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U.S. Jobless Rate Unexpectedly Declines to 8.6%

Goldenboy219 said:
Nothing to make you even imagine this as a "left wing" leaning company. So you will not have a problem with this report, and will base all critiques on flaws regarding their quantitative models.
Click to expand...

From your first quoted piece, "... producing a bubble when millions of people became homeowners who probably should not have. These people are now losing their homes in foreclosure,..."

We certainly can agree on this. If they are not left-leaning why do you think bullying banks into loaning money to people incapable of paying the loans would be tied to Reagan's policies?
 
j-mac said:
Just a little more on Mr. Frank and his dubious pronouncements....





Just more rats jumping ship.


j-mac
Click to expand...

It is too bad we cannot go after his wealth. He caused. He should have to buy it.
 
VanceMack said:
Look at yourself all cute, tripping over yourself claiming this massive victory over a statistic that you and everyone else knows is a lie.

When the actual unemployment rate drops...when people are actually working again and we dont just have a cosmetic bounce because 350k have bailed on the workforce. When states like Nevada and Michigan arent running double digit unemployment rates. When ACTUAL unemployment (you know...the figure that shows what the actual unemployment rates are including those that are no longer eligible for benefits and not just the first time claimers) figures improve, I will toast the success of the great leader. Until then...I will continue to laugh at morons who desperately cling to seasonal retail employment figures and people that are so disgusted and disenchanted that they just quit as if they are a 'good' thing.
Click to expand...

Look - we get it that the numbers are bad for your partisan cause. It would be better for you if things stayed really bad for another 11 months before they began to rebound. No mystery there.
 
Misterveritis said:
It is too bad we cannot go after his wealth. He caused. He should have to buy it.
Click to expand...

BS typical of conservative propaganda used to pass the buck, The banks were not only respsonsible for the loans they made but they used tactics that were nothing short of fraud, lots of these bankers belong in jail along with realitors that were also involved

Capitalism Without Failure: 60 Minutes Exposes Specific Instances of Actionable High-Level Fraud at Citibank and Countrywide - It is being Actively Ignored
 
My wife and I used to go and look at new houses, and spent some time debating whether to trade up to a larger one or not. I'm glad now that we stayed in our old, paid for house.

I wondered at the time just who, in this rather low income area, was buying all of the high end houses that were being built. They seemed to start at around 2,500 square feet and go up from there.

Now I know. The houses were sold to people who should have been purchasing smaller and less expensive houses, people who now are defaulting on those creative loans.

What I can't see is how the government "forced" lenders to make all the creative below market mortgages. It looks to me as if the lenders were speculating on the market, as were the buyers. Some of both made quite a lot of money on this speculation before the market crashed.

What should have been done, but wasn't, by the government was regulation to keep mortgage lenders and borrowers alike from speculating with leveraged money.

But, the government forced lenders to do this? There really isn't a case for that.
 
To those not willing to accept that the housing failure was due to progressive tactics that are not only still in place, but many on the progressive side would like to see them ramped up...

WASHINGTON – Using tools provided by the federal Community Reinvestment Act, community organizers led by a self-described "banking terrorist" applied bullying tactics to secure high-risk mortgages and to shake down lending institutions for billions of dollars – actions that likely contributed to the "mortgage meltdown" that triggered the worst economic crisis since the Great Depression.

That's the substance of a new report by the Capital Research Center on the Neighborhood Assistance Corporation of America headed by Bruce Marks.


"Time and again, NACA has combined the street tactics of protest and demonstration with public policy tools such as the Community Reinvestment Act to pressure banks into expanding their operations in poor neighborhoods," says the report authored by David Hogberg. "NACA typically extracts self-serving concessions from banks, forcing them to provide it with funds that it then uses to make mortgage loans to low-income borrowers. NACA rolls the fees it earns servicing these loans back into its campaign of bullying banks."

In 2007, the year before the crash, NACA obtained $10 billion in bank commitments for its own loan commitments with what the group admits were aggressive, hounding intimidation tactics.

"NACA has been accused of being overly aggressive and personal," explains the group's website. "NACA wears this as a badge of honor, leaving no stone unturned and often hounding CEOs from their shareholder meetings to their homes. The rationale is simple: lenders have a personal and often devastating impact on the lives of the people who they refuse to provide affordable credit to or take advantage of through predatory loans and scams."

Read more: How banks were bullied into making bad loans How banks were bullied into making bad loans
Click to expand...

j-mac
 
Dittohead not! said:
My wife and I used to go and look at new houses, and spent some time debating whether to trade up to a larger one or not. I'm glad now that we stayed in our old, paid for house.

I wondered at the time just who, in this rather low income area, was buying all of the high end houses that were being built. They seemed to start at around 2,500 square feet and go up from there.

Now I know. The houses were sold to people who should have been purchasing smaller and less expensive houses, people who now are defaulting on those creative loans.

What I can't see is how the government "forced" lenders to make all the creative below market mortgages. It looks to me as if the lenders were speculating on the market, as were the buyers. Some of both made quite a lot of money on this speculation before the market crashed.

What should have been done, but wasn't, by the government was regulation to keep mortgage lenders and borrowers alike from speculating with leveraged money.

But, the government forced lenders to do this? There really isn't a case for that.
Click to expand...


I disagree. The government was responsible for creating, promoting, and passing off a GSE to banks as a legitimate backer tied to the government. And the government created the CRA which was responsible for loosening banking standards that allowed banks to create a risky investment tool to mitigate their risk that they were being told they had to take, and when regulators started blowing the whistle, demo's berated them, and called the regulators the problem....Should I post yet again the video?

Many factors were involved in the housing bubble, and blaming one source is foolish.

j-mac
 
j-mac said:
I disagree. The government was responsible for creating, promoting, and passing off a GSE to banks as a legitimate backer tied to the government. And the government created the CRA which was responsible for loosening banking standards that allowed banks to create a risky investment tool to mitigate their risk that they were being told they had to take, and when regulators started blowing the whistle, demo's berated them, and called the regulators the problem....Should I post yet again the video?

Many factors were involved in the housing bubble, and blaming one source is foolish.

j-mac
Click to expand...
Those standards applied to "community" banks only, hence the name Community Reinvestment Act. CRA. The fact is that 84% of the sub-prime loans were given by private lenders. And it was Rep. Barney Frank who drafted the required legislation in March of 2007 soon after the Democrats took control of the House.

Bill Summary & Status - 110th Congress (2007 - 2008) - H.R.1427 - THOMAS (Library of Congress)
 
pbrauer said:
Those standards applied to "community" banks only, hence the name Community Reinvestment Act. CRA. The fact is that 84% of the sub-prime loans were given by private lenders. And it was Rep. Barney Frank who drafted the required legislation in March of 2007 soon after the Democrats took control of the House.

Bill Summary & Status - 110th Congress (2007 - 2008) - H.R.1427 - THOMAS (Library of Congress)
Click to expand...

Puhleeze. Obviously you are not watching my posted vids. Please go back and get yourself up to speed before you attempt to address the subject.

j-mac
 
j-mac said:
To those not willing to accept that the housing failure was due to progressive tactics that are not only still in place, but many on the progressive side would like to see them ramped up...



j-mac
Click to expand...

Wow. World Nut Daily, huh? The world's leading media for Birther updates.

I don't know what's worse ... that you think referring to World Nut Daily wins your argument for you or that you're clearly under the delusion the Gramm-Leach-Bliley Act was "proressive policy."
 
Sheik Yerbuti said:
Wow. World Nut Daily, huh? The world's leading media for Birther updates.

I don't know what's worse ... that you think referring to World Nut Daily wins your argument for you or that you're clearly under the delusion the Gramm-Leach-Bliley Act was "proressive policy."
Click to expand...

Is that all you got? Dismiss the source, instead of address the substance? Sorry, you lost the debate on that alone.

j-mac
 
EarlzP said:
BS typical of conservative propaganda used to pass the buck, The banks were not only respsonsible for the loans they made but they used tactics that were nothing short of fraud, lots of these bankers belong in jail along with realitors that were also involved

Capitalism Without Failure: 60 Minutes Exposes Specific Instances of Actionable High-Level Fraud at Citibank and Countrywide - It is being Actively Ignored
Click to expand...

I know you get a hard-on every time this comes up. But it is what it is. Barney Frank is a villain. You are an apologist for villains who are liberals. I get it.
 
Last edited:
 
j-mac said:
Is that all you got? Dismiss the source, instead of address the substance? Sorry, you lost the debate on that alone.

j-mac
Click to expand...

Ok, ok ... I get that you think World Nut Daily is a credible source. I get that you're under the delusion that the Gramm-Leach-Bliley act was "progressive policy." I get that you believe you can undermine all that was posted here by credible sources with one of the right wing's wackiest sources. But who knew you were desperate enough to declare victory over all of that?

Hey, wanna see me refute your World Nut Daily article with one from the Daily Kos??

:lamo:lamo:lamo
 
j-mac said:
Puhleeze. Obviously you are not watching my posted vids. Please go back and get yourself up to speed before you attempt to address the subject.

j-mac
Click to expand...

The video and taking people words out of context mean nothing to me. The Democrats lost control of the House in 1994 and regained control in 2006 and one of the first things they do is correct the problem. Rep. Barney Frank no less did it.:lamo
 
Misterveritis said:
I know you get a hard-on every time this comes up. But it is what it is. Barney Frank is a villain. You are an apologist for villains who are liberals. I get it.
Click to expand...

So Barney Frank


Lone Congressman by night, but by day is the most powerfull man in the US?

able to force his will on a Republican President, a republican controlled Congress, and Rebublican controlled Senate, like only a man with Super powers would be able to.

All hail barney Frank the all powerfull super man

If you dont understand the above, it is to illustrate that Barney Frank was and is one man in Congress. He was not leader of the House, (a more powerfull position) he is and was not a senator ( a more powerfull position) he was and is not the President of the US, a vastly more powerfull position. The thought process that wants to blame Frank for the housing mess seems to disregard the above facts, and as such logic itself unless Barney Frank has photos of most republicans in comprimising sexual positions ( Barney Frank and the Republican Caucus in a bukake video for example)

As I doubt such a video exists, it is faultly logic and a disregard for the facts that is at fault
 
I can't believe the conservatives are still trying to flog this dead horse. :lol:

Let's recap:

* Obama wasn't born in Kenya;
* Obama isn't a Muslim;
* He did inherit a massive recession;
* CRA didn't cause the recession.
 
Lord Tammerlain said:
So Barney Frank


Lone Congressman by night, but by day is the most powerfull man in the US?

able to force his will on a Republican President, a republican controlled Congress, and Rebublican controlled Senate, like only a man with Super powers would be able to.

All hail barney Frank the all powerfull super man

If you dont understand the above, it is to illustrate that Barney Frank was and is one man in Congress. He was not leader of the House, (a more powerfull position) he is and was not a senator ( a more powerfull position) he was and is not the President of the US, a vastly more powerfull position. The thought process that wants to blame Frank for the housing mess seems to disregard the above facts, and as such logic itself unless Barney Frank has photos of most republicans in comprimising sexual positions ( Barney Frank and the Republican Caucus in a bukake video for example)
Click to expand...
What Barney Frank is, is a Democrat. That is the only criteria needed by the right for them to blame him.
 
Misterveritis said:
I know you get a hard-on every time this comes up. But it is what it is. Barney Frank is a villain. You are an apologist for villains who are liberals. I get it.
Click to expand...

You are right I get p-ssed every time I see this buck passing going on, the man at the helm when all of this sh-t was taking place was none other then ex president GW Bush, not President B Obama. When President Bush was standing on that carrier claiming victory he should have been on the tube warning the people that put him im office of the pending economic mess we were facing in America. Just months before the economic crisis came to light he stood there and said the economy was in good shape maybe he did not mean the American economy.

I supplied a source all you supplied was more denial of responsibility and your nonsensical attack on me, why? my opinion is that is all you have.


Capitalism Without Failure: 60 Minutes Exposes Specific Instances of Actionable High-Level Fraud at Citibank and Countrywide - It is being Actively Ignored
Click to expand...
 
Sheik Yerbuti said:
What Barney Frank is, is a Democrat. That is the only criteria needed by the right for them to blame him.
Click to expand...

Barney Frank in 2001 till about 2006 was claiming over and over, loudly that Fannie and Freddie were not only sound but should be expanded. Meanwhile the congressional black caucus was tossing the race card around at the OFHEO regulators and anyone that tried to reform the two GSEs because they were an absolute lock on votes for them.

Here is a small timeline:


** 2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

via : Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis… Records Show He Warned Congress 17 Times in 2008 Alone | The Gateway Pundit
 
OpportunityCost said:
Barney Frank in 2001 till about 2006 was claiming over and over, loudly that Fannie and Freddie were not only sound but should be expanded. Meanwhile the congressional black caucus was tossing the race card around at the OFHEO regulators and anyone that tried to reform the two GSEs because they were an absolute lock on votes for them.

Here is a small timeline:


** 2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

** 2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

** 2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

** 2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

** 2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

** 2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

** 2008

January: Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation
and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.

via : Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis… Records Show He Warned Congress 17 Times in 2008 Alone | The Gateway Pundit
Click to expand...

Throw enough cut and paste links up,it might help.
 
treedancer said:
Throw enough cut and paste links up,it might help.
Click to expand...

What we have here is the inability to defend or even discuss the Obama record so supporters have to come back and continue to demonize Bush. That speaks volume about the upcoming 2012 campaign and how nasty it is going to be. It will be the Obama record on the ballot in 2012 not the CRA or Bush. Obama has had three years to generate results and has, mostly negative. There is a reason his poll numbers are so low and it has nothing to do with Bush.
 
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