Verdict in on Obamanomics

[finebead]

Looks like you're wrong. On all counts.

Best of luck next time.

two little videos are NOT the entirety of the story on the mortgage and banking crisis, and if you have any common sense, you know that, and you're sounding like a tool.

Frank had NO POWER in 2001-2006, NONE. He was just like Michelle Bachman in 2007-2010, wrong and powerless. In that position you can say anything, and it MEANS NOTHING, because neither Frank nor Bachman had any POWER during the specified periods. When you have no power, you cannot be held responsible, that is senseless. The people who had the power for the previous 6 years are responsible.

Frank did not cause the huge spike in subprime lending that occurred in 2004-2006, while the repubs held the house, the senate and the white house.

Rates were too low, the SEC allowed the investment banks to over leverage themselves (too big to fail), nobody adequately regulated mortgage lending, Bush policy stated in 2002 was to expand home ownership among minorities, and rates were set too low in 2003-2004 and the M3 money supply was grown too rapidly. That was all on the republicans from 2001 - 2006, and Bush was president till 2008.



Note: Barney Frank was NEVER MENTIONED in this comprehensive video.

The problems were well known in 2004, but the republicans in control of the house, senate, and WH, never did anything.

FBI warns of mortgage fraud 'epidemic' BANK FRAUD
September 17, 2004

Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."

Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.

"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.

http://articles.cnn.com/2004-09-17/...-fraud-mortgage-industry-s-l-crisis?_s=PM:LAW

 

[boedicca]

Thomas Sowell is one of the most intelligent, insightful intellectuals of our era. Thank you for posting that.

 

[Bfgrn]

While sitting on the sidelines watching, maybe some of our critical conservatives, who did NOT have to deal with a near meltdown in the economy induced by the Bush administration (worst recession since the great depression), maybe they would state the actions they would have taken since 2009 and what the expected consequences would have been to the economy.

Of course we'll never know, as the public correctly blamed the repubs for blowing up the economy and showed them the door after they had screwed the pooch.

Which policies of the Bush administration led to this recession?

Bush's "ownership society"

Remember the ownership society? President George W. Bush championed the concept when he was running for re-election in 2004, envisioning a world in which every American family owned a house and a stock portfolio, and government stayed out of the way of the American Dream.

Such a country would be more stable, Bush argued, and more prosperous. "America is a stronger country every single time a family moves into a home of their own," he said in October 2004. To achieve his vision, Bush pushed new policies encouraging homeownership, like the "zero-down-payment initiative," which was much as it sounds—a government-sponsored program that allowed people to get mortgages without a down payment. More exotic mortgages followed, including ones with no monthly payments for the first two years. Other mortgages required no documentation other than the say-so of the borrower. Absurd though these all were, they paled in comparison to the financial innovations that grew out of the mortgages—derivatives built on other derivatives, packaged and repackaged until no one could identify what they contained and how much they were, in fact, worth.

As we know by now, these instruments have brought the global financial system, improbably, to the brink of collapse.

More at Newsweek

 

[The Rabbi]

Looks like you're wrong. On all counts.

Best of luck next time.

two little videos are NOT the entirety of the story on the mortgage and banking crisis, and if you have any common sense, you know that, and you're sounding like a tool.

Frank had NO POWER in 2001-2006, NONE. He was just like Michelle Bachman in 2007-2010, wrong and powerless. In that position you can say anything, and it MEANS NOTHING, because neither Frank nor Bachman had any POWER during the specified periods. When you have no power, you cannot be held responsible, that is senseless. The people who had the power for the previous 6 years are responsible.

Frank did not cause the huge spike in subprime lending that occurred in 2004-2006, while the repubs held the house, the senate and the white house.

Rates were too low, the SEC allowed the investment banks to over leverage themselves (too big to fail), nobody adequately regulated mortgage lending, Bush policy stated in 2002 was to expand home ownership among minorities, and rates were set too low in 2003-2004 and the M3 money supply was grown too rapidly. That was all on the republicans from 2001 - 2006, and Bush was president till 2008.

Did you miss the video where he says that the Dems and GOP were in agreement all through this period? When he did have power, what did he do? Nothing.
Sowell's comments make that clear.

Keep digging.

 

[The Rabbi]

While sitting on the sidelines watching, maybe some of our critical conservatives, who did NOT have to deal with a near meltdown in the economy induced by the Bush administration (worst recession since the great depression), maybe they would state the actions they would have taken since 2009 and what the expected consequences would have been to the economy.

Of course we'll never know, as the public correctly blamed the repubs for blowing up the economy and showed them the door after they had screwed the pooch.

Which policies of the Bush administration led to this recession?

Bush's "ownership society"

Remember the ownership society? President George W. Bush championed the concept when he was running for re-election in 2004, envisioning a world in which every American family owned a house and a stock portfolio, and government stayed out of the way of the American Dream.

Such a country would be more stable, Bush argued, and more prosperous. "America is a stronger country every single time a family moves into a home of their own," he said in October 2004. To achieve his vision, Bush pushed new policies encouraging homeownership, like the "zero-down-payment initiative," which was much as it sounds—a government-sponsored program that allowed people to get mortgages without a down payment. More exotic mortgages followed, including ones with no monthly payments for the first two years. Other mortgages required no documentation other than the say-so of the borrower. Absurd though these all were, they paled in comparison to the financial innovations that grew out of the mortgages—derivatives built on other derivatives, packaged and repackaged until no one could identify what they contained and how much they were, in fact, worth.

As we know by now, these instruments have brought the global financial system, improbably, to the brink of collapse.

More at Newsweek

Virtually none of that was passed. The criticism from the Dems was that his proposals for low income housing weren't generous enough.
You fail.

 

[finebead]

Looks like you're wrong. On all counts.

Best of luck next time.

two little videos are NOT the entirety of the story on the mortgage and banking crisis, and if you have any common sense, you know that, and you're sounding like a tool.

Frank had NO POWER in 2001-2006, NONE. He was just like Michelle Bachman in 2007-2010, wrong and powerless. In that position you can say anything, and it MEANS NOTHING, because neither Frank nor Bachman had any POWER during the specified periods. When you have no power, you cannot be held responsible, that is senseless. The people who had the power for the previous 6 years are responsible.

Frank did not cause the huge spike in subprime lending that occurred in 2004-2006, while the repubs held the house, the senate and the white house.

Rates were too low, the SEC allowed the investment banks to over leverage themselves (too big to fail), nobody adequately regulated mortgage lending, Bush policy stated in 2002 was to expand home ownership among minorities, and rates were set too low in 2003-2004 and the M3 money supply was grown too rapidly. That was all on the republicans from 2001 - 2006, and Bush was president till 2008.

Did you miss the video where he says that the Dems and GOP were in agreement all through this period? When he did have power, what did he do? Nothing.
Sowell's comments make that clear.

Keep digging.

Finally, you AGREE WITH ME, the GOP pushed minority home ownership.

The dems were wrong on that, AND THE REPUBS WERE WRONG ON THAT ALSO!

The difference is that the repubs held ALL the POWER in 2001-2006, and the housing and subprime bubble exploded in 2004-2006, on the REPUB watch.

That is why this in NOT Barney Frank's creation, it is caused PRIMARILY by the repubs who had the power in the explosion years.

The value of USA subprime mortgages was estimated at $1.3 trillion as of March 2007, with over 7.5 million first-lien subprime mortgages outstanding. Between 2004-2006 the share of subprime mortgages relative to total originations ranged from 18%-21%, versus less than 10% in 2001-2003 and during 2007.

<snip>

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

http://www.stat.unc.edu/faculty/cji/fys/2010/subprime-mortgage.pdf

That's a 400% increase in the amount of subprime debt F&F were buying, on the republican controlled house, senate, and WH, when Barney Frank had NO POWER whatsoever!

 

[Bfgrn]

Which policies of the Bush administration led to this recession?

Bush's "ownership society"

Remember the ownership society? President George W. Bush championed the concept when he was running for re-election in 2004, envisioning a world in which every American family owned a house and a stock portfolio, and government stayed out of the way of the American Dream.

Such a country would be more stable, Bush argued, and more prosperous. "America is a stronger country every single time a family moves into a home of their own," he said in October 2004. To achieve his vision, Bush pushed new policies encouraging homeownership, like the "zero-down-payment initiative," which was much as it sounds—a government-sponsored program that allowed people to get mortgages without a down payment. More exotic mortgages followed, including ones with no monthly payments for the first two years. Other mortgages required no documentation other than the say-so of the borrower. Absurd though these all were, they paled in comparison to the financial innovations that grew out of the mortgages—derivatives built on other derivatives, packaged and repackaged until no one could identify what they contained and how much they were, in fact, worth.

As we know by now, these instruments have brought the global financial system, improbably, to the brink of collapse.

More at Newsweek

Virtually none of that was passed. The criticism from the Dems was that his proposals for low income housing weren't generous enough.
You fail.

REALLY???

White House.gov - America's Ownership Society: Expanding Opportunities

President Bush's Policies Promoting the Ownership Society

Expanding Homeownership. The President believes that homeownership is the cornerstone of America's vibrant communities and benefits individual families by building stability and long-term financial security. In June 2002, President Bush issued America's Homeownership Challenge to the real estate and mortgage finance industries to encourage them to join the effort to close the gap that exists between the homeownership rates of minorities and non-minorities. The President also announced the goal of increasing the number of minority homeowners by at least 5.5 million families before the end of the decade. Under his leadership, the overall U.S. homeownership rate in the second quarter of 2004 was at an all time high of 69.2 percent. Minority homeownership set a new record of 51 percent in the second quarter, up 0.2 percentage point from the first quarter and up 2.1 percentage points from a year ago. President Bush's initiative to dismantle the barriers to homeownership includes:

American Dream Downpayment Initiative, which provides down payment assistance to approximately 40,000 low-income families;

Affordable Housing. The President has proposed the Single-Family Affordable Housing Tax Credit, which would increase the supply of affordable homes;

Helping Families Help Themselves. The President has proposed increasing support for the Self-Help Homeownership Opportunities Program; and

Simplifying Homebuying and Increasing Education. The President and HUD want to empower homebuyers by simplifying the home buying process so consumers can better understand and benefit from cost savings. The President also wants to expand financial education efforts so that families can understand what they need to do to become homeowners.

--------------------------------------------------------------------------------------------------

American Dream Downpayment Initiative - Affordable Housing - CPD - HUD

Summary

The American Dream Downpayment Initiative (ADDI) was signed into law on December 16, 2003. The American Dream Downpayment Assistance Act authorizes up to $200 million annually for fiscal years 2004 - 2007. ADDI will provide funds to all fifty states and to local participating jurisdictions that have a population of at least 150,000 or will receive an allocation of at least $50,000 under the ADDI formula. ADDI will be administered as a part of the HOME Investment Partnerships Program, a formula grant program

 

[Trajan]

Looks like you're wrong. On all counts.

Best of luck next time.

two little videos are NOT the entirety of the story on the mortgage and banking crisis, and if you have any common sense, you know that, and you're sounding like a tool.

Frank had NO POWER in 2001-2006, NONE. He was just like Michelle Bachman in 2007-2010, wrong and powerless. In that position you can say anything, and it MEANS NOTHING, because neither Frank nor Bachman had any POWER during the specified periods. When you have no power, you cannot be held responsible, that is senseless. The people who had the power for the previous 6 years are responsible.

Frank did not cause the huge spike in subprime lending that occurred in 2004-2006, while the repubs held the house, the senate and the white house.

Rates were too low, the SEC allowed the investment banks to over leverage themselves (too big to fail), nobody adequately regulated mortgage lending, Bush policy stated in 2002 was to expand home ownership among minorities, and rates were set too low in 2003-2004 and the M3 money supply was grown too rapidly. That was all on the republicans from 2001 - 2006, and Bush was president till 2008.

[ame=http://www.youtube.com/watch?v=Rz1b__MdtHY]YouTube - BILL MOYERS JOURNAL | William K. Black | PBS[/ame]

Note: Barney Frank was NEVER MENTIONED in this comprehensive video.

The problems were well known in 2004, but the republicans in control of the house, senate, and WH, never did anything.

FBI warns of mortgage fraud 'epidemic' BANK FRAUD
September 17, 2004

Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."

Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.

"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.

FBI warns of mortgage fraud 'epidemic' - CNN

a) NO ONES hands are clean, fannie freddie- goerlick, raines, Johnson hello,( yes Johnson who got a position in the obama admin.,Penny Pritzker , ring a bell?Guess Moyers never heard of them eh?) b) is this were I post you tubes of reps asking for reform of F&F etc....

 

[Rozman]

You would think trillions of dollars, extensive regulations and record low interest rates would make a strong recovery, right? Well, the verdict is in: Keynesianism sucks. Like anyone reasonable had any doubts.

Review & Outlook: The Keynesian Growth Discount - WSJ.com

Are we in for Summer of Recovery '11? Is it going to be an annual thing now?

We had a summer of recovery already didn't we? Wasn't the summer of recovery back in 2010....didn't we create 50,000-500,000 jobs a month according to Biden.Didn't we employ
a few hundred million people with shovel ready jobs back then?....

Oh that's right it all failed because we DIDN'T SPEND ENOUGH.....

That's fine the summer of recovery 2011 will show all you right wing racist naysayers this President will have his image on the side of Mt Rushmore soon only his image will be off to the side alone and twice as big as the others to show the world his rightful place in history.

So kick back and enjoy the ride as Obama the wise leads us out of despair.

 

[The Rabbi]

two little videos are NOT the entirety of the story on the mortgage and banking crisis, and if you have any common sense, you know that, and you're sounding like a tool.

Frank had NO POWER in 2001-2006, NONE. He was just like Michelle Bachman in 2007-2010, wrong and powerless. In that position you can say anything, and it MEANS NOTHING, because neither Frank nor Bachman had any POWER during the specified periods. When you have no power, you cannot be held responsible, that is senseless. The people who had the power for the previous 6 years are responsible.

Frank did not cause the huge spike in subprime lending that occurred in 2004-2006, while the repubs held the house, the senate and the white house.

Rates were too low, the SEC allowed the investment banks to over leverage themselves (too big to fail), nobody adequately regulated mortgage lending, Bush policy stated in 2002 was to expand home ownership among minorities, and rates were set too low in 2003-2004 and the M3 money supply was grown too rapidly. That was all on the republicans from 2001 - 2006, and Bush was president till 2008.

Did you miss the video where he says that the Dems and GOP were in agreement all through this period? When he did have power, what did he do? Nothing.
Sowell's comments make that clear.

Keep digging.

Finally, you AGREE WITH ME, the GOP pushed minority home ownership.

The dems were wrong on that, AND THE REPUBS WERE WRONG ON THAT ALSO!

The difference is that the repubs held ALL the POWER in 2001-2006, and the housing and subprime bubble exploded in 2004-2006, on the REPUB watch.

That is why this in NOT Barney Frank's creation, it is caused PRIMARILY by the repubs who had the power in the explosion years.

The value of USA subprime mortgages was estimated at $1.3 trillion as of March 2007, with over 7.5 million first-lien subprime mortgages outstanding. Between 2004-2006 the share of subprime mortgages relative to total originations ranged from 18%-21%, versus less than 10% in 2001-2003 and during 2007.

<snip>

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

http://www.stat.unc.edu/faculty/cji/fys/2010/subprime-mortgage.pdf

That's a 400% increase in the amount of subprime debt F&F were buying, on the republican controlled house, senate, and WH, when Barney Frank had NO POWER whatsoever!

Except that there were people in the GOP and on the Right who were issuing cautions about this. The Wall St Journal editorial page wrote editorial after editorial on Freddie's accounting policies.
Which Democrat in office warned about any of this?

 

[finebead]

Looks like you're wrong. On all counts.

Best of luck next time.

two little videos are NOT the entirety of the story on the mortgage and banking crisis, and if you have any common sense, you know that, and you're sounding like a tool.

Frank had NO POWER in 2001-2006, NONE. He was just like Michelle Bachman in 2007-2010, wrong and powerless. In that position you can say anything, and it MEANS NOTHING, because neither Frank nor Bachman had any POWER during the specified periods. When you have no power, you cannot be held responsible, that is senseless. The people who had the power for the previous 6 years are responsible.

Frank did not cause the huge spike in subprime lending that occurred in 2004-2006, while the repubs held the house, the senate and the white house.

Rates were too low, the SEC allowed the investment banks to over leverage themselves (too big to fail), nobody adequately regulated mortgage lending, Bush policy stated in 2002 was to expand home ownership among minorities, and rates were set too low in 2003-2004 and the M3 money supply was grown too rapidly. That was all on the republicans from 2001 - 2006, and Bush was president till 2008.

[ame=http://www.youtube.com/watch?v=Rz1b__MdtHY]YouTube - BILL MOYERS JOURNAL | William K. Black | PBS[/ame]

Note: Barney Frank was NEVER MENTIONED in this comprehensive video.

The problems were well known in 2004, but the republicans in control of the house, senate, and WH, never did anything.

FBI warns of mortgage fraud 'epidemic' BANK FRAUD
September 17, 2004

Rampant fraud in the mortgage industry has increased so sharply that the FBI warned Friday of an "epidemic" of financial crimes which, if not curtailed, could become "the next S&L crisis."

Assistant FBI Director Chris Swecker said the booming mortgage market, fueled by low interest rates and soaring home values, has attracted unscrupulous professionals and criminal groups whose fraudulent activities could cause multibillion-dollar losses to financial institutions.

"It has the potential to be an epidemic," said Swecker, who heads the Criminal Division at FBI headquarters in Washington. "We think we can prevent a problem that could have as much impact as the S&L crisis," he said.

FBI warns of mortgage fraud 'epidemic' - CNN

a) NO ONES hands are clean, fannie freddie- goerlick, raines, Johnson hello,( yes Johnson who got a position in the obama admin.,Penny Pritzker , ring a bell?Guess Moyers never heard of them eh?) b) is this were I post you tubes of reps asking for reform of F&F etc....

You can post all the hypocritical youtubes of reps asking for reform of F&F you want, they don't trump my post that came to light in 2008 of the SECRET (and possibly illegal) lobbying effort from Fannie, Mr. Hollis McLaughlin (republican) through DCI (whose CEO ran the 2008 republican convention), lobbying 17 Republican senators, and Frist could not even get a majority of the repubs in the senate to vote to reform F&F, so he NEVER EVEN BROUGHT S-190 to a vote. I don't care what the lying repub twits SAID, I only care about what they DID, and they buried reform of Fannie and Freddie in the senate in 2005.

 

[The Rabbi]

Does the term "Friends of Angelo" mean anything to you?

 

[finebead]

Does the term "Friends of Angelo" mean anything to you?

Can't progress the argument on facts, now switching to innuendo.

As I have said before, the dems didn't have any POWER in 2001-2006, when the amount of subprime mortgage issuance skyrocketed up from 38 to 175 Billion per year, the republicans controlled the house, the senate and the WH.

 

[The Rabbi]

Does the term "Friends of Angelo" mean anything to you?

Can't progress the argument on facts, now switching to innuendo.

As I have said before, the dems didn't have any POWER in 2001-2006, when the amount of subprime mortgage issuance skyrocketed up from 38 to 175 Billion per year, the republicans controlled the house, the senate and the WH.

The factgs are simple: The Dems pushed 'affordable housing" like crazy both before and after their takeover in 2006. They resisted any controls on Fannie/Freddie all during that time. barney frank was the most influential legislator on these issues and he failed to perceive any risk. And today he denies any responsibility.
Low interest rates have been the primary culprit in the business cycle. The Obama Administration and Ben Bernanke appear to be rehashing these mistakes.
And you smell funny and are unable to make a cogent argument. So off to iggy you go.

 

[finebead]

Does the term "Friends of Angelo" mean anything to you?

Can't progress the argument on facts, now switching to innuendo.

As I have said before, the dems didn't have any POWER in 2001-2006, when the amount of subprime mortgage issuance skyrocketed up from 38 to 175 Billion per year, the republicans controlled the house, the senate and the WH.

The factgs are simple: The Dems pushed 'affordable housing" like crazy both before and after their takeover in 2006. They resisted any controls on Fannie/Freddie all during that time. barney frank was the most influential legislator on these issues and he failed to perceive any risk. And today he denies any responsibility.
Low interest rates have been the primary culprit in the business cycle. The Obama Administration and Ben Bernanke appear to be rehashing these mistakes.
And you smell funny and are unable to make a cogent argument. So off to iggy you go.

Barney Frank and the dems had no power in 2001-2006, while the housing bubble formed, fueled by the huge spike in subprime lending in 2004-2006, while bill frist and the repub controlled senate failed to bring to the floor a republican bill to reform F&F that was passed out of committee, S-190 in 2005. This is on the repubs, not Barney Frank.

Slink off in defeat after failing to post a single creditable post supporting your position, and failing to refute any of my factual posts, all supported by creditable information. Enjoy your self exile.

 

[Bfgrn]

Did you miss the video where he says that the Dems and GOP were in agreement all through this period? When he did have power, what did he do? Nothing.
Sowell's comments make that clear.

Keep digging.

Finally, you AGREE WITH ME, the GOP pushed minority home ownership.

The dems were wrong on that, AND THE REPUBS WERE WRONG ON THAT ALSO!

The difference is that the repubs held ALL the POWER in 2001-2006, and the housing and subprime bubble exploded in 2004-2006, on the REPUB watch.

That is why this in NOT Barney Frank's creation, it is caused PRIMARILY by the repubs who had the power in the explosion years.

The value of USA subprime mortgages was estimated at $1.3 trillion as of March 2007, with over 7.5 million first-lien subprime mortgages outstanding. Between 2004-2006 the share of subprime mortgages relative to total originations ranged from 18%-21%, versus less than 10% in 2001-2003 and during 2007.

<snip>

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

http://www.stat.unc.edu/faculty/cji/fys/2010/subprime-mortgage.pdf

That's a 400% increase in the amount of subprime debt F&F were buying, on the republican controlled house, senate, and WH, when Barney Frank had NO POWER whatsoever!

Except that there were people in the GOP and on the Right who were issuing cautions about this. The Wall St Journal editorial page wrote editorial after editorial on Freddie's accounting policies.
Which Democrat in office warned about any of this?

Here's what really sucks for you right wingers being spoon fed propaganda...the earliest, the loudest and the most outspoken organization warning about subprime lending...ACORN

Acorn Led Financial Sector With Warnings on Lending
The national advocacy group appears to deserve recognition for its prudent -- and ignored -- early advice about home loan practices.

Acorn Led Financial Sector With Warnings on Lending



Progress in the Fight Against Predatory Lending

ACORN has been engaged in a major effort to protect our neighborhoods from predatory lending since 1999. The campaign has included work to shine a spotlight on and reform the practices of individual lenders, and in playing a leading role in passing city and state legislation to restrict predatory lending, in winning reforms from federal regulators, and in an ongoing fight to block a bill in Congress aimed at preempting state and local protections.

Foreclosure.com