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Thread: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Conservative View Post
    Weird, I cannot find the legislation that Bush authored or signed that did that, please post that legislation for me?
    Right-wingers Want To Erase How George Bush's "Homeowner Society" Helped Cause The Economic Collapse

    2004 Republican Convention:

    Another priority for a new term is to build an ownership society, because ownership brings security and dignity and independence.
    ...

    Thanks to our policies, home ownership in America is at an all- time high.

    (APPLAUSE)

    Tonight we set a new goal: 7 million more affordable homes in the next 10 years, so more American families will be able to open the door and say, "Welcome to my home."



    From the 2000 GOP Platform:

    “Implement the “American Dream Down Payment” program, which will allow a half million families who currently draw federal rental assistance to become homeowners, and allow families receiving federal rental payments to apply one year’s worth of their existing assistance money toward the purchase of their own first home, thus becoming independent of any further government housing assistance. This approach builds upon our long standing commitment to resident management of public housing and other initiatives.”

    Passed: December 16, 2003 — American Dream Down Payment Initiative (ADDI)


    DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

    Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!


    June 17, 2004

    CNN/Money) - Home builders, realtors and others are preparing to fight a Bush administration plan that would require Fannie Mae and Freddie Mac to increase financing of homes for low-income people, a home builder group said Thursday.

    Home builders fight Bush's low-income housing - Jun. 17, 2004



    In April (2004), HUD proposed new federal regulations that would raise the GSEs targeted lending requirements. HUD estimates that over the next four years an additional one million low- and moderate-income families would be served as a result of the new goals.

    HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES

    HUD Archives: HUD DATA SHOWS FANNIE MAE AND FREDDIE MAC HAVE TRAILED THE INDUSTRY IN PROVIDING AFFORDABLE HOUSING IN 44 STATES


    "Bush’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. "

    http://www.treasury.gov/resource-cen...s%20update.pdf

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Fenton View Post
    He actually believes, get this, that the Subprime mortgage crisis started in 2004 and stopped in 2007.

    He actually thinks the entire Subprime mortgage bubble started, grew and stopped in the span of 3 years.

    LOL !

    WTH ?

    Friken low information Obama supporters.

    His understanding of the Housing crisis is limited to left wing blogs and bits and pieces of data posted out of context.

    He has no idea of what the hell it is he's talking about.
    No I don't, the federal reserve AND Bush's working group said it was

    "Bush’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. "

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Conservative View Post
    Weird, I cannot find the legislation that Bush authored or signed that did that, please post that legislation for me?
    "(In 2000, Clinton) HUD restricted Freddie and Fannie, saying it would not credit them for loans they purchased that had abusively high costs or that were granted without regard to the borrower's ability to repay."

    How HUD Mortgage Policy Fed The Crisis

    "In 2004 (Bush) , the 2000 rules were dropped and high‐risk loans were again counted toward affordable housing goals."
    http://www.prmia.org/sites/default/f..._090911_v2.pdf



    We want more people owning their own home in America," Bush said. His goal is to have 5.5 million minority homeowners in the country by the end of the decade.

    March 26, 2004

    Bush Ties Policy to Record Home Ownership

    Bush Ties Policy to Record Home Ownership | Fox News



    “By early 2004, these concerns prompted Georgia and more than 30 other states to pass laws designed to eliminate abusive or predatory lending practices by the financial services firms, including those with federal charters, operating within their boundaries.
    Acting on a request from a national bank, the OCC in 2003 concluded that federal law preempts the provisions of the Georgia Fair Lending Act (GFLA) that would otherwise affect national banks’ real estate lending.

    ……..
    In addition, clarification of the applicability of state laws to national banks should remove disincentives to subprime lending and increase the supply of credit to subprime borrowers.”


    http://www.occ.gov/publications/publ...0/wp2004-4.pdf

    STATEMENT OF ADMINISTRATION POLICY
    The Administration strongly believes that the housing GSEs should be focused on their core housing mission, particularly with respect to low-income Americans and first-time homebuyers. Instead, provisions of H.R. 1461 that expand mortgage purchasing authority would lessen the housing GSEs' commitment to low-income homebuyers.

    George W. Bush: Statement of Administration Policy: H.R. 1461 - Federal Housing Finance Reform Act of 2005

    Yes, he said he was against it because it "would lessen the housing GSEs' commitment to low-income homebuyers"

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Jack Hays View Post
    A string of insults is not an argument.

    YOUR denial of HISTORY is nothing but MORE right wing crap. I'm shocked

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by dad2three2001 View Post
    YOUR denial of HISTORY is nothing but MORE right wing crap. I'm shocked
    And still more insults. Are you aware of the forum's rules?
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Jack Hays View Post
    And still more insults. Are you aware of the forum's rules?
    When is truth a insult?

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by dad2three2001 View Post
    When is truth a insult?
    You should heed friendly advice.
    "It's always reassuring to find you've made the right enemies." -- William J. Donovan

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    re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Moderator's Warning:
    U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]The topic of this thread is not each other. Stick to debating the OP.

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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Demon of Light View Post
    Some of those fact thingies to rebut your claims that decline in labor force participation is just baby-boomers retiring.
    Which did nothing of the sort, so refer back to my original statement.

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    Re: U.S. Adds 217,000 Jobs in May, Unemployment Rate Stays at 6.3%[W:218]

    Quote Originally Posted by Slyfox696 View Post
    Which did nothing of the sort, so refer back to my original statement.
    Do you just not like facts that disagree with you or something? The working-age population has increased considerably, while employment levels are at the same level they were before the increase. Obviously, that translates to a lower labor-force participation rate among people below retirement age and thus points to the labor force participation figure not being affected merely by retirement of baby-boomers. What you are saying is completely at odds with what every single expert has said about the labor-force participation rate. It is a reflection of the economy that labor-force participation rates have declined so much, not demographics.
    "For what is Evil but Good-tortured by its own hunger and thirst?"
    - Khalil Gibran

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