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U.S. Jobless Rate Unexpectedly Declines to 8.6%

SO MANY random numbers, so little time.:shock:

and so little interest on your part to learn anything, hardly random but quite telling especially the 9.36% number and declining labor force. Obama has it figured out, get more people to drop out of the labor force and continue to drop the unemployment percentages
 
Has has been pointed out on this thread but ignored by those that want to divert from the Obama record the labor force saw 315,000 drop out of the labor force which doesn't seem to bother the Obama supporters because they can hang on to the claim that the rate dropped to 8.6%. What these people want to ignore is that those people are no longer counted as unemployed thus reduces the rate. Great news for Obama? Hardly and here is another example why.

Labor Force Statistics from the Current Population Survey
Original Data Value

Series Id: LNU05026645
Not Seasonally Adjusted
Series title: (Unadj) Not in Labor Force, Searched For Work and Available, Discouraged Reasons For Not Currently Looking
Labor force status: Not in labor force
Type of data: Number in thousands
Age: 16 years and over
Job desires/not in labor force: Want a job now
Reasons not in labor force: Discouragement over job prospects (Persons who believe no job is available.)

Notice the discourated workers who aren't counted either. Obama has adveraged over a million a month that stopped looking for jobs, are discouraged and not counted. The real rate is 9.3%
Years: 2001 to 2011

Year Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec Annual
2001 301 287 349 349 328 294 310 337 285 331 328 348 321
2002 328 375 330 320 414 342 405 378 392 359 385 403 369
2003 449 450 474 437 482 478 470 503 388 462 457 433 457
2004 432 484 514 492 476 478 504 534 412 429 392 442 466
2005 515 485 480 393 392 476 499 384 362 392 404 451 436
2006 396 386 451 381 323 481 428 448 325 331 349 274 381
2007 442 375 381 399 368 401 367 392 276 320 349 363 369
2008 467 396 401 412 400 420 461 381 467 484 608 642 462
2009 734 731 685 740 792 793 796 758 706 808 861 929 778
2010 1065 1204 994 1197 1083 1207 1185 1110 1209 1219 1282 1318 1173
2011 993 1020 921 989 822 982 1119 977 1037 967 1096


Unemployed plus discouraged workers

Unemployed + Discouraged
2008 8095 7831 8194 8043 8797 8980 9356 9890 10036 10656 11225 12042
2009 12653 13445 13995 14556 15310 15514 15330 15751 15865 16420 16201 16196
2010 15902 16075 15999 16457 16056 15830 15784 15970 15976 16062 16401 15803
2011 14856 14693 14463 14736 14736 15069 15050 14944 15029 14864 14399 0


Labor Force 2011 153186 153246 153406 153421 153693 153421 153228 153594 154017 154198 153883

UE Rate w/o DW 9.05% 8.92% 8.83% 8.96% 9.05% 9.18% 9.09% 9.09% 9.08% 9.01% 8.64% #DIV/0!

UE Rate with DW 9.70% 9.59% 9.43% 9.60% 9.59% 9.82% 9.82% 9.73% 9.76% 9.64% 9.36% #DIV/0!
Hey a core dump! I haven't seen one of those since I stopped programming IBM mainframes. WOW!
 
Since Discouraged workers is a monthly number I find it quite amazing that November 2011 was Bush's fault. You really need to get over your BDS. It does seem that you don't understand the concept of leadership and accepting personal responsibility. that makes you comparable to Obama
Cries a 4 time Bush voter. :roll:
 
If he was able to run against Obama it would be a fifth time. It would be great to see a leader again.
It's because of people like you that we have the 22nd Amendment to thank for the survival of our nation.
 
If he was able to run against Obama it would be a fifth time. It would be great to see a leader again.
Bush led our economy into the dumpster, get serious, Con. Please!
 
It's because of people like you that we have the 22nd Amendment to thank for the survival of our nation.

Because of people like you we need a litmus test to qualify to you to vote. You bought the rhetoric and continue to ignore the results. That says it all.
 
Bush led our economy into the dumpster, get serious, Con. Please!

So I am told, the results however tell a different story as well as basic civics. Too bad results and civics are foreign to you
 
Because of people like you we need a litmus test to qualify to you to vote. You bought the rhetoric and continue to ignore the results. That says it all.

LOL.....says the man who actually Admits to voting for GWB more than once....LOL....oh the irony.....its killing me!
 
LOL.....says the man who actually Admits to voting for GWB more than once....LOL....oh the irony.....its killing me!

Right, I actually took a civics class, you ought to try it. What does my vote have to do with the thread topic?
 
Here is your "leader" Con:

 
So I am told, the results however tell a different story as well as basic civics. Too bad results and civics are foreign to you
The Bush results ... nearly doubled the national debt ... nearly doubled unemloyment ... nearly doubled federal spending ... increased the annual deficit by 6000%.
 
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The Bush results ... nearly doubled the national debt ... nearly doubled unemloyment ... nearly doubled federal spending ... increased the annual deficit by 6000%.

And what does any of that have to do with the Obama results with overwhelming control of the Congress his first two years. Deficits are yearly and since Obama has been in office they are all over a trillion dollars but someone with BDS doesn't seem to understand that.

Aren't those Obama results outstanding?

24 million unemployed or under employed Americans in 2011(bls.gov)154.1 X 15.6% Top Picks (Most Requested Statistics) : U.S. Bureau of Labor Statistics : U.S. Bureau of Labor Statistics

14.4 million unemployed PLUS Discouraged workers Top Picks (Most Requested Statistics) : U.S. Bureau of Labor Statistics : U.S. Bureau of Labor Statistics

2.2 million fewer jobs(bls.gov) Notice: Data not available: U.S. Bureau of Labor Statistics ln : U.S. Bureau of Labor Statistics

4.4 trillion added to the debt in less than 3 years(U.S. Treasury Site) Government - Historical Debt Outstanding – Annual Government - Debt to the Penny (Daily History Search Application)

1/21/2009 6,307,084,792,840.85 4,317,968,751,468.94 10,625,053,544,309.70

11/22/2011 10,326,530,350,389.40 4,721,461,154,539.92 15,047,991,504,929.30

Down grade of U.S. Credit rating(S&P)

Rising Misery index 7.83 to 12.53 The United States Misery Index By Year

38-44% JAR and well over 50-55% disapproval ratings(Gallup)
Gallup Daily: Obama Job Approval

US Poverty Hits Record High: 1 in 6 Americans Living Below Poverty Line | Economy Watch
Report: Poverty hits record level - MJ Lee - POLITICO.com

“Fast and Furious”, “Wide Receiver”

Solyndra, Fisker, and Crony Capitalism Jobs Panel Member Whose Solar Firm Won Loan Guarantees Raises 'Conflict Of Interest' Concerns | Fox News

Solyndra solar power company shuts down 15 months after Obama visit
Solyndra solar power company shuts down 15 months after Obama visit

The Tonopah Solar company in Harry Reid's Nevada is getting a $737 million loan from Obama's DOE.
The project will produce a 110 megawatt power system and employ 45 permanent workers.
That's costing us just $16 million per job.

One of the investment partners in this endeavor is Pacific Corporate Group (PCG).
The PCG executive director is Ron Pelosi who is the brother of Nancy's husband.
But there is nothing wrong here, is there?

U.S. Bridges, Roads Being Built by Chinese Firms | Video - ABC News
U.S. Bridges, Roads Being Built by Chinese Firms | Video - ABC News

Stimulus failure

Review & Outlook:Why the Stimulus Failed - WSJ.com
 
Yes, and by passing legislation favorable to their donors.



and I think both sides are to blame. The public sector spending you decry has grown exponentially under both. Now, the main goal of both parties seems to be to gain and keep power, to make the other side look as bad as possible, but not to work together to solve the monumental problems we face as a nation.

Government is dysfunctional. We've already changed parties a couple of times, and nothing changes.

Conservatives turned on George Bush for his non conservative ways, especially his spending and tilt to big government. Democrats have not turned on Obama the same way and blindly defend his policies.

The Democrats should define exactly what it is they want rather than speaking in generalities. Only then can the American people decide who is best to gain control of their government.
 
The Bush results ... nearly doubled the national debt ... nearly doubled unemloyment ... nearly doubled federal spending ... increased the annual deficit by 6000%.

Do you want to turn this around? If so. how do you intend to do it? By raising taxes on "the rich"? Will that really solve the problems facing the United States?

It´s still George Bush syndrome and the American people will suffer until they get past this craziness and start thinking clearly about their future.
 
Sheik Yerbuti said:
The Bush results ... nearly doubled the national debt ... nearly doubled unemloyment ... nearly doubled federal spending ... increased the annual deficit by 6000%.

And what does any of that have to do with the Obama results with overwhelming control of the Congress his first two years.
It has to do with you whining about people voting to give Obama another 4 years even though you gave Bush 4 years. And Bush's results, nearly doubled the national debt ... nearly doubled unemloyment ... nearly doubled federal spending ... increased the annual deficit by 6000%, are worse than Obama's.
 
Do you want to turn this around? If so. how do you intend to do it? By raising taxes on "the rich"? Will that really solve the problems facing the United States?

It´s still George Bush syndrome and the American people will suffer until they get past this craziness and start thinking clearly about their future.
Well it's not going to change as long as we have a divided Congress which refuses to do anything about it.
 
It has to do with you whining about people voting to give Obama another 4 years even though you gave Bush 4 years. And Bush's results, nearly doubled the national debt ... nearly doubled unemloyment ... nearly doubled federal spending ... increased the annual deficit by 6000%, are worse than Obama's.

There is a reason Obama has such low approval ratings, maybe you should find out what they know that you don't
 
There is a reason Obama has such low approval ratings, maybe you should find out what they know that you don't

And the reason Congress has such low approval ratings is what?
 
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

It appears that the only thing President Bush and his administration did was to give lip service to a potentially major economic problem they recognized, that is as bad if not worst then just being totally ignorant of what was going on economically durning his administration
 
It appears that the only thing President Bush and his administration did was to give lip service to a potentially major economic problem they recognized, that is as bad if not worst then just being totally ignorant of what was going on economically durning his administration

And your reasoning now is that because of George Bush, Barrack Obama deserves another term? What is your point?
 
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
Well you might remember the Democrats lost the House in 1994 and didn't gain it back until 2006, then look what happened:

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


H.R.1427
Latest Title: Federal Housing Finance Reform Act of 2007
Sponsor: Rep Frank, Barney [MA-4] (introduced 3/9/2007) Cosponsors (5)
Related Bills: H.RES.404
Latest Major Action: 5/24/2007 Referred to Senate committee. Status: Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.​


Thank God for Rep. Barney Frank.
 
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There is a reason Obama has such low approval ratings, maybe you should find out what they know that you don't
And yet, there still isn't a Republican who can beat him next year.
 
Conservatives turned on George Bush for his non conservative ways, especially his spending and tilt to big government.
Bull****, they did. In 2004, they turned on him by giving him 4 more years and even today, many say they would vote for him again if he could run.
 
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