What did either the democrats or republicans do to prevent the housing bubble?

[Remodeling Maidiac]

Watch "Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown" on YouTube
https://www.youtube.com/watch?v=cMnSp4qEXNM&feature=youtube_gdata_player

Again, the GOP were all talk when it came to reform, but the GOP killed all the reform bills in the committees they controlled. The Dems were a powerless minority in the committees, they can't even filibuster in a committee, so only a Party line vote in committee would have brought the bills to the floor for a vote. But every bill died in the GOP controlled committees.

Ahh I see. Dems pass the bills that cause the mess and the gop gets the blame for not fixing it.

Is this how the blame for the ACA will go too?

 

[Edgetho]

Some reading for intelligent people, which leaves dimocrap cultists out.....

Why I Changed My Mind On The Community Reinvestment Act - Business Insider

Three Ways The CRA Pushed Countrywide To Lower Lending Standards - Business Insider

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider

 

[edthecynic]

Some reading for intelligent people, which leaves dimocrap cultists out.....

Why I Changed My Mind On The Community Reinvestment Act - Business Insider

Three Ways The CRA Pushed Countrywide To Lower Lending Standards - Business Insider

Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider

More racist Right-wing propaganda. There was no profit in CRA ARMs that started 2 points above prime and adjusted DOWN to prime after 2 years. Again, the racists all blame the CRA because it made loans available to qualified minorities who had been Red Lined in the past, and to the racist Right, no minority is ever qualified for a loan so thus their claim that the CRA made loans to unqualified borrowers.

It was Bush's 2003 ADDI that lowered lending standards and caused the Bush housing crash. ADDI pushed people with poor credit into high interest, high profit, high risk ARMs that adjusted UP over time, causing the Bush housing crash.

 

[OriginalShroom]

[ame=http://www.youtube.com/watch?v=iW5qKYfqALE]Barney Frank in 2005: What Housing Bubble? - YouTube[/ame]

[ame=http://www.youtube.com/watch?v=5GoAGuTIbVY]Thomas Sowell on the Housing Boom and Bust - YouTube[/ame]

 

[Truthmatters]

Watch "Timeline shows Bush, McCain warning Dems of financial and housing crisis; meltdown" on YouTube
https://www.youtube.com/watch?v=cMnSp4qEXNM&feature=youtube_gdata_player

Again, the GOP were all talk when it came to reform, but the GOP killed all the reform bills in the committees they controlled. The Dems were a powerless minority in the committees, they can't even filibuster in a committee, so only a Party line vote in committee would have brought the bills to the floor for a vote. But every bill died in the GOP controlled committees.

Ahh I see. Dems pass the bills that cause the mess and the gop gets the blame for not fixing it.

Is this how the blame for the ACA will go too?

the GLB act was a bi partisan effort.

Rs signed it too you fool.

Gramm a republican who LEFT the congress to go to UBS who made money off the sub prime.


Then the BUSH SEC held back all the protections agreed upon that caused it to pass and be signed by Clinton were NEVER inforced ON PURPOSE by the right

 

[Truthmatters]

The Bush admin GAMED the bill.

they refused to inforce the parts that the banks didn't like.


at some point you people need to accept all the facts not just the ones you like

 

[zeke]

The Bush admin GAMED the bill.

they refused to inforce the parts that the banks didn't like.


at some point you people need to accept all the facts not just the ones you like

After REPEATED Republican efforts over the years to repeal the Glass Steagal Act, how was it that Clinton couldn't have figured out what the purpose of the legislation was?

Was he ignorant or complicit? I say complicit. Thinking he was buying favor with Repubs for his upcoming impeachment trail.

Bill Clinton OPENED THE DOOR for what was to follow.

We had NO PROBLEMS in the mortgage arena or the investment arena that required this legislation be passed. And Glass Steagal, which had served us VERY VERY well through some of the best periods in American history, DID NOT NEED TO BE REPEALED.

So why did Clinton do it (sign the bill into law)? He could of at least required that his veto be overturned in the Congress now couldn't he?

Truthy, do you know why? I don't.

 

[whitehall]

In 2008 there was an economic crisis in which the housing bubble burst, leading to the recession. President Bush gets the blame for this from the left on this forum. They point to Bush to say that republican principles such as trickle down ecomics do not work.

It is true that Bush and the republicans did little if anything to prevent the crisis in 2008. But where were the democrats? Where was the Paul Revere on the democrat side trying to warn everyone of the impending crisis? What legislation did the democrates propose that would have prevented the crises? The democrats took control of congress in 2006. Did they see this crisis coming? Maybe they did, but I don't remember anyone in power warning of the problem until it was too late.

The blame Bush crowd want to ignore the good economic times throughout most of Bush's two terms. We had a short recession after 9-11 but the policies that the left keep saying did not work, did work.

I want to know what bills/policies were being perposed by the democrat controlled congress that would had prevented the economic crisis in 2008? What did senator Oboma do other than vote "present" and run for president that would have prevented the housing bubble from bursting?

It wasn't a "housing bubble" it was a mortgage bubble and the democrat party created the time bomb back when Clinton was in office. Democrats decided that everyone should be able to own a home regardless of their ability to pay the mortgage so they hatched a plan where the federal government, Fannie Mae, would take good mortgages and bundle them with bad mortgages and sell them back to mortgage brokers as good mortgages. The scheme worked for about a decade while democrats appointed no-show fat cats to the Fannie Mae board who paid their dues to the liberal establishment. When democrats gained the majority in the House midway into George Bush's 2nd term Barney Frank became the powerful House Banking Committee chairperson in charge of monitoring Fannie Mae. Frank told Americans that Fannie Mae was solvent while it was on the verge of collapse just before the presidential election. It's entirely possible that Frank engineered the collapse of Fannie Mae as the biggest October Surprise in history.

 

[Mojo2]

"The democrats took control of congress in 2006. Did they see this crisis coming?"

The crisis had already begun by mid 2006: Getting real about real estate - Aug. 25, 2006

And behind the scenes, who do we see sneaking around making the situation as bad as he could make it?

None other than "Dear Leader."

Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did

Posted by Jim Hoft on Wednesday, September 5, 2012, 2:02 PM

Here’s something you’ll never read about in the liberal media.
Barack Obama played a leading role in the mortgage crisis of 2008 that sunk the US economy.

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.

(PHOTO)

State Sen. Barack Obama and crackpot priest Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.

The Daily Caller reported:

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…
​

…Obama has pursued the same top-down mortgage lending policies in the White House.

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did | The Gateway Pundit

 

[Mojo2]

The Bush admin GAMED the bill.

they refused to inforce the parts that the banks didn't like.


at some point you people need to accept all the facts not just the ones you like

Pot, meet Kettle.

Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did | The Gateway Pundit

 

[Indeependent]

The bubble began under President Clinton.

The Affordable Mortgage Depression: Origin of the Housing Bubble: ?The National Homeownership Strategy?


Both democrats and republicans are responsible for playing politics. When it made the economy look good, they took credit. When it blew up in peoples faces they pointed fingers. Shocked, I tell you.


JMO

The Housing Bubble actually started in 2006.
The US never recovered from the DOT COM Bubble and GW and Congress didn't want to look like the incompetent boobs they are and so around 2006 Mortgages were being granted to anyone, whether they were breathing or not.

Sure as heck barely took two years for the bubble to burst.

 

[Indeependent]

Let's remember that collapse started with Freddie Mac and Fannie Mae and the heads of the committed supposed to be overseeing them were Democrats Chris Dodd and Barney Frank this absolve Bush and the Republicans it just shows both blew it.

There is plenty of blame to go around, but when you have the money machine (the government) backing up al the bad loans, well what did anyone expect?

It was far left thinking (everyone deserves a home loan) that got us into the crisis.

Oh, that's so funny.
I was at a breakfast in 2007 with the Republican Mayor of Lawrence who kept insisting that EVERYONE should own a house.
Mind you, he didn't want EVERYONE belonging to his Tennis Club.

 

[zeke]

In 2008 there was an economic crisis in which the housing bubble burst, leading to the recession. President Bush gets the blame for this from the left on this forum. They point to Bush to say that republican principles such as trickle down ecomics do not work.

It is true that Bush and the republicans did little if anything to prevent the crisis in 2008. But where were the democrats? Where was the Paul Revere on the democrat side trying to warn everyone of the impending crisis? What legislation did the democrates propose that would have prevented the crises? The democrats took control of congress in 2006. Did they see this crisis coming? Maybe they did, but I don't remember anyone in power warning of the problem until it was too late.

The blame Bush crowd want to ignore the good economic times throughout most of Bush's two terms. We had a short recession after 9-11 but the policies that the left keep saying did not work, did work.

I want to know what bills/policies were being perposed by the democrat controlled congress that would had prevented the economic crisis in 2008? What did senator Oboma do other than vote "present" and run for president that would have prevented the housing bubble from bursting?

It wasn't a "housing bubble" it was a mortgage bubble and the democrat party created the time bomb back when Clinton was in office. Democrats decided that everyone should be able to own a home regardless of their ability to pay the mortgage so they hatched a plan where the federal government, Fannie Mae, would take good mortgages and bundle them with bad mortgages and sell them back to mortgage brokers as good mortgages. The scheme worked for about a decade while democrats appointed no-show fat cats to the Fannie Mae board who paid their dues to the liberal establishment. When democrats gained the majority in the House midway into George Bush's 2nd term Barney Frank became the powerful House Banking Committee chairperson in charge of monitoring Fannie Mae. Frank told Americans that Fannie Mae was solvent while it was on the verge of collapse just before the presidential election. It's entirely possible that Frank engineered the collapse of Fannie Mae as the biggest October Surprise in history.

Mortgage brokers buying mortgages back from Fannie? LMAO. Maybe the word you wanted was "Institutional investors"? Mortgage BROKERS originated loans one at a time. The other, Institutional Investors, bought packages of mortgages commonly known as Mortgage Backed Securities. And yes, Fannie and Freddie both BOUGHT shit loads of bad loans. Franklin Raines should have gone to jail for ruining a fine institution (Fannie).

So, you got it a little backwards there champ. And the rest of the bullshit you wrote has been thoroughly debunked.........like 500 times.

 

[Indeependent]

I remember Rush saying what a GENIUS GW was for not addressing the Sub-Prime Mortgage issue because it only comprised <3% of the Bubble.
And of course, we all "CLEARLY" remember GW going on FoxNews and Conservative Talk Radio to state his case.

The fact is, both parties and the Wall Street knew what was going on and...
GW WAS NO LEADER.

 

[Jarhead]

In 2008 there was an economic crisis in which the housing bubble burst, leading to the recession. President Bush gets the blame for this from the left on this forum. They point to Bush to say that republican principles such as trickle down ecomics do not work.

It is true that Bush and the republicans did little if anything to prevent the crisis in 2008. But where were the democrats? Where was the Paul Revere on the democrat side trying to warn everyone of the impending crisis? What legislation did the democrates propose that would have prevented the crises? The democrats took control of congress in 2006. Did they see this crisis coming? Maybe they did, but I don't remember anyone in power warning of the problem until it was too late.

The blame Bush crowd want to ignore the good economic times throughout most of Bush's two terms. We had a short recession after 9-11 but the policies that the left keep saying did not work, did work.

I want to know what bills/policies were being perposed by the democrat controlled congress that would had prevented the economic crisis in 2008? What did senator Oboma do other than vote "present" and run for president that would have prevented the housing bubble from bursting?

It wasn't a "housing bubble" it was a mortgage bubble and the democrat party created the time bomb back when Clinton was in office. Democrats decided that everyone should be able to own a home regardless of their ability to pay the mortgage so they hatched a plan where the federal government, Fannie Mae, would take good mortgages and bundle them with bad mortgages and sell them back to mortgage brokers as good mortgages. The scheme worked for about a decade while democrats appointed no-show fat cats to the Fannie Mae board who paid their dues to the liberal establishment. When democrats gained the majority in the House midway into George Bush's 2nd term Barney Frank became the powerful House Banking Committee chairperson in charge of monitoring Fannie Mae. Frank told Americans that Fannie Mae was solvent while it was on the verge of collapse just before the presidential election. It's entirely possible that Frank engineered the collapse of Fannie Mae as the biggest October Surprise in history.

Mortgage brokers buying mortgages back from Fannie? LMAO. Maybe the word you wanted was "Institutional investors"? Mortgage BROKERS originated loans one at a time. The other, Institutional Investors, bought packages of mortgages commonly known as Mortgage Backed Securities. And yes, Fannie and Freddie both BOUGHT shit loads of bad loans. Franklin Raines should have gone to jail for ruining a fine institution (Fannie).

So, you got it a little backwards there champ. And the rest of the bullshit you wrote has been thoroughly debunked.........like 500 times.

you, of all people, have the audacity to say someone is offering up bullshit?

You? The one who claimed to be in the industry for many years and when I asked you how many loans FM wrote, you actually gave an answer!!!

Having no idea that FM does not write loans.

You. sir, are a liar and one who has the credibility that rivals that of Bernie Madoff.

Folks....don't trust what this man says. He lied and he got caught...and then refused to respond when he was caught.

Making him a spineless liar.

 

[Edgetho]

The bubble began under President Clinton.

The Affordable Mortgage Depression: Origin of the Housing Bubble: ?The National Homeownership Strategy?


Both democrats and republicans are responsible for playing politics. When it made the economy look good, they took credit. When it blew up in peoples faces they pointed fingers. Shocked, I tell you.


JMO

The Housing Bubble actually started in 2006.
The US never recovered from the DOT COM Bubble and GW and Congress didn't want to look like the incompetent boobs they are and so around 2006 Mortgages were being granted to anyone, whether they were breathing or not.

Sure as heck barely took two years for the bubble to burst.

Yeah, because GW Bush ran those Banks and just LOVED Fannie and Freddie.

Do the gene pool a favor and kill yourself before you breed

 

[Jarhead]

Nearly everyone saw the crash coming, no one wanted to upset the applecart, plans were made to make the taxpayer liable, bankers covered their asses, the end.

The crash caught no one by surprise, anyone who says so is a lying SOB.

No one did a damned thing to prevent it because there is nothing anyone could have done to stop it, the bankers said damn the torpedoes and now the banks own us more than ever, The ultimate winners were predestined years in advance with all the political cover that money can buy.

This is one of those things that should have been a non partisan unifying outrage from day one but financial industry lobbying is apparently very effective.

Stop talking from your heart and read....and then maybe talk from your head.

Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone? Dems Ignored Warnings | The Gateway Pundit