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Thread: Obama announces his Candidacy for 2012.

  1. #661
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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Conservative View Post

    Saw your post and still wonder what that has to do with the questions I asked? You want so badly to believe it was Bush's fault when the fault lies with individuals, agencies including Freddie and Fannie.
    Uh-oh!

    Wait for it ....

    Wait for it ............


    Bush Minority Homeownership Plan Rests Heavily on Fannie and Freddie

    When President Bush announced his Minority Homeownership plans last week in Atlanta, his top priorities were new federal programs: a $2.4 billion tax credit to facilitate home purchases by lower-income first-time buyers, and a $200 million national downpayment grant fund.

    But none of the new federal programs--if passed by Congress--will come even close to achieving the 5.5 million-household increase in minority homeownership the President set as his target.

    Instead, most of the heavy lifting was assigned to two mortgage market players that have sometimes come under fire from Bush administration officials and Congressional Republicans: Fannie Mae and Freddie Mac.

    Fannie's and Freddie's commitments are the bedrock core of the President's ambitious plans--but didn't get the headlines. Fannie Mae agreed to increase its already substantial lending efforts to minority families by targeting another $260 billion of mortgage purchases to them during the next nine years. Freddie Mac agreed to buy an additional $180 billion in minority-household home loans during the same period.

    And you just said, "the fault lies with individuals, agencies including Freddie and Fannie"

    How the hell do you defend Bush after that??

  2. #662
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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by pbrauer View Post
    You asked: "What economic policy did GW Bush implement that caused the financial crisis?" His policy was to look the other way when the banks were screwing their customers.

    The CRA has nothing to do with the financial crisis; it never forced banks to make risky loans, just lower rates. And it only involved community banks.

    You know damn well Bush wanted to offer no down payment loans.
    So it is the President's job to oversee the banks? Where was the Congressional Oversight? You actually believe that Bush wanted no downpayment loans? You are kidding right? There is only one party that believes home ownership is a right and that would be the Democrat Party.

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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Sheik Yerbuti View Post

    And you posted that number as being $228,000. That's what you believe each job cost us. That equates to 3.5 million jobs.

    Quote Originally Posted by Conservative View Post

    Yep, that is what you get when you divide the cost of the Stimulus which was to create jobs by the number of jobs created or saved. Did you get your money's worth? Aren't those Obama economic results wonderful? Did you get one of those jobs?
    Since you believe each job cost us $228,000, how on Earth do you deny that the stimulus saved or created 3.5 million jobs?

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    Re: Obama announces his Candidacy for 2012.

    Did someone say Barama had nothing to do with the housing crisis or bad loans?

    UPDATED: Obama Sued Citibank Under CRA to Force it to Make Bad Loans | Media Circus

    That's what happens when politicians, especially dimwitted inexperienced left wing politicians, get involved in any financial system.

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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Grant View Post
    Did someone say Barama had nothing to do with the housing crisis or bad loans?

    UPDATED: Obama Sued Citibank Under CRA to Force it to Make Bad Loans | Media Circus

    That's what happens when politicians, especially dimwitted inexperienced left wing politicians, get involved in any financial system.

    faith and ideology substituting for rational experience and empirically based knowledge



  6. #666
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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by TurtleDude View Post
    but you are confused-sham wow wanted taxes on dividend income (which is often taxed TWICE) to go from 15% to 40% or so. You see most of the wealthy have lots of investment income and consequently the 3% increase on the rate for earned income (which means a 10% increase in the amount of taxes paid at the marginal rate) really is not accurate. why should someone who already pays more money than they use in services have to pay 8750 more when those who don't pay enough wont pay anymore?

    We won't pay down the debt as long as most people think the rich have the duty to pay for all the spending people like you want

    do the math-there are not enough rich americans to pay for all the crap politicians promise to people like you in return for your votes

    the only way to get the deficit under control is to create an environment where most americans demand the government spend LESS and that will not happen when the parasite enablers keep claiming the rich need to pay more--that only encourages the rest of america to want more spending since they don't have to pay for it
    It's true, I'm not in the top bracket, but based on your belief that Obama's plan was to increase [tax on] dividend income to 40% or so leads me to believe a) you're not either; b) you don't know as much as you purport; and c) you fall easily for rightwing talking points.

    Tax Policy Center

    B. SENATOR OBAMA’S PLAN

    Partial extension of the 2001 and 2003 tax cuts. Senator Obama has called for extending the tax cuts affecting the middle class while eliminating those benefitting the wealthiest Americans. According to the campaign, Obama would extend the child credit expansions; the changes to marriage bonuses and penalties; and the 10, 15, 25, and 28 percent income tax rates, as well as the lower tax rates on capital gains and qualified dividends for taxpayers in those four tax brackets. He would restore the 36 and 39.6 percent rates and increase the rate on capital gains and dividends for taxpayers in those brackets. To match the campaign’s stated revenue targets, we assumed a rate of 25 percent for capital gains and qualified dividends. 3 Obama would also restore the phaseouts of personal exemptions and itemized deductions, but set the income threshold at $250,000 for married couples filing jointly. As under current law, the thresholds for the phaseout of personal exemptions would be lower for singles and heads of households, but those for the phaseout of itemized deductions would not vary with filing status. The thresholds would be indexed for inflation as they are under current law. Senator Obama would also extend several smaller expiring tax cuts, including the adoption credit and the simplifications to the earned income tax credit. Certain other provisions would be modified, as described below.

    _____________________
    3 Under current law, the top tax rate on capital gains would increase from 15 percent to 20 percent in 2011 and qualified dividends would face ordinary income tax rates as high as 39.6 percent. Obama’s plan would thus increase the maximum tax rate on gains from 20 percent to 25 percent and reduce that on qualified dividends from 39.6 percent to 25 percent.
    Last edited by Sheik Yerbuti; 04-05-11 at 07:12 PM. Reason: changed "increase dividend income" to "increase tax on dividend income"

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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Sheik Yerbuti View Post

    If you understood the difference between "should" and "want" you probably would have understood the point being made.

    Quote Originally Posted by TurtleDude View Post

    this is coming from someone who thinks that obama's schemes only would result in a 3% increase in taxes on the "rich"
    Well look at that, not only do you not understand the difference between "should" and "want," you don't even understand what I said. But being the kind-hearted Liberal that I am, I'll give you a clue ... I never said Obama's plan would have resulted in a "3% increase." Let's see if you can figure out what I really said. My money is on, "no," but we'll see.

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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Conservative View Post

    So it is the President's job to oversee the banks? Where was the Congressional Oversight?
    And that was the problem, there was none. Guess which party was in charge between 2003 and 2006?

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    Re: Obama announces his Candidacy for 2012.

    Quote Originally Posted by Conservative View Post
    There is only one party that believes home ownership is a right and that would be the Democrat Party.
    Actually the idea that large scale homeownership is ideal was an idea championed by none other than Jack Kemp (former Republican congressman, HUD Secretary under George H. Bush, and VP candidate in '96). The low interest rates that made it possible were a continuation of the Fed policy begun under the Reagan administration to keep interest rates low to avoid inflation.

    As the Democratic Party moved to the right in the 90s, they espoused these ideas as well, but the genesis was in the Republican Party.

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    Re: Obama announces his Candidacy for 2012.

    Kemp espoused this idea well into the housing bubble (as late as 2005) House must support homeownership - Page 1 - Jack Kemp - Townhall Conservative

    Quote from the piece (written by Kemp himself): "Congress created Fannie Mae and Freddie Mac decades ago as private-sector companies with an important public mission: to help ensure that lenders always have money available for home buyers. These government-sponsored enterprises (GSEs) have proven hugely successful in providing liquidity and innovation to the mortgage market.
    Last edited by rocket88; 04-05-11 at 07:28 PM.

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