And NO OFFENSE Taken!
But to have 157 visits when the previous administration apparently left well enough alone that there was ONLY ONE visit in five years by the comparable
IRS head.. just begs the question... WHY?
I mean revenue collections were up...
GET THE SOURCE HERE:
Historical Federal Receipt and Outlay Summary
1992 to 2000 total revenue $14.518 trillion Clinton
2001 to 2008 revenue $17.159 Bush HIGHEST EVER COLLECTED!
2009 to projected 2014 $14.767 Obama
So in spite of the stimulus jolting tax cuts in 2003
In spite of 1 million jobs lost due to dot.com bust, 9/11 and worst hurricane SEASONS not just hurricanes..all cost $8 trillion in lost assets.
And in spite of these warnings by Bush administration...
His administration was LAUGHED AT BY Democrats Frank and Dodd after 17 times trying to get Fannie/Freddie fixed!
"Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. 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. 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)
Now A recent study released 12/12/12.. shows THE CRA was a major contributor!!!
"
We find that adherence to the act led to riskier lending by banks: in the six quarters surrounding the CRA exams lending is elevated on average by about 5 percent every quarter and loans in these quarters default by about 15 percent more often.
These patterns are accentuated in CRA-eligible census tracts and are concentrated among large banks."
New study concludes that the Community Reinvestment Act ?clearly? did lead to risky lending | AEIdeas
So in spite of ignoring warnings Bush administration saw the highest revenue collections.