FACTS on Dubya's great recession

[TakeAStepBack]

Again we see how the Regressives can't comprehend simple English. The article may have been written by Krugman, but he was QUOTING someone else who called for a double-dip!!!!!

From your link:

''I must confess to being amazed at the venom my double dip call still elicits,'' Mr. Roach wrote yesterday at cbsmarketwatch.com.

He was using someone else's thought to validate is own argument, moron. It's pretty simple to comprehend that. He referred to what someone else said, he did not QUOTE him, imbecile. Or it would be in quotation marks.

DUMBFUK

" To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off. But the Fed chairman's crystal ball has been cloudy lately; remember how he urged Congress to cut taxes to head off the risk of excessive budget surpluses? And a sober look at recent data is not encouraging.



..The administration needs a recovery because, with deficits exploding, the only way it can justify that tax cut is by pretending that it was just what the economy needed. Mr. Greenspan needs one to avoid awkward questions about his own role in creating the stock market bubble.

But wishful thinking aside, I just don't understand the grounds for optimism. Who, exactly, is about to start spending a lot more? At this point it's a lot easier to tell a story about how the recovery will stall than about how it will speed up.

Dubya's Double Dip? - NYTimes.com

You have massive comprehension problems.

http://krugman.blogs.nytimes.com/20...-grassy-knoll-too/?_php=true&_type=blogs&_r=0

One of the funny aspects of being a somewhat, um, forceful writer is that I’m regularly accused of all sorts of villainy. I was personally responsible for the demise of Enron; my nonexistent son worked for Hillary; etc.. The latest seems to be that I called for the creation of a housing bubble — in fact, the bubble is my fault! The claim seems to be based on this piece.

Guys, read it again. It wasn’t a piece of policy advocacy, it was just economic analysis. What I said was that the only way the Fed could get traction would be if it could inflate a housing bubble. And that’s just what happened.

NO one said you caused the bubble, you 12th tier hack. What we said is you were in the camp that believed this so called "traction" is what needed to happen. It did. Congratulations on advocating destroying middle class wealth.

 

[TakeAStepBack]

And it wasn't the only way for everyone else. Fuck the Fed, Statists.

 

[EdwardBaiamonte]

He wasn't the Fed Chair when the bubble started. And most of the loans that were the cause of the bubble bursting were outside of the scope of theFederal Reserve, as it deals with banks.

He was on the Federal Reserve Board and supported the policies of Greenspan. They don't call him Helicopter Ben for nothing.

The Fed sets and influences the price of credit. The reason why so much subprime was created in the first place was because yield starved institutions needed higher income to meet liabilities. That subprime and alt-A made its way into the derivatives machine, which were purchased by banks, pensions, insurance cos, etc. because similarly- rated product paid 30-40 bps over, a chasm in fixed income land.

Yes, the market went haywire with all these garbage securities. But the source was the mispricing of credit.

Yet YOU dumbfuk, can't seem to grasp it was a REGULATOR failure over a monetary one that caused the subprime crisis to happen!!!!

of course its 100% impossible to have a subprime housing bubble unless the Fed is printing the money to buy and bid up the prices on all those homes.

 

[Dad2three]

He was on the Federal Reserve Board and supported the policies of Greenspan. They don't call him Helicopter Ben for nothing.

The Fed sets and influences the price of credit. The reason why so much subprime was created in the first place was because yield starved institutions needed higher income to meet liabilities. That subprime and alt-A made its way into the derivatives machine, which were purchased by banks, pensions, insurance cos, etc. because similarly- rated product paid 30-40 bps over, a chasm in fixed income land.

Yes, the market went haywire with all these garbage securities. But the source was the mispricing of credit.

Yet YOU dumbfuk, can't seem to grasp it was a REGULATOR failure over a monetary one that caused the subprime crisis to happen!!!!

Retard2three

Get back to us when you can explain how "regulator fail" caused housing bubbles in Canada, the UK, Ireland, Denmark, Holland, Spain, Australia, New Zealand, Singapore, China, etc.

Oh wait. You can't. You're a cut & paste hack with Bush Derangement Syndrome who can only POST IN CAPS!

Got it dumfuk 'NOT' a right winger, the Bankster created WORLD WIDE CREDIT BUBBLE that Dubya cheered on AND was in charge of REGULATORS in the US, didn't really happen



The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008


DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!



Why Prosecutors Don't Go After Wall Street

BUSH GAVE A GET OUT OF JAIL FREE CARD SUMMER 2008

Why Prosecutors Don't Go After Wall Street : NPR

“When regulators don’t believe in regulation and don’t get what is going on at the companies they oversee, there can be no major white-collar crime prosecutions,”...“If they don’t understand what we call collective embezzlement, where people are literally looting their own firms, then it’s impossible to bring cases.”

http://www.nytimes.com/2011/04/14/business/14prosecute.html?pagewanted=all

The FBI correctly identified the epidemic of mortgage control fraud at such an early point that the financial crisis could have been averted had the Bush administration acted with even minimal competence.
'
William K. Black: The Two Documents Everyone Should Read to Better Understand the Crisis

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources.

FBI saw threat of loan crisis - Los Angeles Times

Shockingly, the FBI clearly makes the case for the need to combat mortgage fraud in 2005, the height of the housing crisis:

Financial Crimes Report to the Public 2005

FBI ? Financial Crimes Report 2005

The Bush Rubber Stamp Congress ignored the obvious and extremely detailed and well reported crime spree by the FBI.

THE BUSH ADMINISTRATION and CONGRESS stripped the White Collar Crime divisions of money and manpower.

http://www.nytimes.com/2008/10/19/washington/19fbi.html?pagewanted=all

 

[Dad2three]

He was using someone else's thought to validate is own argument, moron. It's pretty simple to comprehend that. He referred to what someone else said, he did not QUOTE him, imbecile. Or it would be in quotation marks.

DUMBFUK

" To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off. But the Fed chairman's crystal ball has been cloudy lately; remember how he urged Congress to cut taxes to head off the risk of excessive budget surpluses? And a sober look at recent data is not encouraging.



..The administration needs a recovery because, with deficits exploding, the only way it can justify that tax cut is by pretending that it was just what the economy needed. Mr. Greenspan needs one to avoid awkward questions about his own role in creating the stock market bubble.

But wishful thinking aside, I just don't understand the grounds for optimism. Who, exactly, is about to start spending a lot more? At this point it's a lot easier to tell a story about how the recovery will stall than about how it will speed up.

Dubya's Double Dip? - NYTimes.com

You miss judge Krugman's pessimism for a market intervention of stimulus for how he felt about it happening. Worst of all? It was already happening. Pimpco simply signlaed that is what it would take to avert a "double dip" (oh, the irony). Krugman defends and then expounds on the "double dip" "theory" and how to dodge it.

WOOOPS!

Got it, you are an ignorant right winger who isn't honest.

 

[Dad2three]

He was using someone else's thought to validate is own argument, moron. It's pretty simple to comprehend that. He referred to what someone else said, he did not QUOTE him, imbecile. Or it would be in quotation marks.

DUMBFUK

" To fight this recession the Fed needs more than a snapback; it needs soaring household spending to offset moribund business investment. And to do that, as Paul McCulley of Pimco put it, Alan Greenspan needs to create a housing bubble to replace the Nasdaq bubble.

Judging by Mr. Greenspan's remarkably cheerful recent testimony, he still thinks he can pull that off. But the Fed chairman's crystal ball has been cloudy lately; remember how he urged Congress to cut taxes to head off the risk of excessive budget surpluses? And a sober look at recent data is not encouraging.



..The administration needs a recovery because, with deficits exploding, the only way it can justify that tax cut is by pretending that it was just what the economy needed. Mr. Greenspan needs one to avoid awkward questions about his own role in creating the stock market bubble.

But wishful thinking aside, I just don't understand the grounds for optimism. Who, exactly, is about to start spending a lot more? At this point it's a lot easier to tell a story about how the recovery will stall than about how it will speed up.

Dubya's Double Dip? - NYTimes.com

You have massive comprehension problems.

http://krugman.blogs.nytimes.com/20...-grassy-knoll-too/?_php=true&_type=blogs&_r=0

One of the funny aspects of being a somewhat, um, forceful writer is that I’m regularly accused of all sorts of villainy. I was personally responsible for the demise of Enron; my nonexistent son worked for Hillary; etc.. The latest seems to be that I called for the creation of a housing bubble — in fact, the bubble is my fault! The claim seems to be based on this piece.

Guys, read it again. It wasn’t a piece of policy advocacy, it was just economic analysis. What I said was that the only way the Fed could get traction would be if it could inflate a housing bubble. And that’s just what happened.

NO one said you caused the bubble, you 12th tier hack. What we said is you were in the camp that believed this so called "traction" is what needed to happen. It did. Congratulations on advocating destroying middle class wealth.

Got it, you are a fukng moron who is not just dishonest, but can't critically think

 

[Dad2three]

He was on the Federal Reserve Board and supported the policies of Greenspan. They don't call him Helicopter Ben for nothing.

The Fed sets and influences the price of credit. The reason why so much subprime was created in the first place was because yield starved institutions needed higher income to meet liabilities. That subprime and alt-A made its way into the derivatives machine, which were purchased by banks, pensions, insurance cos, etc. because similarly- rated product paid 30-40 bps over, a chasm in fixed income land.

Yes, the market went haywire with all these garbage securities. But the source was the mispricing of credit.

Yet YOU dumbfuk, can't seem to grasp it was a REGULATOR failure over a monetary one that caused the subprime crisis to happen!!!!

of course its 100% impossible to have a subprime housing bubble unless the Fed is printing the money to buy and bid up the prices on all those homes.

Yiu right wingers are pathetic, AS the fed pushed up interest rates starting in 2004, subprime took off

Did the Fed Cause the housing Bubble?

According to research by Ambrogio Cesa-Bianchi and Alessandro Rebucci, the housing bubble was caused by "regulatory rather than monetary-policy failures":

Economist's View: Did the Fed Cause the housing Bubble?




Was it easy money or easy regulation that caused the housing bubble?


… after the Fed started to tighten its monetary-policy stance and the prime segment of the mortgage market promptly turned around, the subprime segment of the mortgage market continued to boom, with increased perceived risk of loans portfolios and declining lending standards. Despite this evidence, the first regulatory action to rein in those financial excesses was undertaken only in late 2006, after almost two years of steady increases in the federal funds rate. …

When regulators finally decided to act, it was too late:

Was it easy money or easy regulation that caused the housing bubble? | AEIdeas

 

[Dad2three]

And it wasn't the only way for everyone else. Fuck the Fed, Statists.

Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs

The global housing boom: In come the waves | The Economist

 

[EdwardBaiamonte]

And it wasn't the only way for everyone else. Fuck the Fed, Statists.

Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs

The global housing boom: In come the waves | The Economist

homes in USA, for example,are worth $14 trillion. If they rose $4trillion in the last 5 years that would be only 25% of GDP. Think before you post.

 

[Dad2three]

And it wasn't the only way for everyone else. Fuck the Fed, Statists.

Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs

The global housing boom: In come the waves | The Economist

homes in USA, for example,are worth $14 trillion. If they rose $4trillion in the last 5 years that would be only 25% of GDP. Think before you post.

So you'll stick with being IGNORANT got it

"Jun 16, 2005

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs"


But YES, Dubya took a $1 trillion a year mortgage market at THE END OF 2000 AND PUSHED IT TO $4 TRILLION A YEAR BY 2004!

The real surge in the mortgage market began in 2001 (the year of the stock market crash). From 2000 -2004, residential originations the U.S. climbed from about $1trillion to almost $4 trillion.

About 70% of this rise was accounted for by people refinancing their conventional mortgages at lower interest rates

http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf



HOUSEHOLD DEBT DOUBLED IN DUBYA'S FIRST 7 YEARS ALSO!!!!

 

[EdwardBaiamonte]

Jun 16, 2005

The worldwide rise in house prices is the biggest bubble in history. Prepare for the economic pain when it pops

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs

The global housing boom: In come the waves | The Economist

homes in USA, for example,are worth $14 trillion. If they rose $4trillion in the last 5 years that would be only 25% of GDP. Think before you post.

So you'll stick with being IGNORANT got it

"Jun 16, 2005

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs"


But YES, Dubya took a $1 trillion a year mortgage market at THE END OF 2000 AND PUSHED IT TO $4 TRILLION A YEAR BY 2004!

The real surge in the mortgage market began in 2001 (the year of the stock market crash). From 2000 -2004, residential originations the U.S. climbed from about $1trillion to almost $4 trillion.

About 70% of this rise was accounted for by people refinancing their conventional mortgages at lower interest rates

http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf



HOUSEHOLD DEBT DOUBLED IN DUBYA'S FIRST 7 YEARS ALSO!!!!

1) Dubya was not a conservative so who cares

2) Dubya did not control Fan Fred which were massive liberal GSE's designed to subvert the free market to get people into homes the free market said they could not afford. It is liberals who support intervention and conservatves who support free markets

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank


Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:

Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.

 

[Dad2three]

homes in USA, for example,are worth $14 trillion. If they rose $4trillion in the last 5 years that would be only 25% of GDP. Think before you post.

So you'll stick with being IGNORANT got it

"Jun 16, 2005

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs"


But YES, Dubya took a $1 trillion a year mortgage market at THE END OF 2000 AND PUSHED IT TO $4 TRILLION A YEAR BY 2004!

The real surge in the mortgage market began in 2001 (the year of the stock market crash). From 2000 -2004, residential originations the U.S. climbed from about $1trillion to almost $4 trillion.

About 70% of this rise was accounted for by people refinancing their conventional mortgages at lower interest rates

http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf



HOUSEHOLD DEBT DOUBLED IN DUBYA'S FIRST 7 YEARS ALSO!!!!

1) Dubya was not a conservative so who cares

2) Dubya did not control Fan Fred which were massive liberal GSE's designed to subvert the free market to get people into homes the free market said they could not afford. It is liberals who support intervention and conservatves who support free markets

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank


Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:

Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.

"2) Dubya did not control Fan Fred"

BZZ, WRONG!!


The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the United States of America. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises—the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.


The United States Department of Housing and Urban Development (HUD) is a Cabinet department in the Executive branch




July 8, 2004

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities

HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 17, 2004


Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004

2003-2004? OH THE SAME THING BUSH ADMINN SAID, BEFORE DUBYA CREATED THE SUBPRIME BUBBLE:

The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008


BUSH:

September 10, 2003


Testimony from Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s

Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

Yep, he said "far from it" If you read the testimony, you'd see he reiterated that position. And then you'd see one of the reasons Snow said why they would like the regulation would be to better enforce the housing goals



STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".

 

[EdwardBaiamonte]

So you'll stick with being IGNORANT got it

"Jun 16, 2005

According to estimates by The Economist, the total value of residential property in developed economies rose by more than $30 trillion over the past five years, to over $70 trillion, an increase equivalent to 100% of those countries' combined GDPs"


But YES, Dubya took a $1 trillion a year mortgage market at THE END OF 2000 AND PUSHED IT TO $4 TRILLION A YEAR BY 2004!

The real surge in the mortgage market began in 2001 (the year of the stock market crash). From 2000 -2004, residential originations the U.S. climbed from about $1trillion to almost $4 trillion.

About 70% of this rise was accounted for by people refinancing their conventional mortgages at lower interest rates

http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf



HOUSEHOLD DEBT DOUBLED IN DUBYA'S FIRST 7 YEARS ALSO!!!!

1) Dubya was not a conservative so who cares

2) Dubya did not control Fan Fred which were massive liberal GSE's designed to subvert the free market to get people into homes the free market said they could not afford. It is liberals who support intervention and conservatves who support free markets

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank


Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:

Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.

"2) Dubya did not control Fan Fred"

BZZ, WRONG!!


The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the United States of America. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises—the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.


The United States Department of Housing and Urban Development (HUD) is a Cabinet department in the Executive branch




July 8, 2004

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities

HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 17, 2004


Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004

2003-2004? OH THE SAME THING BUSH ADMINN SAID, BEFORE DUBYA CREATED THE SUBPRIME BUBBLE:

The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008


BUSH:

September 10, 2003


Testimony from Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s

Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

Yep, he said "far from it" If you read the testimony, you'd see he reiterated that position. And then you'd see one of the reasons Snow said why they would like the regulation would be to better enforce the housing goals



STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".

which goes to prove that Bush was not really a conservative. Next?

 

[Shanty]

[MENTION=49669]Dad2three[/MENTION]
You've created a very good thread and have shown us all you understand the economics of the complete failure of conservative economic policies.

 

[EdwardBaiamonte]

[MENTION=49669]Dad2three[/MENTION]
You've created a very good thread and have shown us all you understand the economics of the complete failure of conservative economic policies.

please tell us best example of conservative failure. Thanks

 

[Shanty]

[MENTION=49669]Dad2three[/MENTION]
You've created a very good thread and have shown us all you understand the economics of the complete failure of conservative economic policies.

please tell us best example of conservative failure. Thanks

Deregulation and under regulation of banking/finance, creating the housing bubble and Great Recession.

 

[Dad2three]

1) Dubya was not a conservative so who cares

2) Dubya did not control Fan Fred which were massive liberal GSE's designed to subvert the free market to get people into homes the free market said they could not afford. It is liberals who support intervention and conservatves who support free markets

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank


Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:

Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.

"2) Dubya did not control Fan Fred"

BZZ, WRONG!!


The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the United States of America. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises—the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.


The United States Department of Housing and Urban Development (HUD) is a Cabinet department in the Executive branch




July 8, 2004

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities

HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 17, 2004


Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004

2003-2004? OH THE SAME THING BUSH ADMINN SAID, BEFORE DUBYA CREATED THE SUBPRIME BUBBLE:

The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008


BUSH:

September 10, 2003


Testimony from Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s

Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

Yep, he said "far from it" If you read the testimony, you'd see he reiterated that position. And then you'd see one of the reasons Snow said why they would like the regulation would be to better enforce the housing goals



STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".

which goes to prove that Bush was not really a conservative. Next?

Good you agree though, Dubya REGULATOR failure caused the subprime problem in the USA after the Banksters created a credit bubble world wide and Dubya ignored MANY warnings that started with the FBii'S IN 2004.

and THAT DESPITE RIGHT WING myths,CRA AND FANNIE/Freddie didn't contribute much to Dubya's subprime crisis nor did the fed reserves monetary policy. Though Dubya's policy of FORCING F/F to purchase $440 BILLION in MBS's (to meet his 'goals') DID cause F/F too fail!

 

[Dad2three]

[MENTION=49669]Dad2three[/MENTION]
You've created a very good thread and have shown us all you understand the economics of the complete failure of conservative economic policies.

please tell us best example of conservative failure. Thanks

Conservative Ideas Can't Escape Blame for the Financial Crisis



The onset of the recent financial crisis in late 2007 created an intellectual crisis for conservatives, who had been touting for decades the benefits of a hands-off approach to financial market regulation. As the crisis quickly spiraled out of control, it quickly became apparent that the massive credit bubble of the mid-2000s, followed by the inevitable bust that culminated with the financial markets freeze in the fall of 2008, occurred predominantly among those parts of the financial system that were least regulated, or where regulations existed but were largely unenforced.

Predictably, many conservatives sought to blame the bogeymen they always blamed.


Politics Most Blatant | Center for American Progress

 

[Dad2three]

1) Dubya was not a conservative so who cares

2) Dubya did not control Fan Fred which were massive liberal GSE's designed to subvert the free market to get people into homes the free market said they could not afford. It is liberals who support intervention and conservatves who support free markets

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank


Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:

Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.

"2) Dubya did not control Fan Fred"

BZZ, WRONG!!


The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the United States of America. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises—the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.


The United States Department of Housing and Urban Development (HUD) is a Cabinet department in the Executive branch




July 8, 2004

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities

HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 17, 2004


Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004

2003-2004? OH THE SAME THING BUSH ADMINN SAID, BEFORE DUBYA CREATED THE SUBPRIME BUBBLE:

The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008


BUSH:

September 10, 2003


Testimony from Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s

Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

Yep, he said "far from it" If you read the testimony, you'd see he reiterated that position. And then you'd see one of the reasons Snow said why they would like the regulation would be to better enforce the housing goals



STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".

which goes to prove that Bush was not really a conservative. Next?

How about EVERY GOPer that voted unanimously for the ADDI (Dream down payment) that handed out $800 million in 4 years to those without a single dollar down ($200 million a year to help first-time buyers with down payments and closing costs.)? Or the same GOPers who gave the first-time buyers a government insured mortgages with no money down? NONE of them were conservative either?

 

[Dad2three]

1) Dubya was not a conservative so who cares

2) Dubya did not control Fan Fred which were massive liberal GSE's designed to subvert the free market to get people into homes the free market said they could not afford. It is liberals who support intervention and conservatves who support free markets

"These two entities—Fannie Mae and Freddie Mac—are not facing any kind of financial crisis," said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. "The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing."-Barney Frank


Rep. Maxine Waters (D., Calif.), speaking to Housing and Urban Development Secretary Mel Martinez:

Secretary Martinez, if it ain't broke, why do you want to fix it? Have the GSEs [government-sponsored enterprises] ever missed their housing goals?

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Frank: I do think I do not want the same kind of focus on safety and soundness that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing. . . .

* * *
House Financial Services Committee hearing, Sept. 25, 2003:

Rep. Gregory Meeks, (D., N.Y.): . . . I am just pissed off at Ofheo [Office of Federal Housing Enterprise Oversight] because if it wasn't for you I don't think that we would be here in the first place.

"2) Dubya did not control Fan Fred"

BZZ, WRONG!!


The Office of Federal Housing Enterprise Oversight (OFHEO) was an agency within the Department of Housing and Urban Development of the United States of America. It was charged with ensuring the capital adequacy and financial safety and soundness of two government sponsored enterprises—the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac). It was established by the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.


The United States Department of Housing and Urban Development (HUD) is a Cabinet department in the Executive branch




July 8, 2004

HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

New regulations will increase mortgage financing for homebuyers and underserved communities

HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


June 17, 2004


Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.


Home builders fight Bush's low-income housing - Jun. 17, 2004

2003-2004? OH THE SAME THING BUSH ADMINN SAID, BEFORE DUBYA CREATED THE SUBPRIME BUBBLE:

The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008


BUSH:

September 10, 2003


Testimony from Treasury Secretary John Snow to the REPUBLICAN CONGRESS concerning the 'regulation’ of the GSE’s

Mr. Frank: ...Are we in a crisis now with these entities?

Secretary Snow. No, that is a fair characterization, Congressman Frank, of our position. We are not putting this proposal before you because of some concern over some imminent danger to the financial system for housing; far from it.
- THE TREASURY DEPARTMENT'S VIEWS ON THE REGULATION OF GOVERNMENT SPONSORED ENTERPRISES

Yep, he said "far from it" If you read the testimony, you'd see he reiterated that position. And then you'd see one of the reasons Snow said why they would like the regulation would be to better enforce the housing goals



STATEMENT OF ADMINISTRATION POLICY

The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers".

which goes to prove that Bush was not really a conservative. Next?

Glad you agree the Dems who had ZERO power in the GOP majority House 1995- Jan 2007 could say ANYTHING and it wouldn't matter. In fact they could run around nekkid on fire, and not stop a SINGLE GOP bill in the GOP House 1995- Jan 2007, like today!