First of all you stupidly don’t define “taxes went up”! You mean more tax revenue came in? YES! As I’ve shown. Also you are like a little kid who thinks the minute someone says want an ice cream cone you and the kid don’t seem to comprehend the process of preparing a cone MUCH less a tax reduction effect doesn’t mean the day passed means immediately the effect occurs understand?
Obama CAUSED the "great recession" and I experienced and lived through IT!!!
FACT:
The root cause was excessive mortgage lending to borrowers who normally would not qualify for a home loan,
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
The cause of the
great recession...
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!"
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
$115 billion for anti-redlining loans. 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Housing Crisis: Previously unpublished court documents reveal that as a young lawyer from Chicago, President Obama's lawsuit against big banks started inflating the housing bubble that created the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
Barney Frank and his boyfriend's role... and Fannie/Freddie!
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.
For example, “
a high-ranking Democrat telephoned executives and screamed at them to purchase more loans from low-income borrowers, according to a Congressional source.” 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.
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."
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
So please read the links!
READ the facts.
The whole "Great Recession" that you uninformedly say (
Obama wasn't so lucky following Bush and the recession that he left him. ) was caused by
Obama's 1995 Citibank lawsuit that gave poor credit holders funding for
"Flipping", i.e.a real estate investment strategy where an investor purchases a property with the intention of selling it for a profit rather than using it.
FACT:
The housing sector led not only the financial crisis, but also the downturn in broader economic activity. Residential investment peaked in 2006, as did employment in residential construction.
The 2007-09 economic crisis was deep and protracted enough to become known as "the Great Recession" and was followed by what was, by some measures, a long but unusually slow recovery.
www.federalreservehistory.org