The President with the worst average unemployment rate since World War II is?

[Dad2three]

Programs passed by a Republican-led Senate and a Republican-led House voted repeatedly into office by a Republican electorate. You know .... Liberal Republicans.

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Good Bubba, YOU get to throw up "Gov't bad" and hope it sticks to the wall. lol


Don't Blame the Community Reinvestment Act
Ellen Seidman

June 26, 2009

Homeownership rates and CRA enforcement soared in the 1990s, but sub-prime came later. CRA shouldn't be the scapegoat for the housing meltdown.
Don t Blame the Community Reinvestment Act

 

[bripat9643]

100% stupid of course given that Republicans are for capitalism while liberals had 132 programs to get people into homes capitalism said they could not afford.

Do you understand now?

Programs passed by a Republican-led Senate and a Republican-led House voted repeatedly into office by a Republican electorate. You know .... Liberal Republicans.

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

EXPLAIN THE WORLD WIDE CREDIT BUBLE AND BUST 2000-2007? lol

Bernanke: The CRA Was Not "At The Root Of, Or Otherwise Contributed In Any Substantive Way To, The Current Mortgage Difficulties."

Most Subprime Mortgages Not Issued By Institutions Under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005, "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." (NOT THAT THEY WERE EVEN MADE FOR THOSE GOALS!!!!)

I've already told you that Bernake is a political whore.

 

[Dad2three]

Programs passed by a Republican-led Senate and a Republican-led House voted repeatedly into office by a Republican electorate. You know .... Liberal Republicans.

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

EXPLAIN THE WORLD WIDE CREDIT BUBLE AND BUST 2000-2007? lol

Bernanke: The CRA Was Not "At The Root Of, Or Otherwise Contributed In Any Substantive Way To, The Current Mortgage Difficulties."

Most Subprime Mortgages Not Issued By Institutions Under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005, "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." (NOT THAT THEY WERE EVEN MADE FOR THOSE GOALS!!!!)

I've already told you that Bernake is a political whore.

Yet ALL you have is the rights wings, "GOV'T DID IT" MEME brought to US by CATO, AEI, Kochs, etc. Weird. Going to explain the world wide credit bubble and bust?

 

[Dad2three]

Programs passed by a Republican-led Senate and a Republican-led House voted repeatedly into office by a Republican electorate. You know .... Liberal Republicans.

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

EXPLAIN THE WORLD WIDE CREDIT BUBLE AND BUST 2000-2007? lol

Bernanke: The CRA Was Not "At The Root Of, Or Otherwise Contributed In Any Substantive Way To, The Current Mortgage Difficulties."

Most Subprime Mortgages Not Issued By Institutions Under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005, "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." (NOT THAT THEY WERE EVEN MADE FOR THOSE GOALS!!!!)

I've already told you that Bernake is a political whore.

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


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


No, Lending To Poor People Did Not Cause The Financial Crisis

Despite the multiple times the right wing’s arguments have been debunked, they are once again repeating the false narrative that the financial crisis was caused by government policy and lending to low-income borrowers

The argument that CRA and the affordable housing goals caused the crisis have been debunked time and time (and time and time and time and time and time) again. The CRA has been in place since 1977, while subprime lending only skyrocketed in the 2000s. Even if one concentrates on the changes in enforcement of the act in 1995 (as Gramm does), the Act does nothing to explain the massive uptick in subprime lending concentrated from 2004 to 2006. What’s more, most subprime lenders weren’t banks and therefore weren’t even subject to CRA. That’s why only 6 percent of the high-cost mortgages at the time (a proxy for subprime) could even potentially qualify for CRA credit.

Similarly, for most of the housing boom, Fannie and Freddie were on the sidelines due to their fairly strict underwriting requirements.

No Lending To Poor People Did Not Cause The Financial Crisis ThinkProgress

 

[bripat9643]

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

EXPLAIN THE WORLD WIDE CREDIT BUBLE AND BUST 2000-2007? lol

Bernanke: The CRA Was Not "At The Root Of, Or Otherwise Contributed In Any Substantive Way To, The Current Mortgage Difficulties."

Most Subprime Mortgages Not Issued By Institutions Under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005, "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." (NOT THAT THEY WERE EVEN MADE FOR THOSE GOALS!!!!)

I've already told you that Bernake is a political whore.

Yet ALL you have is the rights wings, "GOV'T DID IT" MEME brought to US by CATO, AEI, Kochs, etc. Weird. Going to explain the world wide credit bubble and bust?

Yeah, all the banks colluded together and inflated the credit market at the same time because they wanted to go bankrupt.

That's credible . . . . NOT!

 

[healthmyths]

I swear liberals are simply idiots who lie TO THEMSELVES. Retiring Baby Boomers do not account for Obama's 40-year low in Labor Market participation; and if it wasn't "looked at" under Bush it is because Bush's long-term unemployment wasn't nearly this low. what crybabies you losers on the Left are.


I suppose you excuse-making left-wing nutjobs think it is a coincidence that at the same time labor market participation is at a forty-year low there are RECORD numbers of Americans on some kind of disability NOT related to the wars in iraq and Afghanistan. labor market participation is low because Obama expanded the welfare state.

Are you trying to say that a president's policies don't have an impact AFTER they leave office?

Seriously, is this economics for idiots or what?

the only idiot i see is you; but if you are talking about the "Bush" recesssion that ended in the summer of obama's first year; long before even a tiny fraction of the obama "Stimulus" was spent, That's not a "Faux News" talking point; it's a fact as how recessions and recoveries are measured by economists, by consecutive quarters of GDP increase or decrease. put that in your pipe and smoke it

You mean AFTER the Dubya economy crashed 9%+ the last quarter of 2008, the recession ended because we had 2 quarters of growth? And the economy was OK then? lol

So what the F..K happened before THEN you obviously brainless, short sighted dimwit???

How many times must you dumb f...ks be reminded of THESE EVENTS THAT have NEVER occurred in any other presidency !

May I remind you as it appears IDIOTS like you have NO MEMORY!!!!

How about these events...was there ANY AFFECT on the economy?
Recession
1) Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because you don't seem to comprehend... RECESSIONS are like football length tankers... it takes miles to turn one...i.e. so does
a "RECESSION"... it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!

Source: USATODAY.com - It s official 2001 recession only lasted eight months

A Major $5 trillion market loss
2) Are you aware that the dot.com bust occurred and cost $5 trillion in losses?
Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year! $5 trillion in market losses MEAN lost tax revenue
PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $5 trillion dollars in market value for tech companies. More than half of the Internet companies created since 1995 were gone by 2004 - and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble How to lose 5 trillion Anderson Cooper 360 - CNN.com Blogs

The worst attacks on the USA in History.. 3,000 deaths!!!
3)Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets. Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: The Top 10 Financial Events of the Decade
Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

4) $1 trillion in losses due to the WORST Hurricane SEASONS in history.
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

THESE events OCCURRED!
YET in SPITE of :
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts...
In spite of nearly $8 trillion in lost businesses, market values, destroyed property.. IN SPITE of that:

AFTER the tax cuts Federal Tax REVENUES Increased an average of 9.78% per year!!!
Government Revenue Details Federal State Local for 2008 - Charts

2000 $236.2 billion surplus
2001 $128.2 billion surplus
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
Historical Federal Receipt and Outlay Summary

Largest Gross Domestic Product in history!!
When Bush took office in 2001 GDP was $12.355,271,000,000
when Bush left office in 2008 GDP was $14,359,490,000,000
A 16% increase in GDP or $2 TRILLION.
So how did those 4 gigantic events affect the Gross Domestic Product from 2000 to 2009?

So starting in 2001 132,548,000 people were working.
At the end of 2008 138,056,000 people working..

IN spite of recession, dot.com bust, 9/11, worst hurricanes.... MORE people were working... more tax revenue was collected. GDP grew!

 

[healthmyths]

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

EXPLAIN THE WORLD WIDE CREDIT BUBLE AND BUST 2000-2007? lol

Bernanke: The CRA Was Not "At The Root Of, Or Otherwise Contributed In Any Substantive Way To, The Current Mortgage Difficulties."

Most Subprime Mortgages Not Issued By Institutions Under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005, "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." (NOT THAT THEY WERE EVEN MADE FOR THOSE GOALS!!!!)

I've already told you that Bernake is a political whore.

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


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


No, Lending To Poor People Did Not Cause The Financial Crisis

Despite the multiple times the right wing’s arguments have been debunked, they are once again repeating the false narrative that the financial crisis was caused by government policy and lending to low-income borrowers

The argument that CRA and the affordable housing goals caused the crisis have been debunked time and time (and time and time and time and time and time) again. The CRA has been in place since 1977, while subprime lending only skyrocketed in the 2000s. Even if one concentrates on the changes in enforcement of the act in 1995 (as Gramm does), the Act does nothing to explain the massive uptick in subprime lending concentrated from 2004 to 2006. What’s more, most subprime lenders weren’t banks and therefore weren’t even subject to CRA. That’s why only 6 percent of the high-cost mortgages at the time (a proxy for subprime) could even potentially qualify for CRA credit.

Similarly, for most of the housing boom, Fannie and Freddie were on the sidelines due to their fairly strict underwriting requirements.

No Lending To Poor People Did Not Cause The Financial Crisis ThinkProgress

ONCE again you ASSUME like most idiots there had to be ONE SINGLE CAUSE!
THERE WERE MANY causes and house-flipping, ignorant people who couldn't make the payment on one house were given
additional loans.
SUBPRIME loans "Skyrocketed" after this lawsuit was dropped you dumb f...k!

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices.

As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide mortgages to poor African Americans.

The startling failure rate among Obama’s private sector clients was discovered during The Daily Caller’s review of previously unpublished court information from the lawsuit that a young Obama worked on as an attorney for the lead plaintiff.
[RELATED: Learn about the 186 class action plaintiffs]

Since the mortgage bubble burst, some of his former clients are calling for a policy reversal.

Obama pushed banks to give subprime loans to Chicago blacks The Daily Caller

 

[Faun]

Programs passed by a Republican-led Senate and a Republican-led House voted repeatedly into office by a Republican electorate. You know .... Liberal Republicans.

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

 

[bripat9643]

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

I said "after they were elected," not after they were in office, numskull. They knew who their future bosses were, and they wouldn't take kindly to blaming Democrats or the government.

 

[Faun]

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

EXPLAIN THE WORLD WIDE CREDIT BUBLE AND BUST 2000-2007? lol

Bernanke: The CRA Was Not "At The Root Of, Or Otherwise Contributed In Any Substantive Way To, The Current Mortgage Difficulties."

Most Subprime Mortgages Not Issued By Institutions Under CRA. In a paper published on the website of the Federal Reserve Bank of San Francisco, Michigan law professor Michael Barr stated that as of 2005, "Only 25 percent of subprime loans were made by banks and thrifts, and the Federal Reserve reports that only six percent of subprime loans were CRA-eligible." (NOT THAT THEY WERE EVEN MADE FOR THOSE GOALS!!!!)

I've already told you that Bernake is a political whore.

Yet ALL you have is the rights wings, "GOV'T DID IT" MEME brought to US by CATO, AEI, Kochs, etc. Weird. Going to explain the world wide credit bubble and bust?

Yeah, all the banks colluded together and inflated the credit market at the same time because they wanted to go bankrupt.

That's credible . . . . NOT!

Holyfuckingshit, dumbfuck!

Could you be more clueless??

Banks had little to lose -- their risk was insured by the GSE's. You know, the ones Republicans refused to increase oversight of to avoid such a catastrophe. Even Bush was asking for GSE reform. Congress wouldn't give it to him.

Banks had nothing to lose and everything to gain.

And thanks to Bush and Republicans, millions of folks were able to buy a house at 1% interest and zero down payment. A few years later when interest rates rose and those folks' monthly payments doubled as a result, they had practically no equity in their homes and little reason not to just walk away and default. That is what crashed the real-estate markets, ya dumbfuck, not the CRA; which unlike the toxic subprime loans, we're heavily monitored.

 

[Faun]

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

I said "after they were elected," not after they were in office, numskull. They knew who their future bosses were, and they wouldn't take kindly to blaming Democrats or the government.

Actually, what you said was...

"The Federal Reserve board is appointed by the President and approved by the Senate."​

Nothing about the election. The part about the election is what you changed your position to after I showed what a retard you were for taking the position above. Now, everyone gets to see how stupid you are for attributing it to the election, as though the Federal Reserve answers to the president.

You're on a roll, dumbfuck....

Now what imaginary shit will you invent in your sycophantic rant to keep your delusions alive?

 

[healthmyths]

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

Yea and this report was written AFTER the Federal Reserve white wash of CRA!!!

The below quote comes from Page xvii showing where Federal Reserve is an example of FAILURE...
... So again how can anyone believe their report!!!!

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards.
The Federal Reserve was the one entity empowered to do so and it did not.
The record of our examination is replete with evidence of other failures:
financial institutions made, bought, and sold mortgage securities they never examined,
did not care to examine, or knew to be defective;
firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night,
secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.
What else could one expect on a highway where there were neither speed limits nor neatly painted lines?

http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
These were the people that made up the report:

 

[healthmyths]

wrong. They were all Democrat programs, like the CRA.

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

The report which is found here:http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf
STATED:
It is also possible that the remaining share of higher-priced lower-income lending may be indirectly attributable to CRA to some degree due to the incentives under the CRA investment test.
Specifically, banking institutions may have received “CRA credit” for purchases of higher-priced loans or mortgage-backed securities (MBS) that subsequently affect the credit supply in the mortgage market.

The report that shows that the FEDERAL RESERVE was also culpable was done
Submitted by THE FINANCIAL CRISIS INQUIRY COMMISSION Pursuant to Public Law 111-21 January 2011
And their finding was the same idiots that wrote YOUR report showing NO responsibility... WERE one of the many parties INCLUDING
CRA responsible:

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages,
which it could have done by setting prudent mortgage-lending standards.
The Federal Reserve was the one entity empowered to do so and it did not.
The record of our examination is replete with evidence of other failures: financial institutions made, bought, and sold mortgage securities they never examined, did not care to examine, or knew to be defective; firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night, secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.

What else could one expect on a highway where there were neither speed limits nor neatly painted lines?
http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf

So The Federal Reserve report was written WHILE the bubble crisis occurred... pretty easy to do AT THAT TIME!!!
But after several years of closer scrutiny by the above commission The Federal Reserve Along with CRA, along with mortgage banks,etc.
were ALL to blame!
And to repeat what was being asked by the Bush administration....
"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, 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.
Setting the Record Straight The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

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 - US News

So the blame for the housing bubble was all inclusive...including Bush for those of you who are not willing to accept that the CRA with it's attorney Obama forcing the issue will gasp! Yes Bush was partially to blame as he was also involved in some other issues...LIKE
1) Recession that started under Clinton
2) Dot.com bust that lost $5 trillion and therefore caused stock loss write offs against tax payments...as well as 400,000+ jobs!
3) A minor event known as 9/11... costing $1 trillion, plus 3,000 lives,etc.
4) Worst hurricane SEASONS ever in any presidency again $250 billion losses, over 2,500 lives... businesses gone...
All the above events and you idiots blaming Bush ONLY for the housing collapse!
Idiots! Bush was kind of busy and depended on Congress which let him down by NOT paying attention as Frank and Dodds attest!

 

[edthecynic]

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

Yea and this report was written AFTER the Federal Reserve white wash of CRA!!!

The below quote comes from Page xvii showing where Federal Reserve is an example of FAILURE...
... So again how can anyone believe their report!!!!

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards.
The Federal Reserve was the one entity empowered to do so and it did not.
The record of our examination is replete with evidence of other failures:
financial institutions made, bought, and sold mortgage securities they never examined,
did not care to examine, or knew to be defective;
firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night,
secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.
What else could one expect on a highway where there were neither speed limits nor neatly painted lines?

http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
These were the people that made up the report:

View attachment 47450

A lot of Republicans on that commission!

 

[Faun]

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

Yea and this report was written AFTER the Federal Reserve white wash of CRA!!!

The below quote comes from Page xvii showing where Federal Reserve is an example of FAILURE...
... So again how can anyone believe their report!!!!

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards.
The Federal Reserve was the one entity empowered to do so and it did not.
The record of our examination is replete with evidence of other failures:
financial institutions made, bought, and sold mortgage securities they never examined,
did not care to examine, or knew to be defective;
firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night,
secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.
What else could one expect on a highway where there were neither speed limits nor neatly painted lines?

http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
These were the people that made up the report:

View attachment 47450

My goodness, you righties truly have no limits when it comes to being retarded, do ya?



Dumbfuck ... first of all, that paragraph doesn't refute the findings of the Federal Reserve which I posted earlier. It merely points a finger at the Federal Reserve for not taking action, like the Republican-led Congress, to prevent the financial meltdown.

But even worse for your insanity is that the Congressional-mandated report you cited agrees wholeheartedly the Federal Reserve's finding that the CRA did not cause the financial collapse. From the report you referenced...

"The Commission concludes the CRA was not a significant factor in subprime lending or the crisis. Many subprime lenders were not subject to the CRA. Research indicates only 6% of high-cost loans—a proxy for subprime loans—had any connection to the law. Loans made by CRA-regulated lenders in the neighborhoods in which they were required to lend were half as likely to default as similar loans made in the same neighborhoods by independent mortgage originators not subject to the law."​

Do you understand that? The report you cite independently confirmed the CRA loans constituted only about 6% of the toxic loans which crashed the economy. The CRA was not responsible.

Thanks to your stupidity, you unwittingly confirmed my position.

 

[Faun]

Idiot...

The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. (more)

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

The report which is found here:http://www.federalreserve.gov/newsevents/speech/20081203_analysis.pdf
STATED:
It is also possible that the remaining share of higher-priced lower-income lending may be indirectly attributable to CRA to some degree due to the incentives under the CRA investment test.
Specifically, banking institutions may have received “CRA credit” for purchases of higher-priced loans or mortgage-backed securities (MBS) that subsequently affect the credit supply in the mortgage market.

The report that shows that the FEDERAL RESERVE was also culpable was done
Submitted by THE FINANCIAL CRISIS INQUIRY COMMISSION Pursuant to Public Law 111-21 January 2011
And their finding was the same idiots that wrote YOUR report showing NO responsibility... WERE one of the many parties INCLUDING
CRA responsible:

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages,
which it could have done by setting prudent mortgage-lending standards.
The Federal Reserve was the one entity empowered to do so and it did not.
The record of our examination is replete with evidence of other failures: financial institutions made, bought, and sold mortgage securities they never examined, did not care to examine, or knew to be defective; firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night, secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.

What else could one expect on a highway where there were neither speed limits nor neatly painted lines?
http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf

So The Federal Reserve report was written WHILE the bubble crisis occurred... pretty easy to do AT THAT TIME!!!
But after several years of closer scrutiny by the above commission The Federal Reserve Along with CRA, along with mortgage banks,etc.
were ALL to blame!
And to repeat what was being asked by the Bush administration....
"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, 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.
Setting the Record Straight The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

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 - US News

So the blame for the housing bubble was all inclusive...including Bush for those of you who are not willing to accept that the CRA with it's attorney Obama forcing the issue will gasp! Yes Bush was partially to blame as he was also involved in some other issues...LIKE
1) Recession that started under Clinton
2) Dot.com bust that lost $5 trillion and therefore caused stock loss write offs against tax payments...as well as 400,000+ jobs!
3) A minor event known as 9/11... costing $1 trillion, plus 3,000 lives,etc.
4) Worst hurricane SEASONS ever in any presidency again $250 billion losses, over 2,500 lives... businesses gone...
All the above events and you idiots blaming Bush ONLY for the housing collapse!
Idiots! Bush was kind of busy and depended on Congress which let him down by NOT paying attention as Frank and Dodds attest!

Yes, Bush's requests of Congress went unheeded by Congress for six years. And who controlled Congress over those 6 years? 4.5 years, Republicans controlled the Senate; and Republicans controlled the House all 6 years.

Thanks for playin'!

 

[Faun]

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

Yea and this report was written AFTER the Federal Reserve white wash of CRA!!!

The below quote comes from Page xvii showing where Federal Reserve is an example of FAILURE...
... So again how can anyone believe their report!!!!

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards.
The Federal Reserve was the one entity empowered to do so and it did not.
The record of our examination is replete with evidence of other failures:
financial institutions made, bought, and sold mortgage securities they never examined,
did not care to examine, or knew to be defective;
firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night,
secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.
What else could one expect on a highway where there were neither speed limits nor neatly painted lines?

http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
These were the people that made up the report:

View attachment 47450

A lot of Republicans on that commission!

And what did they find ... ?

The Commission concludes the CRA was not a significant factor in subprime lending or the crisis.​

 

[bripat9643]

Yeah, right. The Federal Reserve board is appointed by the President and approved by the Senate. Real objective group there.

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

I said "after they were elected," not after they were in office, numskull. They knew who their future bosses were, and they wouldn't take kindly to blaming Democrats or the government.

Actually, what you said was...

"The Federal Reserve board is appointed by the President and approved by the Senate."​

Nothing about the election. The part about the election is what you changed your position to after I showed what a retard you were for taking the position above. Now, everyone gets to see how stupid you are for attributing it to the election, as though the Federal Reserve answers to the president.

You're on a roll, dumbfuck....

Now what imaginary shit will you invent in your sycophantic rant to keep your delusions alive?

I didn't change my position, numskull. They are political appointees. As such, they are careful not to anger the people they have to answer to.

 

[Faun]

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

I said "after they were elected," not after they were in office, numskull. They knew who their future bosses were, and they wouldn't take kindly to blaming Democrats or the government.

Actually, what you said was...

"The Federal Reserve board is appointed by the President and approved by the Senate."​

Nothing about the election. The part about the election is what you changed your position to after I showed what a retard you were for taking the position above. Now, everyone gets to see how stupid you are for attributing it to the election, as though the Federal Reserve answers to the president.

You're on a roll, dumbfuck....

Now what imaginary shit will you invent in your sycophantic rant to keep your delusions alive?

I didn't change my position, numskull. They are political appointees. As such, they are careful not to anger the people they have to answer to.

Of course you changed your position. First you attributed the Board's findings as a defense of the president who appointed them. When that argument failed you, you changed it to them defending the incoming president.

That argument fails you too since they don't answer to the president or the Congress. You're merely lying again when you claim they do.

So now what are you going to change your argument to?

 

[healthmyths]

Riiiight ... because Bush wanted to exonerate Carter and Clinton.

Proving once again what a dumbfuck you are.

The opinion was rendered after Obama and a filibuster proof democrat majority in Congress were elected. It wouldn't matter anyway, because the Federal Reserve is an arm of the government, and government bureaucrats are never going to blame government for any of the catastrophe's it causes.

Wrong again, dumbfuck. That report was written while Bush was president. Any more imaginary shit you want to invent in your sycophantic rant? Your last one, that Bush appointees drafted a report that excoriated Bush while exonerating Carter and Clinton, was fucking hysterical, dumbfuck!

Yea and this report was written AFTER the Federal Reserve white wash of CRA!!!

The below quote comes from Page xvii showing where Federal Reserve is an example of FAILURE...
... So again how can anyone believe their report!!!!

The prime example is the Federal Reserve’s pivotal failure to stem the flow of toxic mortgages, which it could have done by setting prudent mortgage-lending standards.
The Federal Reserve was the one entity empowered to do so and it did not.
The record of our examination is replete with evidence of other failures:
financial institutions made, bought, and sold mortgage securities they never examined,
did not care to examine, or knew to be defective;
firms depended on tens of billions of dollars of borrowing that had to be renewed each and every night,
secured by subprime mortgage securities; and major firms and investors blindly relied on credit rating agencies as their arbiters of risk.
What else could one expect on a highway where there were neither speed limits nor neatly painted lines?

http://www.gpo.gov/fdsys/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf
These were the people that made up the report:

View attachment 47450

A lot of Republicans on that commission!

And what did they find ... ?

The Commission concludes the CRA was not a significant factor in subprime lending or the crisis.​

Nonetheless, economists at the National Bureau of Economic Research concluded that banks undergoing CRA-related regulatory exams took additional mortgage lending risk. The authors of a study entitled "Did the Community Reinvestment Act Lead to Risky Lending?" compared "the lending behavior of banks undergoing CRA exams within a given census tract in a given month (the treatment group) to the behavior of banks operating in the same census tract-month that did not face these exams (the control group). This comparison clearly indicates that adherence to the CRA led to riskier lending by banks." They concluded:
"The evidence shows that around CRA examinations, when incentives to conform to CRA standards are particularly high, banks not only increase lending rates but also appear to originate loans that are markedly riskier."
Loan delinquency averaged 15% higher in the treatment group than the control group one year after mortgage origination.[52]

Low interest rates, high home prices, and flipping (or reselling homes to make a profit), effectively created an almost risk-free environment for lenders because risky or defaulted loans could be paid back by flipping homes.

Private lenders pushed subprime mortgages to capitalize on this, aided by greater market power for mortgage originators and less market power for mortgage securitizers.[18] Subprime mortgages amounted to $35 billion (5% of total originations) in 1994,[136] 9% in 1996,[137] $160 billion (13%) in 1999,[136] and $600 billion (20%) in 2006.[137][138][139]

Causes of the United States housing bubble - Wikipedia the free encyclopedia

In short, the lax lending standards created in response to the CRA had dug a pit that was waiting to get filled when the circumstances were right.
Ah ha! So it wasn’t the CRA that caused the mess. It was everything else!
Of course it wasn’t the CRA that caused everything.
The CRA was a factor in lowering lending standards. This was a necessary, although not sufficient, cause for the mortgage mess.
: Here s How The Community Reinvestment Act Led To The Housing Bubble s Lax Lending - Business Insider

Of these, over 70% (19.2 million) were on the books of government agencies like Fannie and Freddie, so there is no doubt that the government created the demand for these weak loans; less than 30% (7.8 million) were held or distributed by the banks, which profited from the opportunity created by the government. When these mortgages failed in unprecedented numbers in 2008, driving down housing prices throughout the U.S., they weakened all financial institutions and caused the financial crisis.
Hey Barney Frank The Government Did Cause the Housing Crisis - The Atlantic