What was the biggest lie that re-elected Obama?

[JRK]

F+F got in on the feast way late. You can tell because its bailout was 20% of the total. Of course Bush wanted to "reform" IT, and ignore that Wall St. was about to collapse lol.

without the American Tax payer and GWB wall street would have collapsed
along with trillions in middle class wealth in 401ks etc...

 

[Redfish]

F+F got in on the feast way late. You can tell because its bailout was 20% of the total. Of course Bush wanted to "reform" IT, and ignore that Wall St. was about to collapse lol.

without the American Tax payer and GWB wall street would have collapsed
along with trillions in middle class wealth in 401ks etc...

that is simply not true. no company or financial institution is too big to fail. those wall street companies should have been allowed to go under. Yes, some people would have lost money, is your 401K guaranteed to never lose money?

the stock market is legalized gambling, sometimes we win, sometimes we lose.

 

[JRK]

F+F got in on the feast way late. You can tell because its bailout was 20% of the total. Of course Bush wanted to "reform" IT, and ignore that Wall St. was about to collapse lol.

without the American Tax payer and GWB wall street would have collapsed
along with trillions in middle class wealth in 401ks etc...

that is simply not true. no company or financial institution is too big to fail. those wall street companies should have been allowed to go under. Yes, some people would have lost money, is your 401K guaranteed to never lose money?

the stock market is legalized gambling, sometimes we win, sometimes we lose.

without Tarp the wheels would have come off
That is true
Google
The 401k is one of the largest tools that creates jobs
With low interest loans, tax breaks, etc...
It is a (with the oil and gas boom) a part of the recovery (That BHO has had little to do with except tax rates prior to this year)
Google

 

[Dragonlady]

Supply side economic destabilizes markets leading to greater market volatility. Bush's tax cuts increased the deficit, and his introduction of Part D Medicare, which was entirely unfunded, pushed the deficit even higher.

The "earned income credits" which Bush gave as a sop to the poor for refusing to raise minimum wage, lead to further increases in the deficit and further reductions in revenue. It would have been better to raise the minimum wage and do away with the expensive entitlement programs Bush put into place to help the poor. Any social program with a means test increases the cost enormously, because each application has to be reviewed to determine if the individual qualifies - adding a layer of red tap and the expenses that go with it.

Studies have found that social programs with a means test cost far more than a universal program because of the additional costs and staff required to review applications to determine if appllicants qualify. You can cover everyone, regardless of income, for less money than you would spend eliminating those who make too much to qualify.

 

[EdwardBaiamonte]

F+F got in on the feast way late. You can tell because its bailout was 20% of the total. Of course Bush wanted to "reform" IT, and ignore that Wall St. was about to collapse lol.

Fanny/ Freddy were at the very heart of the crisis if not the proximate cause of it. It was created to subvert the free market and we see the results. With government guarantees, i.e. lower cost of capital and lower rates, they took all the good loans and forced call the others into a huge sub prime Alt A business, and then they got greedy under CRA pressure from libturds Dodd and Frank and went after subprime Alt A.


The companies[Fanny Freddie] own or guarantee $5.2 trillion of mortgages, more than half the outstanding U.S. home loans.

Fannie and Freddie bought 25.2% of the record $272.81 billion in subprime MBS [mortgage-backed securities] sold in the first half of 2006, according to Inside Mortgage Finance Publications, a Bethesda, MD-based publisher that covers the home loan industry.

In 2005, Fannie and Freddie purchased 35.3% of all subprime MBS, the publication estimated. The year before, the two purchased almost 44% of all subprime MBS sold.

In addition, lawmakers in both parties enacted policies directed at increasing home ownership rates, resulting in lower mortgage underwriting standards for Fannie and Freddie. Roberts notes that from 2000 on, Fannie and Freddie bought loans with low FICO scores, loans with very low down payments, and loans with little or no documentation





Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . .

Pelican Parts:
Mr. Mozilo and Fannie essentially were business partners in the subprime business. Countrywide found the customers, while Fannie provided the taxpayer-backed capital. And the rest of the industry followed.


Bloomberg 12/21/11 on SEC action:

The truth is that Fannie and Freddie engaged in far greater financial-reporting abuses, which couldn’t have happened without the government’s knowledge and cooperation.
Fannie and Freddie continued to maintain they were adequately capitalized, as did their regulator, until they were placed into conservatorship in September 2008. This farce wouldn’t have been sustainable had the two companies been forthright about their earnings and asset values.

:
WSJ/12/21/11 on SEC action against Fanny Freddie

Fanny degraded its underwriting standards to increase its market share in the sub prime loans... Fanny led private lenders into the sub prime market loans... by the mid 2000's other mortgages lenders developed other similar reduced documentation loans.....Fanny hid the risk of sub prime loans to investors... Fannie said its Alt. A exposure was 11% of its portfolio, when it was closer to 23% - a 341 billion difference...Dallavecchia told investors that Fanny's sub prime exposure was
"immaterial".... we see part of our mission to make mortgages available to people who don't have perfect credit...the Freddie record was similarly incriminating...private lenders could never have done as much harm if Fan and Fred weren't providing tens of billions in tax payer subsidized liquidity to lend on easy terms to borrowers who couldn't[t pay it back...Congress created the 2 mortgage giants as well as their affordable housing mandates.

Sen. Christopher Dodd (D., Conn.): I, just briefly will say, Mr. Chairman, obviously, like most of us here, this [Fanny Freddie] is one of the great success stories of all time. And we don't want to lose sight of that and [what] has been pointed out by all of our witnesses here, obviously, the 70% of Americans who own their own homes today, in no small measure, due because of the work that's been done here. And that shouldn't be lost in this debate and discussion. . . .
Rep. Waters: However, I have sat through nearly a dozen hearings where, frankly, we were trying to fix something that wasn't broke. Housing is the economic engine of our economy, and in no community does this engine need to work more than in mine. With last week's hurricane and the drain on the economy from the war in Iraq, we should do no harm to these GSEs.[Fanny Freddie] We should be enhancing regulation, not making fundamental change.

Mr. Chairman, we do not have a crisis at Freddie Mac, and in particular at Fannie Mae, under the outstanding leadership of Mr. Frank Raines. Everything in the 1992 act has worked just fine. In fact, the GSEs have exceeded their housing goals. . . .

Rep. Frank: Let me ask [George] Gould and [Franklin] Raines on behalf of Freddie Mac and Fannie Mae, do you feel that over the past years you have been substantially under-regulated?

Mr. Raines?

Mr. Raines: No, sir.

Mr. Frank: Mr. Gould?

Mr. Gould: No, sir. . . .

Mr. Frank: OK. Then I am not entirely sure why we are here. . . .

Rep. Frank: I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists.

* * *
Senate Banking Committee, Oct. 16, 2003:

Sen. Charles Schumer (D., N.Y.): And my worry is that we're using the recent safety and soundness concerns, particularly with Freddie, and with a poor regulator, as a straw man to curtail Fannie and Freddie's mission. And I don't think there is any doubt that there are some in the administration who don't believe in Fannie and Freddie altogether, say let the private sector do it. That would be sort of an ideological position.

The Washington Post reported Frank, who is openly gay, had a relationship with Herb Moses, an executive for the now-government controlled Fannie Mae. The column revealed the two had split up at the time but also said Frank was referring to Moses as his “spouse.” Another Washington Post report said Frank called Moses his “lover” and that the two were “still friends” after the breakup.

Frank was and remains a stalwart defender of Fannie Mae, which is now under FBI investigation along with its sister organization Freddie Mac, American International Group Inc. (NYSE:AIG) and Lehman Brothers (NYSE:LEH) – all recently participants in government bailouts. But Frank has derailed efforts to regulate the institution, as well as denying it posed any financial risk. Frank’s office has been unresponsive to efforts by the Business & Media Institute to comment on these potential conflicts of interest.



While the relationship reportedly ended 10 years ago, Frank was serving on the House Banking Committee the entire 10 years they were together. The committee is the primary House body which along with the Office of Federal Housing Enterprise Oversight (OFHEO) has jurisdiction over the government-sponsored enterprises.



Just a month before, Frank had aggressively thwarted reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated,” a gross miscalculation some five years later with costs estimated to be in the hundreds of billions.


“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank said to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”

. J. Bridges says:

Beginning in 1992, Congress pushed Fannie Mae and Freddie Mac to increase their purchases of mortgages going to low and moderate income borrowers. For 1996, the Department of Housing and Urban Development (HUD) gave Fannie and Freddie an explicit target -- 42% of their mortgage financing had to go to borrowers with income below the median in their area. The target increased to 50% in 2000 and 52% in 2005.

For 1996, HUD required that 12% of all mortgage purchases by Fannie and Freddie be "special affordable" loans, typically to borrowers with income less than 60% of their area's median income. That number was increased to 20% in 2000 and 22% in 2005. The 2008 goal was to be 28%. Between 2000 and 2005, Fannie and Freddie met those goals every year, funding hundreds of billions of dollars worth of loans, many of them subprime and adjustable-rate loans, and made to borrowers who bought houses with less than 10% down.
Warren Buffett: "There are significant limits to what regulation can accomplish. As a dramatic illustration, take two of the biggest accounting disasters in the past ten years: Freddie Mac and Fannie Mae. We're talking billions and billions of dollars of misstatements at both places".

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

Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES NYTIMES
Published: September 30, 1999
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In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.

The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.

Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.

In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans.

 

[EdwardBaiamonte]

Bush's tax cuts increased the deficit,.

of course you are too stupid and liberal for words. Bush tax cuts caused biggest revenue increases in government revenue in American History!!

Stephen Moore: "from 2004 to 2007 federal tax cuts revenue increased by an enormous 785 billion., the largest increase in American History

individual and corporate tax were up 40% capital gains and dividend 71% in capital gains and 41% in dividends

 

[Dragonlady]

Bush's tax cuts increased the deficit,.

of course you are too stupid and liberal for words. Bush tax cuts caused biggest revenue increases in government revenue in American History!!

Stephen Moore: "from 2004 to 2007 federal tax cuts revenue increased by an enormous 785 billion., the largest increase in American History

individual and corporate tax were up 40% capital gains and dividend 71% in capital gains and 41% in dividends

Bush's prolifigate spending on the wars and military build-up caused the increases in revenues. The same thing happened when Reagan spent on his military buildup. When the government spends on military hardware, that spending goes to workers in the defense industry and it gets taxed.

That's how stimulous spending works Eddie, since you can't seem to grasp these simple concepts. When the government spends in the private sector, people's wages get taxes, the profits of the corporations gets taxed, and that money comes back to the government in the form of revenue.

Like all good conservatives, you ignore the increase in deficits under Bush and Reagan, but rail against the spending and the mess that Bush left, and which Obama has been trying to clean up since he took office.

Having fucked up the economy completely, Republicans couldn't wait to blame Obama for their mess but it is THEIR mess, however long it takes to clean it up.

 

[EdwardBaiamonte]

Bush's tax cuts increased the deficit

Bush's prolifigate spending on the wars and military build-up caused the increases in revenues.

if revenues go up deficit should decrease????????????


See why we say a liberal will be slow, so very very slow???

 

[EdwardBaiamonte]

You are an obnoxious asshole without a single valid idea of your own.

Its true the ideas are not my own, they come from Aristotle Jefferson and Friedman. Can you say where liberal idea come from??

Interesting isn't it?? Liberals are so illiterate that it does not even occur to them to have an intellectual framework behind their ideas. Stalin seemd like an innovative guy at the time so they spied for him and gave him the bomb. Conservatives believe in education, in knowing and preserving culture while liberals beleive in magical liberal Nazi solutions to any problem that come along.

 

[rdean]

What was the biggest lie that re-elected Obama?

Jeeps moving to China. Easily the single biggest.

Second was saying the president was ending the work requirement.

Both easily dis-proven. Shame on the right wing.

 

[JRK]

Bush's tax cuts increased the deficit,.

of course you are too stupid and liberal for words. Bush tax cuts caused biggest revenue increases in government revenue in American History!!

Stephen Moore: "from 2004 to 2007 federal tax cuts revenue increased by an enormous 785 billion., the largest increase in American History

individual and corporate tax were up 40% capital gains and dividend 71% in capital gains and 41% in dividends

Bush's prolifigate spending on the wars and military build-up caused the increases in revenues. The same thing happened when Reagan spent on his military buildup. When the government spends on military hardware, that spending goes to workers in the defense industry and it gets taxed.

That's how stimulous spending works Eddie, since you can't seem to grasp these simple concepts. When the government spends in the private sector, people's wages get taxes, the profits of the corporations gets taxed, and that money comes back to the government in the form of revenue.

Like all good conservatives, you ignore the increase in deficits under Bush and Reagan, but rail against the spending and the mess that Bush left, and which Obama has been trying to clean up since he took office.

Having fucked up the economy completely, Republicans couldn't wait to blame Obama for their mess but it is THEIR mess, however long it takes to clean it up.

How can spending tax payers wealth create wealth?
in 2007 the defict was 162 billion
Obama has not one defict under 1 trillion sense he took office ( he added about 500 billion to the base-line W left him)
The economy? what did GWB do to cause the mess?

One other item to my Conservative friend above
Corporations do not pay 1 penny in taxes
People pay taxes
That cost is added to the product/service provided

 

[JRK]

What was the biggest lie that re-elected Obama?

Jeeps moving to China. Easily the single biggest.

Second was saying the president was ending the work requirement.

Both easily dis-proven. Shame on the right wing.

Dude your so simple
Romney was right: Chrysler will build Jeeps in China - BizPac Review

When the auto industry faced collapse, Mitt Romney turned his back. Well, not exactly, but that’s what many workers and voters believe.

Even the conservative Detroit News criticized Romney for his “wrong-headedness on the bailout.” True — although it was in the context of the newspaper’s endorsement last week of Romney for president.

And now, after Romney’s false claim of Jeep outsourcing to China, … Romney did not claim that Chrysler was “outsourcing” existing Jeep jobs to China but only that Chrysler is going to “build Jeeps in China.” And that is true.…

Chrysler itself has refuted Romney’s lie. Chrysler CEO Sergio Marchionne said in an e-mail to workers this week that Jeep assembly lines in the United States “will constitute the backbone of the brand.” But again: Romney never disputed that.The truth? Jeep is adding jobs in Ohio. Absolutely true.

Here's How Romney, Obama Ads On Jeep And Ohio Stack Up - Forbes

 

[Old Rocks]

The Biggest Lies that re-elected President Obama were those that the GOP were telling.

 

[Old Rocks]

What was the biggest lie that re-elected Obama?

Jeeps moving to China. Easily the single biggest.

Second was saying the president was ending the work requirement.

Both easily dis-proven. Shame on the right wing.

Dude your so simple
Romney was right: Chrysler will build Jeeps in China - BizPac Review

When the auto industry faced collapse, Mitt Romney turned his back. Well, not exactly, but that’s what many workers and voters believe.

Even the conservative Detroit News criticized Romney for his “wrong-headedness on the bailout.” True — although it was in the context of the newspaper’s endorsement last week of Romney for president.

And now, after Romney’s false claim of Jeep outsourcing to China, … Romney did not claim that Chrysler was “outsourcing” existing Jeep jobs to China but only that Chrysler is going to “build Jeeps in China.” And that is true.…

Chrysler itself has refuted Romney’s lie. Chrysler CEO Sergio Marchionne said in an e-mail to workers this week that Jeep assembly lines in the United States “will constitute the backbone of the brand.” But again: Romney never disputed that.The truth? Jeep is adding jobs in Ohio. Absolutely true.

Here's How Romney, Obama Ads On Jeep And Ohio Stack Up - Forbes

LOL. OK, more lipstick for the pig. And that pig is already dead. Pathetic.

 

[JRK]

What was the biggest lie that re-elected Obama?

Jeeps moving to China. Easily the single biggest.

Second was saying the president was ending the work requirement.

Both easily dis-proven. Shame on the right wing.

Dude your so simple
Romney was right: Chrysler will build Jeeps in China - BizPac Review

When the auto industry faced collapse, Mitt Romney turned his back. Well, not exactly, but that’s what many workers and voters believe.

Even the conservative Detroit News criticized Romney for his “wrong-headedness on the bailout.” True — although it was in the context of the newspaper’s endorsement last week of Romney for president.

And now, after Romney’s false claim of Jeep outsourcing to China, … Romney did not claim that Chrysler was “outsourcing” existing Jeep jobs to China but only that Chrysler is going to “build Jeeps in China.” And that is true.…

Chrysler itself has refuted Romney’s lie. Chrysler CEO Sergio Marchionne said in an e-mail to workers this week that Jeep assembly lines in the United States “will constitute the backbone of the brand.” But again: Romney never disputed that.The truth? Jeep is adding jobs in Ohio. Absolutely true.

Here's How Romney, Obama Ads On Jeep And Ohio Stack Up - Forbes

LOL. OK, more lipstick for the pig. And that pig is already dead. Pathetic.

I love it when the liberal sees the truth and runs straight for denail
Nothing is dead
The more Obama and there agenda is exposed, the better this countries future will be

 

[JRK]

Supply side economic destabilizes markets leading to greater market volatility. Bush's tax cuts increased the deficit, and his introduction of Part D Medicare, which was entirely unfunded, pushed the deficit even higher.

The "earned income credits" which Bush gave as a sop to the poor for refusing to raise minimum wage, lead to further increases in the deficit and further reductions in revenue. It would have been better to raise the minimum wage and do away with the expensive entitlement programs Bush put into place to help the poor. Any social program with a means test increases the cost enormously, because each application has to be reviewed to determine if the individual qualifies - adding a layer of red tap and the expenses that go with it.

Studies have found that social programs with a means test cost far more than a universal program because of the additional costs and staff required to review applications to determine if appllicants qualify. You can cover everyone, regardless of income, for less money than you would spend eliminating those who make too much to qualify.

Medicare D was a bi partisan mistake
GWB tax cuts added to the income, record levels. Just the oppisite of what the liberal claims

Read more: DWYER: Bush tax cuts boosted federal revenue - Washington Times
By 2003, Mr. Bush grasped this lesson. In that year, he cut the dividend and capital gains rates to 15 percent each, and the economy responded. In two years, stocks rose 20 percent. In three years, $15 trillion of new wealth was created. The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.

Read more: DWYER: Bush tax cuts boosted federal revenue - Washington Times
The U.S. economy added 8 million new jobs from mid-2003 to early 2007, and the median household increased its wealth by $20,000 in real terms.

 

[Dragonlady]

Of course federal revenues increased under Bush. The war in Iraq was outsourced where possible, and monies flowed from the government to the military industrial complex. Those companies paid taxes as did their workers. When the government goes on a spending spree, revenues rise accordingly and W went on the biggest spending spree in US history, all on borrowed money.

It's pretty easy to look prosperous when you go out shopping and pick up new furniture, a new car and some new outfits. But if it's all done on your American Express card, you're going to be in a world of hurt when the bill comes in. Bush and company left Washington with bags of cash before the bill came in.

 

[JRK]

Of course federal revenues increased under Bush. The war in Iraq was outsourced where possible, and monies flowed from the government to the military industrial complex. Those companies paid taxes as did their workers. When the government goes on a spending spree, revenues rise accordingly and W went on the biggest spending spree in US history, all on borrowed money.

It's pretty easy to look prosperous when you go out shopping and pick up new furniture, a new car and some new outfits. But if it's all done on your American Express card, you're going to be in a world of hurt when the bill comes in. Bush and company left Washington with bags of cash before the bill came in.

The govt spent 2.7 trillion in 2007
they spent 3.8 last year
you want to try that again?
2007 United States federal budget - Wikipedia, the free encyclopedia
2012 United States federal budget - Wikipedia, the free encyclopedia

I mean no dis respect. your leadeship has been lying to you
One states the Iraq war cosy caused the deficit
one states the war caused the surplus

Bottom line is the war was an additional expense, but the defict in 07 was 162 billion

The war is over in 2012 and the defict was 1.1 trillion

 

[EdwardBaiamonte]

W went on the biggest spending spree in US history, all on borrowed money.

of we can always count on pure ignorance from th every liberal DragonLady!!!

Bush budgets started below 2 trillion and slowly ended at around $3 trillion, while Obama started at 3.3 trillion and is heading up with
the biggest deficits in US history ($2.3trillion total in 8 years of Bush, 5.3 trillion total in just 4 years of Obama)

 

[Mr Natural]

Of course federal revenues increased under Bush. The war in Iraq was outsourced where possible, and monies flowed from the government to the military industrial complex. Those companies paid taxes as did their workers. When the government goes on a spending spree, revenues rise accordingly and W went on the biggest spending spree in US history, all on borrowed money.

It's pretty easy to look prosperous when you go out shopping and pick up new furniture, a new car and some new outfits. But if it's all done on your American Express card, you're going to be in a world of hurt when the bill comes in. Bush and company left Washington with bags of cash before the bill came in.

But we all got those nifty $300 checks paid from the non-existent Clinton era surplus.