll the dice more toward housing socialism while Republicans opposed free market interference.

Sure, in 2007 ONCE he got power in the House you mean? lol

Repugs opposed 'free market' interference? What was all that stuff I linked about Dubya AND the GOP supporting 100% his ADDI (Dream Down payment) and Gov't backing loans that were 100% no money down? lol

Least we not forget

It was a REPUBLICAN President George Bush who proposed, just after 9/11, a scheme to place low-income families into homes they were not qualified for and could not make payments on, insuring that one economic catastrophe would create an even worst one.


From the 2000 GOP Platform:

“Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

ADDI aims to increase the homeownership rate, especially among lower income and minority households, and to revitalize and stabilize communities. ADDI will help first-time homebuyers with the biggest hurdle to homeownership: downpayment and closing costs. The program was created to assist low-income first-time homebuyers in purchasing single-family homes by providing funds for downpayment, closing costs, and rehabilitation carried out in conjunction with the assisted home purchase.

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)

Because of the passing of ADDI, Fannie May and Freddie Mac, which were at the core of the housing meltdown, were forced to take on more and more risk.


From the 2004 GOP Platform:

“The African Growth and Opportunity Act (AGOA) is bringing hundreds of thousands of jobs and investment opportunity to sub-Saharan Africa. Under President Bush’s leadership, Congress has extended AGOA beyond 2008 – an achievement that will help give businesses the confidence to make long-term investments in Africa … We also applaud the efforts of the Bush Administration to strengthen and broaden capital markets on the continent. With the ability to borrow money to buy homes and to start businesses, more Africans will have the tools to achieve their dreams. “

President Bush was not only focused on increasing home ownership in America, but in other countries as well.

“The role of government is not to control or dominate the lives of our citizens. The role of government is to help our citizens gain the time and the tools to make their own choices and improve their own lives. That’s why I will continue to work to usher in a new era of ownership and opportunity in America.” — President George W. Bush

“Ownership gives citizens a vital stake in their communities and their country. By expanding ownership, we will help turn economic growth into lasting prosperity. As Republicans, we trust people to make decisions about how to spend, save, and invest their own money. We want individuals to own and control their income. We want people to have a tangible asset that they can build and rely on, making their own choices and directing their own future. Ownership should not be the preserve of the wealthy or the privileged. As Republicans who believe in the power of ownership to create better lives, we want more people to own a home.”

The Bush administration had warnings that something was amiss in the housing market, but this was Bush’s baby, and his pride in the “dream” of home ownership for low-income families (and getting them off the public housing assistance roles) apparently overcame any better judgment, and they doubled down.


lol

 

[EdwardBaiamonte]

Repugs opposed 'free market' interference? What was all that stuff I linked about Dubya l

dear, for 100th time Bush was not conservative. Do you get it?? conservatiism is about freedom while liberalism is about interference?? Can you ask someone to verify that for you?

 

[Dad2three]

Repugs opposed 'free market' interference? What was all that stuff I linked about Dubya l

dear, for 100th time Bush was not conservative. Do you get it?? conservatiism is about freedom while liberalism is about interference?? Can you ask someone to verify that for you?

Listen my bitch, yes, you are now my bitch, concerning how badly I've embarrassed you!

Post 223:

EdwardBaiamonte-

'Democrats were arguiig to roll the dice more toward housing socialism while Republicans opposed free market interference.'

It was a REPUBLICAN President George Bush who proposed, just after 9/11, a scheme to place low-income families into homes they were not qualified for and could not make payments on, insuring that one economic catastrophe would create an even worst one.


From the 2000 GOP Platform:

“Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)

President: George W. Bush (R)
US House: Rep. Dennis Hastert (R)
US Senate: Sen. Bill Frist (R)


July 22, 2004

BUSH ADMINISTRATION ANNOUNCES $22.6 MILLION TO STIMULATE ECONOMIC DEVELOPMENT AND HOUSING IN NEVADA

Clark County, Lyon County, Henderson, Reno and Sparks on grant list

SAN FRANCISCO - Five Nevada communities will receive more than $22.6 million in federal funding to stimulate its
local economy, produce affordable housing




George Bush called this the ownership society, but what he really meant was 'you're-on-your-own' society. - Barack Obama, 2008

 

[Dad2three]

lol
Dubyas great recession


So we call it the Obambam great recession?

The jobs lost in the recession were lost BECAUSE of Republican Policies, lies and fallacies- Can we say Trickle Down (Voodoo!) Economics? Hell, even Dubya's Dad knew that stuff was, uh, Bunk!

Now they want you to believe them when they claim they know what's best for the rest of us?


The Economists' statement opposing the Bush tax cuts was a statement signed by roughly 450 economists, including ten of the twenty-four American Nobel Prize laureates alive at the time, in February 2003 who urged the U.S. President George W. Bush not to enact the 2003 tax cuts; seeking and sought to gather public support for the position. The statement was printed as a full-page ad in The New York Times and released to the public through the Economic Policy Institute. According to the statement, the 450 plus economists who signed the statement believe that the 2003 Bush tax cuts will increase inequality and the budget deficit, decreasing the ability of the U.S. government to fund essential services, while failing to produce economic growth.

In rebuttal, 250 plus economists who supported the tax plan wrote that the new plan would "create more employment, economic growth, and opportunities for all Americans."


WHICH SIDE ENDED UP BEING CORRECT? LOL

Economists' statement opposing the Bush tax cuts - Wikipedia, the free encyclopedia

 

[EdwardBaiamonte]

The jobs lost in the recession were lost BECAUSE of Republican Policies,

the basic Republican policy is freedom and capitalism. How could that cause a recession?

 

[EdwardBaiamonte]

It was a REPUBLICAN President George Bush who proposed, just after 9/11, a scheme to place low-income families into homes they were not qualified for

yes Bush and Democrats like Barney Frank were all for liberal interference. Conservatives are opposed to such interference. Do you understand now? Can you have your mother explain it to you?

 

[Dad2three]

The jobs lost in the recession were lost BECAUSE of Republican Policies,

the basic Republican policy is freedom and capitalism. How could that cause a recession?

Sure it is, lol

 

[boedicca]

Dad2Three is a blithering idiot.

 

[EdwardBaiamonte]

The jobs lost in the recession were lost BECAUSE of Republican Policies,

the basic Republican policy is freedom and capitalism. How could that cause a recession?

Sure it is, lol

so then what is it and what is the basic liberal policy. Are you afraid to try?

 

[rdean]

Republicans treated Bush like a pariah at their last convention. That kind of says it all.

 

[Dad2three]

It was a REPUBLICAN President George Bush who proposed, just after 9/11, a scheme to place low-income families into homes they were not qualified for

yes Bush and Democrats like Barney Frank were all for liberal interference. Conservatives are opposed to such interference. Do you understand now? Can you have your mother explain it to you?

SURE:

4. Conservatives sang a different tune before the crash: Conservative think tanks spent the 2000s saying the exact opposite of what they are saying now



My personal favorite is Cato’s “Should CRA Stand for ‘Community Redundancy Act?’” from 2000 (here’s a write-up by James Kwak), which argues a position amplified in its 2003 Handbook for Congress financial deregulation chapter: “by increasing the costs to banks of doing business in distressed communities, the CRA makes banks likely to deny credit to marginal borrowers that would qualify for credit if costs were not so high.” Replace “marginal” with Bloomberg’s “on the cusp” and you get the same idea.



Bill Black went through what AEI said about the GSEs during the 2000s and it is the same thing — that they were blocking subprime loans from being made. In the words of Peter Wallison (AEI CON) in 2004: “In recent years, study after study has shown that Fannie Mae and Freddie Mac are failing to do even as much as banks and S&Ls in providing financing for affordable housing, including minority and low income housing.”

Hey Mayor Bloomberg! No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data) | The Big Picture


Wallison Reinvents History


Wallison's Ode to Low Interest Rates

Testimony before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs - Economics - AEI

Testimony before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs
By Peter J. Wallison | Senate Committee on Banking, Housing, and Urban Affairs (July 19, 2000)

If capital costs are low, more capital will be available for companies that need it, capital will be allocated more efficiently, we will have faster and broader-based economic growth, and the welfare of all Americans will be enhanced.

(Parenthetically, Wallison's July 19, 2000 Senate testimony disputed the claim that there was a high tech bubble - even as the bubble was collapsing.)

Wallison's Ode to Subprime Lending

Wallison and his AEI colleague Charles Calomiris co-chaired AEI's project on financial market deregulation . They were also members of the Shadow Financial Regulatory Committee (a self-selected group of deregulatory scholars and practitioners associated with AEI).

Statement of the Shadow Financial Regulatory Committee on Predatory Lending

December 3, 2001. Statement No. 173

The Federal Reserve is in the process of drafting detailed regulations dealing with alleged problems of so-called "predatory lending" in the subprime mortgage market, and the Congress is considering actions to curb various alleged abuses in this type of lending.

Because much of what is classified as predatory lending involves loans to low-income, minority, and higher-risk borrowers, a central principle that should guide legislation and regulation in this area is the desirability of preserving access to subprime mortgage credit for such borrowers, who are most at risk of losing access to this market in the wake of misguided and punitive regulations. The democratization of consumer finance that has occurred over the past decade has created new opportunities for low-income consumers. This is now threatened by chilling effects that inappropriate regulations and laws might have on the supply of subprime credit to these consumers.


Wallison Criticized Fannie & Freddie for Making too Few Loans to the Less Wealthy

Wallison's critique of Fannie and Freddie emphasized their failure to make more subprime loans and loans to minorities.

H.R. 3703 and its Effects on Government Sponsored Enterprises - Economics - AEI

MUCH, MUCH MORE HERE

Wallison Reinvents History

 

[Dad2three]

the basic Republican policy is freedom and capitalism. How could that cause a recession?

Sure it is, lol

so then what is it and what is the basic liberal policy. Are you afraid to try?

Conservative policy- Bend over for the 'job creators' policies.


Liberal policy - Gov't policy matters

"The only orthodox object of the institution of government is to secure the greatest degree of happiness possible to the general mass of those associated under it."

Thomas Jefferson

 

[EdwardBaiamonte]

It was a REPUBLICAN President George Bush who proposed, just after 9/11, a scheme to place low-income families into homes they were not qualified for

yes Bush and Democrats like Barney Frank were all for liberal interference. Conservatives are opposed to such interference. Do you understand now? Can you have your mother explain it to you?

SURE:

4. Conservatives sang a different tune before the crash: Conservative think tanks spent the 2000s saying the exact opposite of what they are saying now



My personal favorite is Cato’s “Should CRA Stand for ‘Community Redundancy Act?’” from 2000 (here’s a write-up by James Kwak), which argues a position amplified in its 2003 Handbook for Congress financial deregulation chapter: “by increasing the costs to banks of doing business in distressed communities, the CRA makes banks likely to deny credit to marginal borrowers that would qualify for credit if costs were not so high.” Replace “marginal” with Bloomberg’s “on the cusp” and you get the same idea.



Bill Black went through what AEI said about the GSEs during the 2000s and it is the same thing — that they were blocking subprime loans from being made. In the words of Peter Wallison (AEI CON) in 2004: “In recent years, study after study has shown that Fannie Mae and Freddie Mac are failing to do even as much as banks and S&Ls in providing financing for affordable housing, including minority and low income housing.”

Hey Mayor Bloomberg! No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data) | The Big Picture


Wallison Reinvents History


Wallison's Ode to Low Interest Rates

Testimony before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs - Economics - AEI

Testimony before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs
By Peter J. Wallison | Senate Committee on Banking, Housing, and Urban Affairs (July 19, 2000)

If capital costs are low, more capital will be available for companies that need it, capital will be allocated more efficiently, we will have faster and broader-based economic growth, and the welfare of all Americans will be enhanced.

(Parenthetically, Wallison's July 19, 2000 Senate testimony disputed the claim that there was a high tech bubble - even as the bubble was collapsing.)

Wallison's Ode to Subprime Lending

Wallison and his AEI colleague Charles Calomiris co-chaired AEI's project on financial market deregulation . They were also members of the Shadow Financial Regulatory Committee (a self-selected group of deregulatory scholars and practitioners associated with AEI).

Statement of the Shadow Financial Regulatory Committee on Predatory Lending

December 3, 2001. Statement No. 173

The Federal Reserve is in the process of drafting detailed regulations dealing with alleged problems of so-called "predatory lending" in the subprime mortgage market, and the Congress is considering actions to curb various alleged abuses in this type of lending.

Because much of what is classified as predatory lending involves loans to low-income, minority, and higher-risk borrowers, a central principle that should guide legislation and regulation in this area is the desirability of preserving access to subprime mortgage credit for such borrowers, who are most at risk of losing access to this market in the wake of misguided and punitive regulations. The democratization of consumer finance that has occurred over the past decade has created new opportunities for low-income consumers. This is now threatened by chilling effects that inappropriate regulations and laws might have on the supply of subprime credit to these consumers.


Wallison Criticized Fannie & Freddie for Making too Few Loans to the Less Wealthy

Wallison's critique of Fannie and Freddie emphasized their failure to make more subprime loans and loans to minorities.

H.R. 3703 and its Effects on Government Sponsored Enterprises - Economics - AEI

MUCH, MUCH MORE HERE

Wallison Reinvents History

do you know what point you are trying to make? IF so tell us

 

[Dad2three]

Dad2Three is a blithering idiot.

Got, YOU hate facts and fact based data and prefer to live in the right wing bubble where Barney Frank, minority member of the GOP majority House 1995- Jan 2007, had super duper powers to make the GOP and Dubya do his bidding!

 

[Dad2three]

yes Bush and Democrats like Barney Frank were all for liberal interference. Conservatives are opposed to such interference. Do you understand now? Can you have your mother explain it to you?

SURE:

4. Conservatives sang a different tune before the crash: Conservative think tanks spent the 2000s saying the exact opposite of what they are saying now



My personal favorite is Cato’s “Should CRA Stand for ‘Community Redundancy Act?’” from 2000 (here’s a write-up by James Kwak), which argues a position amplified in its 2003 Handbook for Congress financial deregulation chapter: “by increasing the costs to banks of doing business in distressed communities, the CRA makes banks likely to deny credit to marginal borrowers that would qualify for credit if costs were not so high.” Replace “marginal” with Bloomberg’s “on the cusp” and you get the same idea.



Bill Black went through what AEI said about the GSEs during the 2000s and it is the same thing — that they were blocking subprime loans from being made. In the words of Peter Wallison (AEI CON) in 2004: “In recent years, study after study has shown that Fannie Mae and Freddie Mac are failing to do even as much as banks and S&Ls in providing financing for affordable housing, including minority and low income housing.”

Hey Mayor Bloomberg! No, the GSEs Did Not Cause the Financial Meltdown (but thats just according to the data) | The Big Picture


Wallison Reinvents History


Wallison's Ode to Low Interest Rates

Testimony before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs - Economics - AEI

Testimony before the Subcommittee on Securities of the Senate Committee on Banking, Housing and Urban Affairs
By Peter J. Wallison | Senate Committee on Banking, Housing, and Urban Affairs (July 19, 2000)

If capital costs are low, more capital will be available for companies that need it, capital will be allocated more efficiently, we will have faster and broader-based economic growth, and the welfare of all Americans will be enhanced.

(Parenthetically, Wallison's July 19, 2000 Senate testimony disputed the claim that there was a high tech bubble - even as the bubble was collapsing.)

Wallison's Ode to Subprime Lending

Wallison and his AEI colleague Charles Calomiris co-chaired AEI's project on financial market deregulation . They were also members of the Shadow Financial Regulatory Committee (a self-selected group of deregulatory scholars and practitioners associated with AEI).

Statement of the Shadow Financial Regulatory Committee on Predatory Lending

December 3, 2001. Statement No. 173

The Federal Reserve is in the process of drafting detailed regulations dealing with alleged problems of so-called "predatory lending" in the subprime mortgage market, and the Congress is considering actions to curb various alleged abuses in this type of lending.

Because much of what is classified as predatory lending involves loans to low-income, minority, and higher-risk borrowers, a central principle that should guide legislation and regulation in this area is the desirability of preserving access to subprime mortgage credit for such borrowers, who are most at risk of losing access to this market in the wake of misguided and punitive regulations. The democratization of consumer finance that has occurred over the past decade has created new opportunities for low-income consumers. This is now threatened by chilling effects that inappropriate regulations and laws might have on the supply of subprime credit to these consumers.


Wallison Criticized Fannie & Freddie for Making too Few Loans to the Less Wealthy

Wallison's critique of Fannie and Freddie emphasized their failure to make more subprime loans and loans to minorities.

H.R. 3703 and its Effects on Government Sponsored Enterprises - Economics - AEI

MUCH, MUCH MORE HERE

Wallison Reinvents History

do you know what point you are trying to make? IF so tell us

Conservatives were ALL for Gov't getting into Dubya's subprime bubble!

 

[EdwardBaiamonte]

Dad2Three is a blithering idiot.

Got, YOU hate facts and fact based data and prefer to live in the right wing bubble where Barney Frank, minority member of the GOP majority House 1995- Jan 2007, had super duper powers to make the GOP and Dubya do his bidding!

dear, the point is the Republicans in general are opposed to govt interference will liberals favor it. Do you understand now?

 

[Dad2three]

It was a REPUBLICAN President George Bush who proposed, just after 9/11, a scheme to place low-income families into homes they were not qualified for

yes Bush and Democrats like Barney Frank were all for liberal interference. Conservatives are opposed to such interference. Do you understand now? Can you have your mother explain it to you?

In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."