Obama was underwater a good many times -- in polls

[Robert W]

Wow, Good thing since the vast majority of the subprime bubble was self dealing mortgage brokers and real estate agents pushing the subprime ponzi scheme

You do not know the business, the industry or the facts.

 

[Robert W]

lmaorog

So you can't read a graph?


How about THIS



From Bush's President's Working Group on Financial Markets October 2008

"The Presidents Working Group's March policy statement acknowledged that 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."




CLINTON HUH?

 

[Lesh]

The housing mess was caused by PRIVATE mortgage lenders handing out loans to people who couldn’t pay them back unless the houses rapidly appreciated and they were resold.

YOU admit be not only being one of the mortgage lenders but also a realtor drawing big commissions off those housing sales

YOU were the cause of that . YOU profited hugely from it

 

[Alicia J]

Thank you, dolt. You're just confirming that the stock market crash and the Great Recession was mostly Bush's fault.

 

[Alicia J]

Obama was in office for eight years and never saw an annual GDP growth rate of 3%. The only two term president in U.S. history to have that distinction.

Yep....tells you how badly Bush fucked up with the Great Recession, doesn't it?

 

[Robert W]

Thank you, dolt. You're just confirming that the stock market crash and the Great Recession was mostly Bush's fault.

All utterly wrong.

Here at IBD, we've done more than a dozen pieces — most recently, in yesterday's paper — detailing how rewrites of the Community Reinvestment Act in 1995 under President Clinton, along with major regulatory changes pushed by the White House in the late 1990s, created the boom in subprime lending, the surge in exotic and highly risky mortgage-backed securities, and the housing boom whose government-fed excesses led to inevitable collapse.

Despite this clear record, we're now besieged by enterprising journalists blaming Republican "deregulation" or the president's failure to recognize the seriousness of the problem or act. But these claims fall apart, as a partial history of the last decade shows.

Bush's first budget, written in 2001 — seven years ago — called runaway subprime lending by the government-sponsored enterprises Fannie Mae and Freddie Mac "a potential problem" and warned of "strong repercussions in financial markets."

In 2003, Bush's Treasury secretary, John Snow, proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." Did Democrats in Congress welcome it? Hardly.

"I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del.

Unfortunately, it was broke.

In November 2003, just two months after Frank's remarks, Bush's top economist, Gregory Mankiw, warned: "The enormous size of the mortgage-backed securities market means that any problems at the GSEs matter for the financial system as a whole." He too proposed reforms, and they too went nowhere.

In the next two years, a parade of White House officials traipsed to Capitol Hill, calling repeatedly for GSE reform. They were ignored. Even after several multibillion-dollar accounting errors by Fannie and Freddie, Congress put off reforms.

In 2005, Fed chief Alan Greenspan sounded the most serious warning of all: "We are placing the total financial system of the future at a substantial risk" by doing nothing, he said. When a bill later that year emerged from the Senate Banking Committee, it looked like something might finally be done.

Unfortunately, as economist Kevin Hassett of the American Enterprise Institute has noted, "the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter."

Had they done so, it's likely the mortgage meltdown wouldn't have occurred, or would have been of far less intensity. President Bush and the Republican Congress might be blamed for many things, but this isn't one of them. It was a Democratic debacle, from start to finish.

 

[Lesh]

All utterly wrong.

Here at IBD, we've done more than a dozen pieces — most recently, in yesterday's paper — detailing how rewrites of the Community Reinvestment Act in 1995 under President Clinton, along with major regulatory changes pushed by the White House in the late 1990s, created the boom in subprime lending, the surge in exotic and highly risky mortgage-backed securities, and the housing boom whose government-fed excesses led to inevitable collapse.

Despite this clear record, we're now besieged by enterprising journalists blaming Republican "deregulation" or the president's failure to recognize the seriousness of the problem or act. But these claims fall apart, as a partial history of the last decade shows.

Bush's first budget, written in 2001 — seven years ago — called runaway subprime lending by the government-sponsored enterprises Fannie Mae and Freddie Mac "a potential problem" and warned of "strong repercussions in financial markets."

In 2003, Bush's Treasury secretary, John Snow, proposed what the New York Times called "the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago." Did Democrats in Congress welcome it? Hardly.

"I do not think we are facing any kind of a crisis," declared Rep. Barney Frank, D-Mass., in a response typical of those who viewed Fannie and Freddie as a party patronage machine that the GOP was trying to dismantle. "If it ain't broke, don't fix it," added Sen. Thomas Carper, D-Del.

Unfortunately, it was broke.

In November 2003, just two months after Frank's remarks, Bush's top economist, Gregory Mankiw, warned: "The enormous size of the mortgage-backed securities market means that any problems at the GSEs matter for the financial system as a whole." He too proposed reforms, and they too went nowhere.

In the next two years, a parade of White House officials traipsed to Capitol Hill, calling repeatedly for GSE reform. They were ignored. Even after several multibillion-dollar accounting errors by Fannie and Freddie, Congress put off reforms.

In 2005, Fed chief Alan Greenspan sounded the most serious warning of all: "We are placing the total financial system of the future at a substantial risk" by doing nothing, he said. When a bill later that year emerged from the Senate Banking Committee, it looked like something might finally be done.

Unfortunately, as economist Kevin Hassett of the American Enterprise Institute has noted, "the bill didn't become law, for a simple reason: Democrats opposed it on a party-line vote in the committee, signaling that this would be a partisan issue. Republicans, tied in knots by the tight Democratic opposition, couldn't even get the Senate to vote on the matter."

Had they done so, it's likely the mortgage meltdown wouldn't have occurred, or would have been of far less intensity. President Bush and the Republican Congress might be blamed for many things, but this isn't one of them. It was a Democratic debacle, from start to finish.

F&F standards were much tougher than private lenders and they got into the subprime market late in the game

This clown as a mortgage lender , appraiser, and realtor during that time knows that.

In face he was part of the engine that made that shit go off the rails

So take his posts with a big shovel full of salt

 

[Robert W]

F&F standards were much tougher than private lenders and they got into the subprime market late in the game

This clown as a mortgage lender , appraiser, and realtor during that time knows that.

In face he was part of the engine that made that shit go off the rails

So take his posts with a big shovel full of salt

Yes, FF got into the game late. In time to be a major factor in the market crash. Look donut seller, try not to be jealous.

 

[Lesh]

Yes, FF got into the game late. In time to be a major factor in the market crash. Look donut seller, try not to be jealous.

Try not to be jealous that YOU were one of those driving the crash?

Nope

And yes F&F got into the Ponzi scheme you were promoting late.

And when you get in late you get screwed

And they did

 

[Robert W]

F&F standards were much tougher than private lenders and they got into the subprime market late in the game

This clown as a mortgage lender , appraiser, and realtor during that time knows that.

In face he was part of the engine that made that shit go off the rails

So take his posts with a big shovel full of salt

I stopped appraising when Clinton was president.

Eat what you claim is in my shovel.

 

[Robert W]

Try not to be jealous that YOU were one of those driving the crash?

Nope

And yes F&F got into the Ponzi scheme you were promoting late.

And when you get on late you get screwed

And they did

Out of huge number of loans, 3 clients sought and were given loans that ended up harming them. But they demanded they get them. One was a well-heeled black former executive who had bought over a dozen homes he turned into rentals I tried to tell him he was moving way too fast. He went ahead and ended up bankrupt.

 

[Lesh]

Out of huge number of loans, 3 clients sought and were given loans that ended up harming them. But they demanded they get them. One was a well-heeled black former executive who had bought over a dozen homes he turned into rentals I tried to tell him he was moving way too fast. He went ahead and ended up bankrupt.

Sure buddy

Sure

 

[Robert W]

Sure buddy

Sure

You saying you knew my clients?

 

[tahuyaman]

Yep....tells you how badly Bush fucked up with the Great Recession, doesn't it?

Idiots blamed Bush for eight years of mediocrity over Obama’s two terms.

 

[Robert W]

Yep....tells you how badly Bush fucked up with the Great Recession, doesn't it?

Congress, care of Barney Franks (D) turned down laws that could have prevented the crash.

Here is Franks explaining there would not be a crash.
Franks blocked solutions Bush asked for.

 

[Alicia J]

Idiots blamed Bush for eight years of mediocrity over Obama’s two terms.

Whatever that means. Bush wrecked the economy in 2008. And Obama fixed it, but it took a long time. The End.

 

[Robert W]

Whatever that means. Bush wrecked the economy in 2008. And Obama fixed it, but it took a long time. The End.

Bush never wrecked it. Barney Frank (D) wrecked it.

 

[Alicia J]

Bush never wrecked it. Barney Frank (D) wrecked it.

Yes, he did.

Frank was a Congressman. Bush was President. Bush deserves a lot more blame.

 

[Robert W]

Yes, he did.

Frank was a Congressman. Bush was President. Bush deserves a lot more blame.

Frank turned Bush down when Bush explained the housing problem would crash the market.
Frank stopped this law from being enacted.

 

[Alicia J]

Frank turned Bush down when Bush explained the housing problem would crash the market.
Frank stopped this law from being enacted.

More fantasies....