9 of the Last 10 Recessions, under GOP Pres...

[g5000]

The 1981 recession, as I explained earlier, was caused by the Volcker Shock. That recession was a necessity to finally beat over a decade of horrible inflation back, and it worked out beautifully.

Reagan definitely gets the "blame" for that recession, but he also gets all the credit for the subsequent economic boom which followed as a result of his courage.

 

[g5000]

The 1990 recession (Bush, Sr.) was short, and was caused by the Federal Reserve deciding to embark on a severely restricted monetary policy.

Inflation had been creeping back up again.

That, and the Savings and Loan crisis didn't help. That crisis is on Reagan, and there really is no excuse for it.

 

[sartre play]

Guess no one is ever going to figure out that the same Republicans & Democrats have been running the government for many years, some like Mitch for 35 years and his state still is not doing well. we need public servants, not pocket liners. we need people that have proven experience & talent in major political positions. not lobbyists & not who ever donates the most money to the party. & where the heck did anyone get the crazy idea that half the population lives in their parents basement & has no job, and All of them are liberals, defies common scene.

 

[g5000]

The 2001 recession, as someone else pointed out, was the result of the dot com bubble popping. To put that on Bush TWO MONTHS after he was sworn in is fucking disingenuous as fuck.

 

[g5000]

Guess no one is ever going to figure out that the same Republicans & Democrats have been running the government for many years, some like Mitch for 35 years and his state still is not doing well. we need public servants, not pocket liners. we need people that have proven experience & talent in major political positions. not lobbyists & not who ever donates the most money to the party. & where the heck did anyone get the crazy idea that half the population lives in their parents basement & has no job, and All of them are liberals, defies common scene.

We get the politicians we deserve.

"Those other Congresscritters spend too much on PORK, but my guy brings home the BACON."


.

 

[edward37]

Carter's double digit inflation plunged us into a recession. Reagan reversed his policies and gave us an economic expansion that created 20 million jobs and made us oil independent.

The horrible inflation of the 70s began before Carter. Remember WIN? I don't know how old you are.

Nixon had two years of double-digit inflation.

As for Reagan, the 1981 recession was caused by allowing Volker to float interest rates for the first time ever. Carter was the one who gave the green light, Reagan carried it through.

This was Volcker's plan to finally get the 12 long years of inflation under control. And it worked. Volcker allowed the Fed funds rate to go all the way to 18 percent. This caused the recession.

Reagan was put under tremendous pressure to lower the funds rate because unemployment was rising, but he stuck to his guns and the inflation fever finally broke. That took balls.

See: "Volcker Shock"

From there, our economy blasted off. Reagan has always been my hero.

If you bought Treasuries in the early 80s, you made out like a bandit. I remember my savings account paid an interest rate of 12 percent!

And I remember paying on a bank loan 1/2 % over prime I was paying for a while 17%

Yeah, that sucked.

The whole reason Volcker floated interest rates is because banks were going under. They had loaned out money at low interest, and then inflation took off and they were upside down. They were collecting less interest than the inflation rate. They had to pay their depositors a higher interest rate than what they were charging their legacy borrowers.

So off we went. You borrowed at 17 percent, and the banks paid depositors 12 percent. The universe returned to harmony.

I borrowed at 5 1/2 or 6% The fn prime kept rising Thank God I didn't have to pay that for too long

Your rate wasn't fixed?

That sucks.

couldn't get a fixed Chem bank,no longer in business ,didn't offer one and I needed to buy a building I was occupying at the time or lose it Remember that was about 40 years ago,,,, Bought the building for 390 K and turned down over 9 million last year

 

[g5000]

The horrible inflation of the 70s began before Carter. Remember WIN? I don't know how old you are.

Nixon had two years of double-digit inflation.

As for Reagan, the 1981 recession was caused by allowing Volker to float interest rates for the first time ever. Carter was the one who gave the green light, Reagan carried it through.

This was Volcker's plan to finally get the 12 long years of inflation under control. And it worked. Volcker allowed the Fed funds rate to go all the way to 18 percent. This caused the recession.

Reagan was put under tremendous pressure to lower the funds rate because unemployment was rising, but he stuck to his guns and the inflation fever finally broke. That took balls.

See: "Volcker Shock"

From there, our economy blasted off. Reagan has always been my hero.

If you bought Treasuries in the early 80s, you made out like a bandit. I remember my savings account paid an interest rate of 12 percent!

And I remember paying on a bank loan 1/2 % over prime I was paying for a while 17%

Yeah, that sucked.

The whole reason Volcker floated interest rates is because banks were going under. They had loaned out money at low interest, and then inflation took off and they were upside down. They were collecting less interest than the inflation rate. They had to pay their depositors a higher interest rate than what they were charging their legacy borrowers.

So off we went. You borrowed at 17 percent, and the banks paid depositors 12 percent. The universe returned to harmony.

I borrowed at 5 1/2 or 6% The fn prime kept rising Thank God I didn't have to pay that for too long

Your rate wasn't fixed?

That sucks.

couldn't get a fixed Chem bank,no longer in business ,didn't offer one and I needed to buy a building I was occupying at the time or lose it Remember that was about 40 years ago,,,, Bought the building for 390 K and turned down over 9 million last year

Sweet!

 

[edward37]

I know facts are kryptonite to a republican. Why would you want to know the facts, it is much easier for you to live a lie.

Being a sheep suits you perfectly, if there is some truth that you don't like, you just ignore it and turn on Fox news.

You havent presented any facts yet in this thread. All youre doing is blaming Bush for the housing market crash that was obviously caused by democrats, and blaming Trump for a fucking virus that started on the other side of the world. Your argument is childish and not well thought out.

No you just don't like the facts I have presented because they destroy you. You choose to ignore the facts and hope they will go away, like they do on fake Foxnews.

SINCE WW2:
GDP growth under democrat presidents: 4.33%
GDP growth under GOP pres: 2.54%
Unemployment has been 18% higher under GOP presidents
Democrat presidents have seen 24.4 million more jobs created on their watch
Why does the economy do better when Democrats are in the White House?
Trump Is Right About One Thing: 'The Economy Does Better Under The Democrats'

Every single GOP president since Ted Roosevelt has had a recession, EVERY SINGLE ONE. pathetic.

Anyway you slice it, any metric you use, any numbers you use, They are all substantially better under democrat presidents. I have all the facts and all the numbers- facts are kryptonite to a republican.
You have all the excuses. You people can't take personal responsibility for anything, all you have is lame ass excuses. The GOP, the party of excuses.

Of lies, of misrepresenting facts ,of party over country

If you think that the Biden Family is the cream of the crop in America, and that Sleepy Joe is the best our country can produce and will cure the coronavirus, bring peace prosperity and eliminate the national debt, you are free to vote for him.

But, IMHO, a man that doesn't know where he is at, is hardly in position to lead.

Give blood Polak ,if they'll accept any from a vulture

I go back with that idiot 10,15 years on another board that closed

 

[22lcidw]

Trump will be ingloriously bounced from office with the economy in pieces at his feet.

a trainwreck of a presidency!

problem is basque the shit that kissed his ass will remain

Before the Reagan tax cuts in 1981 when the first phase started, the tax brackets at about 50 thousand dollars was about 55%/63% depending on filing single or married. A marriage penalty tax and no indexing was fun for all. If Progs had their way, that is what we would be paying today. 55/63% on that wage or about which approaches many people. Plus 15% for social security/medicare and any state, local, city and regional taxes on your pay stub. This tells us about the real issue of our system of social programs, defense, government workers, pensions and more. And this does not include all of the other hundreds of taxes. Gasoline, sales taxes, liquor taxes, utility taxes, and many many more. There are taxes up to 20% on everything made here from the ground up. How much is enough? And this one virus may take it all down because the potential prog fuhrers like Cuomo and Newsom and others smell their greatness like Hitler, Stalin and Mao. With the media/entertainers the ongoing Pravda, they have hoodwinked us all. Only when their control is tightened more around our necks when this is over, we may not rebound from this. Then the camps and gulags will grace this land with patriotic names like freedom and liberty and the such.

 

[g5000]

Trump will be ingloriously bounced from office with the economy in pieces at his feet.

a trainwreck of a presidency!

problem is basque the shit that kissed his ass will remain

Before the Reagan tax cuts in 1981 when the first phase started, the tax brackets at about 50 thousand dollars was about 55%/63% depending on filing single or married.

Yes, but there were a shitload of deductions/credits/exemptions which reduced your real tax rate.

To reduce the tax brackets, Reagan eliminated a shit ton of those tax expenditures.

Exactly the same thing I advocate today. The assholes in Congress set to work putting tax expenditures back in the tax code before the ink was dry.

Except they didn't raise tax rates to offset that bullshit this time.

Since 2000, I think an average of one tax expenditure a day has been added to the tax code. That's why it is so many furking pages and why our debt grows.

 

[The Banker]

While this topic has been fun, it is time for me to get serious for a moment.

9 of the last 10 US recessions began with a GOP President. Why would anyone trust a Republican with the economy again? – Alternet.org

You are suffering from a classic case of post hoc ergo propter hoc.

In other words, correlation does not imply causation.

To explode your fallacy, one only has to look at the present. We are not in a recession because we have a Republican president. We are in a recession because of a virus. Have you been living in a cave?

Take a look around the planet. All the major economies are crashing down. Do you think that is because we have a Republican president? Really?

If Democrat Obama was president, we'd still be in a recession right now. The only difference would be that the pseudocons would be excoriating him for his response to the crisis and for the crash.

The overall trend is too strong, Every single GOP president since TR has had at least 1 recession, 9 of the last 10 under a republican. AND this recession was going to happen with or without the virus because Trump has spent $ like a drunken sailor ( more than doubled annual deficits) and used all of our stimulus pumping up his fiat economy. If you know about Keynesian economics the basic model is during the so called good times you pay down the deficit so you have reserves to spend when the bad times hit. Trump has done the opposite. He has used the reserves to pump up his fiat economy and now that the bad times have hit, we are royally fucked. $3 trillion annual deficits here we come. oh and Trump's GDP is ~ 2.4% only slightly better than Obama's 2%, so all this additional debt for only a small increase, that is now wiped out because of the Trump crash.

Also if Obama were president he would have handled the virus differently as he had a pandemic team in place and would not have downplayed the serious risks the virus represented. It is impossible to predict what would have happened if somebody else were president.

Finally the whole premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

Again, the economies of dozens of nations are imploding. To suggest it would not have happened under Obama is to be unbelievably stupid.

Look, I like kicking Trump in the nuts for his trillion dollar deficits, and I have, repeatedly. And he deserves to be kicked in the nuts for blowing off the seriousness of the virus for way too long, and for not getting test kits on the street quickly.

However, this recession is not on him.

The gigantic deficits which will occur will be on him since he is starting from a trillion dollars in the hole already. So the recovery is going to be much slower.

But that's as far as it goes.

Again, the premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

You just implied Obama would not have experienced a recession under our current crisis.

To even suggest Obama MIGHT not have is retarded.

There is no human power which could have prevented this recession. Stop being a hack.

Not true. If the spread of the virus in the US would have been stopped (like it was in January after the first handful of cases popped up), we might not have a recession.

And who cares, that has little to do with this thread so stop diverting, because that is 1 recession out of 11. and again:
The whole premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

I really don't care to argue about whether or not the spread of the virus could be stopped, this thread has nothing to do with that. If you want to debate that then create a separate thread.

 

[g5000]

While this topic has been fun, it is time for me to get serious for a moment.

You are suffering from a classic case of post hoc ergo propter hoc.

In other words, correlation does not imply causation.

To explode your fallacy, one only has to look at the present. We are not in a recession because we have a Republican president. We are in a recession because of a virus. Have you been living in a cave?

Take a look around the planet. All the major economies are crashing down. Do you think that is because we have a Republican president? Really?

If Democrat Obama was president, we'd still be in a recession right now. The only difference would be that the pseudocons would be excoriating him for his response to the crisis and for the crash.

The overall trend is too strong, Every single GOP president since TR has had at least 1 recession, 9 of the last 10 under a republican. AND this recession was going to happen with or without the virus because Trump has spent $ like a drunken sailor ( more than doubled annual deficits) and used all of our stimulus pumping up his fiat economy. If you know about Keynesian economics the basic model is during the so called good times you pay down the deficit so you have reserves to spend when the bad times hit. Trump has done the opposite. He has used the reserves to pump up his fiat economy and now that the bad times have hit, we are royally fucked. $3 trillion annual deficits here we come. oh and Trump's GDP is ~ 2.4% only slightly better than Obama's 2%, so all this additional debt for only a small increase, that is now wiped out because of the Trump crash.

Also if Obama were president he would have handled the virus differently as he had a pandemic team in place and would not have downplayed the serious risks the virus represented. It is impossible to predict what would have happened if somebody else were president.

Finally the whole premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

Again, the economies of dozens of nations are imploding. To suggest it would not have happened under Obama is to be unbelievably stupid.

Look, I like kicking Trump in the nuts for his trillion dollar deficits, and I have, repeatedly. And he deserves to be kicked in the nuts for blowing off the seriousness of the virus for way too long, and for not getting test kits on the street quickly.

However, this recession is not on him.

The gigantic deficits which will occur will be on him since he is starting from a trillion dollars in the hole already. So the recovery is going to be much slower.

But that's as far as it goes.

Again, the premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

You just implied Obama would not have experienced a recession under our current crisis.

To even suggest Obama MIGHT not have is retarded.

There is no human power which could have prevented this recession. Stop being a hack.

Not true. If the spread of the virus in the US would have been stopped (like it was in January after the first handful of cases popped up), we might not have a recession.

And who cares, that has little to do with this thread so stop diverting, because that is 1 recession out of 11. and again:
The whole premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

I really don't care to argue about whether or not the spread of the virus could be stopped, this thread has nothing to do with that. If you want to debate that then create a separate thread.

I've been unpacking your hoax in my last several posts, idiot.

 

[edward37]

And I remember paying on a bank loan 1/2 % over prime I was paying for a while 17%

Yeah, that sucked.

The whole reason Volcker floated interest rates is because banks were going under. They had loaned out money at low interest, and then inflation took off and they were upside down. They were collecting less interest than the inflation rate. They had to pay their depositors a higher interest rate than what they were charging their legacy borrowers.

So off we went. You borrowed at 17 percent, and the banks paid depositors 12 percent. The universe returned to harmony.

I borrowed at 5 1/2 or 6% The fn prime kept rising Thank God I didn't have to pay that for too long

Your rate wasn't fixed?

That sucks.

couldn't get a fixed Chem bank,no longer in business ,didn't offer one and I needed to buy a building I was occupying at the time or lose it Remember that was about 40 years ago,,,, Bought the building for 390 K and turned down over 9 million last year

Sweet!

But putting things in perspective it took 7 years to pay off that loan It was a different time

 

[Faun]

The Trump crash will make that 10 of the last 11... Pathetic.
9 of the last 10 US recessions began with a GOP President. Why would anyone trust a Republican with the economy again? – Alternet.org

Since Teddy Roosevelt, every single GOP pres has had a recession and some more than 1...
Should Trump expect a recession? Every Republican since Teddy Roosevelt has had one in their first term

It is a 100% lock that a GOP president will crash they economy, because every single one has...

Bill Clinton’s line at the 2012 Democratic Convention: “Since 1961, for 52 years now, the Republicans have held the White House 28 years, the Democrats 24…. In those 52 years, our private economy has produced 66 million private-sector jobs. So what's the jobs score? Republicans 24 million, Democrats 42 [million].”

(that number doesn't include the ~ 6 million jobs created under Obama, from 2012-2016)


Trump lies, Trumpers lie, BUT THE NUMBERS DON'T LIE...

Actually, you can go back through all of U.S. history and you'll find there was only one Republican president who didn't preside over a recession...

William Henry Harrison

And the only reason there wasn't a recession on his watch is because he wasn't in office long enough to give us a recession -- he died only one month after becoming president.

 

[g5000]

Yeah, that sucked.

The whole reason Volcker floated interest rates is because banks were going under. They had loaned out money at low interest, and then inflation took off and they were upside down. They were collecting less interest than the inflation rate. They had to pay their depositors a higher interest rate than what they were charging their legacy borrowers.

So off we went. You borrowed at 17 percent, and the banks paid depositors 12 percent. The universe returned to harmony.

I borrowed at 5 1/2 or 6% The fn prime kept rising Thank God I didn't have to pay that for too long

Your rate wasn't fixed?

That sucks.

couldn't get a fixed Chem bank,no longer in business ,didn't offer one and I needed to buy a building I was occupying at the time or lose it Remember that was about 40 years ago,,,, Bought the building for 390 K and turned down over 9 million last year

Sweet!

But putting things in perspective it took 7 years to pay off that loan It was a different time

That's because the first MBS was not created until 1981.

 

[LAUGHatLEFTISTS]

The Trump crash will make that 10 of the last 11... Pathetic.
9 of the last 10 US recessions began with a GOP President. Why would anyone trust a Republican with the economy again? – Alternet.org

Since Teddy Roosevelt, every single GOP pres has had a recession and some more than 1...
Should Trump expect a recession? Every Republican since Teddy Roosevelt has had one in their first term

It is a 100% lock that a GOP president will crash they economy, because every single one has...

Bill Clinton’s line at the 2012 Democratic Convention: “Since 1961, for 52 years now, the Republicans have held the White House 28 years, the Democrats 24…. In those 52 years, our private economy has produced 66 million private-sector jobs. So what's the jobs score? Republicans 24 million, Democrats 42 [million].”

(that number doesn't include the ~ 6 million jobs created under Obama, from 2012-2016)


Trump lies, Trumpers lie, BUT THE NUMBERS DON'T LIE...

What do you think happens after the Dems are in charge for 4 or eight years?

 

[Polishprince]

While this topic has been fun, it is time for me to get serious for a moment.

You are suffering from a classic case of post hoc ergo propter hoc.

In other words, correlation does not imply causation.

To explode your fallacy, one only has to look at the present. We are not in a recession because we have a Republican president. We are in a recession because of a virus. Have you been living in a cave?

Take a look around the planet. All the major economies are crashing down. Do you think that is because we have a Republican president? Really?

If Democrat Obama was president, we'd still be in a recession right now. The only difference would be that the pseudocons would be excoriating him for his response to the crisis and for the crash.

The overall trend is too strong, Every single GOP president since TR has had at least 1 recession, 9 of the last 10 under a republican. AND this recession was going to happen with or without the virus because Trump has spent $ like a drunken sailor ( more than doubled annual deficits) and used all of our stimulus pumping up his fiat economy. If you know about Keynesian economics the basic model is during the so called good times you pay down the deficit so you have reserves to spend when the bad times hit. Trump has done the opposite. He has used the reserves to pump up his fiat economy and now that the bad times have hit, we are royally fucked. $3 trillion annual deficits here we come. oh and Trump's GDP is ~ 2.4% only slightly better than Obama's 2%, so all this additional debt for only a small increase, that is now wiped out because of the Trump crash.

Also if Obama were president he would have handled the virus differently as he had a pandemic team in place and would not have downplayed the serious risks the virus represented. It is impossible to predict what would have happened if somebody else were president.

Finally the whole premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

Again, the economies of dozens of nations are imploding. To suggest it would not have happened under Obama is to be unbelievably stupid.

Look, I like kicking Trump in the nuts for his trillion dollar deficits, and I have, repeatedly. And he deserves to be kicked in the nuts for blowing off the seriousness of the virus for way too long, and for not getting test kits on the street quickly.

However, this recession is not on him.

The gigantic deficits which will occur will be on him since he is starting from a trillion dollars in the hole already. So the recovery is going to be much slower.

But that's as far as it goes.

Again, the premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

You just implied Obama would not have experienced a recession under our current crisis.

To even suggest Obama MIGHT not have is retarded.

There is no human power which could have prevented this recession. Stop being a hack.

Not true. If the spread of the virus in the US would have been stopped (like it was in January after the first handful of cases popped up), we might not have a recession.

And who cares, that has little to do with this thread so stop diverting, because that is 1 recession out of 11. and again:
The whole premise of this thread is to show that for the past 80 years the economic results of democrat presidents is far and away superior to those of republicans, which the data wholeheartedly proves.

I really don't care to argue about whether or not the spread of the virus could be stopped, this thread has nothing to do with that. If you want to debate that then create a separate thread.

How would Obama or Biden have stopped the virus? The President was criticized by those folks for simply eliminating flights from Red China to stop them. Was there something else? I didn't hear Biden speaking out about this

 

[edward37]

The Trump crash will make that 10 of the last 11... Pathetic.
9 of the last 10 US recessions began with a GOP President. Why would anyone trust a Republican with the economy again? – Alternet.org

Since Teddy Roosevelt, every single GOP pres has had a recession and some more than 1...
Should Trump expect a recession? Every Republican since Teddy Roosevelt has had one in their first term

It is a 100% lock that a GOP president will crash they economy, because every single one has...

Bill Clinton’s line at the 2012 Democratic Convention: “Since 1961, for 52 years now, the Republicans have held the White House 28 years, the Democrats 24…. In those 52 years, our private economy has produced 66 million private-sector jobs. So what's the jobs score? Republicans 24 million, Democrats 42 [million].”

(that number doesn't include the ~ 6 million jobs created under Obama, from 2012-2016)


Trump lies, Trumpers lie, BUT THE NUMBERS DON'T LIE...

Actually, you can go back through all of U.S. history and you'll find there was only one Republican president who didn't preside over a recession...

William Henry Harrison

And the only reason there wasn't a recession on his watch is because he wasn't in office long enough to give us a recession -- he died only one month after becoming president.

Jezzus We couldn't be so lucky???

 

[edward37]

The Trump crash will make that 10 of the last 11... Pathetic.
9 of the last 10 US recessions began with a GOP President. Why would anyone trust a Republican with the economy again? – Alternet.org

Since Teddy Roosevelt, every single GOP pres has had a recession and some more than 1...
Should Trump expect a recession? Every Republican since Teddy Roosevelt has had one in their first term

It is a 100% lock that a GOP president will crash they economy, because every single one has...

Bill Clinton’s line at the 2012 Democratic Convention: “Since 1961, for 52 years now, the Republicans have held the White House 28 years, the Democrats 24…. In those 52 years, our private economy has produced 66 million private-sector jobs. So what's the jobs score? Republicans 24 million, Democrats 42 [million].”

(that number doesn't include the ~ 6 million jobs created under Obama, from 2012-2016)


Trump lies, Trumpers lie, BUT THE NUMBERS DON'T LIE...

What do you think happens after the Dems are in charge for 4 or eight years?

We get perverts like Trump??

 

[Theowl32]

The Trump crash will make that 10 of the last 11... Pathetic.
9 of the last 10 US recessions began with a GOP President. Why would anyone trust a Republican with the economy again? – Alternet.org

Since Teddy Roosevelt, every single GOP pres has had a recession and some more than 1...
Should Trump expect a recession? Every Republican since Teddy Roosevelt has had one in their first term

It is a 100% lock that a GOP president will crash they economy, because every single one has...

Bill Clinton’s line at the 2012 Democratic Convention: “Since 1961, for 52 years now, the Republicans have held the White House 28 years, the Democrats 24…. In those 52 years, our private economy has produced 66 million private-sector jobs. So what's the jobs score? Republicans 24 million, Democrats 42 [million].”

(that number doesn't include the ~ 6 million jobs created under Obama, from 2012-2016)


Trump lies, Trumpers lie, BUT THE NUMBERS DON'T LIE...

Do your best to explain why the democrats deliberately sunk the economy after they took control over the House and Senate in 2007.

We are all waiting for your brilliant explanation.

2007

• August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)
  
  
• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)
  
  
• December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)

2008

• February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
  
  
• March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
  
  
• April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
  
  
• May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
  • "Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
    
    
  • "[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
    
    
  • "Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
• June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
  
  
• July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
  
  
• September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)