backhoeboogie
Well-known member
You need to see this, just in case you didn't read the EXCELLENT post on how the stimulus is "working"
:shock: :roll:
:shock: :roll:
Oldtimer said:And what would the graph look like without the TARP money and the Stimulus/Jobs bill :???:
As I told you for several years - and have said lately- the Bush Bust-- a once in a lifetime/100 years bust was not going to be fixed in just a few months- probably not for a few years.....Many will never recover from the wrack of his carnage in their lifetimes....
Oldtimer said:And what would the graph look like without the TARP money and the Stimulus/Jobs bill :???:
As I told you for several years - and have said lately- the Bush Bust-- a once in a lifetime/100 years bust was not going to be fixed in just a few months- probably not for a few years.....Many will never recover from the wrack of his carnage in their lifetimes....
TexasBred said:[ OT you may be this friggin blind or stupid
Isn't that the same argument the checkoff uses????????OT said:And what would the graph look like without the TARP money and the Stimulus/Jobs bill.
Oldtimer said:Since you like the NY Times- read this article...Pretty good history of GW's involvement...
http://www.nytimes.com/2008/12/21/business/21admin.html?_r=3
Tam said:1977 - Democratic President Jimmy Carter Passes "Community Reinvestment Act," or CRA, designed to encourage banks to reach out to low income communities by offering loans to minorities and the poor.
1994 under the CRA The Law firm Obama was working for Buycks-Roberson sued Citibank forcing them in the settlement to make even more risky loans than they were already. Obama's name was on the court documents as one of the lawyers filing against Citibank.
1995 - Democratic President Bill Clinton revises CRA by making banks meet a quota for a certain number of low income loans. He also increases punishment for banks that dont loan enough money to low income borrowers. This forces banks to write lots of loans that they would not otherwise have written, because the government is forcing them to.
1999 - Democratic President Bill Clinton signs and endorses the "Gramm-Leach-Bliley Act," or GLBA, designed to make banks profitable in good economic times, as well as poor economic times. The bill allows consumer banks (think checking accounts, savings accounts, etc..) to merge with insurance companies and investment companies, so they all can make money. BUT for a bank to qualify to be a part of the program, you had to have a high CRA score, meaning that you had to have a lot of loans written to low income people. The government was effectively telling banks that if they wanted to be allowed to make money off of the investments of the rich, that they had to also be lending money to the poor.
Taken from a New York Times Article from
Sept 1999 Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.--------In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
Bush tried to regulate Fanny and Freddy but this happened
September 11, 2003– The Bush Administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago-------Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
On May 25, 2006 John McCain said this For Years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac — known as Government-sponsored entities or GSEs— and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
Democrats blocked both attempts to reform Fannie Mae.
Fall of 2007 Fanny and Freddy failed and took down the big banks with them IE Bush Bailed them out, something that the New York Times a very Liberal Bias Newspaper predicted would happen in 1999 when Clinton put pressure on the Fanny.
Try deny any of these facts Oldtimer.
TexasBred said:Oldtimer said:And what would the graph look like without the TARP money and the Stimulus/Jobs bill :???:
As I told you for several years - and have said lately- the Bush Bust-- a once in a lifetime/100 years bust was not going to be fixed in just a few months- probably not for a few years.....Many will never recover from the wrack of his carnage in their lifetimes....
At no time since tarp and porkulus has the graph wiggled up. The stimulus was nothing but a giant rip off....where are the jobs ???? Where is the 8% max. unemployment rate?? OT you may be old but you aint' this friggin blind or stupid
I believe in corporations. They are indispensable instruments of our modern civilization; but I believe that they should be so supervised and so regulated that they shall act for the interest of the community as a whole.
~Theodore Roosevelt
TSR said:Poor Poor Republican majority comes to mind, especially when looking at your September 2003 post above.
Are you trying to say that President Bush was powerless from 2003 until the end of his term to get anything done??? What about the veto power he had??? Why not go to the American people, seems like Obama has lately! Geesh And I say all this having little admiration for either party or politicians in general especially the ones that are lawyers.
TSR said:Tam said:1977 - Democratic President Jimmy Carter Passes "Community Reinvestment Act," or CRA, designed to encourage banks to reach out to low income communities by offering loans to minorities and the poor.
1994 under the CRA The Law firm Obama was working for Buycks-Roberson sued Citibank forcing them in the settlement to make even more risky loans than they were already. Obama's name was on the court documents as one of the lawyers filing against Citibank.
1995 - Democratic President Bill Clinton revises CRA by making banks meet a quota for a certain number of low income loans. He also increases punishment for banks that dont loan enough money to low income borrowers. This forces banks to write lots of loans that they would not otherwise have written, because the government is forcing them to.
1999 - Democratic President Bill Clinton signs and endorses the "Gramm-Leach-Bliley Act," or GLBA, designed to make banks profitable in good economic times, as well as poor economic times. The bill allows consumer banks (think checking accounts, savings accounts, etc..) to merge with insurance companies and investment companies, so they all can make money. BUT for a bank to qualify to be a part of the program, you had to have a high CRA score, meaning that you had to have a lot of loans written to low income people. The government was effectively telling banks that if they wanted to be allowed to make money off of the investments of the rich, that they had to also be lending money to the poor.
Taken from a New York Times Article from
Sept 1999 Fannie Mae, the nation’s biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.--------In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980’s.
Bush tried to regulate Fanny and Freddy but this happened
September 11, 2003– The Bush Administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago-------Among the groups denouncing the proposal today were the National Association of Home Builders and Congressional Democrats who fear that tighter regulation of the companies could sharply reduce their commitment to financing low-income and affordable housing.
On May 25, 2006 John McCain said this For Years I have been concerned about the regulatory structure that governs Fannie Mae and Freddie Mac — known as Government-sponsored entities or GSEs— and the sheer magnitude of these companies and the role they play in the housing market. OFHEO’s report this week does nothing to ease these concerns. In fact, the report does quite the contrary. OFHEO’s report solidifies my view that the GSEs need to be reformed without delay.
Democrats blocked both attempts to reform Fannie Mae.
Fall of 2007 Fanny and Freddy failed and took down the big banks with them IE Bush Bailed them out, something that the New York Times a very Liberal Bias Newspaper predicted would happen in 1999 when Clinton put pressure on the Fanny.
Try deny any of these facts Oldtimer.
Poor Poor Republican majority comes to mind, especially when looking at your September 2003 post above.
Are you trying to say that President Bush was powerless from 2003 until the end of his term to get anything done??? What about the veto power he had??? Why not go to the American people, seems like Obama has lately! Geesh And I say all this having little admiration for either party or politicians in general especially the ones that are lawyers.
backhoeboogie said:OT we were all still investing under Dubya. Investor confidence is down the tubes under Obama. Everyone started dumping stocks when he and Pelosi started running their mouths.
Look at the chart.
Consumer confidence isn't good either. Consumers were indeed over spending under Dubya. I'll give you that.
The stimulus only puts more scare into everyone.