New study confirms economy was destroyed by Democrat policies

[Siete]

yet another "study confirms" thread

13 studies confirmed no wrong doing in Benghazi

but but but but

study confirms RW's are morons.

 

[SassyIrishLass]

yet another "study confirms" thread

13 studies confirmed no wrong doing in Benghazi

but but but but

study confirms RW's are morons.

And yet another loon chimes in.....like moths to a flame.

 

[NYcarbineer]

Let's face it, leftists are gullible (see GLOBULL warming)

"Tax cuts pay for themselves and create jobs".......Polly Anna

And for that we have timely news:

Scott Walker cut $541 million in taxes last year. Now his state will miss a $108 million debt payment.

Scott Walker cut 541 million in taxes last year. Now his state will miss a 108 million debt payment. - The Washington Post

 

[SassyIrishLass]

Let's face it, leftists are gullible (see GLOBULL warming)

"Tax cuts pay for themselves and create jobs".......Polly Anna

And for that we have timely news:

Scott Walker cut $541 million in taxes last year. Now his state will miss a $108 million debt payment.

Scott Walker cut 541 million in taxes last year. Now his state will miss a 108 million debt payment. - The Washington Post

You're off topic, loon. Get back on point

 

[NYcarbineer]

yet another "study confirms" thread

13 studies confirmed no wrong doing in Benghazi

but but but but

study confirms RW's are morons.

And yet another loon chimes in.....like moths to a flame.

Ah, so you admit this is a flame thread. Put your troll threads where they belong.

 

[NYcarbineer]

Let's face it, leftists are gullible (see GLOBULL warming)

"Tax cuts pay for themselves and create jobs".......Polly Anna

And for that we have timely news:

Scott Walker cut $541 million in taxes last year. Now his state will miss a $108 million debt payment.

Scott Walker cut 541 million in taxes last year. Now his state will miss a 108 million debt payment. - The Washington Post

You're off topic, loon. Get back on point

You've dodged my points.

 

[bendog]

But PC is loony, but imo in a fun way, and she's not uncivil

 

[SassyIrishLass]

Let's face it, leftists are gullible (see GLOBULL warming)

"Tax cuts pay for themselves and create jobs".......Polly Anna

And for that we have timely news:

Scott Walker cut $541 million in taxes last year. Now his state will miss a $108 million debt payment.

Scott Walker cut 541 million in taxes last year. Now his state will miss a 108 million debt payment. - The Washington Post

You're off topic, loon. Get back on point

You've dodged my points.

I said I don't take you serious...evidently you dodged my point, eh?

 

[Delta4Embassy]

Deflection and spin. The Democrat party twins. Poor things, it's all they've got.

Well that, and the DOW, Nasdaq, and S&P 500 are at all-time record high levels under a democratic administration. Whereas during the last Republican administration I seem to remember a market crash. What happens when Republicans remove market regulations.

 

[SassyIrishLass]

Deflection and spin. The Democrat party twins. Poor things, it's all they've got.

Well that, and the DOW, Nasdaq, and S&P 500 are at all-time record high levels under a democratic administration. Whereas during the last Republican administration I seem to remember a market crash. What happens when Republicans remove market regulations.

Why did it crash? Sheesh talk about not seeing the forest for the trees.

PS Clintoon's Dot.com bubble?

 

[Plasmaball]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

ah yes this old story, which means you are a sock of somebody. Neat!

 

[BlindBoo]

The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

The Federal Financial Institutions Examination Council (FFIEC) provides an interagencyCRA rating database on its website.

In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

FRB Did the Community Reinvestment Act CRA contribute to foreclosures and the financial crisis And is the CRA being reformed

The government agency charged with enforcing the CRA determined that it didn't cause any problems? Only the terminally gullible would swallow that.

I certainly trust the Federal Reserve Board over EC, SIL or you.

 

[Where_r_my_Keys]

Let's face it, leftists are gullible (see GLOBULL warming)

"Tax cuts pay for themselves and create jobs".......Polly Anna

And for that we have timely news:

Scott Walker cut $541 million in taxes last year. Now his state will miss a $108 million debt payment.

Scott Walker cut 541 million in taxes last year. Now his state will miss a 108 million debt payment. - The Washington Post

(Off Topic Deceit, FRAUDULENTLY advanced as a means to influence the Ignorant)

 

[Bush92]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

Your post makes entirely too much sense. Hence it will be ridiculed by the Marxist left on this board.

 

[SassyIrishLass]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

ah yes this old story, which means you are a sock of somebody. Neat!

Thanks for youj input....weak as it was anyway.

 

[Delta4Embassy]

Deflection and spin. The Democrat party twins. Poor things, it's all they've got.

Well that, and the DOW, Nasdaq, and S&P 500 are at all-time record high levels under a democratic administration. Whereas during the last Republican administration I seem to remember a market crash. What happens when Republicans remove market regulations.

Why did it crash? Sheesh talk about not seeing the forest for the trees.

PS Clintoon's Dot.com bubble?

2008 Crash = Republican administration
1987 Crash = Republican administration

2015 markets at all-time highs = Democrat administration

 

[Little-Acorn]

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

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

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

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

Here's a summary:

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

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

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

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

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

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

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

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

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

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

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

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


(to be continued)

 

[SassyIrishLass]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

Your post makes entirely too much sense. Hence it will be ridiculed by the Marxist left on this board.

They went all flummoxed and are spinning and deflecting

 

[Little-Acorn]

(continued from above)


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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

 

[Bush92]

Anyone really paying attention already knew this.

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review...

social justice through government manipulation = FAILURE