Republicans Own Detroit Bankruptcy

[TemplarKormac]

You need to turn off the radio or whatever it is that is making you stupid.

Let's look at the facts:

In 2003, the Bush Administration sought to create a new agency, replacing the Office of Federal Housing Enterprise Oversight, to oversee Fannie Mae and Freddie Mac. In 1992 in the wake of the Savings and Loan crisis, and over concern similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban Development.[16]

While Senate and House leaders voiced their intention to bring about the needed legislation, no reform bills materialized.

A Senate reform bill introduced by Senator John Corzine (D-NJ) (S.1656) never made it out of the 21-member (10D/11R) Senate Banking, Housing, and Urban Affairs Committee.[17]

And for the record, in 2003 Republicans held the Presidency, the Senate, and the House, as well as majorities on the committees, such as the Banking Committee above,

which killed the DEMOCRAT Corzine's reform bill.

So enough with your propaganda.

Federal takeover of Fannie Mae and Freddie Mac - Wikipedia, the free encyclopedia

Sorry.

McCain?s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can?t get AIG right « Hot Air

Whatever your stupid link says, which I'm not reading, the Republicans were still in control in 2005.

What I do find funny though is that you are admitting that lack of federal government regulation is what caused the economic crises of back then.

lol, you're learning.

You know you were just beaten. Your inability to accept reality is showing, Carbine.

 

[NYcarbineer]

How is blaming those who run Detriot an attempt to blame Obama?

Read his posts. Are you willing to say that president Obama is blameless in the Detroit bankruptcy?

Then say it.

He is no knight in shining armor. Same policies, same results. There are 3.3 million Food Stamp recipients in your state, 50 million+ nationwide. One country in debt, one city in debt. Same policies, same results.

If you have no argument, then just say it.

Bush was losing 700,000 jobs a month and had a negative 6% GDP when he left office.

You want those days back?

 

[antiquity]

Okay, so you have 1 major city in the US, with a history of Democratic governments,

in bankruptcy.

And none of the rest of the cities run by Democrats are in bankruptcy?

So, that would mean that about 99% of the American cities run by Democrats are not bankrupt.

Where in the world is a 99% success rate a bad thing?

Your figures are a little short, in fact the following cities have filed for bank rupture.

Stockton, Calif. (2012)
Bridgeport, Conn.
Vallejo, Calif.
Harrisburg, Penn.
Prichard, Ala.
Central Falls, R.I.
Desert Hot Springs, Calif.

You should note all but Prichard in Alabama are in very liberal states. Also note that over 700 cities and counties have filed at one time or another. Hardly a 99% success rate.

 

[NYcarbineer]

Sorry.

McCain?s attempt to fix Fannie Mae, Freddie Mac in 2005; Update: Obama can?t get AIG right « Hot Air

Whatever your stupid link says, which I'm not reading, the Republicans were still in control in 2005.

What I do find funny though is that you are admitting that lack of federal government regulation is what caused the economic crises of back then.

lol, you're learning.

You know you were just beaten. Your inability to accept reality is showing, Carbine.

Beaten at what?

The Republicans controlled the Senate the House and the Presidency from 2002 to 2007. The real estate bubble had burst by then.

 

[NYcarbineer]

Okay, so you have 1 major city in the US, with a history of Democratic governments,

in bankruptcy.

And none of the rest of the cities run by Democrats are in bankruptcy?

So, that would mean that about 99% of the American cities run by Democrats are not bankrupt.

Where in the world is a 99% success rate a bad thing?

Your figures are a little short, in fact the following cities have filed for bank rupture.

{QUOTE] Stockton, Calif. (2012)
Bridgeport, Conn.
Vallejo, Calif.
Harrisburg, Penn.
Prichard, Ala.
Central Falls, R.I.
Desert Hot Springs, Calif.

You should note all but Prichard in Alabama are in very liberal states. Also note that over 700 cities and counties have filed at one time or another. Hardly a 99% success rate.[/QUOTE]

I said in bankruptcy.

 

[NYcarbineer]

You're trying to blame it on Obama.

How is blaming those who run Detriot an attempt to blame Obama?

Read his posts. Are you willing to say that president Obama is blameless in the Detroit bankruptcy?

Then say it.

I guess he won't be saying that. So you're blaming Obama too. lol, case closed.

 

[TemplarKormac]

You need to turn off the radio or whatever it is that is making you stupid.

Let's look at the facts:

In 2003, the Bush Administration sought to create a new agency, replacing the Office of Federal Housing Enterprise Oversight, to oversee Fannie Mae and Freddie Mac. In 1992 in the wake of the Savings and Loan crisis, and over concern similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban Development.[16]

While Senate and House leaders voiced their intention to bring about the needed legislation, no reform bills materialized.

A Senate reform bill introduced by Senator John Corzine (D-NJ) (S.1656) never made it out of the 21-member (10D/11R) Senate Banking, Housing, and Urban Affairs Committee.[17]

And for the record, in 2003 Republicans held the Presidency, the Senate, and the House, as well as majorities on the committees, such as the Banking Committee above,

which killed the DEMOCRAT Corzine's reform bill.

So enough with your propaganda.

Federal takeover of Fannie Mae and Freddie Mac - Wikipedia, the free encyclopedia

Oops, sorry again!

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.

New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NYTimes.com

That's the same one you moron. The one that the Republican controlled legislature never did anything with.

Nope.

The Bush Administration on 17 separate instances in 2008 alone called for the resolution of the looming crisis. A Democratically held house and senate acted with too little, too late... in 2008.

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 againhighlights 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.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six 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).

“The 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.

http://nicedeb.wordpress.com/2008/0...annie-mae-freddie-mac-17-times-in-2008-alone/

 

[antiquity]

You're trying to blame it on Obama.

Obama: I “refused to let Detroit go bankrupt” – CBS News...

How did that work out for you and Obama?

 

[westwall]

Democrats have held power in Detroit for 50 years but it's fall is the republicans fault I knew this liberal talking point was coming even so I still find the depth of its stupidity amazing.

Nah, its just synthy being synthy....which is.....well.....kind of stupid:LOL:

 

[Pete7469]

Two years into Obama's presidency, Right-wingers were saying it was now Obama's economy.

This means that two years into Rick Snyder's governorship, it is now his bankruptcy of Detroit.

The difference? Republican Rick Snyder has had a complete Republican majority in the State House and Senate, with no one to obstruct a thing.

bahahahahahahaha

Detroit is now being run by Republicans..............

That's why I strongly encourage liberals to get all the abortions they like. I even encourage them to perform retroactive self abortions to combat "climate change".

No one spews more useless hot air than a bed wetting liberal.

 

[thanatos144]

1973 was the shot that killed Detroit when they elected Colman Young the crook.....It just took a shit load more democrat racist crooks for it to bleed out. The OP isnt even original

[ame=http://www.youtube.com/watch?feature=player_embedded&v=_5wxupZKkV0]Krauthammer's Take: Detroit Shows the Effects of 'the Absence of Austerity' - YouTube[/ame]


Ed Schultz on Why Detroit Went Bankrupt: The City Became a ?Conservative Utopia? | Video | TheBlaze.com

This is how fucking stupid people like Synth is.....They actually buy this line of crap.

 

[MisterBeale]

Two years into Obama's presidency, Right-wingers were saying it was now Obama's economy.

This means that two years into Rick Snyder's governorship, it is now his bankruptcy of Detroit.

The difference? Republican Rick Snyder has had a complete Republican majority in the State House and Senate, with no one to obstruct a thing.

The rest of Michigan is doing okay. It's Detroit, which has been Democrat-run for 5 decades that isn't doing well. This has nothing to do with Republicans or Governor Snyder.

Why can't you liberals admit that you screwed the pooch in Detroit? Because for you, denial is easier then reality.

Yeah? Been to Flint lately? When's the last time you were in Saginaw? A decade ago a person could stroll around down in old town with out a care in the world. . . not so sure that would be a good idea anymore.

Grand Rapids. . . Where President Ford is from? Depending on which section you are from, it is supposed to be the nicest town in the state, even parts of that town are sliding down. Let's not even get started in on Lansing. When I attended MSU, I had a delivery job there and delivered all over Ingham county, I saw it all. I wasn't pretty then, and it has only gotten worse, much worse in the intervening twenty years.

I've also had a sales job that took me to all parts of the State, everywhere but the U.P. and the South West corridor down to Chi Town. I've seen the Trolls and the Yoopers. It was bad then, and it's only gotten worse. It has NOTHING to do with the political affiliation of either party. NOTHING. It has to do with the global elites in both parties. There are really good politicians in both parties that care about this country. Politicians like Ron Paul, Mike Gravel, Ralph Nadar and Dennis Kucinich. Not those internationalist/globalist scumbags that are in office now. Any of them that aren't a part of the CFR, Trilateral or Bilderburger. Ones who don't take bribes from the international banking cartel or Oil Cartels and share their visions of a one world currency and outsourcing labor to the cheapest market where you can pollute a place where the population is too poor or too stupid and uneducated to give a shit.

Do I love free markets? You bet I do. But will I tolerate having American markets flooded by products made with child labor or in places where the environment is completely polluted just so Americans can lose their job as a result; while the CEO's and Wall Street investors, and your 401K make a bundle so the cities and towns that once built this nation crumble into disrepair? Not really. You know who did this? YOU DID!! The ignorant, dumb, the dumb ass stupid AMERICAN VOTER DID!

[ame=http://www.youtube.com/watch?v=CFDND9SRJbs]Genius: "The Public Sucks." Look in the mirror voters. - YouTube[/ame]

 

[thanatos144]

You have to wonder about a man who uses a dead hippie comedian as a way to make a point.

 

[Synthaholic]

Two years into Obama's presidency, Right-wingers were saying it was now Obama's economy.

While I see exactly what your are trying to do with this thread, your attempt to prove a point is weak at best.

This means that two years into Rick Snyder's governorship, it is now his bankruptcy of Detroit.

The difference? Republican Rick Snyder has had a complete Republican majority in the State House and Senate, with no one to obstruct a thing.

You are aware that Obama had a Democrat majority in the House and Senate his first two years in office??? You know, those Democrats who in one year increased our debt by $3 trillion.....which almost matched the $3.4 trillion Bush and Republicans gave America in 6 years.

Detroit is a perfect example of 50+ years of Democrat corruption and idiocy, as well us union greed. Detroit serves as a perfect example of what happens when Democrats and unions go unchallenged and have free reign.

Unfortunately, Obama and progressives, notice I said progressives...because both the Democrat Party and Republican Party are full of them....they are putting forth a team effort to turn America into Detroit.

See, this is the type of bullshit that always trips you types up.

You can count the stimulus, but you cannot count Bush's crash or Bush's debt interest payments against Obama.

Not honestly, anyway.

 

[Politico]

Have you people gotten damaged from too many drugs or are you just drunk when you come here?

 

[Synthaholic]

Nobody said DET was on Obamalama.. though the overall economic failure of the US Economy is on him... the DET failure comes from DECADES of big government, overspending, etc that was done by the leaders of DETROIT.... and the purse strings for DETROIT have been handled almost exclusively by the DEMs for a LONG time... only as it got so bad was control taken away from the city itself... too late.. even with trying to cut back (something Obamalama did not do when handed a bad fiscal and spending situation... he doubled down on it, making it worse)... DET is a prime example of the problem with big government, asinine and illogical entitlement programs, etc...

Why do you act like a retard who can't read?

I said in the OP:

Two years into Obama's presidency, Right-wingers were saying it was now Obama's economy.

This means that two years into Rick Snyder's governorship, it is now his bankruptcy of Detroit.


​

Do you now admit that it was not Obama's Economy?

Question really is

If Obama never takes any credit for anything, why is he even needed?

We might save hundreds of millions on vacation expenses without him, money those poor fools in Detroit could use

What a great idea

Of course, I'm just a crazy cracka

• He takes credit for saving the auto industry.
• He takes credit for killing Osama bin Laden.
• He takes credit for decimating al Qaeda.
• He takes credit for ending the Iraq War.
• He takes credit for keeping us from falling into a depression.
• He takes credit for reforming health care in America.
• He takes credit for deporting 1.5 times more illegal immigrants than Bush did.
• He takes credit for saving the hostages held by pirates off the coast of Africa.
• He takes credit for the Lilly Ledbetter Fair Pay Act.
• He takes credit for the stimulus, which created jobs, cut taxes, and was crucial to staying afloat after the Bush Crash.

 

[Synthaholic]

Yeah.. only the main industry of the city.. and supposedly 'saving' that industry (which he did not do) was supposedly to be the boom for Detroit... the ONLY ones that benefited from the 'bailout' was the UAW echelon..

The big government spending and even bigger government intervention is what put places like DET in trouble;e.. and the same practices are what have us in trouble on a national level as well.. and we are getting worse

Are you saying that the auto industry recovery was not a boom for Detroit?

Not sure if any thing has been a boom for Detroit, if it was they wouldn't have filed for bank rupture. But I do know that the auto bail out was not a boom for the country considering the lost models that were discontinued, the hundreds of auto dealers and supporting companies around the country that went bust.
R

This is retarded.

You're equating an industry boom with enough to get them out of $18 billion in debt.

Stop saying stupid shit.

 

[zonly1]

Two years into Obama's presidency, Right-wingers were saying it was now Obama's economy.

This means that two years into Rick Snyder's governorship, it is now his bankruptcy of Detroit.

The difference? Republican Rick Snyder has had a complete Republican majority in the State House and Senate, with no one to obstruct a thing.

Mayor of Detroit has liberal party associations such as D, moron

Explain why does failure in the democRat party policies shoved to the front of line that solves economic theory; let along keysian economics of the Cambridge school of econ, fabian socialism, is successful, moron.

Please promote your enlighteness skills.....check mate

 

[zonly1]

Two years into Obama's presidency, Right-wingers were saying it was now Obama's economy.

This means that two years into Rick Snyder's governorship, it is now his bankruptcy of Detroit.

The difference? Republican Rick Snyder has had a complete Republican majority in the State House and Senate, with no one to obstruct a thing.

Mayor of Detroit has liberal party associations such as D, moron

Explain why does failure in the democRat party policies shoved to the front of line that solves economic theory; let along keysian economics of the Cambridge school of econ, fabian socialism, is successful, moron.

Please promote your enlighteness skills.....check mate



"wow 10 second rule blocked me from responding"

 

[Lakhota]

Republicans should be thinking real hard about the future. Michigan real estate might be a real good investment. Detroit is about 580 feet above sea level - and could thrive again.

Due to Global Warming, End Is Virtually Certain for NYC, Boston, Miami, Holland | Eric Zuesse