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It won't make you laugh but it might make some cry.
Housing like many other things in our economy belong in only the private sector. F&F should have been abolished years ago.
You haven't told us how Congress could have prevented the recession in 2007.
I never said it could have been prevented. The damage could have lessened had anyone actually cared enough to stop the spending and froze institutions like F&F.
Besides this thread is about how democrats (you) wont accept responsibility for their roll in anything that turns out negative.
um...no.
The robust economy was partly due to a housing boom caused by a false demand in three ways:
1) Lower interest rates set by the FED
2) Fannie & Freddie buying up mortgages like there was no tomorrow
3) Government strongly - STRONGLY - encouraging the mortgage industry to make risky loans both ignoring poor credit and dramatically raising the debt/income ratio as well as no money down loans.
Also - consumers everywhere was treating debt like it was income. Negative savings rates and increased credit card spending created another false demand.
Yep. Exactly right. We came out of the dotcom, or NASDAQ bubble and were looking for ways to spur growth. SO, the typical moron economists, namely, Krugman and Co. were clamoring for a housing bubble to make another boom. He got his wish.
The next bubble to burst, after Obama loses that is, will be the student loans quite possibly.
You haven't told us how Congress could have prevented the recession in 2007.
I never said it could have been prevented. The damage could have lessened had anyone actually cared enough to stop the spending and froze institutions like F&F.
Besides this thread is about how democrats (you) wont accept responsibility for their roll in anything that turns out negative.
You want the Democrats to accept responsibility, and you name the Democratic Congress elected in 2006, but you won't tell us what they're supposed to take responsibility for in 2007,
the last year before the recession, the housing meltdown, the financial meltdown.
Just for the record, they passed Bush's stimulus package in 2008.
The stated goal of the republican party was to do anything and everything possible to make Obama a one term president. Democrats did not have a filibuster proof majority so when repubs said NO, NO, NO, NO, NO, NO, NO, NO, NO , NO there was little for Obama to do. So pick your knuckles up off the ground and quit being a total fucking idiot!The economy collapsed at the end of Bush's two terms which was preceeded by two years of democratic controlled congress. A time during which red flags were raised about the elephant in the room (housing) but democrats denied and the GOP was too spineless to push forward with reforms.
Obama had two more years of that same congress and even managed to pass HCA with 0 republican votes. Yet the faltering economy nearly four years later is not his fault. He never mentions Reid won't do his job in the senate. Reid and Obama bare the brunt of the responsibility for our current situation in my opinion.
You are a very special brand of lying stupidity. The neocon marching orders were to make Obama fail from day one. No president in my memory has had to work with such organized butthurt hatred at having lost an election.
Youre a fucking idiot. Obama had the very same people in congress for his first two terms that Bush had for his last two. And to top it off Democrats had control.
Now go sit back in the corner and drink some more of your fucking koolaid idiot.
Yep. Exactly right. We came out of the dotcom, or NASDAQ bubble and were looking for ways to spur growth. SO, the typical moron economists, namely, Krugman and Co. were clamoring for a housing bubble to make another boom. He got his wish.
The next bubble to burst, after Obama loses that is, will be the student loans quite possibly.
It will, but at least that bubble won't have as deep of an impact as the housing collapse/credit crunch.
At some point the student loan policies have GOT to change. This insanity of giving grants and loans to anyone who applys has driven tuition through the roof.
The damage could have lessened had anyone actually cared enough to stop the spending and froze institutions like F&F.
The stated goal of the republican party was to do anything and everything possible to make Obama a one term president. Democrats did not have a filibuster proof majority so when repubs said NO, NO, NO, NO, NO, NO, NO, NO, NO , NO there was little for Obama to do. So pick your knuckles up off the ground and quit being a total fucking idiot!You are a very special brand of lying stupidity. The neocon marching orders were to make Obama fail from day one. No president in my memory has had to work with such organized butthurt hatred at having lost an election.
Youre a fucking idiot. Obama had the very same people in congress for his first two terms that Bush had for his last two. And to top it off Democrats had control.
Now go sit back in the corner and drink some more of your fucking koolaid idiot.
The stated goal of the republican party was to do anything and everything possible to make Obama a one term president. Democrats did not have a filibuster proof majority so when repubs said NO, NO, NO, NO, NO, NO, NO, NO, NO , NO there was little for Obama to do. So pick your knuckles up off the ground and quit being a total fucking idiot!You are a very special brand of lying stupidity. The neocon marching orders were to make Obama fail from day one. No president in my memory has had to work with such organized butthurt hatred at having lost an election.
Youre a fucking idiot. Obama had the very same people in congress for his first two terms that Bush had for his last two. And to top it off Democrats had control.
Now go sit back in the corner and drink some more of your fucking koolaid idiot.
The damage could have lessened had anyone actually cared enough to stop the spending and froze institutions like F&F.
Why do you keep suggesting that? Almost 90% of the bad mortgages had NOTHING to do with F&F. Zilch, nada, NOTHING. So freezing F&F would be a drop in the ocean. Why didn't the Bush Admin. go after the private sector where the real damage was done? Oh yeah, he was in collusion with Wall St.
Just like EVERY president is. Its the game, and they all play it.
Why do you keep fooling yourself?
You want the Democrats to accept responsibility, and you name the Democratic Congress elected in 2006, but you won't tell us what they're supposed to take responsibility for in 2007,
the last year before the recession, the housing meltdown, the financial meltdown.
Just for the record, they passed Bush's stimulus package in 2008.
The stated goal of the republican party was to do anything and everything possible to make Obama a one term president. Democrats did not have a filibuster proof majority so when repubs said NO, NO, NO, NO, NO, NO, NO, NO, NO , NO there was little for Obama to do. So pick your knuckles up off the ground and quit being a total fucking idiot!
Just like EVERY president is. Its the game, and they all play it.
Why do you keep fooling yourself?
AND now we're to the real problem. Are you for gettng special interest money out of our government and election processes? Otherwise, this will never change.
Increasing home ownership has been the goal of several presidents including Roosevelt, Reagan, Clinton and George W. Bush.[122] In 1995, the GSEs like Fannie Mae began receiving government tax incentives for purchasing mortgage backed securities which included loans to low income borrowers.[123] In 1996, HUD set a goal for Fannie Mae and Freddie Mac that at least 42% of the mortgages they purchase be issued to borrowers whose household income was below the median in their area. This target was increased to 50% in 2000 and 52% in 2005.[124]
From 2002 to 2006, as the U.S. subprime market grew 292% over previous years, Fannie Mae and Freddie Mac combined purchases of subprime securities rose from $38 billion to around $175 billion per year before dropping to $90 billion per year, which included $350 billion of Alt-A securities. Fannie Mae had stopped buying Alt-A products in the early 1990s because of the high risk of default. By 2008, the Fannie Mae and Freddie Mac owned, either directly or through mortgage pools they sponsored, $5.1 trillion in residential mortgages, about half the total U.S. mortgage market.
The damage could have lessened had anyone actually cared enough to stop the spending and froze institutions like F&F.
Why do you keep suggesting that? Almost 90% of the bad mortgages had NOTHING to do with F&F. Zilch, nada, NOTHING. So freezing F&F would be a drop in the ocean. Why didn't the Bush Admin. go after the private sector where the real damage was done? Oh yeah, he was in collusion with Wall St.
Fannie Mae had stopped buying Alt-A products in the early 1990s because of the high risk of default. By 2008, the Fannie Mae and Freddie Mac owned, either directly or through mortgage pools they sponsored, $5.1 trillion in residential mortgages, about half the total U.S. mortgage market.
Why is wall st. blamed? Because the govt. sure as hell doesn't want to be pinned as the real and correct culprit of the crisis.
