• This is a political forum that is non-biased/non-partisan and treats every person's position on topics equally. This debate forum is not aligned to any political party. In today's politics, many ideas are split between and even within all the political parties. Often we find ourselves agreeing on one platform but some topics break our mold. We are here to discuss them in a civil political debate. If this is your first visit to our political forums, be sure to check out the RULES. Registering for debate politics is necessary before posting. Register today to participate - it's free!
  • Welcome to our archives. No new posts are allowed here.

Mitt should expose Obama's roll in the economic meltdown of 2008..

Travis007

Banned
DP Veteran
Joined
Apr 13, 2012
Messages
13,375
Reaction score
1,611
Location
NJ
Gender
Male
Political Leaning
Conservative
Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did
Posted by Jim Hoft on Wednesday, September 5, 2012, 2:02 PM
Here’s something you’ll never read about in the liberal media.
Barack Obama played a leading role in the mortgage crisis of 2008 that sunk the US economy.

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.

State Sen. Barack Obama and crackpot priest Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.
The Daily Caller reported:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices…

…Obama has pursued the same top-down mortgage lending policies in the White House.

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

Then there’s Bush…
On the flip side, President George W. Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

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.

To this day Barack Obama blames Bush for the 2008 economic meltdown.
The truth is, it was Obama not Bush who destroyed the economy.
http://www.thegatewaypundit.com/201...th-2008-economic-meltdown-than-bush-ever-did/
 
You do realize that the housing crisis was started because mortgage companies packaged toxic subprime mortgages as AAA and sold them off as such, so when the purchaser of said "AAA" packaged mortgages found out it was too late and lead to a spiral of debt and unpaid loans right?

Please try harder. I'm not giving anyone a pass. This wasn't all Bush's fault, it was both political parties that put us in this hole, blaming the "other side" because they're not "your team" is actually just making the situation worse.
 
Yes yes everything is Obama's fault. Even the weather.
 
You expect me to believe that a lawyer from Chicago was the primary cause of the 2008 WORLD fiscal crisis? And that a lawsuit regarding minorities in Chicago led to a national subprime mortgage crisis?

This has got to be the dumbest thing Travis has ever posted, its total fantasy.
 
It's funny, the GOP can't even bring itself to discuss its role in the meltdown, they didn't dare have W as a speaker at the convention.....and now cons are are trying to make Obama responsible?

FFS.
 
You do realize that the housing crisis was started because mortgage companies packaged toxic subprime mortgages as AAA and sold them off as such, so when the purchaser of said "AAA" packaged mortgages found out it was too late and lead to a spiral of debt and unpaid loans right?

Please try harder. I'm not giving anyone a pass. This wasn't all Bush's fault, it was both political parties that put us in this hole, blaming the "other side" because they're not "your team" is actually just making the situation worse.

Your "cause" isn't the root cause...it came later. The root cause is, as the OP mentions, the Democrat's desire for more homeowners and the community activist's work to force banks to relax their lending rules.

So...based on Obama's work as a community activist, he was directly involved the the root cause of the meltdown.
 
Your "cause" isn't the root cause...it came later. The root cause is, as the OP mentions, the Democrat's desire for more homeowners and the community activist's work to force banks to relax their lending rules.

So...based on Obama's work as a community activist, he was directly involved the the root cause of the meltdown.

So let's clarify:
Things that happened when Clinton was president: Obama's fault.
Things that happened when Bush was president: Obama's fault.
Things that happened when Obama was president: Obama's fault.
Things that will happen after Obama is out of office: Obama's fault.
 
Your "cause" isn't the root cause...it came later. The root cause is, as the OP mentions, the Democrat's desire for more homeowners and the community activist's work to force banks to relax their lending rules.

So...based on Obama's work as a community activist, he was directly involved the the root cause of the meltdown.
The CRA myth is just that, a myth. CRA lending was a tiny fraction of total lending and it had higher standards than the NIJA loans produced by Countrywide, et al, who did what they did for one purpose, greed.
 
So let's clarify:
Things that happened when Clinton was president: Obama's fault.
Things that happened when Bush was president: Obama's fault.
Things that happened when Obama was president: Obama's fault.
Things that will happen after Obama is out of office: Obama's fault.

I didn't say it was his fault. I said he was directly involved.

So, your hyperbolic clarification fails the logic test. Good Job.
 
Your "cause" isn't the root cause...it came later. The root cause is, as the OP mentions, the Democrat's desire for more homeowners and the community activist's work to force banks to relax their lending rules.

So...based on Obama's work as a community activist, he was directly involved the the root cause of the meltdown.

This is not at all true, it was one of the main reasons for the crisis. The initial factor was the deregulation of the banking industry - allowing citigroup to become as large as it did (by merging companies allowing the bank to delve into riskier investments which were 1) not originally allowed under federal regulations and 2) directly lead to the toxic assets) which actually started the spiral. The deregulation is actually Clinton's fault, not Bush's, not Obama's, Clinton signed them with bipartisan support.

That along with the actual manifestation of the toxic assets.

Since I'm debating the right side here I should say I'm not for haphazard regulations (I assume I will get quoted saying all regulations are good). Regulations sit until someone comes along and wants to add to it which eventaully becomes a big ball of beurocracy and inefficiency which tends to do the opposite of the job it was originally supposed to do. On the other hand unregulated markets tend to boom and burst much easier which leads to instability in the markets and lessens suitable and stable investments.
 
Fact Check: Obama Had More to Do With 2008 Economic Meltdown Than Bush Ever Did
Posted by Jim Hoft on Wednesday, September 5, 2012, 2:02 PM
Here’s something you’ll never read about in the liberal media.
Barack Obama played a leading role in the mortgage crisis of 2008 that sunk the US economy.

In his early activist days, Barack Obama the community organizer sued banks to ease lending practices.

State Sen. Barack Obama and crackpot priest Michael Pfleger led a protest in Chicago in January 2000. (NBC 5 Week of January 3, 2000)

In 1994, Barack Obama was one of the plaintiffs in a class action lawsuit, alleging that Citibank had engaged in practices that discriminated against minorities. The lawsuit forced the bank to ease its lending practices.
The Daily Caller reported:

President Barack Obama was a pioneering contributor to the national subprime real estate bubble, and roughly half of the 186 African-American clients in his landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices…

…Obama has pursued the same top-down mortgage lending policies in the White House.

Obama’s lawsuit was one element of a national “anti-redlining” campaign led by Chicago’s progressive groups, who argued that banks unfairly refused to lend money to people living within so-called “redlines” around African-American communities. The campaign was powered by progressives’ moral claim that their expertise could boost home ownership among the United States’ most disadvantaged minority, African-Americans.

Then there’s Bush…
On the flip side, President George W. Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.

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.

To this day Barack Obama blames Bush for the 2008 economic meltdown.
The truth is, it was Obama not Bush who destroyed the economy.
http://www.thegatewaypundit.com/201...th-2008-economic-meltdown-than-bush-ever-did/

Could you get any mre desperate? I didn't think so till now.
I tell you Travis, it is going to be a long long time before Americans forget what Bush did to this country and elect another Repulbican. A LONG LONG time.
After Hillarys 8 years, maybe.
 
This is not at all true, it was one of the main reasons for the crisis. The initial factor was the deregulation of the banking industry - allowing citigroup to become as large as it did (by merging companies allowing the bank to delve into riskier investments which were 1) not originally allowed under federal regulations and 2) directly lead to the toxic assets) which actually started the spiral. The deregulation is actually Clinton's fault, not Bush's, not Obama's, Clinton signed them with bipartisan support.

That along with the actual manifestation of the toxic assets.

Since I'm debating the right side here I should say I'm not for haphazard regulations (I assume I will get quoted saying all regulations are good). Regulations sit until someone comes along and wants to add to it which eventaully becomes a big ball of beurocracy and inefficiency which tends to do the opposite of the job it was originally supposed to do. On the other hand unregulated markets tend to boom and burst much easier which leads to instability in the markets and lessens suitable and stable investments.

Like the liberals, you are blaming that which came later.

I suggest you check out the link I gave Gimmesometruth
 
Can we point out the obvious glaring fact that proving that a bank is discriminating in it's lending practices is completely different from giving loans to people that can't afford them?

Giving a loan to a black person isn't the same as giving a loan to someone that won't pay it back. See your thinking is exactly what Citi was operating on.
 
If you didn't drink the liberal koolaid and applied some reasoning, you would realize you are wrong.

The American Spectator : The True Origins of This Financial Crisis

"Although it is difficult to prove cause and effect, it is highly likely that the lower lending standards required by the CRA influenced what banks and other lenders were willing to offer to borrowers in prime markets."

In other words, we can't say that the banks making NIJA loans did it because of CRA, but it sure sounds good and fits into the narrative that we cons want to believe.....even though the CRA loans were CONFORMING (and defaulted at much lower rates 04-08) and the NIJA loans were not.

This is a very big, complicated crash and anyone who thinks that the CRA was responsible in any measure doesn't understand it.


PS...when a group of the major subprime lenders came before Congressional hearings, they were asked about the effect of the CRA on them, all of them said it had no influence on them.
 
Last edited:
Your "cause" isn't the root cause...it came later. The root cause is, as the OP mentions, the Democrat's desire for more homeowners and the community activist's work to force banks to relax their lending rules.

So...based on Obama's work as a community activist, he was directly involved the the root cause of the meltdown.

But what about the housing bubbles head cheerleader and his "Minority Housing Initiative"? I guess GW Bush was working for Obama all along.

Just listen to GW's speech, it's right out of Karl Marx

The goal is, everybody who wants to own a home has got a shot at doing so. The problem is we have what we call a homeownership gap in America. Three-quarters of Anglos own their homes, and yet less than 50 percent of African Americans and Hispanics own homes. That ownership gap signals that something might be wrong in the land of plenty. And we need to do something about it.We are here in Washington, D.C. to address problems. So I've set this goal for the country. We want 5.5 million more homeowners by 2010 -- million more minority homeowners by 2010. (Applause.) Five-and-a-half million families by 2010 will own a home. That is our goal. It is a realistic goal. But it's going to mean we're going to have to work hard to achieve the goal, all of us. And by all of us, I mean not only the federal government, but the private sector, as well.And so what are the barriers that we can deal with here in Washington? Well, probably the single barrier to first-time homeownership is high down payments. People take a look at the down payment, they say that's too high, I'm not buying. They may have the desire to buy, but they don't have the wherewithal to handle the down payment. We can deal with that. And so I've asked Congress to fully fund an American Dream down payment fund which will help a low-income family to qualify to buy, to buy. (Applause.)

And so, therefore, I've called -- yesterday, I called upon the private sector to help us and help the home buyers. We need more capital in the private markets for first-time, low-income buyers. And I'm proud to report that Fannie Mae has heard the call and, as I understand, it's about $440 billion over a period of time. They've used their influence to create that much capital available for the type of home buyer we're talking about here. It's in their charter; it now needs to be implemented. Freddie Mac is interested in helping. I appreciate both of those agencies providing the underpinnings of good capital.

And so this ambitious goal is going to be met. I believe it will be, just so long as we keep focused, and remember that security at home is -- economic security at home is just an important part of -- as homeland security. And owning a home is part of that economic security. It's also a part of making sure that this country fulfills its great hope and vision.

See, I tell people -- and I believe this -- that out of the evil done to America will come some incredible good. (Applause.)
HUD Archives: President George W. Bush Speaks to HUD Employees on National Homeownership Month (6/18/02)
 
Last edited:
Like the liberals, you are blaming that which came later.

I suggest you check out the link I gave Gimmesometruth

I will have to look it up but to be honest I'm not sure at this point I can trust what you're saying. As you said before in using the logic in the OP: yes Obama is directly involved in the crisis as a community organizer, but that's quite a hyperbolic statement I'm sorry. You're blaming the people who got the loans (people will always try to live outside their means, if anything is learned from the past 20 years it should be this) but you're not blaming the companies.

It's the companies duties to protect themselves from the bad loans, the original intention of Obama's involvement was to expand the market by allowing minorities into the mortgage game (the responsible hard working individuals that deserved the loans, not the people that just wanted to live outside their means). I remember hearing a report about how much minorities who wanted a house were driven to take on variable rate mortgages because they weren't told they qualified for others.

I don't know to be honest, I'll read the link but it just doesn't seem to line up logically at this point.
 
If you didn't drink the liberal koolaid and applied some reasoning, you would realize you are wrong.

The American Spectator : The True Origins of This Financial Crisis

You're linking to "The American Speculator"? With one of their top stories today being "False Choices From a Failed Messiah"...? That's like a liberal linking to the daily Kos with a top story of the day being "Bush is evil and to blame for everything." I'm sorry but far right and far left propaganda doesn't sit well, no matter what they claim as facts. Can you find this information on a non biased site?
 
You expect me to believe that a lawyer from Chicago was the primary cause of the 2008 WORLD fiscal crisis? And that a lawsuit regarding minorities in Chicago led to a national subprime mortgage crisis?

This has got to be the dumbest thing Travis has ever posted, its total fantasy.

It is a Gateway Pundit story. About 4 people in the world take them seriously, and they all post here sadly. It takes a really incredible site to make WND look reliable and unbiased.
 
Yes yes everything is Obama's fault. Even the weather.

chance of rain tonight at the DNC...0%..Obama is a fraud
 
Your "cause" isn't the root cause...it came later. The root cause is, as the OP mentions, the Democrat's desire for more homeowners and the community activist's work to force banks to relax their lending rules.

So...based on Obama's work as a community activist, he was directly involved the the root cause of the meltdown.


spot on the Bullseye...thank you.. Obama was part of that practice
 
Can we point out the obvious glaring fact that proving that a bank is discriminating in it's lending practices is completely different from giving loans to people that can't afford them?

Giving a loan to a black person isn't the same as giving a loan to someone that won't pay it back. See your thinking is exactly what Citi was operating on.

wrong......
 
Back
Top Bottom