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Banks and f+f were both lending money you dolt, but it was private banks that were creating the toxic loans, bush made f+f buy cdo's from the banks because f+f wasn't keeping up. So, NO, f+f did not cause the crash, republicans did.
You mean, removing rules that separated Investment Banks from Savings Banks DIDN'T cause the meldown?
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial CrisisLet's look up "proximate cause" shall we?asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan and Robert Rubin, contributed significantly to the disaster we saw on Wall Street."
Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."
Proximate cause - Wikipedia, the free encyclopedia
So he says that Banks had problems BEFORE deregulation AND that the deregulation WASN'T the main driving cause of the Economic Meltdown!There is a second test used to determine if an action is close enough to a harm in a "chain of events" to be a legally culpable cause of the harm. This test is called proximate cause.
And that means Obama doesn't believe it either because he nominated him!
so deregulation tipped over the apple cart?
so predictable
And now it's Obama's opinion, why else would he nominate him?boy your head must be spinning from this. deregulation contributed at a very important point....and Lew is entitled to his own opinion...it is an opinion.
You mean, removing rules that separated Investment Banks from Savings Banks DIDN'T cause the meldown?
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial CrisisLet's look up "proximate cause" shall we?asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan and Robert Rubin, contributed significantly to the disaster we saw on Wall Street."
Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."
Proximate cause - Wikipedia, the free encyclopedia
So he says that Banks had problems BEFORE deregulation AND that the deregulation WASN'T the main driving cause of the Economic Meltdown!There is a second test used to determine if an action is close enough to a harm in a "chain of events" to be a legally culpable cause of the harm. This test is called proximate cause.
And that means Obama doesn't believe it either because he nominated him!
You mean, removing rules that separated Investment Banks from Savings Banks DIDN'T cause the meldown?
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial CrisisLet's look up "proximate cause" shall we?asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan and Robert Rubin, contributed significantly to the disaster we saw on Wall Street."
Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."
Proximate cause - Wikipedia, the free encyclopedia
So he says that Banks had problems BEFORE deregulation AND that the deregulation WASN'T the main driving cause of the Economic Meltdown!There is a second test used to determine if an action is close enough to a harm in a "chain of events" to be a legally culpable cause of the harm. This test is called proximate cause.
And that means Obama doesn't believe it either because he nominated him!
"Deregulation Didn't Cause the Financial Crisis"
Well duh.
There are more regulations every year.
Show me a year where the tens of thousands of pages of regulations on financial institutions decreased by even one page.
You have to define deregulation as forcing banks to lend to subprime borrowers
That never happened.
It's a conservative myth meant to put the blame on black and brown people.
And now it's Obama's opinion, why else would he nominate him?boy your head must be spinning from this. deregulation contributed at a very important point....and Lew is entitled to his own opinion...it is an opinion.
Many factors directly and indirectly caused the ongoing 2007–2012 global financial crisis (which started with the US subprime mortgage crisis), with experts placing different weights upon particular causes.
The crisis resulted from a combination of complex factors, including easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; international trade imbalances; real-estate bubbles that have since burst; fiscal policy choices related to government revenues and expenses; and approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses. [1][2]
One narrative describing the causes of the crisis begins with the significant increase in savings available for investment during the 2000–2007 period when the global pool of fixed-income securities increased from approximately $36 trillion in 2000 to $70 trillion by 2007. This "Giant Pool of Money" increased as savings from high-growth developing nations entered global capital markets. Investors searching for higher yields than those offered by U.S. Treasury bonds sought alternatives globally.[3]
Causes of the 2007?2012 global financial crisis - Wikipedia, the free encyclopedia
Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[13] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009. In the EU, the UK responded with austerity measures of spending cuts and tax increases without export growth and it has since slid into a double-dip recession.[14][15]
Many causes for the financial crisis have been suggested, with varying weight assigned by experts.[16] The U.S. Senate's Levin–Coburn Report asserted that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."[17] The 1999 repeal of the Glass–Steagall Act effectively removed the separation between investment banks and depository banks in the United States.[18] Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets.[19] Research into the causes of the financial crisis has also focused on the role of interest rate spreads.[
Financial crisis of 2007?2008 - Wikipedia, the free encyclopedia
You mean, removing rules that separated Investment Banks from Savings Banks DIDN'T cause the meldown?
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial CrisisLet's look up "proximate cause" shall we?asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan and Robert Rubin, contributed significantly to the disaster we saw on Wall Street."
Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."
Proximate cause - Wikipedia, the free encyclopedia
So he says that Banks had problems BEFORE deregulation AND that the deregulation WASN'T the main driving cause of the Economic Meltdown!There is a second test used to determine if an action is close enough to a harm in a "chain of events" to be a legally culpable cause of the harm. This test is called proximate cause.
And that means Obama doesn't believe it either because he nominated him!
Many factors directly and indirectly caused the ongoing 2007–2012 global financial crisis (which started with the US subprime mortgage crisis), with experts placing different weights upon particular causes.
The crisis resulted from a combination of complex factors, including easy credit conditions during the 2002–2008 period that encouraged high-risk lending and borrowing practices; international trade imbalances; real-estate bubbles that have since burst; fiscal policy choices related to government revenues and expenses; and approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses. [1][2]
One narrative describing the causes of the crisis begins with the significant increase in savings available for investment during the 2000–2007 period when the global pool of fixed-income securities increased from approximately $36 trillion in 2000 to $70 trillion by 2007. This "Giant Pool of Money" increased as savings from high-growth developing nations entered global capital markets. Investors searching for higher yields than those offered by U.S. Treasury bonds sought alternatives globally.[3]
Causes of the 2007?2012 global financial crisis - Wikipedia, the free encyclopedia
Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[13] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009. In the EU, the UK responded with austerity measures of spending cuts and tax increases without export growth and it has since slid into a double-dip recession.[14][15]
Many causes for the financial crisis have been suggested, with varying weight assigned by experts.[16] The U.S. Senate's Levin–Coburn Report asserted that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."[17] The 1999 repeal of the Glass–Steagall Act effectively removed the separation between investment banks and depository banks in the United States.[18] Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets.[19] Research into the causes of the financial crisis has also focused on the role of interest rate spreads.[
Financial crisis of 2007?2008 - Wikipedia, the free encyclopedia
all liberal lies since it ignores that obvious fact that most of the liberal government was organized to get people into homes the Republican free market said they could not afford. At the very heart of it was the deliberate Fed policy to print the money that made it possible to buy and bid up the prices of homes. It was a typical liberal stimulus without which nothing could have happened
In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[53] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[53]
The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.
"If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7]
Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53]
Frank stated further that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated.
First, it’s true that Frank was hardly Fannie and Freddie’s biggest critic. Nor did he spot the housing bubble. Back in 2003, as the Examiner’s Philip Klein points out, Frank said that the government-sponsored entities were not in any sort of crisis. “The more people exaggerate these problems,” Frank told the New York Times, “the more pressure there is on these companies, the less we will see in terms of affordable housing.” Not the most prescient of comments. (Note, however, that in 2003, Fannie and Freddie weren’t yet heavily involved in the mortgage-backed security market. They were actually losing market share to private banks, as the chart on right from researchers at the University of North Carolina shows.)
Many factors directly and indirectly caused the ongoing 20072012 global financial crisis (which started with the US subprime mortgage crisis), with experts placing different weights upon particular causes.
The crisis resulted from a combination of complex factors, including easy credit conditions during the 20022008 period that encouraged high-risk lending and borrowing practices; international trade imbalances; real-estate bubbles that have since burst; fiscal policy choices related to government revenues and expenses; and approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses. [1][2]
One narrative describing the causes of the crisis begins with the significant increase in savings available for investment during the 20002007 period when the global pool of fixed-income securities increased from approximately $36 trillion in 2000 to $70 trillion by 2007. This "Giant Pool of Money" increased as savings from high-growth developing nations entered global capital markets. Investors searching for higher yields than those offered by U.S. Treasury bonds sought alternatives globally.[3]
Causes of the 2007?2012 global financial crisis - Wikipedia, the free encyclopedia
Questions regarding bank solvency, declines in credit availability and damaged investor confidence had an impact on global stock markets, where securities suffered large losses during 2008 and early 2009. Economies worldwide slowed during this period, as credit tightened and international trade declined.[13] Governments and central banks responded with unprecedented fiscal stimulus, monetary policy expansion and institutional bailouts. In the U.S., Congress passed the American Recovery and Reinvestment Act of 2009. In the EU, the UK responded with austerity measures of spending cuts and tax increases without export growth and it has since slid into a double-dip recession.[14][15]
Many causes for the financial crisis have been suggested, with varying weight assigned by experts.[16] The U.S. Senate's LevinCoburn Report asserted that the crisis was the result of "high risk, complex financial products; undisclosed conflicts of interest; the failure of regulators, the credit rating agencies, and the market itself to rein in the excesses of Wall Street."[17] The 1999 repeal of the GlassSteagall Act effectively removed the separation between investment banks and depository banks in the United States.[18] Critics argued that credit rating agencies and investors failed to accurately price the risk involved with mortgage-related financial products, and that governments did not adjust their regulatory practices to address 21st-century financial markets.[19] Research into the causes of the financial crisis has also focused on the role of interest rate spreads.[
Financial crisis of 2007?2008 - Wikipedia, the free encyclopedia
all liberal lies since it ignores that obvious fact that most of the liberal government was organized to get people into homes the Republican free market said they could not afford. At the very heart of it was the deliberate Fed policy to print the money that made it possible to buy and bid up the prices of homes. It was a typical liberal stimulus without which nothing could have happened
Barney Frank - Wikipedia, the free encyclopedia
Barney Frank didn?t cause the housing crisis - The Washington Post
You mean, removing rules that separated Investment Banks from Savings Banks DIDN'T cause the meldown?
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial CrisisLet's look up "proximate cause" shall we?asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan and Robert Rubin, contributed significantly to the disaster we saw on Wall Street."
Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."
Proximate cause - Wikipedia, the free encyclopedia
So he says that Banks had problems BEFORE deregulation AND that the deregulation WASN'T the main driving cause of the Economic Meltdown!There is a second test used to determine if an action is close enough to a harm in a "chain of events" to be a legally culpable cause of the harm. This test is called proximate cause.
And that means Obama doesn't believe it either because he nominated him!
OK, this is really a lose/lose for the guy. He says that the problem preceded the deregulation. So the problem existed and was not addressed and then deregulation was compounded on top of that preceding problem.
The State/Defense/CIA nominations I agree with but this guy seems wrong person at wrong time.
In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 2007–2009.[53] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[53]
The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.
"If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7]
Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led Gramm–Leach–Bliley Act of 1999, which repealed part of the Glass–Steagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53]
Frank stated further that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated.
First, it’s true that Frank was hardly Fannie and Freddie’s biggest critic. Nor did he spot the housing bubble. Back in 2003, as the Examiner’s Philip Klein points out, Frank said that the government-sponsored entities were not in any sort of crisis. “The more people exaggerate these problems,” Frank told the New York Times, “the more pressure there is on these companies, the less we will see in terms of affordable housing.” Not the most prescient of comments. (Note, however, that in 2003, Fannie and Freddie weren’t yet heavily involved in the mortgage-backed security market. They were actually losing market share to private banks, as the chart on right from researchers at the University of North Carolina shows.)
all liberal lies since it ignores that obvious fact that most of the liberal government was organized to get people into homes the Republican free market said they could not afford. At the very heart of it was the deliberate Fed policy to print the money that made it possible to buy and bid up the prices of homes. It was a typical liberal stimulus without which nothing could have happened
Barney Frank - Wikipedia, the free encyclopedia
Barney Frank didn?t cause the housing crisis - The Washington Post
dear you're supposed to debate. We can all post a million links??? Got it now???
In 2009 Frank responded to what he called "wholly inaccurate efforts by Republicans to blame Democrats, and [me] in particular" for the subprime mortgage crisis, which is linked to the financial crisis of 20072009.[53] He outlined his efforts to reform these institutions and add regulations, but met resistance from Republicans, with the main exception being a bill with Republican Mike Oxley that died because of opposition from President Bush.[53]
The 2005 bill included Frank objectives, which were to impose tighter regulation of Fannie and Freddie and new funds for rental housing. Frank and Mike Oxley achieved broad bipartisan support for the bill in the Financial Services Committee, and it passed the House. But the Senate never voted on the measure, in part because President Bush was likely to veto it.
"If it had passed, that would have been one of the ways we could have reined in the bowling ball going downhill called housing," Oxley told Frank. In an op-ed piece in the Wall Street Journal, Lawrence B. Lindsey, a former economic adviser to President George W. Bush, wrote that Frank "is the only politician I know who has argued that we needed tighter rules that intentionally produce fewer homeowners and more renters."[7]
Once control shifted to the Democrats, Frank was able to help guide both the Federal Housing Reform Act (H.R. 1427) and the Mortgage Reform and Anti-Predatory Lending Act (H.R. 3915) to passage in 2007.[53] Frank also said that the Republican-led GrammLeachBliley Act of 1999, which repealed part of the GlassSteagall Act of 1933 and removed the wall between commercial and investment banks, contributed to the financial meltdown.[53]
Frank stated further that "during twelve years of Republican rule no reform was adopted regarding Fannie Mae and Freddie Mac. In 2007, a few months after I became the Chairman, the House passed a strong reform bill; we sought to get the [Bush] administration's approval to include it in the economic stimulus legislation in January 2008; and finally got it passed and onto President Bush's desk in July 2008. Moreover, "we were able to adopt it in nineteen months, and we could have done it much quicker if the [Bush] administration had cooperated.
Barney Frank - Wikipedia, the free encyclopedia
Barney Frank didn?t cause the housing crisis - The Washington Post
First, its true that Frank was hardly Fannie and Freddies biggest critic. Nor did he spot the housing bubble. Back in 2003, as the Examiners Philip Klein points out, Frank said that the government-sponsored entities were not in any sort of crisis. The more people exaggerate these problems, Frank told the New York Times, the more pressure there is on these companies, the less we will see in terms of affordable housing. Not the most prescient of comments. (Note, however, that in 2003, Fannie and Freddie werent yet heavily involved in the mortgage-backed security market. They were actually losing market share to private banks, as the chart on right from researchers at the University of North Carolina shows.)
dear you're supposed to debate. We can all post a million links??? Got it now???
the links are proof that what passes for debate with you is called bullshit in the real world
You mean, removing rules that separated Investment Banks from Savings Banks DIDN'T cause the meldown?
I know you Liberals must be furious!
HuffPo from 2010, updated 2011:
Jacob Lew, Obama Nominee And Former Citigroup Executive, Doesn't Believe Deregulation Led To Financial CrisisLet's look up "proximate cause" shall we?asked Thursday during his confirmation hearing before the Senate Budget Committee by Sen. Bernie Sanders whether he believed that the "deregulation of Wall Street, pushed by people like Alan Greenspan and Robert Rubin, contributed significantly to the disaster we saw on Wall Street."
Lew, a former OMB chief for President Bill Clinton, told the panel that "the problems in the financial industry preceded deregulation," and after discussing those issues, added that he didn't "personally know the extent to which deregulation drove it, but I don't believe that deregulation was the proximate cause."
Proximate cause - Wikipedia, the free encyclopedia
So he says that Banks had problems BEFORE deregulation AND that the deregulation WASN'T the main driving cause of the Economic Meltdown!There is a second test used to determine if an action is close enough to a harm in a "chain of events" to be a legally culpable cause of the harm. This test is called proximate cause.
And that means Obama doesn't believe it either because he nominated him!
