Jobless rate bolts to 8.5 %, highest since 1983
-
No, mz the pussy. You have no power for that. Actually, I was just joking and laughing with my wonderful cute
Wifie on the phone.
I do not like Obama's moves, and I'm wondering if he really is so out of touch with America that he thinks
we will follow him into the Soviet American States...
Meanwhile, I just posted a great article from a Dem, who is "lapsed"... and the main man of Russia
is calling Obama his "comrade".
I just think things are going in the really wrong direction. 55% of America now agrees with that, too.
Trust me on this: many, many Americans who voted for Obama are wondering what kind of
mess they bargained for and didn't know it.
-
There's REALLY something wrong with you, cal. You've gone completely off the deep here. All of this blame, paranoia and just blind hatred isn't healthy for the body or mind.
You seem like a nice guy and I care. I can help push you in the right direction, therapy-wise. PM me.
mz. said:
There's REALLY something wrong with you, cal. You've gone completely off the deep here. All of this blame, paranoia and just blind hatred isn't healthy for the body or mind.You seem like a nice guy and I care. I can help push you in the right direction, therapy-wise. PM me.
ROFLMAO!
-
There's REALLY something wrong with you, cal. You've gone completely off the deep here. All of this blame, paranoia and just blind hatred isn't healthy for the body or mind.
You seem like a nice guy and I care. I can help push you in the right direction, therapy-wise. PM me.
mz. said:
There's REALLY something wrong with you, cal. You've gone completely off the deep here. All of this blame, paranoia and just blind hatred isn't healthy for the body or mind.You seem like a nice guy and I care. I can help push you in the right direction, therapy-wise. PM me.
Yea I wonder what happened in his life to hate one group of people so much...
-
No, mz the pussy. You have no power for that. Actually, I was just joking and laughing with my wonderful cute
Wifie on the phone.
I do not like Obama's moves, and I'm wondering if he really is so out of touch with America that he thinks
we will follow him into the Soviet American States...
Meanwhile, I just posted a great article from a Dem, who is "lapsed"... and the main man of Russia
is calling Obama his "comrade".
I just think things are going in the really wrong direction. 55% of America now agrees with that, too.
Trust me on this: many, many Americans who voted for Obama are wondering what kind of
mess they bargained for and didn't know it.
-
Then you really are a locked liberal cult member in real life?
Can't be true. Nobody can be like you and seriously exist in everyday life...
Like I said before, nobody hates anybody. You didn't like Bush, and put him
down most every hour of every freakin day of every freakin week.
I tend to only put Obama down once a day. That means I'm many, many
times better a man than you are, mz the pussy.
I'm "serious". If you want any coaching on how to have a LOT of friends,
and a very delightfully happy marriage, or you want some insight on how
to be a patriot in love with his country, PM me. I'll try to help you.
And if I can't, I'll get an appointment with you to see Mark Levin.
He's good, and could help you a lot.
And no, I'm not your comrade. I'm an AMERICAN.
-
Then you really are a locked liberal cult member in real life?
Can't be true. Nobody can be like you and seriously exist in everyday life...
Like I said before, nobody hates anybody. You didn't like Bush, and put him
down most every hour of every freakin day of every freakin week.
I tend to only put Obama down once a day. That means I'm many, many
times better a man than you are, mz the pussy.
I'm "serious". If you want any coaching on how to have a LOT of friends,
and a very delightfully happy marriage, or you want some insight on how
to be a patriot in love with his country, PM me. I'll try to help you.
And if I can't, I'll get an appointment with you to see Mark Levin.
He's good, and could help you a lot.
And no, I'm not your comrade. I'm an AMERICAN.
-
@danamal said:
Its Obama's fault.America was fooled.
Communist ,socialist ,out of touch prompter reader ,empty suit ,muslim ,radical ,liberal....................
What else you got?
You're to easy.......
Obama's propagandistic iconography: the making of a messiah
http://www.renewamerica.us/columns/huston/080623
The snob.
This one is just to funny, are they healing her or coping a feel?
Ignorance is Bliss
Brain washed.... poor child.
-
Yeah, and?
What did you expect? It was a political campaign. That was the whole point, and every politician tries to do that.
Yeah, and?
What did you expect? It was a political campaign. That was the whole point, and every politician tries to do that.
Did I miss something? other than the fact that the whole Obama campaign was like American Idol.
And now all those who just wanted to say they voted for the first black president are left scratching their nuts and saying WTF did I do.
And at this time next year many will be wanting to file a extension when they see their tax bill.
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So, to the guys who bitched about the Reps blaming Clinton endlessly, when does the economy become Obama's problem?
Dems have been in control of both houses for over two years now.
Ever?
When it gets better on its own accord?
WSS
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So, Dan, do you blame Dodd and Pelosi and Reid and Schumer etc for the prime mortgage problem?
Or you blame Bush, who TRIED to get them to become aware of the impending crisis in 05, I think the year was...
Go ahead and deny it. Then I can post the videos AGAIN with those same stupid sheetz saying plain out
that there was absolutely no problem.
Obama's stated intentions has catapulted this recession into a major disaster.
Even Bill Clinton tried to get him to lighten up with it, (only after the election was over though), because
it was counter productive.
What exactly did Bush do to cause a recession via the prime mortgage problem, Dan?
-
Yeah, explain how it was all Bush's fault, Dan:
<H2 class=date-header>Sunday, September 21, 2008</H2><H3 class=post-title>Bush Warned of Financial Failure, Dems Ignored Warnings </H3>
George W. Bush (R., MBA, POTUS) has been warning of the dangers implicit in the quasi-government sponsored enterprises Fannie Mae and Freddie Mac since 2001. This year alone, he has called for changes 17 times and was ignored by the Democrat controlled Congress. It isn't in Democrats best interest to solve problems under a Republican administration, so they did nothing. In fact, Senate Majority Leader Harry Reid despairingly said Sept 17, <A href="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aVPBaUbYV_qQ">"no one knows what to do."
From the White House News (h/t Gateway Pundit
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEsFor many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. 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.2001April: 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."2002May: 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)2003January: 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)2004February: 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)2005April: 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)2007July: 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)2008January: 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. -
Yeah, explain how it was all Bush's fault, Dan:
<H2 class=date-header>Sunday, September 21, 2008</H2><H3 class=post-title>Bush Warned of Financial Failure, Dems Ignored Warnings </H3>
George W. Bush (R., MBA, POTUS) has been warning of the dangers implicit in the quasi-government sponsored enterprises Fannie Mae and Freddie Mac since 2001. This year alone, he has called for changes 17 times and was ignored by the Democrat controlled Congress. It isn't in Democrats best interest to solve problems under a Republican administration, so they did nothing. In fact, Senate Majority Leader Harry Reid despairingly said Sept 17, <A href="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aVPBaUbYV_qQ">"no one knows what to do."
From the White House News (h/t Gateway Pundit
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEsFor many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. 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.2001April: 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."2002May: 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)2003January: 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)2004February: 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)2005April: 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)2007July: 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)2008January: 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.Yeah, explain how it was all Bush's fault, Dan:
<H2 class=date-header>Sunday, September 21, 2008</H2><H3 class=post-title>Bush Warned of Financial Failure, Dems Ignored Warnings </H3>
George W. Bush (R., MBA, POTUS) has been warning of the dangers implicit in the quasi-government sponsored enterprises Fannie Mae and Freddie Mac since 2001. This year alone, he has called for changes 17 times and was ignored by the Democrat controlled Congress. It isn't in Democrats best interest to solve problems under a Republican administration, so they did nothing. In fact, Senate Majority Leader Harry Reid despairingly said Sept 17, <A href="http://www.bloomberg.com/apps/news?pid=washingtonstory&sid=aVPBaUbYV_qQ">"no one knows what to do."
From the White House News (h/t Gateway Pundit
Just the Facts: The Administration's Unheeded Warnings About the Systemic Risk Posed by the GSEsFor many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. 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.2001April: 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."2002May: 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)2003January: 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)2004February: 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)2005April: 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)2007July: 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)2008January: 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.Problem, Reaction, Solution. All 3 It gives government more power.
Good research Cal!
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@danamal said:
Good stuff Cal, glad to see you reading again!Bush and your hero's of the republican party ruled Washington unopposed for six years,its great that Bush said anything but he did have the power to make changes if he really wanted to.
Not as a defense but the Bushmeister had a pretty thin majority for those first six years and the economy was rolling along fine.
Good growth and good unemployment numbers.
WSS
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Dan, Bush was not my hero. He was my emphatic choice because of the other two who ran against him.
I have criticized Bush in the past. But there are people here, you can't get them to criticize Obama
no matter what the hell he says or does.
Obama believes in using economics as a weapon to prod Americans into becoming controlled.
He is a manipulator and a power wonk of the likes we have not seen in most of our lifetimes, unless
somebody is a lot older than I am.
I'm glad you started being honest about some things.
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You know my slant, but I wouldn't attempt to pin this on President Obama any more than I would on President Bush.
I would also classify the real unemployment more like 11% considering the number of illegals who held jobs that weren't factored in to the stated figure.
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Thats a pretty poor anology Cal. Dan
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OH YEAH? Well, maybe, but I liked it.
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Obama was handed a pretty shitty deal as far the state of the economy when he was inaugurated.
Dan
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so was Reagan, but he never got credit for turning things around excellently.
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Paulson along with Bush's rubber stamp began the bailouts to the tune of $750 billion.Dan
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Bush just signed the bailout knowing that Obama was going to do it anyways. It was
a DEMOCRATIC controlled Congress bill. Bush was an idiot to have signed it.
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Obama spending more may turn out to be the wrong course but there is no alternative when you consider where we are right now so we have to give it an honest chance and hope it pans out and there is absolutely nothing socialist about that ,just another silly talking point about nothing.
This country may have gone so far south that I fear it may never recover because as a nation we produce nothing. Dan
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I have to ask. Why the stupid bailouts to avoid the GM's etc bankruptcy, only to say
they should go to bankruptcy and reorg? Obama sure as hell DID have a choice, so did Bush.
Throwing money down a dry well just ends up in the dirt. It's still a dry well.
I like that analogy better. I say socialist because Obama said he wanted to restructure
our economy entirely. Restructure doesn't mean make better. It means make it completely different.
As is, not capitalist. And Obama's favorite instructors were socialist, by his own admission.
And, he had socialist/anarchist/communist friends and mentors growing up and in college.
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That is why I am a huge fan for us as a country to lead the way with new fuel technology that will create jobs ,reduce pollution and give us something that we can export and generate some cash. Dan
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Most everybody is a big fan of future technologies and the perks to our society that would come with it. The irresponsible part is dissing our current technology, taxing our current technology out of cost effectiveness -deliberately- before the new technology is developed to where it is practical
and really works and is -implemented-. It's as if certain folks are heavily invested in the new tech
and want to make their $$$$$$$$$$$$ on it before it's practical.
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Like I said to Peen earlier in another thread I can be extremely sarcastic and I forget that most times it doesnt translate in these types of forums but I am always honest and genuine ,I am not beholden to either party,I want whats best for the country. Dan
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I don't believe anyone on this forum is a Dem or Rep or Ind first regardless of the
consequences to our country. It's just the angle of direction and the speed that change takes
place, especially when that "change" is to a LOT of people, now a majority, not the right change.
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