The Facts About Obama's Economic Record

[EdwardBaiamonte]

But as of now the crash of 1929 happened BEFORE FDR. THAT'S WHY HE WAS ELECTED.

dear, everyone knows that so you appear like a silly child proudly proclaiming 1+1=2. In fact, Hoover was a liberal who did stupid liberal things(eg Hoover stimulus Dam) much like FDR did stupid liberal things and so instead of ending it a month or two the Depression lasted 16 years much like the USSR lasted 70 years and Red China lasted 30 years.

Do you have the IQ to understand?

 

[mikegriffith1]

The reasons that liberals refuse to acknowledge the facts about Freddie and Fannie's role in the financial meltdown is that those facts refute their narrative that Obama inherited the recession that Bush caused.

In point of fact, Bush and the Republicans repeatedly tried to impose tougher regulations on Freddie and Fannie to rein in their reckless involvement in sub-prime and alt-A loans. But the Dems, including then-Senator Obama, blocked every attempt, and over a three-year period at that. The recession would have been much less severe if Freddie and Fannie had not backed so many high-risk loans (at least $1.5 trillion over the space of 8 years), because there would have been fewer high-risk loans to bundle into toxic assets.

 

[EdwardBaiamonte]

The reasons that liberals refuse to acknowledge the facts about Freddie and Fannie's role in the financial meltdown is that those facts refute their narrative that Obama inherited the recession that Bush caused.

In point of fact, Bush and the Republicans repeatedly tried to impose tougher regulations on Freddie and Fannie to rein in their reckless involvement in sub-prime and alt-A loans. But the Dems, including then-Senator Obama, blocked every attempt, and over a three-year period at that. The recession would have been much less severe if Freddie and Fannie had not backed so many high-risk loans (at least $1.5 trillion over the space of 8 years), because there would have been fewer high-risk loans to bundle into toxic assets.

Yes, it was HUD, under Andrew Cumo and other liberals, that set the affordable housing goal regulations which required Fan/Fred to have 56% low to moderate income mortgages. By meeting these goals Fan Fred curried favor with the Democrats who then protected the Fan/Fred franchise which was making $10's of millions for the top liberal brass who ran the places.

 

[edthecynic]

The reasons that liberals refuse to acknowledge the facts about Freddie and Fannie's role in the financial meltdown is that those facts refute their narrative that Obama inherited the recession that Bush caused.

In point of fact, Bush and the Republicans repeatedly tried to impose tougher regulations on Freddie and Fannie to rein in their reckless involvement in sub-prime and alt-A loans. But the Dems, including then-Senator Obama, blocked every attempt, and over a three-year period at that. The recession would have been much less severe if Freddie and Fannie had not backed so many high-risk loans (at least $1.5 trillion over the space of 8 years), because there would have been fewer high-risk loans to bundle into toxic assets.

That lie is moronic! The GOP had majorities in the House and Senate as well as having the president. All it takes is a simple majority to move a bill out of the House, yet for all of those "3 years" only ONE bill made it to the Senate, and that bill was blocked by the REPUBLICAN Senate majority leader who refused to even bring it up for a vote!
So tell us what 3 years worth of bills were blocked by the powerless Dems?
Please list them!

 

[Dragonlady]

The problem wasn't with low to moderate income mortgages. The problem was with mortgage fraud and that's not something Fannie Mae or Freddie Mac was involved in.

When the big banks found out how profitable sub prime mortgages were, they were approving everything. They stopped writing conventional mortgages because they weren't as profitable as subprime mortgages.

People were encouraged to lie about their income on their applications. Applications were being approved with no proof of income at all. Applicants who requested conventional mortgages were encouraged to borrow more money so the brokerages could make more money.

People went along with the brokers because it never occurred to them that a bank would lend them more than they could afford to pay back.

People were buying homes with no down payment, and no income. When the interest rates tripled at the end of two years and they couldn't make the payments, they simply walked away.

This wasn't the result of lending to low to moderate income families. This was the result of bad lending practices. No one has suggested that Freddie Mac or Fannie Mar participated in any of this fraud. Their losses occurred because house values dropped like a stone when the bubble burst, and the economy was shedding 700,000 jobs every month.


Once again conservatives are lying to avoid taking responsibility for the collapse of the housing market.

You broke it, you own it.

 

[EdwardBaiamonte]

That lie is moronic! The GOP had majorities in the House and Senate as well as having the president.

dear, libcommie control and regulation of housing market and health care market etc etc is obviously basic liberalism. Why not take responsibility like an adult or like Barney Frank:





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


After housing collapse:
Barney Frank: "I hope by next year we'll have abolished Fanny Freddie... it was a great mistake to push lower income people into homes they couldn't afford and couldn't really handle once they had it"

 

[Dragonlady]

You've given two contradictory quotes from Barney Frank with absolutely no context, which is to say, you've posted nothing.

Context is everything Eddie.

 

[EdwardBaiamonte]

You've given two contradictory quotes from Barney Frank with absolutely no context, which is to say, you've posted nothing.

Context is everything Eddie.

dear, OMG! if you had half a brain and read the newspapers you'd know exactly what Barney was talking about.

PS: I labeled Barney's statements in light of your pure liberal ignorance

 

[mikegriffith1]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued. If you can't bring yourself to read, go watch it on video.

Barney Frank’s Denialism About the Housing Bubble


Bush and McCain Warned Democrats of Housing Crisis and Financial Meltdown


Democrats Covering Up Fannie and Freddie Scandal


Democrats Blocked Reform of Freddie and Fannie


There are several more where those came from.

 

[EdwardBaiamonte]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued. If you can't bring yourself to read, go watch it on video.

Barney Frank’s Denialism About the Housing Bubble


Bush and McCain Warned Democrats of Housing Crisis and Financial Meltdown


Democrats Covering Up Fannie and Freddie Scandal


Democrats Blocked Reform of Freddie and Fannie


There are several more where those came from.

The housing market collapsed for the same reason the USSR and Red China collapsed: liberal interference in the market place.

 

[Faun]

The reasons that liberals refuse to acknowledge the facts about Freddie and Fannie's role in the financial meltdown is that those facts refute their narrative that Obama inherited the recession that Bush caused.

In point of fact, Bush and the Republicans repeatedly tried to impose tougher regulations on Freddie and Fannie to rein in their reckless involvement in sub-prime and alt-A loans. But the Dems, including then-Senator Obama, blocked every attempt, and over a three-year period at that. The recession would have been much less severe if Freddie and Fannie had not backed so many high-risk loans (at least $1.5 trillion over the space of 8 years), because there would have been fewer high-risk loans to bundle into toxic assets.

Republicans controlled the Senate. The only parliamentary move at the minority party's disposal to block the majority party Republicans was with a filibuster. So either you can list the GSE reform bill numbers Democrats filibustered in the Senate or you expose yourself as ignorant on the matter.......

 

[EdwardBaiamonte]

The problem wasn't with low to moderate income mortgages. The problem was with mortgage fraud and that's not something Fannie Mae or Freddie Mac was involved in.

dear you are a liberal idiot without doubt
1) Fan Fred created demand for those mortgages by buying and guaranteeing them
2) Fan Fred were sued by SEC for lying about the quality of the mortgages they held(76% of all sub prime and Alt A mortgages).
3) Fran /Fred was little more than lib commie mafia

Warren Buffett: "There are significant limits to what regulation can accomplish. As a dramatic illustration, take two of the biggest accounting disasters in the past ten years: Freddie Mac and Fannie Mae. We're talking billions and billions of dollars of misstatements at both places".

Now, these are two incredibly important institutions. I mean, they accounted for over 40% of the mortgage flow a few years back. Right now I think they're up to 70%. They're quasi-governmental in nature. So the government set up an organization called OFHEO. I'm not sure what all the letters stand for. [Note to Warren: They stand for Office of Federal Housing Enterprise Oversight.] But if you go to OFHEO's website, you'll find that its purpose was to just watch over these two companies. OFHEO had 200 employees. Their job was simply to look at two companies and say, "Are these guys behaving like they're supposed to?" And of course what happened were two of the greatest accounting misstatements in history while these 200 people had their jobs. It's incredible. I mean, two for two!

“Whatever regulatory changes are made, they will pale in comparison to the change already evident in today’s markets,” he said. “Those markets for an indefinite future will be far more restrained than would any currently contemplated new regulatory regime

 

[Faun]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued. If you can't bring yourself to read, go watch it on video.

Barney Frank’s Denialism About the Housing Bubble


Bush and McCain Warned Democrats of Housing Crisis and Financial Meltdown


Democrats Covering Up Fannie and Freddie Scandal


Democrats Blocked Reform of Freddie and Fannie


There are several more where those came from.

Barney Frank was but a member of the minority party in the House. How the hell did he block the majority party Republicans?? Are they that weak that they cower in his mere presence? If so, Republicans should be barred from Congress.

 

[edthecynic]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued.

The GOP were all talk and no action. Frank was POWERLESS to stop anything in the House. The GOP refused to act on their talk!

 

[EdwardBaiamonte]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued. If you can't bring yourself to read, go watch it on video.

Barney Frank’s Denialism About the Housing Bubble


Bush and McCain Warned Democrats of Housing Crisis and Financial Meltdown


Democrats Covering Up Fannie and Freddie Scandal


Democrats Blocked Reform of Freddie and Fannie


There are several more where those came from.

Barney Frank was but a member of the minority party in the House. How the hell did he block the majority party Republicans?? Are they that weak that they cower in his mere presence? If so, Republicans should be barred from Congress.

dear, they blocked it the same way Republicans block Obamacare and single payer despite being minority or slight majority. Do you ever think before you post??

 

[EdwardBaiamonte]

[The GOP refused to act on their talk!

so what you idiot? If the Democrats had acted and the electorate had acted too it would have been done but neither did in fact they were openly opposed so the Republican philosophy did not prevail.
Over your head you fool??.

 

[EdwardBaiamonte]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued.

The GOP were all talk and no action.

yes dear and the lib commie Democrats were no talk and no action. In retrospect we know that the massive lib commie regulation failed just as the USSR failed and its too bad the weak Republican opposition failed.

 

[edthecynic]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued. If you can't bring yourself to read, go watch it on video.

Barney Frank’s Denialism About the Housing Bubble


Bush and McCain Warned Democrats of Housing Crisis and Financial Meltdown


Democrats Covering Up Fannie and Freddie Scandal


Democrats Blocked Reform of Freddie and Fannie


There are several more where those came from.

Barney Frank was but a member of the minority party in the House. How the hell did he block the majority party Republicans?? Are they that weak that they cower in his mere presence? If so, Republicans should be barred from Congress.

dear, they blocked it the same way Republicans block Obamacare and single payer despite being minority or slight majority. Do you ever think before you post??

Except all you need in the House is a simple majority, and since the GOP was the MAJORITY party in the House the Dems could block nothing in the House.

So list all the reform bills that came out of the House.

 

[Faun]

For crying out loud, you can go on YouTube and see with your own eyes and hear with your own ears who said and did what, who warned and called for reform and who denied and demagogued. If you can't bring yourself to read, go watch it on video.

Barney Frank’s Denialism About the Housing Bubble


Bush and McCain Warned Democrats of Housing Crisis and Financial Meltdown


Democrats Covering Up Fannie and Freddie Scandal


Democrats Blocked Reform of Freddie and Fannie


There are several more where those came from.

Barney Frank was but a member of the minority party in the House. How the hell did he block the majority party Republicans?? Are they that weak that they cower in his mere presence? If so, Republicans should be barred from Congress.

dear, they blocked it the same way Republicans block Obamacare and single payer despite being minority or slight majority. Do you ever think before you post??

You think Republicans blocked ObamaCare?

 

[OohPooPahDoo]

And it's worth noting that we would be less in debt if Obama and the Democrats had gotten their way on taxes

FIFY


BTW, unemployment more than doubled under Bush