Democrats caused recession in 2007

[SuperDemocrat]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

 

[PredFan]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

You are a moron, the recession is still
on-going, you believe what you are spoon fed.

 

[PredFan]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

The Democrats didn't cause the collapse, but they had a chance to head it off and did nothing. In fact they were warned by Bush and he asked them to act 5 times. Each time they said no. They wanted it to happen so they could blame Bush and win elections.

 

[occupied]

Personal single family home ownership was not the problem, wild speculation and the incredible amount of leverage involved blew by far the biggest hole in the economy. Had 2008 only involved those who were "too poor to buy a house" for themselves it would have been manageable. Speculators walking away from their expensive five-year mortgages is what turned a bad thing into a cataclysm. Not sure anyone could have foreseen just how dangerous the investment element of the mortgage industry was.

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

The Democrats didn't cause the collapse, but they had a chance to head it off and did nothing. In fact they were warned by Bush and he asked them to act 5 times. Each time they said no. They wanted it to happen so they could blame Bush and win elections.

You are clearly entirely unfamiliar with the FCIC report.....

 

[occupied]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

You are a moron, the recession is still
on-going, you believe what you are spoon fed.

Not by any recognized measure of recession......but, being an uninformed imbecile, you are not expected to understand these things....

They think a recession ends when things are exactly how they were. Several trillion dollars evaporated into smoke and ashes almost overnight, things can never be the same after such an unprecedented global economic train wreck. There are certain to still be lingering effects for decades.

 

[IcebergSlim]

In the aftermath of the US Treasury’s decision to seize control of Fannie Mae and Freddie Mac, critics have hit at lax oversight of the mortgage companies.


The dominant theme has been that Congress let the two government-sponsored enterprises morph into a creature that eventually threatened the US financial system. Mike Oxley will have none of it.

Instead, the Ohio Republican who headed the House financial services committee until his retirement after mid-term elections last year, blames the mess on ideologues within the White House as well as Alan Greenspan, former chairman of the Federal Reserve.


The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of
Nasdaq.


He fumes about the criticism of his House colleagues. “All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”

Oxley hits back at ideologues - FT.com

 

[healthmyths]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
http://www.usnews.com/opinion/blogs/sam-dealey/2008/09/10/barney-franks-fannie-and-freddie-muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Seriously......you may be an even bigger moron than the OP.....

Why do you persist in comparing REAL to NOMINAL GDP numbers? Have you reconciled this crap you've collected with Reality?

Are you aware that a recession started under Clinton and became official 3/01

A recession doesn't "start" on one date and become "official" on another.....You've already been told this, but you are simply too dim to grasp it...

 

[occupied]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

TLDR The main problem with the government was letting the financial sector self-regulate. As long as the banks were making money on their massive pyramid scheme there no problem until people started looking too close at how precarious it all was. There was no concerted effort in either party to cool off the housing market until it all blew up in our face. Claims that anyone in congress was fully aware of the problem and seriously tried to do anything are false.

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Damn, are you an idiot....


It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."

Officials seized Superior in July 2001

Pritzker’s Superior Bank Subprime Losses Blemish Resume

 

[Mac1958]

It was just a teeny tiny bit more complicated than simply pointing the finger at those guys, over there.

True story.
.

 

[ScienceRocks]

George w Bush like Harding and Hover both deregulated in places they shouldn't have and caused great economic problems. Democrats like Obama have recovered us from their messes. No more republican messes.

 

[healthmyths]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Damn, are you an idiot....


It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."

Officials seized Superior in July 2001

Pritzker’s Superior Bank Subprime Losses Blemish Resume

Did you read this article that I quoted? FDIC Faces Mortgage Mess After Running Failed Bank
No you didn't! So here is another one for you to be so embarrassing stupid for not using the Internet!!!!!

Superior reopens under FDIC

By: Ellen Almer July 30, 2001
After being shut down last week by federal regulators, the former Superior Bank reopened Monday as Superior Federal FSB, only now it is being run by the Federal Deposit Insurance Corp. (FDIC), instead of a small group of owners that included Chicago's billionaire Pritzker family.

The FDIC takeover of Superior marks the first time since 1992 that the agency has stepped in to run a failed bank, an FDIC spokesman said. The Office of Thrift Supervision closed Superior Bank on Friday amid accusations it has lost almost all of its $2.1 billion in assets and engaged in poor lending practices, among other infractions.

The FDIC will continue to run Superior as a full-service bank for at least two months, until it can be sold.

"Usually in a case like this we have a buyer in the wings, and the deal is signed, sealed and delivered," long before the bank fails, the spokesman said.
"But the timing was off, it was hard to find someone to swallow $1.6 billion in deposits."

He said that because the potential pool of buyers was so small, the FDIC decided to wait a few months and "maximize the franchise's value" before trying to sell it. The FDIC hopes to find a buyer by year's end.

The spokesman said most of Superior's customers needn't worry about getting their funds, although those with deposits of $100,000 or more may not be fully insured. "In cases like this, I've seen customers get anything from 50 cents on the dollar to 100 cents on the dollar," he said, adding that most of Superior's customers were individual consumers, not corporations.

As for local businesses that may have received checks recently from Superior Bank, the spokesman said they will be insured as long as the account holder can cover the amount.
Crain's Chicago Business

 

[candycorn]

Bush is 100% responsible. Fact.

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Damn, are you an idiot....


It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."

Officials seized Superior in July 2001

Pritzker’s Superior Bank Subprime Losses Blemish Resume

Did you read this article that I quoted? FDIC Faces Mortgage Mess After Running Failed Bank
No you didn't! So here is another one for you to be so embarrassing stupid for not using the Internet!!!!!

Superior reopens under FDIC

By: Ellen Almer July 30, 2001
After being shut down last week by federal regulators, the former Superior Bank reopened Monday as Superior Federal FSB, only now it is being run by the Federal Deposit Insurance Corp. (FDIC), instead of a small group of owners that included Chicago's billionaire Pritzker family.

The FDIC takeover of Superior marks the first time since 1992 that the agency has stepped in to run a failed bank, an FDIC spokesman said. The Office of Thrift Supervision closed Superior Bank on Friday amid accusations it has lost almost all of its $2.1 billion in assets and engaged in poor lending practices, among other infractions.

The FDIC will continue to run Superior as a full-service bank for at least two months, until it can be sold.

"Usually in a case like this we have a buyer in the wings, and the deal is signed, sealed and delivered," long before the bank fails, the spokesman said.
"But the timing was off, it was hard to find someone to swallow $1.6 billion in deposits."

He said that because the potential pool of buyers was so small, the FDIC decided to wait a few months and "maximize the franchise's value" before trying to sell it. The FDIC hopes to find a buyer by year's end.

The spokesman said most of Superior's customers needn't worry about getting their funds, although those with deposits of $100,000 or more may not be fully insured. "In cases like this, I've seen customers get anything from 50 cents on the dollar to 100 cents on the dollar," he said, adding that most of Superior's customers were individual consumers, not corporations.

As for local businesses that may have received checks recently from Superior Bank, the spokesman said they will be insured as long as the account holder can cover the amount.
Crain's Chicago Business

How does this bear on the Financial Crisis of 2008?

 

[healthmyths]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Seriously......you may be an even bigger moron than the OP.....

Why do you persist in comparing REAL to NOMINAL GDP numbers? Have you reconciled this crap you've collected with Reality?

Are you aware that a recession started under Clinton and became official 3/01

A recession doesn't "start" on one date and become "official" on another.....You've already been told this, but you are simply too dim to grasp it...

OK since you can't handle NUMBERS here are pictures!!!
GWB's GDP IS IN REAL GDP! NOT NOMINAL! And it is the GREEN LINE in case you don't know the difference!
More importantly though READ the comments to the right! That is what idiots and a lot of people seem to IGNORE!!!
These events were monumental. Our country never had such events occur in a span of 6 years... Worst attack, recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!
Economic Record: President Bush Jr.

 

[IcebergSlim]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Seriously......you may be an even bigger moron than the OP.....

Why do you persist in comparing REAL to NOMINAL GDP numbers? Have you reconciled this crap you've collected with Reality?

Are you aware that a recession started under Clinton and became official 3/01

A recession doesn't "start" on one date and become "official" on another.....You've already been told this, but you are simply too dim to grasp it...

OK since you can't handle NUMBERS here are pictures!!!
GWB's GDP IS IN REAL GDP! NOT NOMINAL! And it is the GREEN LINE in case you don't know the difference!
More importantly though READ the comments to the right! That is what idiots and a lot of people seem to IGNORE!!!
These events were monumental. Our country never had such events occur in a span of 6 years... Worst attack, recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!
Economic Record: President Bush Jr.
View attachment 83803

You're an idiot.......

http://www.bea.gov/national/xls/gdpchg.xls

GDP percent change based on chained 2009 dollars



2001 1.0
2002 1.8
2003 2.8
2004 3.8
2005 3.3
2006 2.7
2007 1.8
2008 -0.3

........

recession that started under Clinton
because any idiot knows just because NBER says started on 3/1/01 doesn't mean one day no recession... next day RECESSION!

Uh...yes it does.......Though NBER doesn't peg start and end to a particular date.....instead of staying stupid for the rest of your life, why don't you go over to the NBER site and learn how they go about it.....

 

[healthmyths]

Whenever democrats want to say that it was the economic policies of the repubican party that led to the recession of 2008, 2009, 2010, 2012, 2013, 2014, 2015, and 2016 then someone should just point out this video


There are plenty of other videos of democrats preventing people from addressing the issues that led to the housing bubble and collapse.

You are a moron......Take a gander at the conclusions of the FCIC........the GSEs were not among the primary causes of the Great Recession......

and the recession ended near the end of Q2, 2009.....

OK once again the facts...

Major causes of the initial subprime mortgage crisis and following recession include:

• International trade imbalances and
• lax lending standards contributing to high levels of developed country household debt and real-estate bubbles that have since burst;
• U.S. government housing policies;
• and limited regulation of non-depository financial institutions.

Once the recession began, various responses were attempted with different degrees of success. These included fiscal policies of governments; monetary policies of central banks; measures designed to help indebted consumers refinance their mortgage debt; and inconsistent approaches used by nations to bail out troubled banking industries and private bondholders, assuming private debt burdens or socializing losses.
Causes of the Great Recession - Wikipedia, the free encyclopedia

President Bush publicly called for GSE reform at least 17 times in 2008 alone before Congress acted.

Unfortunately, these warnings went unheeded, as the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Setting the Record Straight: The Three Most Egregious Claims In The New York Times Article On The Housing Crisis

Many prominent Democrats, including House Finance Chairman Barney Frank, opposed any legislation correcting the risks posed by GSEs.
* House Financial Services Committee Chairman Barney Frank (D-MA) criticized
the President's warning saying:
"these two entities - Fannie Mae and Freddie Mac - are not facing any kind of financial crisis .
The more people exaggerate these problems,
the more pressure there is on these companies, the less we will see in terms of affordable
housing."...
(Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae,"
New York Times, 9/11/03)
* Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd also
ignored the President's warnings and called 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," New York Times, 8/11/07)
Barney Frank's Fannie and Freddie Muddle

Pure and simple.
A) with Fannie/Freddie (F&F) guaranteeing subprime loans...(Fannie and Freddie remain two of the largest financial institutions in the world, responsible for a combined $5 trillion in mortgage assets.) 7 Things You Need to Know About Fannie Mae and Freddie Mac

B) They have the power to guarantee or purchase mortgages years after the original loan is made.
The commitment of F&F to maintain a liquid market changes the market. Imagine the positive and negative side effects of central banks, apply them to the long-term debt market, lather rinse repeat. Will somebody be there to take this hot potato off my hands? If so, I'm more willing to buy the potato today.
How Many Bad Loans Did Fannie and Freddie Originate? | EconLog | Library of Economics and Liberty

Now for many of you really DUMB people...
Oct. 23,2008 (Bloomberg) -- Fannie Mae and Freddie Mac have an ``effective'' federal guarantee, not the "full faith
and credit'' of the U.S. government, Federal Housing Finance Agency Director James Lockhart
said after the hearing. That does give them effectively a guarantee of the U.S. government.''
http://www.bloomberg.com/apps/news?pid=20601087&sid=ajIEoZCommlk

So IF F&F backed by the U.S. government will take the bad loans off the banks hands
Federal officials heap much of the blame for the subprime mortgage mess on lenders,
claiming they recklessly made too many high-cost home loans to borrowers who couldn't afford them.

It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."
FDIC Faces Mortgage Mess After Running Failed Bank

So in summary GWB warned 17 times alone in 2008 (by the way why didn't he do it earlier??? Oh I guess there were some other more pressing
issues like the following MAJOR cataclysmic events that preceded the housing bubble!!!!)

Are you aware that a recession started under Clinton and became official 3/01 ended 11/01?
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source: USATODAY.com - It's official: 2001 recession only lasted eight months

A Major $8 trillion market loss
Are you aware that the dot.com bust occurred and cost $8 trillion in losses? Again Clinton laid claim BUT someone had to pay and it occurred during Bush's first year!
$8 trillion in market losses MEAN lost tax revenue. PLUS JOBS!!!!
According to the Los Angeles Times, when the dot-com bubble burst, it wiped out $8 trillion dollars in market value for tech companies.
More than half of the Internet companies created since 1995 were gone by 2004 -
and hundreds of thousands of skilled technology workers were out of jobs.
Source: The dot-com bubble: How to lose $5 trillion

The worst attacks on the USA in History.. 3,000 deaths!!!
Obviously most of you are UNAWARE 9/11 cost 3,000 lives, $2 trillion in lost businesses,market values assets.
Jobs lost in New York owing to the attacks: 146,100 JUST in New York.
Are you aware this happened???
Now before you idiots say "well Bush should have known"! DUMMIES... ever hear of the Gorelick Memo signed under CLINTON??
Gorelick Memo that created the wall between FBI & CIA thus no knowledge of the 9/11 bombers shared with the FBI!!! Looks especially imprudent 10 years later.
Because the memo created a barrier for U.S. intelligence agencies to share information with the FBI, one of its unintended consequences may have been to prevent the FBI from receiving the necessary intelligence to stop the Sept. 11, 2001 terrorist attacks, the worst in American history.
Gorelick Memo Allegedly Impeded Probe of Clinton Fundraising Scandal
1995 memo [Clinton presidency-concerned about Chinese election sales] Gorelick wrote, stated explicitly that they would “go beyond what is legally required, [to] prevent any risk of creating an unwarranted appearance that FISA is being used to avoid procedural safeguards which would apply in a criminal investigation.” GORELICK Memo!
Jamie Gorelick’s wall barred anti-terror investigators from accessing the computer of Zacarias Moussaoui, the 20th hijacker, already in custody on an immigration violation shortly before 9/11.
At the time, an enraged FBI investigator wrote a prophetic memo to headquarters about the wall.
Whatever has happened to this — someday someone will die — and wall or not — the public will not understand why we were not more effective in throwing every resource we had at certain problems…..
especially since the biggest threat to us UBL [Usama bin Laden], is getting the most protection.
So, a year before the 9/11 attacks, a special unit in the U.S. military was aware of the presence of an al-Queda cell in Brooklyn, New York, and sought to share its information with the FBI but was stopped cold.Why?Because (as described in the April 16, 2004 Washington Times piece) “on March 4, 1995, [Jamie Gorelick, the then number 2 official in the Clinton Justice Department, sent a 4-page directive] to FBI Director Louis Freeh and Mary Jo White, the New York-based U.S. attorney investigating the 1993 World Trade Center bombing.
In the memo, Ms. Gorelick ordered Mr. Freeh and Ms. White to follow information-sharing procedures
that ‘go beyond what is legally required,’ in order to avoid ‘any risk of creating an unwarranted appearance’
that the Justice Department was using Foreign Intelligence Surveillance Act (FISA) warrants, instead of ordinary criminal investigative procedures, in an effort to undermine the civil liberties of terrorism suspects.”
Could 9/11 Have Been Prevented? The Gorelick Memo and What We Knew

Year 2001: September 11 Terrorist Attacks
The 9/11 terrorist attacks were the events that helped shape other financial events of the decade. After that terrible day in September 2001, our economic climate was never to be the same again. It was only the third time in history that the New York Stock Exchange was shut down for a period of time. In this case, it was closed from September 10 - 17. Besides the tragic human loss of that day, the economic loss cannot even be estimated. Some estimate that there was over $60 billion in insurance losses alone. Airlines didn't fly for 3 days!
Approximately 18,000 small businesses were either displaced or destroyed in Lower Manhattan after the Twin Towers fell. There was a buildup in homeland security on all levels. 9/11 caused a catastrophic financial loss for the U.S.
Source: 10 Events That Rocked the Financial World

Anthrax Attacks...
The 2001 anthrax attacks in the United States, also known as Amerithrax from its Federal Bureau of Investigation (FBI) case name, occurred over the course of several weeks beginning on Tuesday, September 18, 2001, one week after the September 11 attacks. Letters containing anthrax spores were mailed to several news media offices and two DemocraticU.S. Senators, killing five people and infecting 17 others.

$1 trillion in losses due to the WORST Hurricane SEASONS in history. 2,215 lives lost
The worst, Katrina made landfall in Louisiana as a Category 3 in 2005. It took 1,836 lives and caused $81.2 billion in damages. It quickly became the biggest natural disaster in U.S. history, almost destroying New Orleans due to severe flooding.
Rank Disaster Year Deaths Damage* $250 Billion in damages in the 8 disasters of the top 15 disasters in history!
1. Hurricane Katrina (LA/MS/AL/FL) 2005 1833 $133,800,000,000
6. Hurricane Ike (TX/LA/MS) 2008 112 $27,000,000,000
7. Hurricane Wilma (FL) 2005 35 $17,100,000,000
8. Hurricane Rita (TX/LA) 2005 119 $17,100,000,000
9. Hurricane Charley (FL) 2004 35 $16,500,000,000
12. Midwest Floods 2008 24 $15,000,000,000
13. Hurricane Ivan (FL/AL) 2004 57 $13,000,000,000
14. 30-State Drought 2002 0 $11,400,000,000
Costliest U.S. Weather Disasters | Weather Underground

THESE events OCCURRED!
YET in SPITE of:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..

IN SPITE of the above:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit.. Revenues up by 5.5% spending increased and economy getting back.
2005 $318.3 billion deficit.. revenues up by 14.5% deficit decreasing at rate of 22%
2006 $248.2 billion deficit.. revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit.. revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit.. revenues down and deficit INCREASED TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20

BEA National Economic Accounts
Average annual growth in the Gross Domestic Product over 8 years 2.9% compared to the Idiot's..
SMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth
SIMPLY THE WORST=> Obama is First President Ever to Not See Single Year of 3% GDP Growth

IN Spite of all the events AND if the housing bubble caused by the below people hadn't occurred it would have
been: 4.4% compared to what now???
2001 2.3% increase
2002 2.4%
2003 6.8%
2004 6.4%
2005 5.4%
2006 4.6%
2007 3.2%
2008 -7.7%

Damn, are you an idiot....


It turns out that the U.S. government itself was one of the lenders giving out high-interest, subprime mortgages, some of them predatory, according to government documents filed in federal court.
Case in point: "Rather than immediately shuttering or selling Superior, as it normally does with failed banks, the Federal Deposit Insurance Corp. continued to run the bank's subprime-mortgage business for months as it looked for a buyer. With FDIC people supervising day-to-day operations, Superior funded more than 6,700 new subprime loans worth more than $550 million, according to federal mortgage data."

Officials seized Superior in July 2001

Pritzker’s Superior Bank Subprime Losses Blemish Resume

Did you read this article that I quoted? FDIC Faces Mortgage Mess After Running Failed Bank
No you didn't! So here is another one for you to be so embarrassing stupid for not using the Internet!!!!!

Superior reopens under FDIC

By: Ellen Almer July 30, 2001
After being shut down last week by federal regulators, the former Superior Bank reopened Monday as Superior Federal FSB, only now it is being run by the Federal Deposit Insurance Corp. (FDIC), instead of a small group of owners that included Chicago's billionaire Pritzker family.

The FDIC takeover of Superior marks the first time since 1992 that the agency has stepped in to run a failed bank, an FDIC spokesman said. The Office of Thrift Supervision closed Superior Bank on Friday amid accusations it has lost almost all of its $2.1 billion in assets and engaged in poor lending practices, among other infractions.

The FDIC will continue to run Superior as a full-service bank for at least two months, until it can be sold.

"Usually in a case like this we have a buyer in the wings, and the deal is signed, sealed and delivered," long before the bank fails, the spokesman said.
"But the timing was off, it was hard to find someone to swallow $1.6 billion in deposits."

He said that because the potential pool of buyers was so small, the FDIC decided to wait a few months and "maximize the franchise's value" before trying to sell it. The FDIC hopes to find a buyer by year's end.

The spokesman said most of Superior's customers needn't worry about getting their funds, although those with deposits of $100,000 or more may not be fully insured. "In cases like this, I've seen customers get anything from 50 cents on the dollar to 100 cents on the dollar," he said, adding that most of Superior's customers were individual consumers, not corporations.

As for local businesses that may have received checks recently from Superior Bank, the spokesman said they will be insured as long as the account holder can cover the amount.
Crain's Chicago Business

How does this bear on the Financial Crisis of 2008?

IDIOT!!! IT IS AN EXAMPLE of how the FDIC had to come to the rescue of banks that made bad subprime loans DUE to the banks knowing
Fannie/Freddie/US government would bail them out!
The dominant reason though for the 2008 crisis no one seems to remember!
HERE are the facts about the Economic Terrorist attack of
The 9/18/2008 Economic Terrorist Attack that:

On Thursday (Sept 18), at 11 in the morning the Federal Reserve noticed a tremendous draw-down of money market accounts in the U.S.,
to the tune of $550 billion was being drawn out in the matter of an hour or two.
The Treasury opened up its window to help and pumped a $105 billion in the system and quickly realized that they could not stem the tide. We were having an electronic run on the banks.
They decided to close the operation, close down the money accounts and announce a guarantee of $250,000 per account so there wouldn't be further panic out there.
If they had not done that, their estimation was that by 2pm that afternoon, $5.5 trillion would have been drawn out of the money market system of the U.S., would have collapsed the entire economy of the U.S., and within 24 hours the world economy would have collapsed... It would have been the end of our economic system and our political system as we know it...
http://seekingalpha.com/article/119619-how-the-world-almost-came-to-an-end-on-september-18-2008

The subprime mortgage crisis reached a critical stage during the first week of September 2008, characterized by severely contracted liquidity in the global credit markets[1] and insolvency threats to investment banks and other institutions.
By the morning of September 18, money market sell orders from institutional investors totalled $0.5 trillion, out of a total market capitalization of $4 trillion, but a $105 billion liquidity injection from the Federal Reserve averted an immediate collapse.[22][23] On September 19 the U.S. Treasury offered temporary insurance (akin to Federal Deposit Insurance Corporation insurance of bank accounts) to money market funds.[24] Toward the end of the week, short selling of financial stocks was suspended by the Financial Services Authority in the United Kingdom and by the Securities and Exchange Commission in the United States.[25] Similar measures were taken by authorities in other countries.[26]Some restoration of market confidence occurred with the publicity surrounding efforts of the Treasury and the Securities Exchange Commission[27][28]

Global financial crisis in September 2008 - Wikipedia, the free encyclopedia

Why haven't you mentioned THAT event?? Dummies like you don't seem to have any recollection of these events!

Oh and by the way, the solution i.e. TARP? Which idiots like you and Obama criticized YET OBAMA has benefited from in this fashion.
If it weren't for TARP's payback of $688.9 billion on the $620.3 Billion outflow Obama's deficit would be even worse!
Bailout Scorecard | Eye on the Bailout | ProPublica