Since Bush and Hoover were very liberal does that make you a conservative? Given that Obama, another liberal, has prolonged the recession 7 years so far does that encourage you to be more conservative still??
I agree. Here's how he destroys jobs:
I like how you put a price tag on each hurricane which adds up to about $250 Billion, but in a desperate attempt to keep up with the estimated $6-$14 trillion cost of Bush's Great Recession, resort to fuzzy math to get $250 Billion magically become $1 trillion.You're completely deranged.Notice how you can't refute the reality that the Great Recession dwarfs all those events combined.
YOU got to be kidding!
TELL the 5,000 people that died!
MY god nothing, NOTHING has happened of that magnitude since Obama's been in office!
Trillions of dollars in lost assets, buildings, destroyed! Businesses destroyed!
And YOU equate a few people's jobs being lost?
By the way you are also ignoring totally the TARP program has MADE a profit for the government!
And THAT was a direct benefit of the phony "great recession"!
The aggressive policies of the Federal Reserve and other central banks - though not without criticism - are widely credited with preventing even greater damage to the global economy. For example, the Fed lowered a key interest rate to nearly zero in order to promote liquidity and – in an unprecedented move – provided banks with a staggering $7.7 trillion of emergency loans.
The Great Recession Definition | Investopedia
View attachment 51486
We're talking about the financial costs, ya moron.
And everything you list combined pales in comparison to the Great Recession Bush dumped on Obama.
Federal Reserve Bank of Dallas
Our bottom-line estimate of the cost of the crisis, assuming output eventually returns to its precrisis trend path, is an output loss of $6 trillion to $14 trillion.
So you are USING a "Our bottom-line estimate of the cost of the crisis," ESTIMATED number!!!!
Where are your facts?
Plus ya moron... There were some other minor events here say
$1 trillion in losses due to the WORST Hurricane SEASONS in history.
Again idiots like you TOTALLY forget these were the worst hurricane SEASONS in history! The worst! No presidency every faced the following:
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005.
It took 1,836 lives and caused $81.2 billion in damages.
It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground
Finally what is the price tag on the 5,000+ lives that were lost? There is an economic impact with them.
AND NOTHING Obama has contended with EQUALS that!
You are laughable when you are trying to defend Obama's total hatred for Americans, his distaste for capitalism and
definitely his anti-business attitude as manifested by all his efforts to continue to destroy American jobs!
He will be shown as one of the most destructive presidents within several years.
Asked and answered, Crazy Eddie.
"Thanks to OUR POLICIES, home ownership in America is at an all-time high!" - George Bush, 2004 RNC acceptance speechI like how you put a price tag on each hurricane which adds up to about $250 Billion, but in a desperate attempt to keep up with the estimated $6-$14 trillion cost of Bush's Great Recession, resort to fuzzy math to get $250 Billion magically become $1 trillion.You're completely deranged.Notice how you can't refute the reality that the Great Recession dwarfs all those events combined.
YOU got to be kidding!
TELL the 5,000 people that died!
MY god nothing, NOTHING has happened of that magnitude since Obama's been in office!
Trillions of dollars in lost assets, buildings, destroyed! Businesses destroyed!
And YOU equate a few people's jobs being lost?
By the way you are also ignoring totally the TARP program has MADE a profit for the government!
And THAT was a direct benefit of the phony "great recession"!
The aggressive policies of the Federal Reserve and other central banks - though not without criticism - are widely credited with preventing even greater damage to the global economy. For example, the Fed lowered a key interest rate to nearly zero in order to promote liquidity and – in an unprecedented move – provided banks with a staggering $7.7 trillion of emergency loans.
The Great Recession Definition | Investopedia
View attachment 51486
We're talking about the financial costs, ya moron.
And everything you list combined pales in comparison to the Great Recession Bush dumped on Obama.
Federal Reserve Bank of Dallas
Our bottom-line estimate of the cost of the crisis, assuming output eventually returns to its precrisis trend path, is an output loss of $6 trillion to $14 trillion.
So you are USING a "Our bottom-line estimate of the cost of the crisis," ESTIMATED number!!!!
Where are your facts?
Plus ya moron... There were some other minor events here say
$1 trillion in losses due to the WORST Hurricane SEASONS in history.
Again idiots like you TOTALLY forget these were the worst hurricane SEASONS in history! The worst! No presidency every faced the following:
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005.
It took 1,836 lives and caused $81.2 billion in damages.
It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground
Finally what is the price tag on the 5,000+ lives that were lost? There is an economic impact with them.
AND NOTHING Obama has contended with EQUALS that!
You are laughable when you are trying to defend Obama's total hatred for Americans, his distaste for capitalism and
definitely his anti-business attitude as manifested by all his efforts to continue to destroy American jobs!
He will be shown as one of the most destructive presidents within several years.
The housing bust WAS NOT Bush's fault!
Read what these Democrats did when Bush administration tried to correct the problem!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
BUT idiots like you seem to forget ALL the other issues confronting Bush and concentrate on this issue.
Will you idiots it was YOUR doings that created the problem!
Federal Mandates and Subsidies Increased Risky Mortgages
In 2001, the share of existing mortgages classified as nonprime (subprime or the intermediate category "Alt-A") was below 10 percent.
That share began rising rapidly.
The nonprime share of all new mortgage originations rose close to 34 percent by 2006, bringing the nonprime share of existing mortgages to 23 percent. Meanwhile the quality of loans within the nonprime category declined, because a smaller share of nonprime borrowers made 20 percent down payments on their purchases.5
The expansion in risky mortgages to underqualified borrowers was an imprudence fostered by the federal government. As elaborated in the paragraphs to follow, there were several ways that Congress and the executive branch encouraged the expansion. The first way was loosening down-payment standards on mortgages guaranteed by the Federal Housing Administration. The second was strengthening the Community Reinvestment Act. The third was pressure on lenders by the Department of Housing and Urban Development. The fourth and most important way was subsidizing, through implicit taxpayer guarantees, the dramatic expansion of the government-sponsored mortgage buyers Fannie Mae and Freddie Mac; pointedly refusing to moderate the moral hazard problem of implicit guarantees or otherwise rein in the hyperexpansion of Fannie and Freddie; and increasingly pushing Fannie and Freddie to promote affordable housing through expanded purchases of nonprime loans to low-income applicant.
Housing Finance and the 2008 Financial Crisis
"Thanks to OUR POLICIES, home ownership in America is at an all-time high!" - George Bush, 2004 RNC acceptance speechI like how you put a price tag on each hurricane which adds up to about $250 Billion, but in a desperate attempt to keep up with the estimated $6-$14 trillion cost of Bush's Great Recession, resort to fuzzy math to get $250 Billion magically become $1 trillion.You're completely deranged.
We're talking about the financial costs, ya moron.
And everything you list combined pales in comparison to the Great Recession Bush dumped on Obama.
Federal Reserve Bank of Dallas
Our bottom-line estimate of the cost of the crisis, assuming output eventually returns to its precrisis trend path, is an output loss of $6 trillion to $14 trillion.
So you are USING a "Our bottom-line estimate of the cost of the crisis," ESTIMATED number!!!!
Where are your facts?
Plus ya moron... There were some other minor events here say
$1 trillion in losses due to the WORST Hurricane SEASONS in history.
Again idiots like you TOTALLY forget these were the worst hurricane SEASONS in history! The worst! No presidency every faced the following:
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005.
It took 1,836 lives and caused $81.2 billion in damages.
It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground
Finally what is the price tag on the 5,000+ lives that were lost? There is an economic impact with them.
AND NOTHING Obama has contended with EQUALS that!
You are laughable when you are trying to defend Obama's total hatred for Americans, his distaste for capitalism and
definitely his anti-business attitude as manifested by all his efforts to continue to destroy American jobs!
He will be shown as one of the most destructive presidents within several years.
The housing bust WAS NOT Bush's fault!
Read what these Democrats did when Bush administration tried to correct the problem!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
BUT idiots like you seem to forget ALL the other issues confronting Bush and concentrate on this issue.
Will you idiots it was YOUR doings that created the problem!
Federal Mandates and Subsidies Increased Risky Mortgages
In 2001, the share of existing mortgages classified as nonprime (subprime or the intermediate category "Alt-A") was below 10 percent.
That share began rising rapidly.
The nonprime share of all new mortgage originations rose close to 34 percent by 2006, bringing the nonprime share of existing mortgages to 23 percent. Meanwhile the quality of loans within the nonprime category declined, because a smaller share of nonprime borrowers made 20 percent down payments on their purchases.5
The expansion in risky mortgages to underqualified borrowers was an imprudence fostered by the federal government. As elaborated in the paragraphs to follow, there were several ways that Congress and the executive branch encouraged the expansion. The first way was loosening down-payment standards on mortgages guaranteed by the Federal Housing Administration. The second was strengthening the Community Reinvestment Act. The third was pressure on lenders by the Department of Housing and Urban Development. The fourth and most important way was subsidizing, through implicit taxpayer guarantees, the dramatic expansion of the government-sponsored mortgage buyers Fannie Mae and Freddie Mac; pointedly refusing to moderate the moral hazard problem of implicit guarantees or otherwise rein in the hyperexpansion of Fannie and Freddie; and increasingly pushing Fannie and Freddie to promote affordable housing through expanded purchases of nonprime loans to low-income applicant.
Housing Finance and the 2008 Financial Crisis
Too funny how they keep trying to put the Bush /Cheney dysfunction and corruption onto Obama.
Who do you think controlled the Congress in 2004??"Thanks to OUR POLICIES, home ownership in America is at an all-time high!" - George Bush, 2004 RNC acceptance speechI like how you put a price tag on each hurricane which adds up to about $250 Billion, but in a desperate attempt to keep up with the estimated $6-$14 trillion cost of Bush's Great Recession, resort to fuzzy math to get $250 Billion magically become $1 trillion.You're completely deranged.
We're talking about the financial costs, ya moron.
And everything you list combined pales in comparison to the Great Recession Bush dumped on Obama.
Federal Reserve Bank of Dallas
Our bottom-line estimate of the cost of the crisis, assuming output eventually returns to its precrisis trend path, is an output loss of $6 trillion to $14 trillion.
So you are USING a "Our bottom-line estimate of the cost of the crisis," ESTIMATED number!!!!
Where are your facts?
Plus ya moron... There were some other minor events here say
$1 trillion in losses due to the WORST Hurricane SEASONS in history.
Again idiots like you TOTALLY forget these were the worst hurricane SEASONS in history! The worst! No presidency every faced the following:
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005.
It took 1,836 lives and caused $81.2 billion in damages.
It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground
Finally what is the price tag on the 5,000+ lives that were lost? There is an economic impact with them.
AND NOTHING Obama has contended with EQUALS that!
You are laughable when you are trying to defend Obama's total hatred for Americans, his distaste for capitalism and
definitely his anti-business attitude as manifested by all his efforts to continue to destroy American jobs!
He will be shown as one of the most destructive presidents within several years.
The housing bust WAS NOT Bush's fault!
Read what these Democrats did when Bush administration tried to correct the problem!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
BUT idiots like you seem to forget ALL the other issues confronting Bush and concentrate on this issue.
Will you idiots it was YOUR doings that created the problem!
Federal Mandates and Subsidies Increased Risky Mortgages
In 2001, the share of existing mortgages classified as nonprime (subprime or the intermediate category "Alt-A") was below 10 percent.
That share began rising rapidly.
The nonprime share of all new mortgage originations rose close to 34 percent by 2006, bringing the nonprime share of existing mortgages to 23 percent. Meanwhile the quality of loans within the nonprime category declined, because a smaller share of nonprime borrowers made 20 percent down payments on their purchases.5
The expansion in risky mortgages to underqualified borrowers was an imprudence fostered by the federal government. As elaborated in the paragraphs to follow, there were several ways that Congress and the executive branch encouraged the expansion. The first way was loosening down-payment standards on mortgages guaranteed by the Federal Housing Administration. The second was strengthening the Community Reinvestment Act. The third was pressure on lenders by the Department of Housing and Urban Development. The fourth and most important way was subsidizing, through implicit taxpayer guarantees, the dramatic expansion of the government-sponsored mortgage buyers Fannie Mae and Freddie Mac; pointedly refusing to moderate the moral hazard problem of implicit guarantees or otherwise rein in the hyperexpansion of Fannie and Freddie; and increasingly pushing Fannie and Freddie to promote affordable housing through expanded purchases of nonprime loans to low-income applicant.
Housing Finance and the 2008 Financial Crisis
You know the distinction between you and me is that I can admit that you are right. But you will never admit the events that occurred at the same time the housing
bubble was about to break occurred. You will never admit that those EVENTS had an affect on the credit availability. But I do agree during Bush administration
he took the blame for the actions not taken by the Democrat controlled Congress.
NOTE Bush said that in 2004! But it wasn't till after the other EVENTS had diminished in their consequences, that :
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
Who do you think controlled the Congress in 2004??"Thanks to OUR POLICIES, home ownership in America is at an all-time high!" - George Bush, 2004 RNC acceptance speechI like how you put a price tag on each hurricane which adds up to about $250 Billion, but in a desperate attempt to keep up with the estimated $6-$14 trillion cost of Bush's Great Recession, resort to fuzzy math to get $250 Billion magically become $1 trillion.
The housing bust WAS NOT Bush's fault!
Read what these Democrats did when Bush administration tried to correct the problem!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
BUT idiots like you seem to forget ALL the other issues confronting Bush and concentrate on this issue.
Will you idiots it was YOUR doings that created the problem!
Federal Mandates and Subsidies Increased Risky Mortgages
In 2001, the share of existing mortgages classified as nonprime (subprime or the intermediate category "Alt-A") was below 10 percent.
That share began rising rapidly.
The nonprime share of all new mortgage originations rose close to 34 percent by 2006, bringing the nonprime share of existing mortgages to 23 percent. Meanwhile the quality of loans within the nonprime category declined, because a smaller share of nonprime borrowers made 20 percent down payments on their purchases.5
The expansion in risky mortgages to underqualified borrowers was an imprudence fostered by the federal government. As elaborated in the paragraphs to follow, there were several ways that Congress and the executive branch encouraged the expansion. The first way was loosening down-payment standards on mortgages guaranteed by the Federal Housing Administration. The second was strengthening the Community Reinvestment Act. The third was pressure on lenders by the Department of Housing and Urban Development. The fourth and most important way was subsidizing, through implicit taxpayer guarantees, the dramatic expansion of the government-sponsored mortgage buyers Fannie Mae and Freddie Mac; pointedly refusing to moderate the moral hazard problem of implicit guarantees or otherwise rein in the hyperexpansion of Fannie and Freddie; and increasingly pushing Fannie and Freddie to promote affordable housing through expanded purchases of nonprime loans to low-income applicant.
Housing Finance and the 2008 Financial Crisis
You know the distinction between you and me is that I can admit that you are right. But you will never admit the events that occurred at the same time the housing
bubble was about to break occurred. You will never admit that those EVENTS had an affect on the credit availability. But I do agree during Bush administration
he took the blame for the actions not taken by the Democrat controlled Congress.
NOTE Bush said that in 2004! But it wasn't till after the other EVENTS had diminished in their consequences, that :
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
Was there a housing problem in 2004?
What bills did Barney Frank block??
So your answers to my questions were ... 'Republicans' and 'none'.Who do you think controlled the Congress in 2004??"Thanks to OUR POLICIES, home ownership in America is at an all-time high!" - George Bush, 2004 RNC acceptance speechI like how you put a price tag on each hurricane which adds up to about $250 Billion, but in a desperate attempt to keep up with the estimated $6-$14 trillion cost of Bush's Great Recession, resort to fuzzy math to get $250 Billion magically become $1 trillion.
The housing bust WAS NOT Bush's fault!
Read what these Democrats did when Bush administration tried to correct the problem!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
BUT idiots like you seem to forget ALL the other issues confronting Bush and concentrate on this issue.
Will you idiots it was YOUR doings that created the problem!
Federal Mandates and Subsidies Increased Risky Mortgages
In 2001, the share of existing mortgages classified as nonprime (subprime or the intermediate category "Alt-A") was below 10 percent.
That share began rising rapidly.
The nonprime share of all new mortgage originations rose close to 34 percent by 2006, bringing the nonprime share of existing mortgages to 23 percent. Meanwhile the quality of loans within the nonprime category declined, because a smaller share of nonprime borrowers made 20 percent down payments on their purchases.5
The expansion in risky mortgages to underqualified borrowers was an imprudence fostered by the federal government. As elaborated in the paragraphs to follow, there were several ways that Congress and the executive branch encouraged the expansion. The first way was loosening down-payment standards on mortgages guaranteed by the Federal Housing Administration. The second was strengthening the Community Reinvestment Act. The third was pressure on lenders by the Department of Housing and Urban Development. The fourth and most important way was subsidizing, through implicit taxpayer guarantees, the dramatic expansion of the government-sponsored mortgage buyers Fannie Mae and Freddie Mac; pointedly refusing to moderate the moral hazard problem of implicit guarantees or otherwise rein in the hyperexpansion of Fannie and Freddie; and increasingly pushing Fannie and Freddie to promote affordable housing through expanded purchases of nonprime loans to low-income applicant.
Housing Finance and the 2008 Financial Crisis
You know the distinction between you and me is that I can admit that you are right. But you will never admit the events that occurred at the same time the housing
bubble was about to break occurred. You will never admit that those EVENTS had an affect on the credit availability. But I do agree during Bush administration
he took the blame for the actions not taken by the Democrat controlled Congress.
NOTE Bush said that in 2004! But it wasn't till after the other EVENTS had diminished in their consequences, that :
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
Was there a housing problem in 2004?
What bills did Barney Frank block??
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
.... not to mention, your post is bullshit. Pure unadulterated nonsensical bullshit.Who do you think controlled the Congress in 2004??"Thanks to OUR POLICIES, home ownership in America is at an all-time high!" - George Bush, 2004 RNC acceptance speechI like how you put a price tag on each hurricane which adds up to about $250 Billion, but in a desperate attempt to keep up with the estimated $6-$14 trillion cost of Bush's Great Recession, resort to fuzzy math to get $250 Billion magically become $1 trillion.
The housing bust WAS NOT Bush's fault!
Read what these Democrats did when Bush administration tried to correct the problem!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
BUT idiots like you seem to forget ALL the other issues confronting Bush and concentrate on this issue.
Will you idiots it was YOUR doings that created the problem!
Federal Mandates and Subsidies Increased Risky Mortgages
In 2001, the share of existing mortgages classified as nonprime (subprime or the intermediate category "Alt-A") was below 10 percent.
That share began rising rapidly.
The nonprime share of all new mortgage originations rose close to 34 percent by 2006, bringing the nonprime share of existing mortgages to 23 percent. Meanwhile the quality of loans within the nonprime category declined, because a smaller share of nonprime borrowers made 20 percent down payments on their purchases.5
The expansion in risky mortgages to underqualified borrowers was an imprudence fostered by the federal government. As elaborated in the paragraphs to follow, there were several ways that Congress and the executive branch encouraged the expansion. The first way was loosening down-payment standards on mortgages guaranteed by the Federal Housing Administration. The second was strengthening the Community Reinvestment Act. The third was pressure on lenders by the Department of Housing and Urban Development. The fourth and most important way was subsidizing, through implicit taxpayer guarantees, the dramatic expansion of the government-sponsored mortgage buyers Fannie Mae and Freddie Mac; pointedly refusing to moderate the moral hazard problem of implicit guarantees or otherwise rein in the hyperexpansion of Fannie and Freddie; and increasingly pushing Fannie and Freddie to promote affordable housing through expanded purchases of nonprime loans to low-income applicant.
Housing Finance and the 2008 Financial Crisis
You know the distinction between you and me is that I can admit that you are right. But you will never admit the events that occurred at the same time the housing
bubble was about to break occurred. You will never admit that those EVENTS had an affect on the credit availability. But I do agree during Bush administration
he took the blame for the actions not taken by the Democrat controlled Congress.
NOTE Bush said that in 2004! But it wasn't till after the other EVENTS had diminished in their consequences, that :
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.
President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.
Unfortunately, these warnings went unheeded and even ridiculed :
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis
Was there a housing problem in 2004?
What bills did Barney Frank block??
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
.... not to mention, your post is bullshit. Pure unadulterated nonsensical bullshit.Who do you think controlled the Congress in 2004??
Was there a housing problem in 2004?
What bills did Barney Frank block??
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... only that's not true. As chairman of the House Financial Services Committee, Barney Frank sponsored H.R.1427 - Federal Housing Finance Reform Act of 2007. Even worse for you -- most Republicans voted against his GSE reform bill.
You are painfully retarded. You said, "Barney Frank, opposed any legislation correcting the risks posed by GSEs," and I showed you the GSE reform bill Barney Frank sponsored..... not to mention, your post is bullshit. Pure unadulterated nonsensical bullshit.Who do you think controlled the Congress in 2004??
Was there a housing problem in 2004?
What bills did Barney Frank block??
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... only that's not true. As chairman of the House Financial Services Committee, Barney Frank sponsored H.R.1427 - Federal Housing Finance Reform Act of 2007. Even worse for you -- most Republicans voted against his GSE reform bill.
FACTS have a funny way of showing up your guesses!
I've course he sponsored a bill that was PASSED by the House.........
Introduced:Mar 9, 2007 110th Congress, 2007–2009
Status: This bill was introduced in a previous session of Congress and was passed by the House on May 22, 2007 but was never passed by the Senate.
Federal Housing Finance Reform Act of 2007 (2007 - H.R. 1427)
The One Hundred Tenth United States Congress was the meeting of the legislative branch of the United States federal government, between January 3, 2007, and January 3, 2009, during the last two years of the second term of PresidentGeorge W. Bush. It was composed of the Senate and the House of Representatives. The apportionment of seats in the House was based on the 2000 U.S. census.
110th United States Congress - Wikipedia, the free encyclopedia
AGAIN Bush wanted but Democrats controlled as you can read above...not my guesses but FACTS.
Looks like healthmyths finally understood he was beaten and slinked away.You are painfully retarded. You said, "Barney Frank, opposed any legislation correcting the risks posed by GSEs," and I showed you the GSE reform bill Barney Frank sponsored..... not to mention, your post is bullshit. Pure unadulterated nonsensical bullshit.Who do you think controlled the Congress in 2004??
Was there a housing problem in 2004?
What bills did Barney Frank block??
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... only that's not true. As chairman of the House Financial Services Committee, Barney Frank sponsored H.R.1427 - Federal Housing Finance Reform Act of 2007. Even worse for you -- most Republicans voted against his GSE reform bill.
FACTS have a funny way of showing up your guesses!
I've course he sponsored a bill that was PASSED by the House.........
Introduced:Mar 9, 2007 110th Congress, 2007–2009
Status: This bill was introduced in a previous session of Congress and was passed by the House on May 22, 2007 but was never passed by the Senate.
Federal Housing Finance Reform Act of 2007 (2007 - H.R. 1427)
The One Hundred Tenth United States Congress was the meeting of the legislative branch of the United States federal government, between January 3, 2007, and January 3, 2009, during the last two years of the second term of PresidentGeorge W. Bush. It was composed of the Senate and the House of Representatives. The apportionment of seats in the House was based on the 2000 U.S. census.
110th United States Congress - Wikipedia, the free encyclopedia
AGAIN Bush wanted but Democrats controlled as you can read above...not my guesses but FACTS.
That establishes you're a liar AND an imbecile.
And as far as Democrats not passing GSE reform until 2008 ... remind me again when Bush first asked Congress for such a bill...?
Looks like healthmyths finally understood he was beaten and slinked away.You are painfully retarded. You said, "Barney Frank, opposed any legislation correcting the risks posed by GSEs," and I showed you the GSE reform bill Barney Frank sponsored..... not to mention, your post is bullshit. Pure unadulterated nonsensical bullshit.Who do you think controlled the Congress in 2004??
Was there a housing problem in 2004?
What bills did Barney Frank block??
, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and
called on him to "immediately reconsider his ill-advised" position. Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze
Is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... only that's not true. As chairman of the House Financial Services Committee, Barney Frank sponsored H.R.1427 - Federal Housing Finance Reform Act of 2007. Even worse for you -- most Republicans voted against his GSE reform bill.
FACTS have a funny way of showing up your guesses!
I've course he sponsored a bill that was PASSED by the House.........
Introduced:Mar 9, 2007 110th Congress, 2007–2009
Status: This bill was introduced in a previous session of Congress and was passed by the House on May 22, 2007 but was never passed by the Senate.
Federal Housing Finance Reform Act of 2007 (2007 - H.R. 1427)
The One Hundred Tenth United States Congress was the meeting of the legislative branch of the United States federal government, between January 3, 2007, and January 3, 2009, during the last two years of the second term of PresidentGeorge W. Bush. It was composed of the Senate and the House of Representatives. The apportionment of seats in the House was based on the 2000 U.S. census.
110th United States Congress - Wikipedia, the free encyclopedia
AGAIN Bush wanted but Democrats controlled as you can read above...not my guesses but FACTS.
That establishes you're a liar AND an imbecile.
And as far as Democrats not passing GSE reform until 2008 ... remind me again when Bush first asked Congress for such a bill...?
You fuckin' liar. You said...Looks like healthmyths finally understood he was beaten and slinked away.You are painfully retarded. You said, "Barney Frank, opposed any legislation correcting the risks posed by GSEs," and I showed you the GSE reform bill Barney Frank sponsored..... not to mention, your post is bullshit. Pure unadulterated nonsensical bullshit.
You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... only that's not true. As chairman of the House Financial Services Committee, Barney Frank sponsored H.R.1427 - Federal Housing Finance Reform Act of 2007. Even worse for you -- most Republicans voted against his GSE reform bill.
FACTS have a funny way of showing up your guesses!
I've course he sponsored a bill that was PASSED by the House.........
Introduced:Mar 9, 2007 110th Congress, 2007–2009
Status: This bill was introduced in a previous session of Congress and was passed by the House on May 22, 2007 but was never passed by the Senate.
Federal Housing Finance Reform Act of 2007 (2007 - H.R. 1427)
The One Hundred Tenth United States Congress was the meeting of the legislative branch of the United States federal government, between January 3, 2007, and January 3, 2009, during the last two years of the second term of PresidentGeorge W. Bush. It was composed of the Senate and the House of Representatives. The apportionment of seats in the House was based on the 2000 U.S. census.
110th United States Congress - Wikipedia, the free encyclopedia
AGAIN Bush wanted but Democrats controlled as you can read above...not my guesses but FACTS.
That establishes you're a liar AND an imbecile.
And as far as Democrats not passing GSE reform until 2008 ... remind me again when Bush first asked Congress for such a bill...?
I said NOTHING about Frank "opposing"! I used FRANK's OWN words where HE SAID HE OPPOSED it!!!
Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?
Rep. Maxine Waters insisted,
"we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines"?
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans
and opposed by all the Democrats in the Senate Banking Committee in 2005.
That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged.
The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.
Democrats Were Wrong on Fannie Mae and Freddie Mac
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
So again NOT MY words you idiot!
Looks like healthmyths finally understood he was beaten and slinked away.You are painfully retarded. You said, "Barney Frank, opposed any legislation correcting the risks posed by GSEs," and I showed you the GSE reform bill Barney Frank sponsored..... not to mention, your post is bullshit. Pure unadulterated nonsensical bullshit.
You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... only that's not true. As chairman of the House Financial Services Committee, Barney Frank sponsored H.R.1427 - Federal Housing Finance Reform Act of 2007. Even worse for you -- most Republicans voted against his GSE reform bill.
FACTS have a funny way of showing up your guesses!
I've course he sponsored a bill that was PASSED by the House.........
Introduced:Mar 9, 2007 110th Congress, 2007–2009
Status: This bill was introduced in a previous session of Congress and was passed by the House on May 22, 2007 but was never passed by the Senate.
Federal Housing Finance Reform Act of 2007 (2007 - H.R. 1427)
The One Hundred Tenth United States Congress was the meeting of the legislative branch of the United States federal government, between January 3, 2007, and January 3, 2009, during the last two years of the second term of PresidentGeorge W. Bush. It was composed of the Senate and the House of Representatives. The apportionment of seats in the House was based on the 2000 U.S. census.
110th United States Congress - Wikipedia, the free encyclopedia
AGAIN Bush wanted but Democrats controlled as you can read above...not my guesses but FACTS.
That establishes you're a liar AND an imbecile.
And as far as Democrats not passing GSE reform until 2008 ... remind me again when Bush first asked Congress for such a bill...?
I said NOTHING about Frank "opposing"! I used FRANK's OWN words where HE SAID HE OPPOSED it!!!
Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?
Rep. Maxine Waters insisted,
"we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines"?
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans
and opposed by all the Democrats in the Senate Banking Committee in 2005.
That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged.
The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.
Democrats Were Wrong on Fannie Mae and Freddie Mac
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
So again NOT MY words you idiot!
You fuckin' liar. You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... Barney Frank didn't chair that committee until 2007, at which time, he sponsored a GSE reform bill you claim he was "opposed to." To support your lies, you then quote him from years earlier where he said he wanted to, "roll the dice a bit more, but then falsely claim he said he was opposed to GSE reform.
And ..... you still haven't answered my question.... when did Bush first ask Congress for GSE reform?
Earlier, you said Bush asked 17 times in 2008, but now you show only 7. Typo?
I said NOTHING about Frank "opposing"! I used FRANK's OWN words where HE SAID HE OPPOSED it!!!
Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?
Rep. Maxine Waters insisted,
"we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines"?
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans
and opposed by all the Democrats in the Senate Banking Committee in 2005.
That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged.
The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.
Democrats Were Wrong on Fannie Mae and Freddie Mac
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
So again NOT MY words you idiot!
You fuckin' liar. You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... Barney Frank didn't chair that committee until 2007, at which time, he sponsored a GSE reform bill you claim he was "opposed to." To support your lies, you then quote him from years earlier where he said he wanted to, "roll the dice a bit more, but then falsely claim he said he was opposed to GSE reform.
And ..... you still haven't answered my question.... when did Bush first ask Congress for GSE reform?
Starting in 2001... See below from this LINK!
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
By the way you could increase your creditability by providing LINKS to your guesses!
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 Budget Analytic Perspectives, pg. 142)
2002
May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
September: Then-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.
2004
- September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, 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," The New York Times, 9/11/03)
- October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)
- November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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)
2005
- 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 calls 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: Then-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)
- April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)
- June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls 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)
2007
- April: Then-Secretary 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)
- July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)
2008
- 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)
- August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)
- 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)
- February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "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: 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
- September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)
Earlier, you said Bush asked 17 times in 2008, but now you show only 7. Typo?
I said NOTHING about Frank "opposing"! I used FRANK's OWN words where HE SAID HE OPPOSED it!!!
Don't the American people deserve to know that Democrat Barney Frank, then ranking member and now chairman of the House Financial Services Committee, said, " I want to roll the dice a little bit more in this situation towards subsidized housing"?
Rep. Maxine Waters insisted,
"we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines"?
Much if not all of that could have been prevented by a bill cosponsored by John McCain and supported by all the Republicans
and opposed by all the Democrats in the Senate Banking Committee in 2005.
That bill, which the Democrats stopped from passing, would have prohibited the GSEs from speculating on the mortgage-based securities they packaged.
The GSEs' mission allegedly justifying their quasi-governmental status was to package or securitize such mortgages, but the lion's share of their profits—which determined top executives' bonuses—came from speculation.
Democrats Were Wrong on Fannie Mae and Freddie Mac
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)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also ignored the President's warnings and called on him to "immediately reconsider his ill-advised" position. Eric Dash,
"Fannie Mae's Offer To Help Ease Credit Squeeze is Rejected, As Critics Complain Of Opportunism," New York Times, 8/11/07)
So again NOT MY words you idiot!
You fuckin' liar. You said...
"Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs."
... Barney Frank didn't chair that committee until 2007, at which time, he sponsored a GSE reform bill you claim he was "opposed to." To support your lies, you then quote him from years earlier where he said he wanted to, "roll the dice a bit more, but then falsely claim he said he was opposed to GSE reform.
And ..... you still haven't answered my question.... when did Bush first ask Congress for GSE reform?
Starting in 2001... See below from this LINK!
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
By the way you could increase your creditability by providing LINKS to your guesses!
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 Budget Analytic Perspectives, pg. 142)
2002
May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
September: Then-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.
2004
- September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, 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," The New York Times, 9/11/03)
- October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)
- November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiwexplains 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)
2005
- 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 calls 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: Then-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)
- April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)
- June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls 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)
2007
- April: Then-Secretary 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)
- July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)
2008
- 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)
- August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)
- 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)
- February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "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: 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 legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
- September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)
At any rate, what the fuck is wrong with you? You show Bush asking since 2001 but you blame Democrats who didn't take over Congress until 2007.
Thanks for highlighting why Republicans get the blame for the meltdown.
