Pathetic Obama Claims Credit For Trump Economic Boom

[Dragonlady]

You clowns whine about having to use the "avgs" when talking about polls.

Avg Unemployment rate for Obama: 7.4%

Avg Unemployment rate for Trump: 4.8%

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This is where you blame Bush and/or move the goal posts.

Obama was handed the worst worldwide economic crash since 1929. The economy shed 900,000 jobs the month he was Inaugurated. Obama recovered the 5 million jobs lost in the BUSH CRASH, and added 9 million new jobs over the course of his Presidency. That's while operating under the Republican economic sequestration for 6 of his 8 years in office, with a Republican House and Senate, thwarting anything that would have helped kick start the economy.

OH of course Obama caused the GREAT RECESSION!
Here are the FACTS for dummies like you that don't have the average attention span of 8.5 seconds!
Great recession crisis in 2007-8 right?
First of all you obviously get your uninformed information from sources that donated 96% to Hillary in 2016 and 90% to Biden.
This group promoted Bush's administration as the fault.
First of all where are your links to your so called Bush recession. NO FACTS.

Let me ask you a simple question. You ever hear of Fannie Mae and Freddie Mac?
Most likely not!
"The root cause was excessive mortgage lending to borrowers who normally would not qualify for a home loan,

Great Recession: What It Was and What Caused It

Learn what the Great Recession was, the key factors that caused it, how it affected markets and jobs, and the lessons learned from the global financial crisis.

www.investopedia.com

Now again you probably were in grade school when this happened: 1) Obama as a lawyer filed the "redlining" lawsuit in 1995 against Citibank.
FACT: Obama leverage the 1995 lawsuit against Citibank in Chicago that caused the housing collapse!"
By the way Obama's final bill on the case was 138 hours, or $23,000.
Obama Required Banks to Lend Money to Poor People
That settlement was only the tip of the iceberg.
When Citibank, in April 1998, sought federal approval for a merger with Travelers Group, it only got OK from the Clinton administration progressives after it promised in May to provide $115B for anti-redlining loans.
Subprime Bubble: Obama 'Vampire Socialism' Built It

Subprime Bubble: Obama 'Vampire Socialism' Built It

Housing Crisis: Previously unpublished court documents reveal that as a young lawyer from Chicago, President Obama's lawsuit against big banks started inflating the housing bubble that created the mess he... Read More

www.investors.com

Now you probably don't know who Barney Frank was!
FACT: Barney Frank - Wikipedia
A Democrat, Frank served as chairman of the House Financial Services Committee from 2007 to 2011 and was a leading co-sponsor of the 2010 Dodd–Frank Act. Frank, a resident of Newton, Massachusetts,
2) Barney Frank Used Influence with Fannie Mae, the Failed Mortgage Giant Bailed Out by Taxpayers"
Former House Banking Committee Chairman Barney Frank (D-Mass.) tenaciously opposed efforts to reform Fannie Mae and Freddie Mac, the government-sponsored mortgage giants that were bailed out at a cost to taxpayers of between $148 billion and $363 billion.

Now it turns out that he got his boyfriend a “handsomely rewarded gig at Fannie Mae” while Frank “was helping to inflate the housing bubble” by pushing affordable housing mandates and policies that encouraged Fannie Mae to buy up risky mortgages.

Fannie Mae and Freddie Mac engaged in massive accounting fraud and other abuses.
But Fannie Mae’s collapse was not entirely due to bad policies of its own making.
Pressure from liberal lawmakers like Barney Frank to
"buy up risky mortgages was also a factor in triggering the mortgage crisis, judging from a story in the New York Times."
The executives of government-backed mortgage giants Fannie Mae and Freddie Mac “eventually yielded to those pressures, effectively wagering that if things got too bad, the government would bail them out.”
As the New York Times noted, That law, the Dodd-Frank Act, harms the economy, and violates both the Constitution’s separation of powers, and private property and equal-protection rights.

Barney Frank Used Influence with Fannie Mae, the Failed Mortgage Giant Bailed Out by Taxpayers - Competitive Enterprise Institute

Former House Banking Committee Chairman Barney Frank (D-Mass.) tenaciously opposed efforts to reform Fannie Mae and Freddie Mac, the government-sponsored mortgage giants that were bailed out at a cost to taxpayers of between $148 billion and $363 billion. Now it turns out that he got his...

cei.org

BUT NOTE Barney Frank in 2021 he re-canted his support for Fannie and Freddie MAE!!
This is what Frank said in 2021.... after he and his boyfriend profited !
...in a recent CNBC interview, Frank told me that he was ready to say goodbye to Fannie and Freddie.
"I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it."
He then added, "I had been too sanguine about Fannie and Freddie."

Barney Frank Comes Home to the Facts | RealClearPolitics

Can you teach an old dog new tricks? In politics, the answer is usually no. Most elected officials cling to their ideological biases, despite the real-world facts that disprove their theories time...

www.realclearpolitics.com

The root cause of the recession was Wall Street Greed. NOTHING to do with Fannie and Freddie.

Your causes of the recession are completely WRONG, as usual. The recession was caused by the deregulation of the American banking industry, interest rate cuts in the wake of 9-11, and lax lending standards.

Post 9-11, W. lowered interest rates to help keep the nation from falling into a recession since so many corporate head offices were lost in the attack.

In 2003 W, signed The American Dream Downpayment Act into law, because home ownership levels in the USA were at their lowest in history.

President Bush Signs American Dream Downpayment Act of 2003

President Bush on Tuesday signed into law the American Dream Downpayment Act of 2003, which will help approximately 40,000 families a year with their down payment and closing costs, and further strengthen America's housing market.

georgewbush-whitehouse.archives.gov

Fannie Mae and Freddie didn't even start makinig subprime loans until 2006, and by that time every economist in the world was warning of the dangers of subprime mortgages. Millions of early buyers who had purchased with the much cheaper ARM Mortgages, saw their interest rates double two years after they purchased their houses, and they could no longer afford the payments.

Nothing to do with Freddie and Fannie Mae. Everything to do with W's policies and the deregulation of the banking industry. The Motley Fool explains it well:

Cheap credit and relaxed lending standards allowed many high-risk borrowers to purchase overpriced homes, fueling a housing bubble. As the housing market cooled, many homeowners owed more than what their homes were worth. As the Federal Reserve Bank raised interest rates, homeowners, especially those who had adjustable-rate mortgages (ARMs) and interest-only loans, were unable to make their monthly payments. They could not refinance or sell their homes due to real estate prices falling. Between 2007 and 2010, there were nearly 4 million foreclosures in the U.S.

This had a huge impact on mortgage-backed securities (MBS) and collateralized debt obligations (CDOs) -- investment products backed by the mortgages. Subprime mortgages were packaged by financial institutions into complicated investment products and sold to investors worldwide. By July 2008, 1 out of 5 subprime mortgages were delinquent with 29% of ARMs seriously delinquent. Financial institutions and investors holding MBS and CDOs were left holding trillions of dollars' worth of near-worthless investments.

The Subprime Mortgage Crisis of 2008: A Beginner's Guide | The Motley Fool

The subprime mortgage crisis of 2008 triggered a global financial crisis. Learn about the risky practices that caused it and the long-term fallout.

www.fool.com