Feb jobs report

[Faun]

Oct 6, 2008 · That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they

If you are talking about HR 1461 or S 190 (I noticed you didn't cite the bill number and neither did your source) both bills were blocked by in committee the GOP who controlled ALL committees, so you are just covering your first lie with another lie, so typical of the lying scum Right.

In 2005 Oxley tried again and this time got a reform bill through the House. Democrats unanimously supported HR 1461 in the Financial Services Committee. A majority of Democrats supported it on the floor, though Congressman Frank and others voted against it because of unrelated restrictions it placed on the Affordable Housing Trust Fund. The bill passed the House, but the Bush administration and Senate Republicans opposed the Oxley bill. Senate Democrats offered the House‐passed Oxley bill in that chamber, but Senate Republicans, who held the majority, lacked the votes to pass the bill. They took no action on any bill.

On September 14, 2006, members of the House Financial Services Committee who had supported GSE reform, including Congressman Frank, sent a letter to then‐Senate Banking Committee Chairman
Richard Shelby urging the Senate to work with them to get a pill passed into law. The letter stated:

Accounting violations by the GSEs have brought to light the fact that current GSE regulators lack
many of the supervisory and enforcement powers bank regulators can wield. We must remedy
this situation by consolidating GSE regulation and providing the tools needed to oversee these
large, complex financial institutions. Both H.R. 1461 and S. 190 create a strong independent
agency to ensure the GSEs operate in a safe and sound manner and comply with their statutory
missions.
However, as Oxley told the Financial Times in September 2008, the White House gave House
Republicans “the one‐finger salute.”

Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005 | The American Presidency Project
H.R. 1461 fails to include key elements that are essential to protect the safety and soundness of the housing finance system and the broader financial system at large. As a result, the Administration opposes the bill.

There was also S. 1508, H.R.2575 and S. 1656.

Democrats didn't block a single one of those bills ... they didn't have to -- Republican leadership in the Senate blocked every one of them.

 

[Meathead]

Oct 6, 2008 · That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they

If you are talking about HR 1461 or S 190 (I noticed you didn't cite the bill number and neither did your source) both bills were blocked by in committee the GOP who controlled ALL committees, so you are just covering your first lie with another lie, so typical of the lying scum Right.

In 2005 Oxley tried again and this time got a reform bill through the House. Democrats unanimously supported HR 1461 in the Financial Services Committee. A majority of Democrats supported it on the floor, though Congressman Frank and others voted against it because of unrelated restrictions it placed on the Affordable Housing Trust Fund. The bill passed the House, but the Bush administration and Senate Republicans opposed the Oxley bill. Senate Democrats offered the House‐passed Oxley bill in that chamber, but Senate Republicans, who held the majority, lacked the votes to pass the bill. They took no action on any bill.

On September 14, 2006, members of the House Financial Services Committee who had supported GSE reform, including Congressman Frank, sent a letter to then‐Senate Banking Committee Chairman
Richard Shelby urging the Senate to work with them to get a pill passed into law. The letter stated:

Accounting violations by the GSEs have brought to light the fact that current GSE regulators lack
many of the supervisory and enforcement powers bank regulators can wield. We must remedy
this situation by consolidating GSE regulation and providing the tools needed to oversee these
large, complex financial institutions. Both H.R. 1461 and S. 190 create a strong independent
agency to ensure the GSEs operate in a safe and sound manner and comply with their statutory
missions.
However, as Oxley told the Financial Times in September 2008, the White House gave House
Republicans “the one‐finger salute.”

Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005 | The American Presidency Project
H.R. 1461 fails to include key elements that are essential to protect the safety and soundness of the housing finance system and the broader financial system at large. As a result, the Administration opposes the bill.

There was also S. 1508, H.R.2575 and S. 1656.

Democrats didn't block a single one of those bills ... they didn't have to -- Republican leadership in the Senate blocked every one of them.

Who cares? The best thing that happened was blocking Garland.

 

[Faun]

FACT: Liberal Public Policy caused the mortgage crisis by mandating eased requirements for lending, even to people who had no chance of ever paying the loan back. If banks and other lending institutions did not comply, their "score" from the SEC was too low to permit certain business transactions such as merges, etc. This is nothing less than a gun held to the head.

FACT: Many lending institutions were sued or otherwise pressured by ACORN, forcing them to make loans to folks who didn't qualify nor had any chance of ever repaying that loan.

FACT: HUD (Housing and Urban Development) under Andrew Cuomo, head of HUD) browbeat banks to make loans to folks who they knew couldn't pay them back.

FACT: Many lending institutions were sued or otherwise pressured by ACORN, forcing them to make loans to folks who didn't qualify nor had any chance of ever repaying that loan. IN FACT, BARACK OBAMA WAS INVOLVED IN AT LEAST ONE OF THESE LAWSUITS

You Tube

FACT: Fannie Mae's sole purpose for being was to offer a Federal Guarantee of loans. So banks and other lending institutions didn't need to worry about thing. If a loan went bad, Fannie Mae was there to pick up the pieces (until there were too many pieces to pick up)

FACT: The Democrats stacked the operations of Fannie Mae with other Democrats who then cooked the books (FM had to pay MILLIONS in fines to the SEC over this) and took HUNDREDS OF MILLIONS OF DOLLARS in bonuses and funneled MILLIONS in campaign contributions to members of Congress. Franklin Raines (part of the Obama Administration) personally took 90 million dollars despite Fannie Mae's fines and fraud.

FACT: Bill Clinton turned a blind eye to all of this during most of the 90's. In fact, he worsened the situation in 1995 by making the CRA even more lopsided and requiring even MORE bad loans. One thing he did was to force lending institutions to accept up to 31% of one's income for a mortgage whereas previously it was only 25%

FACT: The Democrats who run Fannie Mae took hundreds of millions in bonuses while Congressional Dems provided cover, including Charlie Rangel , Chris Dodd , Barack Obama and Joe Biden.

FACT: Democrat Chris Dodd was #1 recipient with Democrat Barack Obama being #2 in campaign contributions from Fannie Mae and Freddy Mac

FACT: The Democrats blocked every attempt by Republicans to investigate Fannie Mae and its business practices. In fact, the Bush Administration made over 30 attempts over his two terms in office only to have the Democrats block every one through parliamentary procedures as the Republicans, while controlling both Houses, NEVER had a super majority so the Dems could block anything they pleased (case in point - judicial nominees)

I like how you post that as though it was a news article when in fact the top is cut off which would have revealed it was nothing more than an ad taken out in news papers in a failed attempt to shift the blame of the economic meltdown from Republicans to Democrats...



Like I always say, if conservatives didn't lie, they'd have absolutely nothing to say.

 

[Faun]

Oct 6, 2008 · That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they

If you are talking about HR 1461 or S 190 (I noticed you didn't cite the bill number and neither did your source) both bills were blocked by in committee the GOP who controlled ALL committees, so you are just covering your first lie with another lie, so typical of the lying scum Right.

In 2005 Oxley tried again and this time got a reform bill through the House. Democrats unanimously supported HR 1461 in the Financial Services Committee. A majority of Democrats supported it on the floor, though Congressman Frank and others voted against it because of unrelated restrictions it placed on the Affordable Housing Trust Fund. The bill passed the House, but the Bush administration and Senate Republicans opposed the Oxley bill. Senate Democrats offered the House‐passed Oxley bill in that chamber, but Senate Republicans, who held the majority, lacked the votes to pass the bill. They took no action on any bill.

On September 14, 2006, members of the House Financial Services Committee who had supported GSE reform, including Congressman Frank, sent a letter to then‐Senate Banking Committee Chairman
Richard Shelby urging the Senate to work with them to get a pill passed into law. The letter stated:

Accounting violations by the GSEs have brought to light the fact that current GSE regulators lack
many of the supervisory and enforcement powers bank regulators can wield. We must remedy
this situation by consolidating GSE regulation and providing the tools needed to oversee these
large, complex financial institutions. Both H.R. 1461 and S. 190 create a strong independent
agency to ensure the GSEs operate in a safe and sound manner and comply with their statutory
missions.
However, as Oxley told the Financial Times in September 2008, the White House gave House
Republicans “the one‐finger salute.”

Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005 | The American Presidency Project
H.R. 1461 fails to include key elements that are essential to protect the safety and soundness of the housing finance system and the broader financial system at large. As a result, the Administration opposes the bill.

There was also S. 1508, H.R.2575 and S. 1656.

Democrats didn't block a single one of those bills ... they didn't have to -- Republican leadership in the Senate blocked every one of them.

Who cares? The best thing that happened was blocking Garland.

Folks post non-sequiturs like that when they've lost the argument. Thanks for the concession.

 

[Faun]

Don't you mean where we have always been, Mr Both Sides Do It?

November 5, 2008
RUSH: I hope all your Joe the Plumbers are unemployed in six months! There.

October 31, 2008
RUSH: Joe the Plumber. Now, Joe the Plumber is an average citizen

February 13, 2009
I Hope the Stimulus Package Fails
RUSH: I hope it prolongs the recession.

Rush said it with sarcasm but you always take stuff and lie about it!....ROTFLMFAO!!!....Braindead and thinks everyone else is!

LIAR!
August 23, 2010
RUSH: I don't say something I don't mean. I live in Literalville.

It was SARCASM you fucking idiot!

No it wasn't, you lying scum POS!

Well dickhead we will just have to let the members of the forum decide for themselves....whether to believe a communist troll like you who doesnt live in America or ME!

I'll believe Limbaugh who said he meant it. Had he not meant it, he wouldn't have defended it after it blew up in his face.

 

[Meathead]

Oct 6, 2008 · That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they

If you are talking about HR 1461 or S 190 (I noticed you didn't cite the bill number and neither did your source) both bills were blocked by in committee the GOP who controlled ALL committees, so you are just covering your first lie with another lie, so typical of the lying scum Right.

In 2005 Oxley tried again and this time got a reform bill through the House. Democrats unanimously supported HR 1461 in the Financial Services Committee. A majority of Democrats supported it on the floor, though Congressman Frank and others voted against it because of unrelated restrictions it placed on the Affordable Housing Trust Fund. The bill passed the House, but the Bush administration and Senate Republicans opposed the Oxley bill. Senate Democrats offered the House‐passed Oxley bill in that chamber, but Senate Republicans, who held the majority, lacked the votes to pass the bill. They took no action on any bill.

On September 14, 2006, members of the House Financial Services Committee who had supported GSE reform, including Congressman Frank, sent a letter to then‐Senate Banking Committee Chairman
Richard Shelby urging the Senate to work with them to get a pill passed into law. The letter stated:

Accounting violations by the GSEs have brought to light the fact that current GSE regulators lack
many of the supervisory and enforcement powers bank regulators can wield. We must remedy
this situation by consolidating GSE regulation and providing the tools needed to oversee these
large, complex financial institutions. Both H.R. 1461 and S. 190 create a strong independent
agency to ensure the GSEs operate in a safe and sound manner and comply with their statutory
missions.
However, as Oxley told the Financial Times in September 2008, the White House gave House
Republicans “the one‐finger salute.”

Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005 | The American Presidency Project
H.R. 1461 fails to include key elements that are essential to protect the safety and soundness of the housing finance system and the broader financial system at large. As a result, the Administration opposes the bill.

There was also S. 1508, H.R.2575 and S. 1656.

Democrats didn't block a single one of those bills ... they didn't have to -- Republican leadership in the Senate blocked every one of them.

Who cares? The best thing that happened was blocking Garland.

Folks post non-sequiturs like that when they've lost the argument. Thanks for the concession.

What arguement?

McConnell was masterful!

 

[Faun]

Just a bit more to add to the Progressives denial about they being responsible for the mortgage/housing/financial meltdown.

Shameful really. In addition, when Barney Frank was on the finance committee making all these rules forcing Fannie and Freddie to make more sub-prime loans, his lover, at the time, was a director on the board of Fannie Mae. The more loans, the more his lover was paid.

Just to remind all our FRIENDS from the far left, the responsibility for this mess lies with Jimmy Carter, Bill Clinton, Barney Frank and Chris Dodd. AND WITH REPUBLICANS for backing off every time Barney Frank and his cronies played…THE RACE CARD! The housing bubble is what led to the downfall and that was driven by Democrats, starting with Jimmy Carter and hugely expanded by Bill Clinton. Here are the facts, once again, for you to ignore….

HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
August 5, 1997
http://www.thefreelibrary.com/HUD+to+Fight+Discrimination,+Boost+Minority+Homeownership+and+Work...-a019650647

New York Times - 1999
Fannie Mae Eases Credit To Aid Mortgage Lending -
Fannie Mae Eases Credit To Aid Mortgage Lending

President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

By Elliot Blair Smith,
USA TODAY
Fannie Mae to pay $400 million fine
Bloomberg - Are you a robot?

Franklin Raines was Director of the Office of Management and Budget under Clinton and returned to Fannie Mae as its CEO in 1999. Raines is not a “chief” economic adviser for President Barack Hussein Obama but has advised the administration on mortgage and housing matters. Obama had hired another former Fannie CEO, Jim Johnson as a member of Obama’s V.P. search committee and who was forced to quit under fire.

Bloomberg News -
How the Democrats Created the Financial Crisis -
Bloomberg - Are you a robot?

Democrats in their own words covering up the Fannie Mae, Freddie Mac


Timeline shows Bush, McCain warning Democrats of Financial Crisis


From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003 WASHINGTON,

Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Read more: New Agency Proposed to Oversee Freddie Mac and Fannie Mae

LOLOL

Your own video says Republican leaders in the Senate refused to put the bill up to a vote on the Senate floor.

Don't you idiots pay attention to your own videos?

 

[Faun]

Oct 6, 2008 · That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they

If you are talking about HR 1461 or S 190 (I noticed you didn't cite the bill number and neither did your source) both bills were blocked by in committee the GOP who controlled ALL committees, so you are just covering your first lie with another lie, so typical of the lying scum Right.

In 2005 Oxley tried again and this time got a reform bill through the House. Democrats unanimously supported HR 1461 in the Financial Services Committee. A majority of Democrats supported it on the floor, though Congressman Frank and others voted against it because of unrelated restrictions it placed on the Affordable Housing Trust Fund. The bill passed the House, but the Bush administration and Senate Republicans opposed the Oxley bill. Senate Democrats offered the House‐passed Oxley bill in that chamber, but Senate Republicans, who held the majority, lacked the votes to pass the bill. They took no action on any bill.

On September 14, 2006, members of the House Financial Services Committee who had supported GSE reform, including Congressman Frank, sent a letter to then‐Senate Banking Committee Chairman
Richard Shelby urging the Senate to work with them to get a pill passed into law. The letter stated:

Accounting violations by the GSEs have brought to light the fact that current GSE regulators lack
many of the supervisory and enforcement powers bank regulators can wield. We must remedy
this situation by consolidating GSE regulation and providing the tools needed to oversee these
large, complex financial institutions. Both H.R. 1461 and S. 190 create a strong independent
agency to ensure the GSEs operate in a safe and sound manner and comply with their statutory
missions.
However, as Oxley told the Financial Times in September 2008, the White House gave House
Republicans “the one‐finger salute.”

Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005 | The American Presidency Project
H.R. 1461 fails to include key elements that are essential to protect the safety and soundness of the housing finance system and the broader financial system at large. As a result, the Administration opposes the bill.

There was also S. 1508, H.R.2575 and S. 1656.

Democrats didn't block a single one of those bills ... they didn't have to -- Republican leadership in the Senate blocked every one of them.

Who cares? The best thing that happened was blocking Garland.

Folks post non-sequiturs like that when they've lost the argument. Thanks for the concession.

What arguement?

McConnell was masterful!

So are you here to discuss the thread topic or are you just here to troll?

 

[ThoughtCrimes]

Then what is to blame for the even lower month in Sept of 2017 when the GOP controlled both sides of congress?

Or May of 2016 when the GOP controlled both sides of congress?


Sent from my iPhone using USMessageBoard.com

I’d have to go back and look at the circumstances .. it it’s no surprise democrats take over and jobs plummeted

Utter horseshit.

When pseudocons were howling over lukewarm jobs reports under Obama on this forum, not a single fucking one of them said, "Well, that's because Republicans are in charge in the Senate."

No one is buying your horseshit, kid.

Because republicans have a history of creating jobs,, democrats destroyed jobs look at Amazon in NYC

Because republicans have a history of creating jobs,, democrats destroyed jobs look at Amazon in NYC

If Republicans have such a great record of creating jobs and a thriving economy, explain how Hoover's 71st Congress of GOP geniuses in the House and Senate let an unemployment rate of 3.3% slip down to 23.6% in their last year in office, the worst recorded inflation rate of the century of -12.9% after their four years and stagnate the the economy by reducing the inflation rate +0.6% to -10.3% over the Hoover 4 year administration. ~~ Compare Today's Unemployment with the Past ~~

Hoover's inept administration ushered in the Great Depression, fool! And remember, Bush 43 (GOP) was at the helm for ~ seven (7) years before the wheels came off last time!

So before you go shooting your bullshit loaded finger tips off lauding the GOP tribe's accomplishments, check your fucking facts for some truth. All factions have their own bloody skeletons that can't rise to the glossed over exaggerations of their puffed up sycophants and piss drinkers like yourself!

How long did the Great Depression of 1920/21 last?

FDR's policies caused the 1929 Great Depression to last seven full years longer than was necesssary.

FDR's policies caused the 1929 Great Depression to last seven full years longer than was necesssary.

Why the fuck don't you Idiots learn to read and understand before you ass wipes launch your stupidity into the face of a cliff? This was the last line in my post to which you responded you fucking genesis, and which applies to your dumb ass also:

All factions have their own bloody skeletons that can't rise to the glossed over exaggerations of their puffed up sycophants and piss drinkers like yourself!

Now ask an adult to explain that sentence to you if they have a few hours of spare time!

 

[edthecynic]

FACT

FACT: When ever the lying scum Right says something is a "FACT" in all caps, it is ALWAYS a lie.

ROTFLMFAO.....COMMUNIST SCUM...AM I LYING NOW?.....LOLOLOLOLOLOLOL!

You are ALWAYS lying and nobody knows it more than YOU!

So you cant refute anything I wrote so we fall back on the old Communist playbook...YOU LIE......Ed the asshole strikes again!

Your LIES have been refuted over and over again, yet you still mindlessly repeat them.

 

[edthecynic]

FACT: Liberal Public Policy caused the mortgage crisis by mandating eased requirements for lending, even to people who had no chance of ever paying the loan back. If banks and other lending institutions did not comply, their "score" from the SEC was too low to permit certain business transactions such as merges, etc. This is nothing less than a gun held to the head.

FACT: Many lending institutions were sued or otherwise pressured by ACORN, forcing them to make loans to folks who didn't qualify nor had any chance of ever repaying that loan.

FACT: HUD (Housing and Urban Development) under Andrew Cuomo, head of HUD) browbeat banks to make loans to folks who they knew couldn't pay them back.

FACT: Many lending institutions were sued or otherwise pressured by ACORN, forcing them to make loans to folks who didn't qualify nor had any chance of ever repaying that loan. IN FACT, BARACK OBAMA WAS INVOLVED IN AT LEAST ONE OF THESE LAWSUITS

You Tube

FACT: Fannie Mae's sole purpose for being was to offer a Federal Guarantee of loans. So banks and other lending institutions didn't need to worry about thing. If a loan went bad, Fannie Mae was there to pick up the pieces (until there were too many pieces to pick up)

FACT: The Democrats stacked the operations of Fannie Mae with other Democrats who then cooked the books (FM had to pay MILLIONS in fines to the SEC over this) and took HUNDREDS OF MILLIONS OF DOLLARS in bonuses and funneled MILLIONS in campaign contributions to members of Congress. Franklin Raines (part of the Obama Administration) personally took 90 million dollars despite Fannie Mae's fines and fraud.

FACT: Bill Clinton turned a blind eye to all of this during most of the 90's. In fact, he worsened the situation in 1995 by making the CRA even more lopsided and requiring even MORE bad loans. One thing he did was to force lending institutions to accept up to 31% of one's income for a mortgage whereas previously it was only 25%

FACT: The Democrats who run Fannie Mae took hundreds of millions in bonuses while Congressional Dems provided cover, including Charlie Rangel , Chris Dodd , Barack Obama and Joe Biden.

FACT: Democrat Chris Dodd was #1 recipient with Democrat Barack Obama being #2 in campaign contributions from Fannie Mae and Freddy Mac

FACT: The Democrats blocked every attempt by Republicans to investigate Fannie Mae and its business practices. In fact, the Bush Administration made over 30 attempts over his two terms in office only to have the Democrats block every one through parliamentary procedures as the Republicans, while controlling both Houses, NEVER had a super majority so the Dems could block anything they pleased (case in point - judicial nominees)

http://query.nytimes.com/gst/fullpag...gewanted=print

Quote:
September 11, 2003
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON

WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
Note the date

Quote:
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON

WASHINGTON, Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
http://www.bucksright.com/bush-propo...n-in-2003-1141

Quote:
A September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.

Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

Both entities were recently taken over by the government, a move that puts trillions of taxpayer dollars at risk.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac — which together have issued more than $1.5 trillion in outstanding debt — is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

But Democrats in Congress, also known as “the caucus perpetually on the wrong side of history,” were having none of this “responsibility” stuff.

”These two entities — Fannie Mae and Freddie Mac — are not facing any kind of financial crisis,” said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial ServicesCommittee. ”The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

Representative Melvin L. Watt, Democrat of North Carolina, agreed.

”I don’t see much other than a shell game going on here, moving something from one agency to another and in the process weakening the bargaining power of poorer families and their ability to get affordable housing,” Mr. Watt said.

The proposal worked its way around Congress for a couple of years. Efforts at reform of the kind proposed by President Bush were shot down by Democrats each time.

In 2005, Republican Mike Oxley, then chairman of the House Financial Services Committee, brought up a reform bill (H.R. 1461), and Fannie and Freddie’s lobbyists set out to weaken it.

[...]

During this period, Sen. Richard Shelby led a small group of legislators favoring reform, including fellow Republican Sens. John Sununu, Chuck Hagel and Elizabeth Dole. Meanwhile, [Democrat in bed with the mortgage industry Chris] Dodd — who along with Democratic Sens. John Kerry, Barack Obama and Hillary Clinton were the top four recipients of Fannie and Freddie campaign contributions from 1988 to 2008 — actively opposed such measures and further weakened existing regulation.

According to OpenSecrets.org, between 1988 and 2008 Dodd received $133,900, Kerry $111,000, Clinton $75,550, and Obama — in only 143 days in the Senate — received a whopping $105,849 from Fannie Mae and Freddie Mac.

Pennsylvania Democrat representative Paul Kanjorksi, who also opposed new Fannie Mae and Freddie Mac regulations, was given more than any other member of the House of Representatives. He was paid $65,500 by representatives of these entities.

And, in case you were wondering, John McCain co-sponsored a bill requiring greater Fannie Mae / Freddie Mac regulation in 2005. It was also blocked procedurally by Democrats.

The 2003 New York Times article was unearthed by a Free Republic poster.

UPDATE: 2004 video posted to YouTube shows Republicans arguing for, and Democrats arguing against, regulations that would have saved us from the current crisis.
http://www.bucksright.com/congressma...ge-crisis-1451

Quote:
Congressman Sorry Democrats Dropped Ball On Mortgage Crisis
Wed, Oct 1, 2008 at 10:55 am Posted by Steven in Economy

After being featured on Hannity & Colmes in a damning 2004 video showing Democrats fighting tooth-and-nail against greater Fannie Mae and Freddie Mac regulations, Democrat Congressman Artur Davis admits Democrats dropped the ball on reigning in the failed institutions and calls on fellow Democrats to do the same.

“Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. I defended their efforts to encourage affordable homeownership, when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong. By the way, I wish my Republican colleagues would admit that they missed the early warning signs that Wall Street deregulation was overheating the securities market and promoting dangerously lax lending practices. When it comes to the debacle in our capital markets, there is much blame to go around for both sides.”

Along with President Clinton, I take issue with Davis’ contention that equal blame exists on both sides. President Bush requested greater oversight in 2003, Republicans are clearly seen in the video fighting for greater oversight in 2004, and John McCain led the charge for greater oversight in 2005. All efforts were rebuffed by Democrats, who demagogued the issue with racial politics that made reform impossible to accomplish. At least they tried. I see no evidence of any push toward greater Fannie Mae / Freddie Mac oversight since the short bus rolled onto Capitol Hill in January 2007.

That said, I appreciate Congressman Davis’ candor in admitting Democrats let their ideology get in the way of what was right for the country.

100% accurate. This must drive Progressives nuts.

100% lies.

 

[edthecynic]

Just a bit more to add to the Progressives denial about they being responsible for the mortgage/housing/financial meltdown.

Shameful really. In addition, when Barney Frank was on the finance committee making all these rules forcing Fannie and Freddie to make more sub-prime loans, his lover, at the time, was a director on the board of Fannie Mae. The more loans, the more his lover was paid.

Just to remind all our FRIENDS from the far left, the responsibility for this mess lies with Jimmy Carter, Bill Clinton, Barney Frank and Chris Dodd. AND WITH REPUBLICANS for backing off every time Barney Frank and his cronies played…THE RACE CARD! The housing bubble is what led to the downfall and that was driven by Democrats, starting with Jimmy Carter and hugely expanded by Bill Clinton. Here are the facts, once again, for you to ignore….

HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
August 5, 1997
http://www.thefreelibrary.com/HUD+to+Fight+Discrimination,+Boost+Minority+Homeownership+and+Work...-a019650647

New York Times - 1999
Fannie Mae Eases Credit To Aid Mortgage Lending -
Fannie Mae Eases Credit To Aid Mortgage Lending

President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

By Elliot Blair Smith,
USA TODAY
Fannie Mae to pay $400 million fine
Bloomberg - Are you a robot?

Franklin Raines was Director of the Office of Management and Budget under Clinton and returned to Fannie Mae as its CEO in 1999. Raines is not a “chief” economic adviser for President Barack Hussein Obama but has advised the administration on mortgage and housing matters. Obama had hired another former Fannie CEO, Jim Johnson as a member of Obama’s V.P. search committee and who was forced to quit under fire.

Bloomberg News -
How the Democrats Created the Financial Crisis -
Bloomberg - Are you a robot?

Democrats in their own words covering up the Fannie Mae, Freddie Mac


Timeline shows Bush, McCain warning Democrats of Financial Crisis


From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003 WASHINGTON,

Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Read more: New Agency Proposed to Oversee Freddie Mac and Fannie Mae

The LIES just keep on coming!

 

[The Purge]

Just a bit more to add to the Progressives denial about they being responsible for the mortgage/housing/financial meltdown.

Shameful really. In addition, when Barney Frank was on the finance committee making all these rules forcing Fannie and Freddie to make more sub-prime loans, his lover, at the time, was a director on the board of Fannie Mae. The more loans, the more his lover was paid.

Just to remind all our FRIENDS from the far left, the responsibility for this mess lies with Jimmy Carter, Bill Clinton, Barney Frank and Chris Dodd. AND WITH REPUBLICANS for backing off every time Barney Frank and his cronies played…THE RACE CARD! The housing bubble is what led to the downfall and that was driven by Democrats, starting with Jimmy Carter and hugely expanded by Bill Clinton. Here are the facts, once again, for you to ignore….

HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
August 5, 1997
http://www.thefreelibrary.com/HUD+to+Fight+Discrimination,+Boost+Minority+Homeownership+and+Work...-a019650647

New York Times - 1999
Fannie Mae Eases Credit To Aid Mortgage Lending -
Fannie Mae Eases Credit To Aid Mortgage Lending

President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

By Elliot Blair Smith,
USA TODAY
Fannie Mae to pay $400 million fine
Bloomberg - Are you a robot?

Franklin Raines was Director of the Office of Management and Budget under Clinton and returned to Fannie Mae as its CEO in 1999. Raines is not a “chief” economic adviser for President Barack Hussein Obama but has advised the administration on mortgage and housing matters. Obama had hired another former Fannie CEO, Jim Johnson as a member of Obama’s V.P. search committee and who was forced to quit under fire.

Bloomberg News -
How the Democrats Created the Financial Crisis -
Bloomberg - Are you a robot?

Democrats in their own words covering up the Fannie Mae, Freddie Mac


Timeline shows Bush, McCain warning Democrats of Financial Crisis


From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, 2003 WASHINGTON,

Sept. 10— The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.

Read more: New Agency Proposed to Oversee Freddie Mac and Fannie Mae

The LIES just keep on coming!

Imagine that these brain dead idiots keep calling us liars when they continue to lie....ROTFLMFAO!

 

[The Purge]

RUSH: I'm gonna tell you something else here, folks. I think on this whole, whatever you call it -- the Great Recession, the housing crisis, and Trump (throw Trump in there)... I have a suspicion that a bunch of Democrats are gonna be hearing things for the first time, and they're not going to know how to deal with it. Such is the safety of the cocoon that has been built by them, for them. I can't think of an example off the top of my head, but there are numerous ones that we pointed out just in recent months.

We'd be watching a cable news show, and some subject like the housing crisis will come up -- or something where it's automatically assumed it's George W. Bush's fault -- that the left and the media have successfully woven deep tentacles of deceit throughout, so that everybody thinks... Including Democrats, everybody thinks that whatever it is we're talking about is directly attributable to Bush, and all of a sudden somebody comes on saying, "No, no, no, no, no! That's Bill Clinton."

They starting pointing out that that's Bill Clinton, and you can see these Democrats. The physical looks on their faces and their instinct is, "That's crazy!" But they don't quite know what to do with it because they've never heard that version of the story. It happens to CNN anchors all the time. It happens to a lot of Drive-By news agencies. Like Chris Cuomo will hear a version of the story that's just gobbledygook to him; he doesn't get it. I think this housing bubble thing, the subprime mortgage crisis is a classic. Now, I'll explain what I mean here in just a second.

But first, Elizabeth Warren and Hillary Clinton are out there ripping Trump because he admits that he wants the market to go low so he can buy in and turn a profit as the market rebounds, 'cause who doesn't? They're trying to portray Trump as a heartless, mean guy that doesn't care about people's suffering and doesn't care about people hurting. The problem with that is... You know, this is a classic. They make this allegation because it's the same allegation they make about every Republican or every conservative: Heartless, cold, mean-spirited.

They don't even wait for a Republican to open his mouth. They just level the charge. Because nobody ever calls them on it. So they're doing it now. They're gonna get a sound bite from Trump in 2006 where he's waiting for the bubble to crash, then profit from it, and they say, "A-ha! A-ha! See? He's mean-spirited, cold-hearted, cruel, doesn't care about suffering." And they launch with the attack. What they fail to do is listen to what Trump is saying on the campaign trail, and I will guarantee you that everybody supporting Donald Trump is convinced he cares about them.

Everybody supporting Donald Trump is convinced he's looking out for 'em. Everybody supporting Donald Trump is convinced that, finally, their concerns are going to be addressed and dealt with. That's why Trump has the support that he does. But here comes Hillary Clinton and here comes Elizabeth Warren and whoever else they throw out there making the generic charge that Trump -- because he's a Republican and a businessman -- has no heart, has no soul, has no compassion.

But it isn't going to work because the exact reason Trump has support is because the people supporting him think that he has all of that and more, because they think he's looking out for 'em, that finally there is somebody representing their interests, when they don't think they've had anybody representing their interests in years. So the charge that the Democrats usually get away with making is going to backfire. Again, it boils down to, they are not used to a Republican firing back at them and doing two things: Defending himself and then obliterating them in the process.

They're used to getting away with the charge. The charge becomes proof. The charge becomes fact. Allegations that Romney, George W. Bush did something? They sit there and take it and move on. Every other Republican, there's no response to it. Trump hears it, fires back -- and in the process, insults them. So the third reply is what they're up to, and they've never been there. They're never had to get into this with the third reply. Some of the folks have like Lanny Davis, but Hillary hasn't. So they end up befuddled and all they've got are these playbook, textbook allegations.

"Republicans = racist, sexist, bigot, homophobe! Republicans = cold-hearted, mean-spirited, cruel, heartless!" Whatever. They say it about every Republican without concern for whether it's true or not. They never listen to what Republicans say. In Trump, they've got somebody who has support precisely because he is all of that. So here's Elizabeth Warren, and she's out there ripping into Trump -- along with Hillary -- for the usual reasons. And if the candidate were any of the other Republicans in the field, except maybe for Cruz (water under the bridge now), she could be confident that all of the hypocrisy that she's engaged in in her life will never be mentioned.

And if it is, the media won't give it any attention and therefore nobody hears it. So Hillary, Elizabeth Warren, every liberal Democrat under the sun is used to getting away with defamatory allegations. But with Trump, it's gonna be reacted to. Elizabeth Warren is a huge hypocrite when it comes to the housing bubble and the subprime mortgage crisis. This is a story from 2012, June the 2nd: "When she's not looking out for the little guy being taken advantage of by predatory lenders, Elizabeth Warren is making high-interest, short-term loans to family members and flipping homes for a profit.

"That's the revelation in a story published today by the Boston Herald, which identifies nine instances when Warren made a quick profit either buying and reselling homes or loaning money to family members to flip homes in the late '90s. For instance, in 1993 [Pocahontas] purchased a foreclosed home in Oklahoma City for $61,000. She resold the home 18 months later for $95,000. In several more cases, [Pocahontas] provided loans so that her brother could buy homes and flip them. In 2000, she reportedly gave her brother a loan with 9.5% interest so he could buy a home for $35,000. He sold the home three months later for a 10% profit.

"Flipping homes was a profitable investment for the Warren family, which made as much as 383% on a five-month transaction. The average gain [in the Warren home-flipper family] seems to have been closer to 40%. There was nothing illegal about the practice, but it was singled out by progressives connected to the Obama administration as one of the irresponsible practices that led directly to the financial crisis," and therein lies the route to my next point. Here you have Elizabeth Warren engaging in the home flipping by buying low, selling high, taking advantage of it.

The same thing they're accusing Donald Trump of being a bad guy for doing, she did it.

It will be thrown back in her face if she keeps this up. Trump will do it himself. And he won't wait for an event; he'll do a Twitter thing on it. We'll have a whole Twitter thread about it at some point. And then we find out that Obama was out ridiculing this kind of behavior as filthy profiteering and as one of the things that led to the housing crisis, the financial crisis. And, no, it's not. What led to the housing crisis is Bill Clinton and people like Barney Frank and the attorney general at the time, Janet Reno, who were demanding that banks lend money to people that had no hope of ever paying it back.

The Democrats were trying to capitalize on "a home for every American."

I think that was even the phrase: "A home for every American," like "affordable health care for all Americans." As Nancy Pelosi said, "A home has always been the symbol of the American dream." And, of course, not everybody can afford a home. Well, that's just not right, and that's just not gonna stand. So how are we gonna do it? Well, people who can't afford loans, we're gonna give them loans, and we're gonna find other ways for people to pay that money back. But we're gonna have people in homes, and we Democrats are gonna get the credit for every American that wants one being in a home, 'cause we care, 'cause we're compassionate. Because we don't like concept of winners and losers! We don't think it's right some people have big homes; others have small homes.

We don't think it's right some people have homes and others don't.

And don't forget in Half-Baked Moon Bay, California, they tried to suspend homework on the premise that not everybody had a home. It wasn't fair to assign homework because some kids don't have homes and therefore they can't do work at home so it's not fair.

Jimmy Carter actually concocted the original scheme and then it went dormant for awhile. Clinton revived it, much as Obama and Eric Holder revived Fast and Furious, which, by the way, is coming back. There have been some documents apparently hidden that are coming back to life on Fast and Furious. That's resurfacing. But more on that later.

Well, your average Democrat has never heard this version of the story. Your average Democrat thinks that the subprime mortgage crisis is owed to one thing: evil, greedy bankers. This is what your average Democrat, including elected Democrats, believe. They believe that on their own, bankers, because they're reprobates and scum, and forever wanting to profiteer on the backs of the poor and the insolvent, they found a way to trick people into taking out mortgages.

They honestly believe this, folks. This is what they're on television saying throughout this crisis. The banks tricked people. Obama even has said it. That the banks tricked people, unsuspecting low income, who only wanted to live the American dream. They just wanted a home. The banks lent them money, and they knew they'd never be able to pay it back.

And why did the banks do this? Because the banks wanted the homes. The banks couldn't wait to foreclose on these poor people and take the property away and call it their own without having to actually invest in it in the first place. And this is what your average Democrat, your average reader at Media Matters, your average reader at any Democrat blog, this is what they think, folks. This is what the mayor of Philadelphia, no doubt, believes. This is what they all believe at CNN, that the subprime mortgage crisis originated with evil, cheating, thieving bankers. That's why they hate them so much, among many other reasons. And, besides that's just what corporate people do.

The Democrats would have you believe that all corporations either want to kill their customers or screw them, right? Take a look at how they talk about Big Pharma and about Big Box Retail, about Big Oil, are not corporations either killing their customers with foul water, dirty air, poisoned water, or screwing their customers with high prices or what have you? Along come the bankers, lending money, tricking innocent old middle class Americans into buying a home they can't afford.

And then shortly it gets foreclosed on, and people end up homeless and it's just horrible. The bankers don't care. And at that point Obama and the boys get to come in and claim that they saved the day rescuing this or that and the other thing, by punishing the bankers and all this other stuff that never really happened. The banks underwrite the Democrat Party.

What really happened was in the nineties Bill Clinton ordered these loans to be made, and Janet Reno, who was the attorney general at the time, threatened these banks with investigations, open-ended investigations into whatever they might be doing if they didn't comply. And so they did, just like they were all called into a room during the financial crisis and told they were going to take loans or subsidies or buyouts or whatever, $25 billion, even the banks that didn't need it. This was TARP.

So that's what led to the subprime mortgage. It was a disaster brought to you by the United States government as presided over by Bill Clinton at the time. It's inarguable, this is what happened. Your average Democrat doesn't know it. They have bought hook, line, and sinker a total different story, including elected Democrats.

So my point is that when somebody informed on this stuff appears with them on TV during this campaign and tells the truth about this you're gonna have Democrats react like the mayor of Philadelphia did the other night on CNN, got this empty look on his Face, Nutter is his name, he's got this empty look on his face. He had no idea what he was hearing. He looked quizzically at who was saying this, "I've not heard this before."

He didn't reject it out of hand, he was just stunned, he'd never heard this. And this happens a lot, as I watch certain cable news networks, particularly CNN, it's amazing what the people that work there don't know. Whatever event we're talking about or policy, you name it, if it is not something that is part of the leftist narrative, they don't know it. Because they don't take the time to read things other than stuff that they're familiar with.

That's why they don't know what conservatism really is, and they don't know who conservatives really are and what they believe in. They just have never exposed themselves to it 'cause it's not worth the trouble. And it's that way on many other things. I predict that the Trump campaign is going to actually cause this kind of elucidation to occur more and more as more and more left, and a lot of the liberal hypocrisy is gonna be exposed in ways nobody else has done it, either.

BREAK TRANSCRIPT

RUSH: I knew it was gonna happen. I'm always prepared. I checked the email during the break, a bunch of doubting Thomases. "You know, you say that Clinton was responsible for the subprime mortgage, but you never offer any proof. You just say it and you expect everybody to believe it. And your mind-numbed audience believes everything, but I don't. You're not fooling me."

After 28 years you would figure that, even the left would know, I don't make it up. But let me share with you from the New York Times, September 30th, 1999. And, Koko, I want you to go get this, I want you to bullet point this, or I want you to pull quote this or box it or whatever you do up there at RushLimbaugh.com for this segment. September 30, 1999, New York Times, from the article.

"Fannie Mae Eases Credit To Aid Mortgage Lending." That's the headline. Here's the details. "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits."

Well, the banks make loans, but who underwrites them is Fannie Mae. The banks do it but Fannie Mae underwrites them and so forth. What this story is saying is that Clinton was pressuring the underwriters of all of these mortgages, Fannie Mae, to make more loans available to the poor. Exactly what I told you he was doing. But the other side of that is, Fannie Mae has stockholders, and they weren't crazy about it 'cause it made no business sense to do this.

"In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers."

How much plainer do you people need it?

September 30, 1999, New York Times. "In July, Department of Housing and Urban Development proposed --" that's the Clinton administration, "-- proposed that by the year 2001, 50 percent --" that's half, "-- of Fannie Mae's and Freddie Mac's portfolio --" i.e., underwritten mortgages "-- be made up of loans to low and moderate-income borrowers."

This was the beginning of it. Well, actually, '97 was, but don't doubt me on this stuff. This is what happened. "Last year," it says here, which would have been 1998, "44% of loans Fannie Mae purchased are from moderate and low income." It was expanding. The pressure was on. Janet Reno was out demanding these banks lend the money or we're gonna investigate you for whatever we can find.

And then finally from the New York Times: "The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants."

So, the sum total of this is Housing and Urban Development via Fannie Mae, Freddie Mac, demanding the banks loan more and more money to people that couldn't pay it back, and then Housing and Urban Development was investigating the banks for racial discrimination. This is how they made it all happen.

George W. Bush was governor of Texas. George W. Bush had nothing to do with any of this. In fact, the truth of the matter is, George W. Bush and the inspectors general, the investigators, tried to shut it down, and Barney Frank told the investigators to go pound sand.

RUSH: We even played the audio sound bite of a number of those hearings. The Bush administration tried to bring some sanity to this.

I didn't make up a word of it. I find it amazing, here we are in 2016 and we're still trying to get the truth of this out there. But, see, this is my point. This is what's gonna happen in this campaign. The Democrats think that they've already won this story by painting Republicans as the evil, heartless, cold, mean, whatever. And the truth is gonna come out.

The more Elizabeth Warren Pocahontas keeps talking and the more Hillary Clinton keeps talking, Hillary Clinton of Whitewater fame, she wants to go out there and try to accuse Trump of profiteering, the woman that made a hundred thousand dollars on a $10,000 cattle investment?

They are gonna pay a price for all of the cover the media has given them their entire careers. They're gonna pay a price 'cause this stuff's gonna get exposed because the media can't help itself, it's gonna coverTrump. Now, it's somewhat related, NBC Nightly News last night, the two lead stories were on the TSA and VA problems. Transportation, whatever it is, authority, and the VA, and they detailed the problems. And it was pretty bad. I mean, they really, really, really spelled out how badly these two units are operating.

But not once in the entire NBC Nightly News newscast was the phrase "Obama administration" uttered. So whoever watches the NBC Nightly News, has no clue. They were not told that the TSA and the VA are part of the Regime. They were not told they're part of the Obama administration. Therefore Limbaugh Theorem wide open once again, Obama's ability to totally escape all accountability and responsibility for the bad things happening during his presidency.

Everybody else gets blamed. Obama gets portrayed as the guy trying to fix it. Obama gets portrayed as the guy who's being sabotaged and screwed with. Here's a great president, our first African-American president, he's trying to get health care for everybody, and he's trying to get jobs for everybody, he's trying to do everything, and he's got people at the TSA and the VA undermining him every day. It's a scandal. It's a scandal.

Never, ever does he get blamed. Limbaugh Theorem on full display here. Well, that's another thing that's gonna end in this campaign, I predict. I mean, you see the evidence of it as the campaign's unfolding even now.

END TRANSCRIPT

 

[boedicca]

It wouldn't hurt to actually look at the BLS report.

Employment Situation Summary Table A. Household data, seasonally adjusted

Total Employed increased by 255K while the overall civilian population grew by only 153K.

The Laborforce Participation rate held steady at 63.2%

Total Unemployed people DECREASED by 300K

The Unemployment Rate fell to 3.8%

Hardly a surprise that the Fake News Media has completely cherrypicked stats out of context to try to make Trump look bad.

 

[Markle]

I love forcing the childish Progressives to profanities proving they have no way to intelligently dispute my arguments. What fun!

From that bastion of Conservatism, UCLA

FDR's policies prolonged Depression by 7 years, UCLA economists calculate

By Meg Sullivan August 10, 2004

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.

After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

"Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump," said Ohanian, vice chair of UCLA's Department of Economics. "We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."

[...]

Pay particular attention to that last line, written FOURTEEN YEARS AGO! That is exactly what was done by failed former President Barack Hussein Obama's economic policies.

FDR's policies prolonged Depression by 7 years, UCLA economists calculate

 

[Faun]

RUSH: I'm gonna tell you something else here, folks. I think on this whole, whatever you call it -- the Great Recession, the housing crisis, and Trump (throw Trump in there)... I have a suspicion that a bunch of Democrats are gonna be hearing things for the first time, and they're not going to know how to deal with it. Such is the safety of the cocoon that has been built by them, for them. I can't think of an example off the top of my head, but there are numerous ones that we pointed out just in recent months.

We'd be watching a cable news show, and some subject like the housing crisis will come up -- or something where it's automatically assumed it's George W. Bush's fault -- that the left and the media have successfully woven deep tentacles of deceit throughout, so that everybody thinks... Including Democrats, everybody thinks that whatever it is we're talking about is directly attributable to Bush, and all of a sudden somebody comes on saying, "No, no, no, no, no! That's Bill Clinton."

They starting pointing out that that's Bill Clinton, and you can see these Democrats. The physical looks on their faces and their instinct is, "That's crazy!" But they don't quite know what to do with it because they've never heard that version of the story. It happens to CNN anchors all the time. It happens to a lot of Drive-By news agencies. Like Chris Cuomo will hear a version of the story that's just gobbledygook to him; he doesn't get it. I think this housing bubble thing, the subprime mortgage crisis is a classic. Now, I'll explain what I mean here in just a second.

But first, Elizabeth Warren and Hillary Clinton are out there ripping Trump because he admits that he wants the market to go low so he can buy in and turn a profit as the market rebounds, 'cause who doesn't? They're trying to portray Trump as a heartless, mean guy that doesn't care about people's suffering and doesn't care about people hurting. The problem with that is... You know, this is a classic. They make this allegation because it's the same allegation they make about every Republican or every conservative: Heartless, cold, mean-spirited.

They don't even wait for a Republican to open his mouth. They just level the charge. Because nobody ever calls them on it. So they're doing it now. They're gonna get a sound bite from Trump in 2006 where he's waiting for the bubble to crash, then profit from it, and they say, "A-ha! A-ha! See? He's mean-spirited, cold-hearted, cruel, doesn't care about suffering." And they launch with the attack. What they fail to do is listen to what Trump is saying on the campaign trail, and I will guarantee you that everybody supporting Donald Trump is convinced he cares about them.

Everybody supporting Donald Trump is convinced he's looking out for 'em. Everybody supporting Donald Trump is convinced that, finally, their concerns are going to be addressed and dealt with. That's why Trump has the support that he does. But here comes Hillary Clinton and here comes Elizabeth Warren and whoever else they throw out there making the generic charge that Trump -- because he's a Republican and a businessman -- has no heart, has no soul, has no compassion.

But it isn't going to work because the exact reason Trump has support is because the people supporting him think that he has all of that and more, because they think he's looking out for 'em, that finally there is somebody representing their interests, when they don't think they've had anybody representing their interests in years. So the charge that the Democrats usually get away with making is going to backfire. Again, it boils down to, they are not used to a Republican firing back at them and doing two things: Defending himself and then obliterating them in the process.

They're used to getting away with the charge. The charge becomes proof. The charge becomes fact. Allegations that Romney, George W. Bush did something? They sit there and take it and move on. Every other Republican, there's no response to it. Trump hears it, fires back -- and in the process, insults them. So the third reply is what they're up to, and they've never been there. They're never had to get into this with the third reply. Some of the folks have like Lanny Davis, but Hillary hasn't. So they end up befuddled and all they've got are these playbook, textbook allegations.

"Republicans = racist, sexist, bigot, homophobe! Republicans = cold-hearted, mean-spirited, cruel, heartless!" Whatever. They say it about every Republican without concern for whether it's true or not. They never listen to what Republicans say. In Trump, they've got somebody who has support precisely because he is all of that. So here's Elizabeth Warren, and she's out there ripping into Trump -- along with Hillary -- for the usual reasons. And if the candidate were any of the other Republicans in the field, except maybe for Cruz (water under the bridge now), she could be confident that all of the hypocrisy that she's engaged in in her life will never be mentioned.

And if it is, the media won't give it any attention and therefore nobody hears it. So Hillary, Elizabeth Warren, every liberal Democrat under the sun is used to getting away with defamatory allegations. But with Trump, it's gonna be reacted to. Elizabeth Warren is a huge hypocrite when it comes to the housing bubble and the subprime mortgage crisis. This is a story from 2012, June the 2nd: "When she's not looking out for the little guy being taken advantage of by predatory lenders, Elizabeth Warren is making high-interest, short-term loans to family members and flipping homes for a profit.

"That's the revelation in a story published today by the Boston Herald, which identifies nine instances when Warren made a quick profit either buying and reselling homes or loaning money to family members to flip homes in the late '90s. For instance, in 1993 [Pocahontas] purchased a foreclosed home in Oklahoma City for $61,000. She resold the home 18 months later for $95,000. In several more cases, [Pocahontas] provided loans so that her brother could buy homes and flip them. In 2000, she reportedly gave her brother a loan with 9.5% interest so he could buy a home for $35,000. He sold the home three months later for a 10% profit.

"Flipping homes was a profitable investment for the Warren family, which made as much as 383% on a five-month transaction. The average gain [in the Warren home-flipper family] seems to have been closer to 40%. There was nothing illegal about the practice, but it was singled out by progressives connected to the Obama administration as one of the irresponsible practices that led directly to the financial crisis," and therein lies the route to my next point. Here you have Elizabeth Warren engaging in the home flipping by buying low, selling high, taking advantage of it.

The same thing they're accusing Donald Trump of being a bad guy for doing, she did it.

It will be thrown back in her face if she keeps this up. Trump will do it himself. And he won't wait for an event; he'll do a Twitter thing on it. We'll have a whole Twitter thread about it at some point. And then we find out that Obama was out ridiculing this kind of behavior as filthy profiteering and as one of the things that led to the housing crisis, the financial crisis. And, no, it's not. What led to the housing crisis is Bill Clinton and people like Barney Frank and the attorney general at the time, Janet Reno, who were demanding that banks lend money to people that had no hope of ever paying it back.

The Democrats were trying to capitalize on "a home for every American."

I think that was even the phrase: "A home for every American," like "affordable health care for all Americans." As Nancy Pelosi said, "A home has always been the symbol of the American dream." And, of course, not everybody can afford a home. Well, that's just not right, and that's just not gonna stand. So how are we gonna do it? Well, people who can't afford loans, we're gonna give them loans, and we're gonna find other ways for people to pay that money back. But we're gonna have people in homes, and we Democrats are gonna get the credit for every American that wants one being in a home, 'cause we care, 'cause we're compassionate. Because we don't like concept of winners and losers! We don't think it's right some people have big homes; others have small homes.

We don't think it's right some people have homes and others don't.

And don't forget in Half-Baked Moon Bay, California, they tried to suspend homework on the premise that not everybody had a home. It wasn't fair to assign homework because some kids don't have homes and therefore they can't do work at home so it's not fair.

Jimmy Carter actually concocted the original scheme and then it went dormant for awhile. Clinton revived it, much as Obama and Eric Holder revived Fast and Furious, which, by the way, is coming back. There have been some documents apparently hidden that are coming back to life on Fast and Furious. That's resurfacing. But more on that later.

Well, your average Democrat has never heard this version of the story. Your average Democrat thinks that the subprime mortgage crisis is owed to one thing: evil, greedy bankers. This is what your average Democrat, including elected Democrats, believe. They believe that on their own, bankers, because they're reprobates and scum, and forever wanting to profiteer on the backs of the poor and the insolvent, they found a way to trick people into taking out mortgages.

They honestly believe this, folks. This is what they're on television saying throughout this crisis. The banks tricked people. Obama even has said it. That the banks tricked people, unsuspecting low income, who only wanted to live the American dream. They just wanted a home. The banks lent them money, and they knew they'd never be able to pay it back.

And why did the banks do this? Because the banks wanted the homes. The banks couldn't wait to foreclose on these poor people and take the property away and call it their own without having to actually invest in it in the first place. And this is what your average Democrat, your average reader at Media Matters, your average reader at any Democrat blog, this is what they think, folks. This is what the mayor of Philadelphia, no doubt, believes. This is what they all believe at CNN, that the subprime mortgage crisis originated with evil, cheating, thieving bankers. That's why they hate them so much, among many other reasons. And, besides that's just what corporate people do.

The Democrats would have you believe that all corporations either want to kill their customers or screw them, right? Take a look at how they talk about Big Pharma and about Big Box Retail, about Big Oil, are not corporations either killing their customers with foul water, dirty air, poisoned water, or screwing their customers with high prices or what have you? Along come the bankers, lending money, tricking innocent old middle class Americans into buying a home they can't afford.

And then shortly it gets foreclosed on, and people end up homeless and it's just horrible. The bankers don't care. And at that point Obama and the boys get to come in and claim that they saved the day rescuing this or that and the other thing, by punishing the bankers and all this other stuff that never really happened. The banks underwrite the Democrat Party.

What really happened was in the nineties Bill Clinton ordered these loans to be made, and Janet Reno, who was the attorney general at the time, threatened these banks with investigations, open-ended investigations into whatever they might be doing if they didn't comply. And so they did, just like they were all called into a room during the financial crisis and told they were going to take loans or subsidies or buyouts or whatever, $25 billion, even the banks that didn't need it. This was TARP.

So that's what led to the subprime mortgage. It was a disaster brought to you by the United States government as presided over by Bill Clinton at the time. It's inarguable, this is what happened. Your average Democrat doesn't know it. They have bought hook, line, and sinker a total different story, including elected Democrats.

So my point is that when somebody informed on this stuff appears with them on TV during this campaign and tells the truth about this you're gonna have Democrats react like the mayor of Philadelphia did the other night on CNN, got this empty look on his Face, Nutter is his name, he's got this empty look on his face. He had no idea what he was hearing. He looked quizzically at who was saying this, "I've not heard this before."

He didn't reject it out of hand, he was just stunned, he'd never heard this. And this happens a lot, as I watch certain cable news networks, particularly CNN, it's amazing what the people that work there don't know. Whatever event we're talking about or policy, you name it, if it is not something that is part of the leftist narrative, they don't know it. Because they don't take the time to read things other than stuff that they're familiar with.

That's why they don't know what conservatism really is, and they don't know who conservatives really are and what they believe in. They just have never exposed themselves to it 'cause it's not worth the trouble. And it's that way on many other things. I predict that the Trump campaign is going to actually cause this kind of elucidation to occur more and more as more and more left, and a lot of the liberal hypocrisy is gonna be exposed in ways nobody else has done it, either.

BREAK TRANSCRIPT

RUSH: I knew it was gonna happen. I'm always prepared. I checked the email during the break, a bunch of doubting Thomases. "You know, you say that Clinton was responsible for the subprime mortgage, but you never offer any proof. You just say it and you expect everybody to believe it. And your mind-numbed audience believes everything, but I don't. You're not fooling me."

After 28 years you would figure that, even the left would know, I don't make it up. But let me share with you from the New York Times, September 30th, 1999. And, Koko, I want you to go get this, I want you to bullet point this, or I want you to pull quote this or box it or whatever you do up there at RushLimbaugh.com for this segment. September 30, 1999, New York Times, from the article.

"Fannie Mae Eases Credit To Aid Mortgage Lending." That's the headline. Here's the details. "Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits."

Well, the banks make loans, but who underwrites them is Fannie Mae. The banks do it but Fannie Mae underwrites them and so forth. What this story is saying is that Clinton was pressuring the underwriters of all of these mortgages, Fannie Mae, to make more loans available to the poor. Exactly what I told you he was doing. But the other side of that is, Fannie Mae has stockholders, and they weren't crazy about it 'cause it made no business sense to do this.

"In July, the Department of Housing and Urban Development proposed that by the year 2001, 50 percent of Fannie Mae's and Freddie Mac's portfolio be made up of loans to low and moderate-income borrowers."

How much plainer do you people need it?

September 30, 1999, New York Times. "In July, Department of Housing and Urban Development proposed --" that's the Clinton administration, "-- proposed that by the year 2001, 50 percent --" that's half, "-- of Fannie Mae's and Freddie Mac's portfolio --" i.e., underwritten mortgages "-- be made up of loans to low and moderate-income borrowers."

This was the beginning of it. Well, actually, '97 was, but don't doubt me on this stuff. This is what happened. "Last year," it says here, which would have been 1998, "44% of loans Fannie Mae purchased are from moderate and low income." It was expanding. The pressure was on. Janet Reno was out demanding these banks lend the money or we're gonna investigate you for whatever we can find.

And then finally from the New York Times: "The change in policy also comes at the same time that HUD is investigating allegations of racial discrimination in the automated underwriting systems used by Fannie Mae and Freddie Mac to determine the credit-worthiness of credit applicants."

So, the sum total of this is Housing and Urban Development via Fannie Mae, Freddie Mac, demanding the banks loan more and more money to people that couldn't pay it back, and then Housing and Urban Development was investigating the banks for racial discrimination. This is how they made it all happen.

George W. Bush was governor of Texas. George W. Bush had nothing to do with any of this. In fact, the truth of the matter is, George W. Bush and the inspectors general, the investigators, tried to shut it down, and Barney Frank told the investigators to go pound sand.

RUSH: We even played the audio sound bite of a number of those hearings. The Bush administration tried to bring some sanity to this.

I didn't make up a word of it. I find it amazing, here we are in 2016 and we're still trying to get the truth of this out there. But, see, this is my point. This is what's gonna happen in this campaign. The Democrats think that they've already won this story by painting Republicans as the evil, heartless, cold, mean, whatever. And the truth is gonna come out.

The more Elizabeth Warren Pocahontas keeps talking and the more Hillary Clinton keeps talking, Hillary Clinton of Whitewater fame, she wants to go out there and try to accuse Trump of profiteering, the woman that made a hundred thousand dollars on a $10,000 cattle investment?

They are gonna pay a price for all of the cover the media has given them their entire careers. They're gonna pay a price 'cause this stuff's gonna get exposed because the media can't help itself, it's gonna coverTrump. Now, it's somewhat related, NBC Nightly News last night, the two lead stories were on the TSA and VA problems. Transportation, whatever it is, authority, and the VA, and they detailed the problems. And it was pretty bad. I mean, they really, really, really spelled out how badly these two units are operating.

But not once in the entire NBC Nightly News newscast was the phrase "Obama administration" uttered. So whoever watches the NBC Nightly News, has no clue. They were not told that the TSA and the VA are part of the Regime. They were not told they're part of the Obama administration. Therefore Limbaugh Theorem wide open once again, Obama's ability to totally escape all accountability and responsibility for the bad things happening during his presidency.

Everybody else gets blamed. Obama gets portrayed as the guy trying to fix it. Obama gets portrayed as the guy who's being sabotaged and screwed with. Here's a great president, our first African-American president, he's trying to get health care for everybody, and he's trying to get jobs for everybody, he's trying to do everything, and he's got people at the TSA and the VA undermining him every day. It's a scandal. It's a scandal.

Never, ever does he get blamed. Limbaugh Theorem on full display here. Well, that's another thing that's gonna end in this campaign, I predict. I mean, you see the evidence of it as the campaign's unfolding even now.

END TRANSCRIPT

"George W. Bush was governor of Texas. George W. Bush had nothing to do with any of this."

LOL

Bush Minority Homeownership Plan Rests Heavily on Fannie and Freddie

When President Bush announced his Minority Homeownership plans last week in Atlanta, his top priorities were new federal programs: a $2.4 billion tax credit to facilitate home purchases by lower-income first-time buyers, and a $200 million national downpayment grant fund.

But none of the new federal programs--if passed by Congress--will come even close to achieving the 5.5 million-household increase in minority homeownership the President set as his target.

Instead, most of the heavy lifting was assigned to two mortgage market players that have sometimes come under fire from Bush administration officials and Congressional Republicans: Fannie Mae and Freddie Mac.

Fannie's and Freddie's commitments are the bedrock core of the President's ambitious plans--but didn't get the headlines. Fannie Mae agreed to increase its already substantial lending efforts to minority families by targeting another $260 billion of mortgage purchases to them during the next nine years. Freddie Mac agreed to buy an additional $180 billion in minority-household home loans during the same period.

Besides its $180 billion mortgage purchase commitment, Freddie Mac gave President Bush a promise to implement a 25-point program aimed at increasing minority homeownership. Some of the points were cutting-edge. For example, as part of an effort to remove the fear of financial loss from first-time minority home buyers, Freddie committed itself to "explor(e) the viability of equity assurance products to protect home values in economically distressed areas."

 

[Faun]

I love forcing the childish Progressives to profanities proving they have no way to intelligently dispute my arguments. What fun!

From that bastion of Conservatism, UCLA

FDR's policies prolonged Depression by 7 years, UCLA economists calculate

By Meg Sullivan August 10, 2004

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.

After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

"Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump," said Ohanian, vice chair of UCLA's Department of Economics. "We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."

[...]

Pay particular attention to that last line, written FOURTEEN YEARS AGO! That is exactly what was done by failed former President Barack Hussein Obama's economic policies.

FDR's policies prolonged Depression by 7 years, UCLA economists calculate

In typical rightard fashion, idiots on the right once again claim the left didn't do a good enough of a job in cleaning up their mess.

 

[basquebromance]

5 states have already raised the minimun wage to 15 bucks an hour. they're trying to do it in the US Congress but we need a democrat president!

 

[Markle]

I love forcing the childish Progressives to profanities proving they have no way to intelligently dispute my arguments. What fun!

From that bastion of Conservatism, UCLA

FDR's policies prolonged Depression by 7 years, UCLA economists calculate

By Meg Sullivan August 10, 2004

Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.

After scrutinizing Roosevelt's record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.

"Why the Great Depression lasted so long has always been a great mystery, and because we never really knew the reason, we have always worried whether we would have another 10- to 15-year economic slump," said Ohanian, vice chair of UCLA's Department of Economics. "We found that a relapse isn't likely unless lawmakers gum up a recovery with ill-conceived stimulus policies."

[...]

Pay particular attention to that last line, written FOURTEEN YEARS AGO! That is exactly what was done by failed former President Barack Hussein Obama's economic policies.

FDR's policies prolonged Depression by 7 years, UCLA economists calculate

In typical rightard fashion, idiots on the right once again claim the left didn't do a good enough of a job in cleaning up their mess.

I noticed that with all your huffing and puffing, you did not deny the facts produced by the UCLA research. Thank you!