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98% of Americans were able to keep their plans.
DO YOU REALIZE that what YOU said "98% of Americans were able to keep their plans." means there were according to
YOUR numbers less then 6,200,000 "UNINSURED" Americans! NOT 46 million as the below THIRD LIE shows!
GEEZ are you guys so stupid not to realize what numbers mean or do you just throw them out with no regard for their meaning??
LIE THREE Barney Frank went along with is a total LIE!!
President Obama said it in August 2009: I dont have to explain to you that nearly 46 million Americans dont have health insurance coverage today. In the wealthiest nation on Earth, 46 million of our fellow citizens have no coverage.
He said it dozens more times, including in June 2013: We are not a nation that accepts nearly 46 million uninsured men, women and children.
1) 10 million he counted were not Americans... not citizens per the Census:
Proof: Income, Poverty and Health Insurance Coverage in the United States: 2009 - Income & Wealth - Newsroom - U.S. Census Bureau
PLEASE EXPLAIN THEN HOW COME NOW Obama says there are less then 36 million because when he and Frank et.al. were pushing
46 million uninsured THEY were counting 10 million illegal citizens! NOW they say these 10 million shouldn't be counted!
2) Obama failed to get 14 million people eligible for Medicaid enrolled. That's all that is needed. That leaves 22 million.
http://coverageforall.org/pdf/BC-BS_Uninsured-America.pdf
Obama and others ALSO counted 14 million people that they didn't reach with Medicaid BEFORE ACA.
PLEASE it was Obama's fault for NOT enrolling these 14 million that were eligible for Medicaid BUT never were enrolled. ABLE to
be covered... that leaves 22 million that are supposedly uninsured!
3) 18 million under 34 don't NEED insurance. Can afford employers' plans as they make over $50k. That leaves 4 million.
CRISIS OF THE UNINSURED: 2009
FINALLY why in the hell should 18 million people who HAVE no need (under 34) can afford (make over $50,000) could enroll with
employers' health plan DECIDE NOT to!!! Why are they counted as "uninsured' when they don't want it!
That leaves less then 4 million people that truly want and need coverage.
Another way to see how stupid and a BIG LIE!!!
301,219,252 insured people leaving of 310 million less then 8 million of which 18 million DoN"T WANT Coverage!!!
- 149,464,500 - Employer plans... (Just to be clear.. these are people covered by their employers' plans...OK?)
- 66,390,642 - Medicaid ---- people covered by states' Medicaid..
- 49,435,610 - Medicare
- 15,771,400 - Private plans
- 7,900,000 - Veterans Administration health care system had nearly enrolled as of October 2008.
- http://www.va.gov/opa/publications/factsheets/fs_department_of_veterans_affairs.pdf
- 8,300,000 - Tricare.. TriCare Information - Military Health Care
- ========
98% of Americans who HAD plans, you illiterate freak.
98% of Americans were able to keep their plans.
DO YOU REALIZE that what YOU said "98% of Americans were able to keep their plans." means there were according to
YOUR numbers less then 6,200,000 "UNINSURED" Americans! NOT 46 million as the below THIRD LIE shows!
GEEZ are you guys so stupid not to realize what numbers mean or do you just throw them out with no regard for their meaning??
LIE THREE Barney Frank went along with is a total LIE!!
President Obama said it in August 2009: I dont have to explain to you that nearly 46 million Americans dont have health insurance coverage today. In the wealthiest nation on Earth, 46 million of our fellow citizens have no coverage.
He said it dozens more times, including in June 2013: We are not a nation that accepts nearly 46 million uninsured men, women and children.
1) 10 million he counted were not Americans... not citizens per the Census:
Proof: Income, Poverty and Health Insurance Coverage in the United States: 2009 - Income & Wealth - Newsroom - U.S. Census Bureau
PLEASE EXPLAIN THEN HOW COME NOW Obama says there are less then 36 million because when he and Frank et.al. were pushing
46 million uninsured THEY were counting 10 million illegal citizens! NOW they say these 10 million shouldn't be counted!
2) Obama failed to get 14 million people eligible for Medicaid enrolled. That's all that is needed. That leaves 22 million.
http://coverageforall.org/pdf/BC-BS_Uninsured-America.pdf
Obama and others ALSO counted 14 million people that they didn't reach with Medicaid BEFORE ACA.
PLEASE it was Obama's fault for NOT enrolling these 14 million that were eligible for Medicaid BUT never were enrolled. ABLE to
be covered... that leaves 22 million that are supposedly uninsured!
3) 18 million under 34 don't NEED insurance. Can afford employers' plans as they make over $50k. That leaves 4 million.
CRISIS OF THE UNINSURED: 2009
FINALLY why in the hell should 18 million people who HAVE no need (under 34) can afford (make over $50,000) could enroll with
employers' health plan DECIDE NOT to!!! Why are they counted as "uninsured' when they don't want it!
That leaves less then 4 million people that truly want and need coverage.
Another way to see how stupid and a BIG LIE!!!
301,219,252 insured people leaving of 310 million less then 8 million of which 18 million DoN"T WANT Coverage!!!
- 149,464,500 - Employer plans... (Just to be clear.. these are people covered by their employers' plans...OK?)
- 66,390,642 - Medicaid ---- people covered by states' Medicaid..
- 49,435,610 - Medicare
- 15,771,400 - Private plans
- 7,900,000 - Veterans Administration health care system had nearly enrolled as of October 2008.
- http://www.va.gov/opa/publications/factsheets/fs_department_of_veterans_affairs.pdf
- 8,300,000 - Tricare.. TriCare Information - Military Health Care
- ========
98% of Americans who HAD plans, you illiterate freak.
Now that he is retiring.. Barney thinks he can now tell the truth!
LIE One Barney Supported!!!!
Barney Frank on the White House Rollout of Obamacare: "They just lied to people."
"The rollout was so bad, and I was appalled -- I don't understand how the president could have sat there and not been checking on that on a weekly basis," Frank told HuffPost during a July interview.
"But frankly, he should never have said as much as he did, that if you like your current health care plan, you can keep it.
That wasn't true. And you shouldn't lie to people. And they just lied to people."
Basically, yes (although that wasn't the only Obamacare-related thing the administration misled the public about).
Frank suggests that the Obama administration could have avoided some trouble by not making the promise. But the question is whether the law would have passed without an explicit vow that people could keep their plans and doctors.
Barney Frank on the White House Rollout of Obamacare: "They just lied to people." - Hit & Run : Reason.com
LIE TWO!!!
Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
House Financial Services Committee Chairman Barney Frank (D-MA) criticized the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis.
The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."..
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," New York Times, 9/11/03)
With these TWO GIGANTIC LIES Frank Supported we have had two gigantic destructive forces in our economy..!
98% of Americans were able to keep their plans.
DO YOU REALIZE that what YOU said "98% of Americans were able to keep their plans." means there were according to
YOUR numbers less then 6,200,000 "UNINSURED" Americans! NOT 46 million as the below THIRD LIE shows!
GEEZ are you guys so stupid not to realize what numbers mean or do you just throw them out with no regard for their meaning??
LIE THREE Barney Frank went along with is a total LIE!!
President Obama said it in August 2009: I dont have to explain to you that nearly 46 million Americans dont have health insurance coverage today. In the wealthiest nation on Earth, 46 million of our fellow citizens have no coverage.
He said it dozens more times, including in June 2013: We are not a nation that accepts nearly 46 million uninsured men, women and children.
1) 10 million he counted were not Americans... not citizens per the Census:
Proof: Income, Poverty and Health Insurance Coverage in the United States: 2009 - Income & Wealth - Newsroom - U.S. Census Bureau
PLEASE EXPLAIN THEN HOW COME NOW Obama says there are less then 36 million because when he and Frank et.al. were pushing
46 million uninsured THEY were counting 10 million illegal citizens! NOW they say these 10 million shouldn't be counted!
2) Obama failed to get 14 million people eligible for Medicaid enrolled. That's all that is needed. That leaves 22 million.
http://coverageforall.org/pdf/BC-BS_Uninsured-America.pdf
Obama and others ALSO counted 14 million people that they didn't reach with Medicaid BEFORE ACA.
PLEASE it was Obama's fault for NOT enrolling these 14 million that were eligible for Medicaid BUT never were enrolled. ABLE to
be covered... that leaves 22 million that are supposedly uninsured!
3) 18 million under 34 don't NEED insurance. Can afford employers' plans as they make over $50k. That leaves 4 million.
CRISIS OF THE UNINSURED: 2009
FINALLY why in the hell should 18 million people who HAVE no need (under 34) can afford (make over $50,000) could enroll with
employers' health plan DECIDE NOT to!!! Why are they counted as "uninsured' when they don't want it!
That leaves less then 4 million people that truly want and need coverage.
Another way to see how stupid and a BIG LIE!!!
301,219,252 insured people leaving of 310 million less then 8 million of which 18 million DoN"T WANT Coverage!!!
- 149,464,500 - Employer plans... (Just to be clear.. these are people covered by their employers' plans...OK?)
- 66,390,642 - Medicaid ---- people covered by states' Medicaid..
- 49,435,610 - Medicare
- 15,771,400 - Private plans
- 7,900,000 - Veterans Administration health care system had nearly enrolled as of October 2008.
- http://www.va.gov/opa/publications/factsheets/fs_department_of_veterans_affairs.pdf
- 8,300,000 - Tricare.. TriCare Information - Military Health Care
- ========
98% of Americans who HAD plans, you illiterate freak.
Every Democrat in Congress lied about the GSEs, Fannie and Freddy.
It because of their lies and their refusals to go along the Republicans and President G. W. Bush and the proposed reforms that we had that horrible housing crash.
DO YOU REALIZE that what YOU said "98% of Americans were able to keep their plans." means there were according to
YOUR numbers less then 6,200,000 "UNINSURED" Americans! NOT 46 million as the below THIRD LIE shows!
GEEZ are you guys so stupid not to realize what numbers mean or do you just throw them out with no regard for their meaning??
LIE THREE Barney Frank went along with is a total LIE!!
President Obama said it in August 2009: I dont have to explain to you that nearly 46 million Americans dont have health insurance coverage today. In the wealthiest nation on Earth, 46 million of our fellow citizens have no coverage.
He said it dozens more times, including in June 2013: We are not a nation that accepts nearly 46 million uninsured men, women and children.
1) 10 million he counted were not Americans... not citizens per the Census:
Proof: Income, Poverty and Health Insurance Coverage in the United States: 2009 - Income & Wealth - Newsroom - U.S. Census Bureau
PLEASE EXPLAIN THEN HOW COME NOW Obama says there are less then 36 million because when he and Frank et.al. were pushing
46 million uninsured THEY were counting 10 million illegal citizens! NOW they say these 10 million shouldn't be counted!
2) Obama failed to get 14 million people eligible for Medicaid enrolled. That's all that is needed. That leaves 22 million.
http://coverageforall.org/pdf/BC-BS_Uninsured-America.pdf
Obama and others ALSO counted 14 million people that they didn't reach with Medicaid BEFORE ACA.
PLEASE it was Obama's fault for NOT enrolling these 14 million that were eligible for Medicaid BUT never were enrolled. ABLE to
be covered... that leaves 22 million that are supposedly uninsured!
3) 18 million under 34 don't NEED insurance. Can afford employers' plans as they make over $50k. That leaves 4 million.
CRISIS OF THE UNINSURED: 2009
FINALLY why in the hell should 18 million people who HAVE no need (under 34) can afford (make over $50,000) could enroll with
employers' health plan DECIDE NOT to!!! Why are they counted as "uninsured' when they don't want it!
That leaves less then 4 million people that truly want and need coverage.
Another way to see how stupid and a BIG LIE!!!
301,219,252 insured people leaving of 310 million less then 8 million of which 18 million DoN"T WANT Coverage!!!
- 149,464,500 - Employer plans... (Just to be clear.. these are people covered by their employers' plans...OK?)
- 66,390,642 - Medicaid ---- people covered by states' Medicaid..
- 49,435,610 - Medicare
- 15,771,400 - Private plans
- 7,900,000 - Veterans Administration health care system had nearly enrolled as of October 2008.
- http://www.va.gov/opa/publications/factsheets/fs_department_of_veterans_affairs.pdf
- 8,300,000 - Tricare.. TriCare Information - Military Health Care
- ========
98% of Americans who HAD plans, you illiterate freak.
Ok.. so given what you say is true..."98% of Americans who had plans can keep them???
Unlike YOU I like to know BEFORE I write something wrong that there is substantiation....
Buried in Obamacare regulations from July 2010 is an estimate that because of normal turnover in the individual insurance market,
40 to 67 percent of customers will not be able to keep their policy.
And because many policies will have been changed since the key date,
the percentage of individual market policies losing grandfather status in a given year exceeds the 40 to 67 percent range.
Obama admin. knew millions could not keep their health insurance - NBC News
Now who should I believe... you when you said 98% of Americans who had plans... or CBO???
Battling QUOTES!!!Every Democrat in Congress lied about the GSEs, Fannie and Freddy.
It because of their lies and their refusals to go along the Republicans and President G. W. Bush and the proposed reforms that we had that horrible housing crash.
Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.
We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.
March 26, 2004
Bush Ties Policy to Record Home Ownership
Bush Ties Policy to Record Home Ownership | Fox News
"(In 2000. CLINTON) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."
How HUD Mortgage Policy Fed The Crisis
"In 2004 (BUSH), the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf
STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".
The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley (R), now vice-chairman of Nasdaq.
What did we get from the White House? We got a one-finger salute.
http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html
LOL
Battling QUOTES!!!Every Democrat in Congress lied about the GSEs, Fannie and Freddy.
It because of their lies and their refusals to go along the Republicans and President G. W. Bush and the proposed reforms that we had that horrible housing crash.
Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bushs Presidents Working Group on Financial Markets October 2008
The Presidents Working Groups March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.
We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.
March 26, 2004
Bush Ties Policy to Record Home Ownership
Bush Ties Policy to Record Home Ownership | Fox News
"(In 2000. CLINTON) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."
How HUD Mortgage Policy Fed The Crisis
"In 2004 (BUSH), the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf
STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".
The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley (R), now vice-chairman of Nasdaq.
What did we get from the White House? We got a one-finger salute.
http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html
LOL
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the presidents warnings:
** 2001
April: The Administrations FY02 budget declares that the size of Fannie Mae and Freddie Mac is a potential problem, because financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that although investors perceive an implicit Federal guarantee of [GSE] obligations, the government has provided no explicit legal backing for them. As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO, OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEOs review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk. To reduce the potential for systemic instability, the regulator would have broad authority to set both risk-based and minimum capital standards and receivership powers necessary to wind down the affairs of a troubled GSE. (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
** 2004
February: The Presidents FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore should be replaced with a new strengthened regulator. (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to not take [the financial market's] strength for granted. Again, the call from the Administration was to reduce this risk by ensuring that the housing GSEs are overseen by an effective regulator. (N. Gregory Mankiw, Op-Ed, Keeping Fannie And Freddies House In Order, Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System. (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
** 2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America Half-measures will only exacerbate the risks to our financial system. (Secretary John W. Snow, Testimony Before The U.S. House Financial Services Committee, 4/13/05)
** 2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options. (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August up 115 percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So Ive called on Congress to pass legislation that strengthens independent regulation of the GSEs and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon. (President George W. Bush, Discusses Housing, The White House, 12/6/07)
** 2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully. (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages. (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation
and modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by helping people stay in their homes. (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans. (President George W. Bush, Radio Address, 5/3/08)
[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that and Congress is making progress on this is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator. (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans. (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying we need to pass legislation to reform Fannie Mae and Freddie Mac. (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the Presidents call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis? Records Show He Warned Congress 17 Times in 2008 Alone | The Gateway Pundit
Battling QUOTES!!!Every Democrat in Congress lied about the GSEs, Fannie and Freddy.
It because of their lies and their refusals to go along the Republicans and President G. W. Bush and the proposed reforms that we had that horrible housing crash.
Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bush’s President’s Working Group on Financial Markets October 2008
“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.
March 26, 2004
Bush Ties Policy to Record Home Ownership
Bush Ties Policy to Record Home Ownership | Fox News
"(In 2000. CLINTON) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."
How HUD Mortgage Policy Fed The Crisis
"In 2004 (BUSH), the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf
STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".
The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley (R), now vice-chairman of Nasdaq.”
“What did we get from the White House? We got a one-finger salute.”
http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html
LOL
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:
** 2001
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
** 2004
February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
** 2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
** 2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)
** 2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis? Records Show He Warned Congress 17 Times in 2008 Alone | The Gateway Pundit
I do understand..
Politicians lie. It's how they get into office, it's how they stay in office, it's how they advance their careers.
Their destructive lies and narcissistic behaviors are supported by their followers, supporters, sycophants and donors at nearly every turn.
And the American people don't appear to care, showing absolutely no indication that they're willing to hold these people accountable and change the system.
I don't understand, and I doubt that I ever will.
.
I just don't have a working solution to it.
Battling QUOTES!!!Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bush’s President’s Working Group on Financial Markets October 2008
“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.
March 26, 2004
Bush Ties Policy to Record Home Ownership
Bush Ties Policy to Record Home Ownership | Fox News
"(In 2000. CLINTON) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."
How HUD Mortgage Policy Fed The Crisis
"In 2004 (BUSH), the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf
STATEMENT OF ADMINISTRATION POLICY
The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.
George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005
Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".
The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley (R), now vice-chairman of Nasdaq.”
“What did we get from the White House? We got a one-finger salute.”
http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html
LOL
The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.
Unfortunately, Congress did not act on the president’s warnings:
** 2001
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”
** 2002
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
** 2003
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
October: Fannie Mae discloses $1.2 billion accounting error.
November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
** 2004
February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)
February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)
June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
** 2005
April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
** 2007
July: Two Bear Stearns hedge funds invested in mortgage securities collapse.
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)
September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)
** 2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis? Records Show He Warned Congress 17 Times in 2008 Alone | The Gateway Pundit
WEIRD, 17 TIMES AND DUBYA STILL FORCED F/F TO UP THEIR 'AFFORDABLE HOUSING GOALS' IN 2004 FROM 50% YO 56% AND DROPPED THE CLINTON RULE THAT REIGNED THEM IN? LOL
Bush forced Freddie and Fannie to purchase more low income home loans, $440 billion in MBSs and then reversed the Clinton rule that actually reigned in Freddie and Fannie
"(In 2000. CLINTON) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."
How HUD Mortgage Policy Fed The Crisis
"In 2004 (BUSH), the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
http://www.prmia.org/sites/default/files/references/Fannie_Mae_and_Freddie_Mac_090911_v2.pdf
June 17, 2004
Builders to fight Bush's low-income plan
Groups ask HUD to rethink plan that would increase financing of homes to low-income people.
Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.
Home builders fight Bush's low-income housing - Jun. 17, 2004
Q When did the Bush Mortgage Bubble start?
A The general timeframe is it started late 2004.
From Bush’s President’s Working Group on Financial Markets October 2008
“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”
Bush talked about reform. He talked and he talked. And then he stopped reform. (read that as many times as necessary. Bush stopped reform). And then he stopped it again. A million quotes cant change that.
WHY DIDN'T THE GOP CONGRESS DO ANYTHING ABOUT DUBYA'S 'WARNINGS'???
http://www.usmessageboard.com/economy/362889-facts-on-dubya-s-great-recession.html
Where are the bills??LIE 4 that Obama clearly stated that Barney Frank agreed with:
This candidate solemnly pledged on June 5, 2008: In an Obama administration, well lower premiums by up to $2,500 for a typical family per year .. Well do it by the end of my first term as President of the United States.
Obamacare Will Increase Health Spending By $7,450 For A Typical Family of Four - Forbes
FACTS today:
1)Floridians who buy health insurance on the individual market for next year will face an average increase of 13.2 percent in their monthly premiums, according to rate proposals unveiled Monday by the states Office of Insurance Regulation.
Florida Obamacare Premiums To Jump Up 13.2 Percent | The Weekly Standard
2) Over the next five years, leaders of Ohios 10 largest school districts expect their costs for employee retirement and health insurance benefits to increase by an average of 29 percent.
Thanks Obamacare: Ohio?s largest school districts expect employee benefits to grow 29% over next five years - EAGnews.org powered by Education Action Group Foundation, Inc.
REALLY??? And Obama PLEDGED a $2,500 decrease!
"The prices of the lowest-cost [plans] tend to be going up more," said Caroline Pearson, vice president at the consulting firm Avalere Health. "Most people, if re-enrolled, will be enrolled in a plan that has a premium increase."
But that's only part of the reason inertia is so expensive for Obamacare enrollees.
The vast majority of enrollees don't pay the full cost of their premiums85 percent are getting financial help from the government. And many of those consumers will find that their subsidies don't go as far next year, even for the same plans.
If You Like Your Obamacare Plan, It'll Cost You - NationalJournal.com
I do understand..
Politicians lie. It's how they get into office, it's how they stay in office, it's how they advance their careers.
Their destructive lies and narcissistic behaviors are supported by their followers, supporters, sycophants and donors at nearly every turn.
And the American people don't appear to care, showing absolutely no indication that they're willing to hold these people accountable and change the system.
I don't understand, and I doubt that I ever will.
.
I just don't have a working solution to it.
The only way we fix it is to change the system under which these thugs operate. Take away their ability to milk the system. Balanced Budget Amendment, strict/short term limits, and publicly-funded elections. Poof, most of their motivations are removed.
I know very few people would agree with all three of those strategies, but we can either continue to put up with this or we can do something about it. I don't know how so many people are so willing to be lied to every single fucking day by these people.
.
Barney Frank was not the head of any committees until 2007. Until then, Republicans headed all committees. Who knows where you get your information from? In 2007, he chaired the House Financial Services Committee. Two months later, he sponsored H.R.1427 -- The Federal Housing Finance Reform Act of 2007 , which he got passed in the House in May of 2007.As head of the powerful "house banking committee" Frank was charged with the responsibility for Fannie Mae. He told America that Fannie was solvent and it collapsed under his watch. Nobody ever asked him what the hell he was doing and he faded away and retired.
