On Jan. 3, 2007 the DOW closed at 12,621.77, the GDP for the previous quarter was %3.5, unemployment was at %4.6. The US had 52 straight months of job creation. On Jan. 3 the Dems took over the House and Senate. Barney took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. Where were the economic crashes? Banking and Financial. Oh and Bush asked congress 17 times to stop Fannie and Freddie but Barney called it "a Chicken Little Philosophy."
Search youtube for Dems, Frank Dodd Obama subprime mess. See it in their own words...and Carter for the record started it with the Community Reinvestment Act, later revised by CLINTON and supported and raped by ACORN. EVER HEARD OF THEM ASSHOLES??
'We (some of) the People' of the United States of America (no longer), take out loans, that we can't cover on our measly salaries, because we don't know how money works, like the rich do. We will blame our irresponsiblity on deregulation, that forced us at government gun point to take out a loan, and forced us to sign the closing, and forced us to borrow and spend, because we have no sense of responsibility, we even encourage our posterity, because we ourselves were brought up this way....
@the430movie Bush did not take that loan out and put it under your name, You did. There are many temptations in this world, but you must know your limit! 6 million+ home owners did not know their limits, so the scape goat in this case, is government! If you make 30k have nothing in a bank, and average credit, yet you take out a loan for a 400k house at the time, and miss a few payments, then go through Freddie and fannie for loan assistance, and then receive news you have just been foreclosed
@the430movie You have no one to blame but your self.... You wanted the American dream handed to you with no strings attatched, and if you failed..... Well, there is always government to rely on.... Yup, thats what i'll do... take out a loan for a car a house or a business, and eventually fail to pay it back, let the banks cover my irresponsibility.... Yup, government will protect me! Good ole government... I will never again have to think for myself! GOVERNMENT SPONSORED PROGRAMS IS THE PROBLEM!
Anybody who thinks one president is any different for another needs to pull their head out of their butt and realize that presidents are hand picked for the office by the ruling powers that be. The office of the presidency is a show. A vaudeville act. Not Real. Democracy and freedom are nothing more than an illusion. Uncle Sam has been dead for years. The constitution has been castrated. And the 4th of July has become a national day of mourning for anyone who still posses the ability to think.
Him and his administration were the one that encouraged the banks to fucking ease credit restrictions. watch this..watch?v=kNqQx7sjoS8...this was months before the banks went bust which was a direct effect from him and his stupid fucking policies. My sister got a loan to buy a 6 unit home at this time..AND SHE WORKED AT DUNKIN DONUTS FOR 5 months second job in her fucking life!..She got lucky and sold the house but there was no way that she should have got a loan for that PERIOD.
@MrKylecorreia I'm pretty sure that it was Clinton's administration that started the homeownership policy. Bush also tried to regulate Fannie and Freddie, both born out of Dem policy, 17 times.
@rb3264 You are correct, it was called "The Community Investment Act." President Bush seventeen times advised congress to control it, but was ignored. This was the tipping point, and the impostor in chief, spending four trillion has pushed us over the edge.
@Auggie56 absolutely! This has been horrible! I knew of illegals with toxic loans w/ 25k salaries trying to own $350k homes..... What the $*@*&#&^??? I had 4 family members that were realestate brokers, 2 are out of work, the other 2 are really struggling. Its sad... Not everyone in America is stable enough to own homes! They should just be renting, just like not everyone is a real mother and father!
@MrKylecorreia Uhhhh, you really are a liberal tool. You seem very unstable... did you take out another loan, and expect Obama to help you with what you and your sister can't pay back??? Of course he will help you, as he is a big government president! It's not about the tough choice, but what is convenient to you!
@the430movie Shut up with your liberal conservative demo republic shit..I dont take out loans i pay cash ..I make more money in a week than you prolly maker in 6 months..
@thoostorm4 I'm not a follower of Soros but I believe he is right when he talks about the Community Reinvestment Act as being a source of the bubble. The robbery has been going on since the progressive era, the era where it became the norm for the government to prop everybody up with redistributed wealth. Income tax makes a man poor. The more money someone is allowed to keep=the richer we are. Thak the progressive era.
@MrKylecorreia Now i know your dumb! You make it sound as if Bush put a gun to your irresponsible head and forced your to go and get a loan on a house. You sound like the other clowns on here about these regulation. If the gun is loaded then why pick it up and put it to your head! Typical Democrat lemming!
@the430movie I dont give a fuck about this Democratic, Republican, Conservative shit. Its common fucking sense do your research. Bush encouraged the banks to give people that should not have loans..loans..when they defaulted he blamed the banks. If you were desperate starving to death someone said ok (insert your stupid name here) I will give you a loan for enough food for you to eat for one week. But the catch is you have to pay me back 3 times as much. Your starving you will do it
@NBOC777 As are Obama, Jimmy Carter, Gerald Ford, Nixon, LBJ, Hoover, and Roosevelt. For every passable President, we get 3 or 4 that are just gawd awful. There are only a handful of Presidents in the entire history of the US that were worth more than a thimble full of camel spit
you have had a good president on 1992 till 2001 and that was Bill Clinton. A democrate who has put the USA on track again and who!! Real well done Mr. Clinton. This after a period of the republicans had Bush Sr. who let the economy tuumbled down. Now we have the second idiot the son of him, George Walker Bush, who sent the economy to the abiss. Who nee dto take them from the abiss and make it right? A democrate again. Obama. Now we see that a republican make a mess and a democrate can clean itup
@manhackmatt Because a lot of idots voted for him, because they belived his lies, Now our country is going down the drain because of a NON-AMERICAN Leader.. They voted for. Nice going you fuckard idots..
@HyperFoxTails he got Osama-he showed that even after 10 years America will still track down a single terrorist - our country looks pathetic not because of the president but because our cogress cant get their act together (just look at the debt limit fight, which shouldn't have even happened in the first place)
@manhackmatt Who gives a shit where he was born.. He is ANTI-AMERICAN, a Marxist thief, corrupt to the core, he'll never change, we can only hope he gets the flock out of here ASAP so the damage isn't beyond repair. His intention is to destroy this country, Americans, and it's working. The intent is in the results. Born here, Born in a third world country, who cares? He doesn't share our values, he's against the Western way of life and should be running a Tribal Country of Cannibals.
@luvpupster1 against a western way of life? he bailed out the banks and GM to keep them solvent so we can still have our American way of life- do you even know what a 'tribal country' is? In a 'tribal' society generally the most savage person is the leader. Considering that Obama BARELY got the debt-limit passed and hasn't even seriously talked about immigration reform, I'd barely call him 'savage'.
But I think we both look like idiots now, so can we just agree to disagree?
These scum have totally brought America to its knee's!!!
America has become the most hated nation on earth.
Next for Americans is, Total monetary collapse. The dollar is in decline and no longer looked upon as the currency to trade in. The rest of the world is fed up of the US screwing them and are looking to set up their own collective currency to trade in oil and other commodities.
When this happens, America will collapse under the colossal amount of debt it has accumulated.
Dems and Reps are both fucked up. Republicans got us into this mess, and Democrats are making it worse. Good God man! For once, can they get their heads out of their asses?
Yeah I know ive been hearing about the sun.Its already starting to have bigger solar flares than usual and they said its likely to get worse so yeah , thats definately something to be worried about.
So how many troops do we have in how many countries now with Obama in charge jwh0713 ??? and Libya and Pakistan and Afghanistan and we are still in Iraq what fools u clowns are !!!!
@wHOTHATbbbbb tell me, how did BUSH kill thousands on 9/11? Clinton has publically stated that his biggest regret was not killing bin laden one of the several times they had him pinned down. And I don't recall Bush flying the planes. If your child kills someone, may we punish you? or do you think muslims are guillable and were led by the nose by some "cia operative? and didn't have enough sense to decline @ the very least killing themselves? the JOB of a muslim is to kill the great satan.
@TheJoozie Well I dont recall Bin Laden flying the planes either . . .so if individuals bomb a country should thier whole country be declared a terror nation?Plus 7 of the hijackers were still alive after the fact,how is that possible?9/11 was planned for a long time and the U.S goverment knew all along that it would happen and that the blame would be on Bin Laden,he probly even knew since he was associated with the CIA.
@TheJoozie And maybe the Islamic nations see America as the great Satan because the majority of America has thier mind being controlled by the lies the our Gov. tells.The Nazi regime used a similar techniques to gain control of the German gv. then eventually to recieve the incredible power they ended up having.People dont realize but the AMerican military is everywhere besides a few places. The New World Order which will come is happening right before our eyes but wer more focused on Jersey Shor
@wHOTHATbbbbb Sure. And this is George's fault? I find it funny how everyone in the world loves to talk shit on George and say how stupid he was, can't speak, idiot, low iq, poor student, etc. But then would actually think that HE knew anything of any real importance. There have been over 17k terrorist attacks since 9/11 and I highly doubt the CIA orchestrated them. Yes, we've been put in a pot like a frog for MANY trips around the sun but while I understand that, I'm not blaming W.
@TheJoozie Well you know i really cant say if it was Bush's fault but he surely didnt do anything to stop it when the signs were there.is khadaffi bad or good?I knows he was/is thier ruler but the media talks about him like hes bad.And if Obama was for muslims why would he also be for Jews?Also whats wrong with tap water? you seem to know what your talking about so im jus askin.But in the illuminati card game(1995) they have Obama on there and it says backlash so illuminati may still be in power
@wHOTHATbbbbb the Bush administration tried 17 times to get the GSEs reformed/fixed and to stop this lending practice. 17 times and it's on record. Of course, the NYT printed "WHAT BUBBLE?" during one of the attempts and made everyone think he was an idiot. Obama is no friend to the jews. Trust me on that one. Flouride has been put into our tap water for over 50 years. It's an aluminum waste by-product that is the number 1 ingredient in prozac and was used on POWs in several countries.
@wHOTHATbbbbb jews are infidels. anyone that's not muslim is infidel. why everyone hates jews? they have a collective inferiority complex. that's all a whole other story.
You should not only stop drinking tap water but you should look up how to detox from heavy metals. You think you're pissed off now? google flouride dangers and just look at the pictures, read the stories. Ask your doctor. NO MEDICAL BENEFIT. CAUSES alzheimers, autism, bone deterioration... on and on
@TheJoozie Show us the links to these 17 times, because as the guy who had a rubber-stamp Republican Congress under his thumb, he could have gotten anything through, and did in fact. Example, the Patriot Act, domestic spying, Gitmo, etc. I cannot believe that anybody still actually believes Bush 'tried' to prevent the mortgage crisis. CRA and subprimes skyrocketed under his watch. Fact. Just admit you got fooled, you're not the only one. Learn, so you won't make the same mistake.
@lurchutube the whitehouse site has ALL of it. There's not one specific PAGE you can go to to see each and every one. You have to go into archives now and pull up the dates. start with FY 02 budget! Read that. Then you can go to 5/29/02 for the OMB Prompt Letter to OFHEO 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. that was BEFORE the accounting scandal.
@TheJoozie and what did Bush and the Republican Congress do about it? All you're saying is that Bush and his cohorts knew about it, which we all know, but they still refused to do anything about it. They had the entire Congress, Supreme Court, and the media on their side at that time. Do you actually think one or two members of the minority party could stop them? See Patriot Act and Iraq invasion.
@lurchutube omg stop it already. You are reaching and there's nothing for you to hold onto. I'll say this one more time, because someone has an R after their name doesn't mean they're Republican. Or share republican principals. Why don't YOU see the patriot act and Iraq invasion! You can sit behind the keyboard smugly and say that the minority voted against it? There were more democrats in the house than 66 and more in the senate than 1. Out of 534 only 67 voted against it.
@lurchutube invading iraq... if the democrats had stuck together and voted NAY there would have been no invasion. In the house, 82 democrats voted for it-at the time there were 209 democrats present and 225 republicans. Since not all republicans were FOR it, it could have been stopped in the house. But let's move to the senate, shall we? The senate was split exactly 50/50 (what a rubber stamp republican senate that must have been!) with 77 for and 23 against.
@lurchutube and I know that you'd HATE for anyone to have made an attempt to solve the problem-especially being a republican and "cohorts" but the proposal for new oversight and regulation worked its way around congress for a couple of years and the democrats were having NONE of it. They could vote for the patriot act, but not for this? Efforts to reform were shot down by the democrats EACH time. And congress was essentially split down the middle on D and R.
@lurchutube as a matter of fact! Senators Dodd, Clinton, Obama and Kerry were the TOP 4 receipients of Fannie and Freddie campaign money and they actively opposed any reforms. In 2005 McCain co-sponsored a bill requiring reform to Fannie and Freddie and it was procedurally blocked by democrats. There's a 2004 video on youtube of republicans arguing FOR and democrats arguing AGAINST regulations that would have saved us from this.
@TheJoozie thank you for helping set this kid right and thank you for your knowledge in politics.its unfortunate that kids don't take the time to educate themselves with anything but whats screamed out right in front of them witch is almost always libral propaganda aka democrat propaganda more than ever we need our youth to pay attention to educate themselves with more than the main medias libral/socialist slant.
@ToadisMcGoatis no one was set straight. This guy won't listen or believe that Bush tried to fix anything. They just don't WANT to believe it. I don't give a shit WHO'S fault it is, I'll put the blame where it lies no matter who it is. This time it just happens to be democrats. I do get tired of the idea that if something is repeated often enough it becomes true.
@TheJoozie listen,bush wasnt the best president by any standards but to just blame him for everything is short sighted and kind of lazy in my opinion.i do remember him saying fanie may and freddie mack were a problem around 2002 and it was the dems who said we needed to leave it alone,there wasnt any problem.
@ToadisMcGoatis and I guess what Bush should have done is gotten on TV every 20 minutes like mack daddy does and appeal to the american people OVER AND OVER AND OVER again and call them out over and over and over again. But enough of the bullshit that he had some magical flute and republican congress that would follow him off a cliff. An 8 person majority between both houses doesn't make it a rubber stamping congress. Just stupid. And it's fact. But he'll still stomp and fight it.
@lurchutube Bill Clinton himself said the DEMOCRATS have resisted any attempts at reform under bush or HIM for that matter. So tell me genius,when was this "entire Congress" that bush had? I'm going to argue that 8 or 9 more republicans in the house does NOT make an "entire Congress". If this president had such a hard time with the super majority, there's no way that bush's congress was any better for him.
@lurchutube “Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. I defended their efforts to encourage affordable homeownership, when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong..." Artur Davis-House Democrat
@lurchutube Congressman Barney Frank, responsible for oversight of the banking industry during the greatest financial sector collapse in modern history, said it’s racist to blame Democrats for the collapse caused by Democrat mandates that loans be given to people who could not pay them back.
Let me ask you this: if we understand that this was a result of poor people getting mortgages they couldn't afford, does that sound like something the "rich" republicans would have championed?
@lurchutube 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) BEFORE accounting error found.
@lurchutube September 2003-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. THEN the following month 1.2 billion error was disclosed.( After the SEC opened an investigation)
@lurchutube You can start there with those goodies. I'm not a republican defending a republican. I'm intelligent enough to know that BUSH didn't single handedly destroy this country. And yes, the patriot act was a BAD move and I spoke against it and STILL do though I shouldn't HAVE to but since obama extended and EXPANDED it, it's still on the table. Gitmo, I agree with keeping terrorists there. I don't want them here which is my right to feel as a heavily taxed citizen. And it's STILL open.
@lurchutube and if you want to talk about a rubber stamping congress, what about the first 2 1/2 years of obama? SUPER majority and got everything he wanted. Trillion stimulus that we have no idea what happened to-oh yeah, shovel ready jobs that "weren't so shovel ready" according to obama, healthcare law that has already killed jobs and will continue to do so according to the CBO, non defense of DOMA which is the LAW so that means he's picking and choosing what laws to defend-nice one.
@lurchutube and that healthcare law? ALL of those congressmen that voted for it that are coming due for elections are now back peddling on it. Wonder why that is? It's SO "good for us"! Forcing people to purchase something from a private company or pay the IRS an additional tax/penalty? I was just charged 27k to have a baby with NO incident, was OVERCHARGED thousands and the hospital actually told me that it was okay because it wouldn't change my co-pay. Insurance covered 6k.
@lurchutube The rest? Write off! So 21k is written off of their tax bill, they overcharged me 4k AND no one bothered to even ask if I could pay what the insurance company didn't! My congressman has an open investigation into my stay at that hospital right now. I was pleasantly surprised to have a written response to my email about it along with forms for me to allow the investigation. His office has since been in contact with me by phone. So at least there's ONE republican doing his job.
@lurchutube See, just like Clinton's "surplus". The media loves to bash Bush and say we had this abundance of cash which HE squandered with tax cuts, wars... but it's horse shit. There was no surplus. There was PROJECTED surplus barring any events that would prevent it but a 10 year plan for after a president leaves has NEVER been implemented by the following president. Which is why the tea party wants a balanced budget ammendment-to BIND future administrations and congresses.
@wHOTHATbbbbb khadaffyduck IS bad. yes, we're there but why? No one is trying to kill him. Why do I care if he torments his people, really? I care that he had his hands all over Lockerbie. He should die. He is a terrorist. But obama has ties to him so it won't happen. Bilderbergs put obama in. hillary and he went to meeting, she was way ahead. soon as it was over, obama shot to front. But between you and me (and anyone reading this), we've got a MUCH bigger fish to fry pretty soon.
@wHOTHATbbbbb Politics is my sport and it's fun, it's entertaining, and a great game to play but I'm not worried about any of this. What everyone SHOULD be very concerned with is the warnings NASA is giving. the ONLY credible govt agency is telling us we're going to get blasted by the sun-and they mean BLASTED. Govt has bunkers upwards of 300k square feet to burrow in just for this occasion. The house voted UNANIMOUSLY to update our grid-senate said cyber terror more important.
@wHOTHATbbbbb I'm all over it. We cant even clean up from katrina. This is going to be trillions in damage and life lost will be of devastating proportion. We'll deal with these assholes when they finally come out of their hole and are met with pitch forks and torches. Better stock up. A LOT. Figure out how you can keep all electronics that can run on solor from being fried. I've got storage w/ faraday cages, hand pump on my well, cooking stove, getting a still... people will need help.
@TheJoozie There were only around 40~50 terrorist attacks per year according to the U.S. govt Congressionally mandated terrorism reports before Bush implemented cowboy diplomacy, against the advice of nearly all experts in diplomacy and ME culture/history. But of course, you're a Repub defending a Repub so personal responsibility doesn't exist.
@lurchutube I've got no problem placing blame where it belongs be it republican, democrat, libertarian, independent or otherwise. Bush fucked up plenty and he could have handled things better. When 9/11 happened the country rallied behind him to go into afghanistan-but it wasn't paid for. It could have been though! People were so cohesive at that point, rather than saying "go shopping" or "go on vacation" he should have said "BUY WAR BONDS" and we would have.... A LOT OF THEM.
@wHOTHATbbbbb His dad on the other hand? That's another story. I can remember when saying NWO would garner scoffing and laughter. Now it's out in the open and no one cares that anyone knows it-and the people that hear it now shrug shoulders and somehow find justification to it because it's THEIR darling politician that's saying it so it MUST be for our own good. Nazis learned their manipulation from the USA.
A nation is declared a terrorist nation when they sanction and sponsor terrorism...
@wHOTHATbbbbb Iran, Iraq, Lebanon, Syria-all state sponsored/sanctioned terrorism. No way around it. Egypt is now on the way to being added to that list. We had someone in Egypt that could keep the peace over there and obama encouraged the fall of that and defends the muslim brotherhood. Any country that follows sharia law is terrorist and a sworn enemy. Brotherhood is calling for sharia constitution, they'll get it. already the pipeline to Israel has been attacked 5 times. It's bad.
@wHOTHATbbbbb And unless you can get everyone (and I mean EVERYONE) to quit drinking tap water at the very least, you'll never get any real resistance to any of this. Obama is a continuation of the worst - yet he's got the support because he's "not Bush" so it doesn't matter WHAT he gets us into. Remember, with this president, we're too "stupid" to know how smart he is-so shut up and get in the back of the bus. (I'm sure he loved saying that)
@wHOTHATbbbbb and they see us as the great satan because we are infidels and support Israel. Their entire purpose is to destroy the jews.
And on a side note: People have been running around like chickens screaming the NWO is the illuminati. It's not. They backed out of their chess game MANY years ago and are off doing more (or less) productive hobbies. It did create a vacuum when they stepped back and it was filled quite nicely by people that have no idea how to handle such power/control.
@wHOTHATbbbbb the koran commands muslims to lie to non-muslims and it is seen as a good work. islam bases salvation on works so lying to infidels secures a spot in paradise. the ones that DON'T lie tell you how they will take USA down by any means available. So consider this for ONE moment: its estimated that 10% of ilamists are radical and hate us enough to take action. That's about 320 million people looking for a way to harm/kill infidels. We have about 310 million population.
BUSH and I feel the same about the koran, we both use it as toilet tissue. FUCK OBAMA, and his entire administation. Bunch of tax cheats, liars, and they violate the constitution daily. 2012 the obamas dont have to go home, but they have to gtfo of washington.
Americans blame banks and Wall Street for the crisis. This is the last song in what happened. We must look at the Community Development Act pushed onto HUD by Clinton, and further strengthened by the Dem. congress under Bush. The Act said, basically, lenders MUST make mortgages more available to subprime mortgage applicants (quotas upwards of 50%) or else HUD (through Fannie/Freddie) wouldn't be available. Applicants were literally gathered up to apply. This is when banks etc stepped in.
@Ucatsexas You're thinking of the CRA, and that was an optional program for banks by the way. Moreover, it never forced any lender to lend to anybody. Banks that applied for CRA status agreed to prevent redlining (blighting) of less appealing urban areas. CRA status was so popular, the banks pressured the Bush admin to loosen the criteria for becoming a CRA bank to the point the designation was basically meaningless by 2004. What you are talking about is predatory lending, NOT CRA.
You notice how they didn't display Goldman Sachs or Bank of America amongst the banks that played a part in creating or expanding this mortgage crisis.
Wish we had freedom of the press in America.
Why didn't Bush listen to the mortgage bubble warnings that started in 2001? Why didn't the Republicans in Congress or the Senate do anything?
@lurchutube Why didn't he listen??? He tried to get the GSEs reformed SEVENTEEN TIMES during his stay. No one wanted to hear it. Barney Frank INSISTED that Fannie and Freddie were solvent and there was no such thing as a "housing bubble". It's all on record. We do have freedom of press here but you have to venture out of your own "press bubble" to hear it. Most people don't even know that there was banking affirmative action or that the CRA "encouraged" high risk loans.
@TheJoozie Bush LOOSENED the rules on GSEs, CRAs, and subprime loans 17 times, but he never tried to do anything to regulate the mortgage industry and/or the secondary market. In fact, due to Bush's push for more lending and looser lending, the ratio of subprimes to all other loans went from 13% in 2000 to 20% by 2004. Can't blame anybody but Bush and the MAJORITY Republicans in Congress for that. (hint: Frank was only the ranking minority member in one committee of one house)
@lurchutube wrong again. the SEC loosened the rules on GSEs. Not Bush. You should rethink your position. Bush NEVER tried to do anything to regulate the mortgage industry?? REALLY? Your 17 times is an accurate number however it is incorrect about what was done 17 times. You asked for it!
@TheJoozie LOL! The SEC has NOTHING to do with the rules on GSE and subprimes. Bush pressured them to loosen the subprime rules because the banks pressured Bush. Follow the money - it will always tell you the truth. The facts don't lie.
@lurchutube banks were forced to play by crappy rules and then were thrown under the bus for following them so that a-holes could come along and say "see! free markets don't work! banks are evil!" Prior to the CRA, banking was solid, mortgages were gotten by having a down payment, good credit, verifiable job/income (that didn't include welfare), AND there had to be $ in savings. Those requirements were deemed "discriminatory". the banks were PREVENTING ppl from getting homes. nonsense.
They lied, tricked, and scammed to get anybody anywhere to buy a loan from them, and then they lied, tricked, and scammed to get somebody else to buy the bundles of junk loans being sold as class A debt. How you could defend the crooks in the banks is beyond me! The CRA has been around since the 70s. There was no problem until Phil Gramm's MBS (debt swap) bill which allowed banks to profit off creating and profit off re-selling junk loans.
@lurchutube No, they didn't want "anybody" to get loans from them. It's not fiscally sound to loan money to people that can't pay it back. The CRA that Carter enacted was well intended but poorly written. Then Clinton came along and made it worse. Sub prime loans didn't come from banks, it came from the govt trying to be "do gooders" and getting everyone into a house. NOT EVERYONE CAN AFFORD A HOUSE!
@TheJoozie Of course they wanted everybody and their dog to buy a house. That's why they got "Foreclosure Phil" Gramm to slip the MBS (aka debt swap) into a Clinton spending bill at midnight in 1998 or thereabout. It allowed them to bundle the junk loans and sell them as A rating loans on an unregulated market. In other words, they created a moral hazard where they made more money the more junk loans they sold, hence the bubble, hence the mortgage crisis.
@lurchutube And fannie mae and freddie mac also sold those junk loans bundled up. But thats' okay! They played by the rules that were given to them and now everyone's pissed off that they did it and made profit off of it. If they had just loaned the money to the ppl the govt wanted to have the loans, they would have been broke and out of business in 5 years. If YOU ran a business, would YOU loan $ to people that couldn't pay it? that's not a loan, that's a gift.
@TheJoozie F&F are just two more banks who got tricked into buying junk mortgages in loans sold by Countrywide, WAMU, and others as if they were class A loans. So a couple making less than $100K could get a lender, underwriter, broker, and other "professionals" to lend them $2M or more to buy multiple houses in California. The lenders never planned to keep the loans on their books long enough to actually put themselves at any risk, but the riskier the loan, greater the commissions.
@lurchutube here on youtube type in "timeline shows Bush, McCain warning dems of financial and housing crisis; meltdown" it's to the right of this page from ProudToBeCanadian.
Bush didn't listen??? LOL I know that the media loves to put the world's problems on Bush's back but he didn't cause it and tried to get it fixed. You can thank democrats for not paying attention.
@lurchutube 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." 5/29/02)
@TheJoozie See, F&F were guilty of cooking their books in an accounting scandal and the Repubs were right on that. However, that's a different scandal altogether. Nice try though confusing the two.
F&F were secondary buyers who got scammed by the lenders just like the taxpayers, only the F&F management profited the more they bought from the lenders so they didn't care.
@lurchutube 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, 5/9/02) Sept 2003- Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
@TheJoozie Again, different argument. And I agree, the Repubs were correct that F&F had an accounting scandal and people like that CEO Rain should have gone to jail.
@lurchutube 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. (sounds like they're "LOOSEING" huh?)
@lurchutube 11/03-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."
@lurchutube 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)
@TheJoozie Again, this has little or nothing to do with the mortgage crisis since greater levels of capital don't mean squat when the lenders are selling junk mortgages to consumers and the next day bundling them and selling them off to F&F or somebody else on the secondary market.
@lurchutube 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
shall I go on? Or are you able to admit it yet?
You're backward. Show me where the admin loosened anything on GSEs 17 times. find it.
@TheJoozie "In 2001, HUD researchers warned of high foreclosure rates among subprime loans. But by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising." Washington Post, How HUD Mortgage Policy Fed The Crisis, page 2
@lurchutube That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."
For Wall Street, high profits could be made from securities backed by subprime loans. Fannie and Freddie targeted the least-risky loans. Still, their purchases provided more cash for a larger subprime market.
@lurchutube FOUR YEARS AFTER BEING WARNED ABOUT THE DANGERS, BUSH AND THE REPUBS WERE STILL PUSHING FOR LOOSER LOANS AND MORE SUBPRIMES TO FEED THEIR BANKING MASTERS.
@lurchutube And because someone has a D or an R after their name doesn't mean they area actually a democrat or a republican. RINOs have hijacked the republican party making them a slightly watered down version of democrats. There is no policy difference. Just as obama has kept most of Bush's people for his own administration.. that should indicate that his campaign on how he's "NOT BUSH" was a bunch of bullshit.
@lurchutube You keep claiming that Bush ignored warnings when I can site 17 times where his administration tried to get F&F reformed because of it. I'll NEVER defend a RINO. Just because someone has an R after their name doesn't mean they're worth a hill of beans. But lets remember that just because there's an R after Bush's name and an R after someone in congress doesn't mean they're going to agree. We've seen that very thing played out this last 2 weeks. D doesn't mean follow Obama either.
@TheJoozie Again, Bush never tried to prevent the mortgage crisis. How many times do I need to explain this? F&F reform, of which the dems were wrong and the Repubs were correct, was about an accounting scandal. You are confusing two completely different issues. Please remember the difference. F&F were merely a means for the lenders to efficiently dump junk loans, they chose to make, onto the taxpayers.
@flipgood89 what's wrong? that banks would lend money to those that COULD pay it back? I'm in banking. Trust me, no one wants to loan money to someone that isn't going to pay it back. It's bad business and will bankrupt you. Banks used to go by track record, funds in savings, and job VERIFICATION. Now an 80 year old can get a 30 year mortgage as long as the credit score is high enough. Think you'll live to 110? doubt it.
@flipgood89 banks can't look at anything other than basics. They can't look at how many restaurants have failed in the area that the next guy wants to open one. They can't look at age. they can't look at how much $ is in the bank in the event that someone loses their job. None of it. All of those things to look at were labeled discriminitory. They can't look at anything that will give them a realistic picture of the risk they're taking.
@TheJoozie You got it right, "Joozie." The two key recent (i.e., the decade of 2000s) steps in the downfall of the U.S. economy both had to do with real estate. Either CNBC or MSNBC created a wonderful documentary called "House of Cards" which detailed the unbelievably bad lending practices of companies such as Quicken Loans in the early and mid-2000s. Former pizza delivery people became "loan mngrs." $100+K mortgages were made to folks without even verifying their jobs or income!! And ...
@VrgniaMailman I don't feel a bit sorry for anyone that got an adjustable loan and too much house. I also don't feel bad for anyone under water in a house. It's a place to live, not an ATM. If my house drops 90% it won't change my day. I bought it at an agreed upon price so that is what I honored. I'm not looking to use it to fund my retirement either. People's idea of homeownership is kinked now. it's HOME ownership. make it home and settle down already.
@TheJoozie From what I can discern of your tone, it sounds like you are arguing with me. I hope not. The other thing that I may have omitted in my comments was the fact that billions of dollars in mortgage loans were made with NO DOWN PAYMENT!!! That was an abuse by the lenders. I do not excuse the actions of borrowers by any means, but any lender ought to be savvy enough to know that when a mortgage borrower has NONE of his/her own money in the deal, the borrower may walk when things get tough
@VrgniaMailman No, I wasn't arguing with you. I was simply saying that I feel NO pity for anyone that got too much house. No down payment was required and the loans were still federally insured. Why get a downpayment when the govt will back it anyway? They were given lots of rope on both sides and they should have been allowed to hang with it. Nothing is "too big to fail" except the USA but if we don't have someone at the helm that also believes that, we're fucked.
@TheJoozie ... then these "D-quality" mortgages were packaged as "A-quality" mortgage-backed securities. I consider the fraud in the 2nd step as being the one that brought about the market crisis of September, 2008. The horrible lending practices and terrible mortgages would have kept the problems localized, but the mortgage-backed securities spread the crisis nationally. Of course, the deficit spending that has gone on for decades in America was always there, too. Plus, mortgage borrowers ...
@TheJoozie ... who could afford a $125,000 mortgage were given mortgages for $175K and up, thus putting them in unnecessary financial trouble. I just read an article recently stating that Japan is still trying to get itself out of a decade-long economic downturn and suppressed home-price situation, and that it is very possible that the U.S. housing market and economy could end up with the same situation. A July 2011 report by the NAR stated that home prices fell in July in 37 of the 50 states.
@TheJoozie Holy nonsense. Your gullibility is much appreciated by the finance industry that created the rules by buying the lobbyists and politicians, on both sides of the aisle. Nobody threw anybody under the bus except the finance industry throwing us taxpayers under the bus. Show me one email or letter of the govt forcing any bank to approve a particular loan. That's complete horse malarky. First 20 years of CRA banks were fine. Gramms MBS threw the taxpayers under the bus.
@TheJoozie You are soo off its not even funny. the government gave money to banks so they could make subprime loans. Those loans were sold to to securities investors. The credit agencies rates these subprime mortgages as AAA+. The investors also knew these securties were bad, took out insurance against the securities from AIG. People defaulted, securities rating were downgrades, AIG had to pay out, mortgage companies lost and got bailed out along AIG.
@cesar333 LMFAO you just made it even WORSE on the part of the government than I did! So not only did the govt "encourage" banks to lend to those that can't pay it back, they GAVE MONEY TO THEM. haha
And honestly, the credit rating agencies were right at the time for rating everything AAA+. The market was BOOMING and even if a home foreclosed, it would sell before even hitting the market. The money would be paid back quickly at that time from the sale.
@TheJoozie The SEC was totally wrong in rating them AAA+. The same credit agency that said Madoff wasnt doing anything wrong and failed in investigate when someone raised some concerns. It all comes down to ignorant,greedy people in this country. Lying about their income, taking on huge debt and walking away when they figured it was a bad deal. Dont look at the government.. Look at your dumb ass fellow citizen who has ZERO financial education. The government is the product of the people
@cesar333 I wish you would have caught yourself on that comment... but you didn't. The SEC doesn't RATE, it is NOT a credit agency. And yes, I have stated 1000 times that the HOME BUYER is more at fault than the banks or the government. I have NO empathy for someone that signed paperwork and then cried foul when they couldn't use their home as an ATM machine. If I have zero education on something I will not sign it until I am educated on it. So I don't even give them THAT inch.
@cesar333 2 of the BIGGEST Bush haters were Dodd and Frank. How could their law manage to overlook the billions of dollars that went to foreign banks? Or the LOANS the federal govt made to the banks at .001% (which isn't giving but damned near). It's all bad but it all began with a well intended but POORLY written CRA which was expanded to be a further disaster in a subsequent administration. If the govt tells me how to do business they better pony up for losses. that's in the constitution!
@cesar333 Well, thanks to senator Obama it is unlawful for a lobbyist and congressional member to SIT DOWN to talk. He wrote that great bill. I wonder if that pissed off the chair lobby? Perhaps the office supply store lobby? Most lobbyists are small fries and don't hand out any checks. Most lobbyists are not paid at all.
@TheJoozie yea they leave they check handing to congress. Like John Boehner who gave out checks from tobacco companies on the house floor while they were debating about tobacco subsidies. get with the program, both parties are the same shit.
@lurchutube The problem the republicans have, is not all of them are alike. The democrats are better able to vote in party, republicans get queesy at the slightest pressure. There were efforts to reform the system, but ignorance by the democrats and weakness by the republicans lead us to the inevitable judgement day. What can't go on forever, wont.
@lurchutube also, bush DID listen. He brought it up about a dozen times and was shut down each and every time. Look up Barney Frank talking about Fannie Mae being in great shape! Look at the newspaper headlines that said "no bubble here!" or "what bubble?" and that was back in Bush's first term. He tried and was dismissed. I waited to buy a home until it popped and now no matter WHAT the market does, I'm in the black on my house. I don't feel sorry for anyone that makes 40k w/ a 400k house.
When you spend 8 years provoking other countries. You get war. President Bush has to be the most irresponsible president in US History. History will prove it some day.
I get so confused about the Obama hatred. So many republicans blame the economy on Obama and bash him about his bailout. Well guess what Bush caused this huge mess and thats a fact. Bush spent a trillion on his illegal war in Iraq and Iraq had no WMD and no tiesl to 9/11. Bush would have had to pass the same stimulus plan. If Bush hadn't spent a trillion dollars on his phony oil war then Obama wouldnt had to spend a trillion dollars to save the economy.
@JohnnyBoyCali Ye I know the trillion dollar war totally colasped the economy, never mind the many more trillions in the housing bubble. BUSH WARNED THEM ABOUT THIS AND THEY DIDN'T TAKE HEED, INSTEAD THE DEMOCRAT CONTROLED GOVERNMENT BLOCKED BUSH. How the hell is that Bush's fault? If dems listened to bush obama wouldn't have had to spend the trillion to revive the economy because it wouldn't have crashed. Bush tried to implement ways to soften the blow when the dems wouldn't listen.
@JohnnyBoyCali Agreed! Bush using flawed intelligence reports moved forward with his war plans as well as many other countries drawing from the same flawed reports. Unfortunately President Obama who said he was against the war and would draw out did not. I believe that all politicians are driven to do things which keep them employed. When voting for now President Obama the belief is/was that he would pull out of war now; not 4 yrs later. 2 yrs in office and business as usual will bankrupt us.
@etcharrison There were no "flawed intelligence reports". They've interviewed various CIA agents who have said that they continuously told the administration that there were no WMD and the administration continued to push them to find something when there was nothing there.
@JohnnyBoyCali Congress spends money - not the President. The blame or credit for any expenditures goes to the Congress. This "huge mess" started long before Bush became President, and spending another trillion dollars for covert political paybacks is definitely not going to save our economy. It does, however, increase the risk that China could let America suffocate in its own debt.
I completely agree with you woody. I'm telling you America...we're on the verge another Revolution if there are not some drastic changes made. I suggest all of you research Ron Paul..A true champion of the Constitution. If Bush followed the constitution we wouldn't have troops in 130 countries...9/11 would never had happened...and the Iraq war would not be.
@monkeyman1140 because they/we were living on dreams, speculation, and in case of congress/senate Kickbacks in the form of re-election support (money and goodwill). Did you see the last 2 yrs? I had hoped with Democrats in the driver seat things would have changed but no, it has gotten worse and the lies continue. Who in our great nation will stand up and say enough? I do not believe it is any of our representatives now.
This has been flagged as spam show
On Jan. 3, 2007 the DOW closed at 12,621.77, the GDP for the previous quarter was %3.5, unemployment was at %4.6. The US had 52 straight months of job creation. On Jan. 3 the Dems took over the House and Senate. Barney took over the House Financial Services Committee and Chris Dodd took over the Senate Banking Committee. Where were the economic crashes? Banking and Financial. Oh and Bush asked congress 17 times to stop Fannie and Freddie but Barney called it "a Chicken Little Philosophy."
billyslo87 3 weeks ago
Search youtube for Dems, Frank Dodd Obama subprime mess. See it in their own words...and Carter for the record started it with the Community Reinvestment Act, later revised by CLINTON and supported and raped by ACORN. EVER HEARD OF THEM ASSHOLES??
lngbnestn 4 weeks ago
@MrKylecorreia,
WTF are you trying to lie about? THE LEFT forced the subprime mess..DO YOUR FUCKING HOMEWORK IGNORANT LYING ASSPIPE.
lngbnestn 4 weeks ago
Fuck Libs...and THAT'S from a independent.
lngbnestn 4 weeks ago
"our entire economy is in danger"...we have no fuckin oil left...let's bomb uneducated countries......yeeee...hawwww!!!!!!
euroman32589 1 month ago
'We (some of) the People' of the United States of America (no longer), take out loans, that we can't cover on our measly salaries, because we don't know how money works, like the rich do. We will blame our irresponsiblity on deregulation, that forced us at government gun point to take out a loan, and forced us to sign the closing, and forced us to borrow and spend, because we have no sense of responsibility, we even encourage our posterity, because we ourselves were brought up this way....
the430movie 1 month ago
@the430movie Bush did not take that loan out and put it under your name, You did. There are many temptations in this world, but you must know your limit! 6 million+ home owners did not know their limits, so the scape goat in this case, is government! If you make 30k have nothing in a bank, and average credit, yet you take out a loan for a 400k house at the time, and miss a few payments, then go through Freddie and fannie for loan assistance, and then receive news you have just been foreclosed
the430movie 1 month ago
@the430movie You have no one to blame but your self.... You wanted the American dream handed to you with no strings attatched, and if you failed..... Well, there is always government to rely on.... Yup, thats what i'll do... take out a loan for a car a house or a business, and eventually fail to pay it back, let the banks cover my irresponsibility.... Yup, government will protect me! Good ole government... I will never again have to think for myself! GOVERNMENT SPONSORED PROGRAMS IS THE PROBLEM!
the430movie 1 month ago
This has been flagged as spam show
It always goes back to the government.
dmcarefuldriver 1 month ago
Anybody who thinks one president is any different for another needs to pull their head out of their butt and realize that presidents are hand picked for the office by the ruling powers that be. The office of the presidency is a show. A vaudeville act. Not Real. Democracy and freedom are nothing more than an illusion. Uncle Sam has been dead for years. The constitution has been castrated. And the 4th of July has become a national day of mourning for anyone who still posses the ability to think.
ken10092 2 months ago
Him and his administration were the one that encouraged the banks to fucking ease credit restrictions. watch this..watch?v=kNqQx7sjoS8...this was months before the banks went bust which was a direct effect from him and his stupid fucking policies. My sister got a loan to buy a 6 unit home at this time..AND SHE WORKED AT DUNKIN DONUTS FOR 5 months second job in her fucking life!..She got lucky and sold the house but there was no way that she should have got a loan for that PERIOD.
MrKylecorreia 2 months ago
@MrKylecorreia I'm pretty sure that it was Clinton's administration that started the homeownership policy. Bush also tried to regulate Fannie and Freddie, both born out of Dem policy, 17 times.
rb3264 2 months ago 2
@rb3264 You are correct, it was called "The Community Investment Act." President Bush seventeen times advised congress to control it, but was ignored. This was the tipping point, and the impostor in chief, spending four trillion has pushed us over the edge.
Auggie56 2 months ago 2
@Auggie56 I just read an NPR article from 2008 where George Soros Blames the Bubble on the CRA. I cant stand Soros but i do believe he's right.
rb3264 2 months ago 2
@Auggie56 absolutely! This has been horrible! I knew of illegals with toxic loans w/ 25k salaries trying to own $350k homes..... What the $*@*&#&^??? I had 4 family members that were realestate brokers, 2 are out of work, the other 2 are really struggling. Its sad... Not everyone in America is stable enough to own homes! They should just be renting, just like not everyone is a real mother and father!
the430movie 1 month ago
@the430movie No one cares about your stupid family tell the to get a new career..try a real one.
MrKylecorreia 1 month ago
@MrKylecorreia Uhhhh, you really are a liberal tool. You seem very unstable... did you take out another loan, and expect Obama to help you with what you and your sister can't pay back??? Of course he will help you, as he is a big government president! It's not about the tough choice, but what is convenient to you!
the430movie 1 month ago
@the430movie Shut up with your liberal conservative demo republic shit..I dont take out loans i pay cash ..I make more money in a week than you prolly maker in 6 months..
MrKylecorreia 1 month ago
@rb3264 think of howlong this robbery has been going on
thoostorm4 1 month ago
@thoostorm4 I'm not a follower of Soros but I believe he is right when he talks about the Community Reinvestment Act as being a source of the bubble. The robbery has been going on since the progressive era, the era where it became the norm for the government to prop everybody up with redistributed wealth. Income tax makes a man poor. The more money someone is allowed to keep=the richer we are. Thak the progressive era.
rb3264 1 month ago
@MrKylecorreia Now i know your dumb! You make it sound as if Bush put a gun to your irresponsible head and forced your to go and get a loan on a house. You sound like the other clowns on here about these regulation. If the gun is loaded then why pick it up and put it to your head! Typical Democrat lemming!
the430movie 1 month ago
@the430movie I dont give a fuck about this Democratic, Republican, Conservative shit. Its common fucking sense do your research. Bush encouraged the banks to give people that should not have loans..loans..when they defaulted he blamed the banks. If you were desperate starving to death someone said ok (insert your stupid name here) I will give you a loan for enough food for you to eat for one week. But the catch is you have to pay me back 3 times as much. Your starving you will do it
MrKylecorreia 1 month ago
Hmmm yeah that really saved the economy didn't it?
BellyButtonQuiz 2 months ago
Home Ownership and President Bush...on youtube
nicenonya3 2 months ago
Worst economic collapse since the Great Depression. The Bush Boom roars on.
AtlasShruggery 2 months ago
EVERYONE needs to watch this video. people forgot what and who actually is responsible for americas downturn. corporations, not gwbush.
bigalhorse1 2 months ago
George Bush isnt in the tags.
Cheetahrun75 2 months ago
Bush Sr, Bush Jr. and McCain are the Neanderthals of this century.
NBOC777 2 months ago
@NBOC777 As are Obama, Jimmy Carter, Gerald Ford, Nixon, LBJ, Hoover, and Roosevelt. For every passable President, we get 3 or 4 that are just gawd awful. There are only a handful of Presidents in the entire history of the US that were worth more than a thimble full of camel spit
eventhisidistaken 2 months ago
you have had a good president on 1992 till 2001 and that was Bill Clinton. A democrate who has put the USA on track again and who!! Real well done Mr. Clinton. This after a period of the republicans had Bush Sr. who let the economy tuumbled down. Now we have the second idiot the son of him, George Walker Bush, who sent the economy to the abiss. Who nee dto take them from the abiss and make it right? A democrate again. Obama. Now we see that a republican make a mess and a democrate can clean itup
NBOC777 2 months ago
hey, yo obama is awesome. a communist AMERICA hell ya
blessmess 3 months ago
Yea, thanks to you, George W fucktard.
MrBigBEARHUNTER 3 months ago
Comment removed
rk246 3 months ago
@rk246 why?
Pat9201 3 months ago
Comment removed
rk246 3 months ago
Comment removed
djblackmann 4 months ago
i want bush back i vote bush bush bush he was a good president
808wildboy 4 months ago 9
@808wildboy then why is there a Democrat in the white house?
manhackmatt 3 months ago
@manhackmatt Because a lot of idots voted for him, because they belived his lies, Now our country is going down the drain because of a NON-AMERICAN Leader.. They voted for. Nice going you fuckard idots..
HyperFoxTails 3 months ago
@HyperFoxTails so you think Obama wasn't born in the US?
manhackmatt 3 months ago
@manhackmatt Every one knows Obama isn't a ture American He does any thing to make America look week..
HyperFoxTails 3 months ago 2
@HyperFoxTails he got Osama-he showed that even after 10 years America will still track down a single terrorist - our country looks pathetic not because of the president but because our cogress cant get their act together (just look at the debt limit fight, which shouldn't have even happened in the first place)
manhackmatt 3 months ago
@manhackmatt Who gives a shit where he was born.. He is ANTI-AMERICAN, a Marxist thief, corrupt to the core, he'll never change, we can only hope he gets the flock out of here ASAP so the damage isn't beyond repair. His intention is to destroy this country, Americans, and it's working. The intent is in the results. Born here, Born in a third world country, who cares? He doesn't share our values, he's against the Western way of life and should be running a Tribal Country of Cannibals.
luvpupster1 3 months ago
@luvpupster1 against a western way of life? he bailed out the banks and GM to keep them solvent so we can still have our American way of life- do you even know what a 'tribal country' is? In a 'tribal' society generally the most savage person is the leader. Considering that Obama BARELY got the debt-limit passed and hasn't even seriously talked about immigration reform, I'd barely call him 'savage'.
But I think we both look like idiots now, so can we just agree to disagree?
manhackmatt 2 months ago
This has been flagged as spam show
@808wildboy thats because you're an IDIOT like him.
mnyoike 2 months ago
@808wildboy
Keep on drinking that kool-aid.
PisstoffAmerican 2 months ago
@808wildboy if you have time i would like to discuss that topic with you with information that will hopefully persuade you, if not okay.
joegrizzly6 2 weeks ago
i want bush back
808wildboy 4 months ago 2
@808wildboy bush as in a hairy muff?
rk246 3 months ago
These scum have totally brought America to its knee's!!!
America has become the most hated nation on earth.
Next for Americans is, Total monetary collapse. The dollar is in decline and no longer looked upon as the currency to trade in. The rest of the world is fed up of the US screwing them and are looking to set up their own collective currency to trade in oil and other commodities.
When this happens, America will collapse under the colossal amount of debt it has accumulated.
nuttymanyelismate 4 months ago
Dems and Reps are both fucked up. Republicans got us into this mess, and Democrats are making it worse. Good God man! For once, can they get their heads out of their asses?
damndisplace07 4 months ago
Has anybody else noticed that Bush and Mccain have similar voice tones and patterns?
franciscodudeful 4 months ago
only good speech bush ever made XD
greghmn 5 months ago
all i know is that the worst things that happened in my life, i caused my fuckin self
dickcheese663 5 months ago
LOL yep Bush you are the one who started this ecomonic mess and Obama has continued it wake up Ron Paul 2012!
ChristianWorldOrder2 5 months ago
@ChristianWorldOrder2 Been goin on alot longer than that... Yes Ron Paul 2012!
MrGETitGOTit 5 months ago
@MrGETitGOTit hey look up Nick Rockefeller Aaron Russo 9/11 and you will see the truth about 9/11
ChristianWorldOrder2 5 months ago
Yeah I know ive been hearing about the sun.Its already starting to have bigger solar flares than usual and they said its likely to get worse so yeah , thats definately something to be worried about.
wHOTHATbbbbb 5 months ago
So how many troops do we have in how many countries now with Obama in charge jwh0713 ??? and Libya and Pakistan and Afghanistan and we are still in Iraq what fools u clowns are !!!!
EyesOnly100 5 months ago 5
i hope bush gets a beaten by millions of americans
MegaDarkangel420 6 months ago
I hope Bush recieves the justice he deserves for the killing of thousands on 9/11
wHOTHATbbbbb 7 months ago
@wHOTHATbbbbb tell me, how did BUSH kill thousands on 9/11? Clinton has publically stated that his biggest regret was not killing bin laden one of the several times they had him pinned down. And I don't recall Bush flying the planes. If your child kills someone, may we punish you? or do you think muslims are guillable and were led by the nose by some "cia operative? and didn't have enough sense to decline @ the very least killing themselves? the JOB of a muslim is to kill the great satan.
TheJoozie 5 months ago
@TheJoozie Well I dont recall Bin Laden flying the planes either . . .so if individuals bomb a country should thier whole country be declared a terror nation?Plus 7 of the hijackers were still alive after the fact,how is that possible?9/11 was planned for a long time and the U.S goverment knew all along that it would happen and that the blame would be on Bin Laden,he probly even knew since he was associated with the CIA.
wHOTHATbbbbb 5 months ago
@TheJoozie And maybe the Islamic nations see America as the great Satan because the majority of America has thier mind being controlled by the lies the our Gov. tells.The Nazi regime used a similar techniques to gain control of the German gv. then eventually to recieve the incredible power they ended up having.People dont realize but the AMerican military is everywhere besides a few places. The New World Order which will come is happening right before our eyes but wer more focused on Jersey Shor
wHOTHATbbbbb 5 months ago
@wHOTHATbbbbb Sure. And this is George's fault? I find it funny how everyone in the world loves to talk shit on George and say how stupid he was, can't speak, idiot, low iq, poor student, etc. But then would actually think that HE knew anything of any real importance. There have been over 17k terrorist attacks since 9/11 and I highly doubt the CIA orchestrated them. Yes, we've been put in a pot like a frog for MANY trips around the sun but while I understand that, I'm not blaming W.
TheJoozie 5 months ago
@TheJoozie Well you know i really cant say if it was Bush's fault but he surely didnt do anything to stop it when the signs were there.is khadaffi bad or good?I knows he was/is thier ruler but the media talks about him like hes bad.And if Obama was for muslims why would he also be for Jews?Also whats wrong with tap water? you seem to know what your talking about so im jus askin.But in the illuminati card game(1995) they have Obama on there and it says backlash so illuminati may still be in power
wHOTHATbbbbb 5 months ago
@wHOTHATbbbbb the Bush administration tried 17 times to get the GSEs reformed/fixed and to stop this lending practice. 17 times and it's on record. Of course, the NYT printed "WHAT BUBBLE?" during one of the attempts and made everyone think he was an idiot. Obama is no friend to the jews. Trust me on that one. Flouride has been put into our tap water for over 50 years. It's an aluminum waste by-product that is the number 1 ingredient in prozac and was used on POWs in several countries.
TheJoozie 5 months ago
@TheJoozie Damn thats crazy, Im done drinking tap water. Whats the reason for no1 liking the Jews anyway?theyre not infidels.
wHOTHATbbbbb 5 months ago
@wHOTHATbbbbb jews are infidels. anyone that's not muslim is infidel. why everyone hates jews? they have a collective inferiority complex. that's all a whole other story.
You should not only stop drinking tap water but you should look up how to detox from heavy metals. You think you're pissed off now? google flouride dangers and just look at the pictures, read the stories. Ask your doctor. NO MEDICAL BENEFIT. CAUSES alzheimers, autism, bone deterioration... on and on
TheJoozie 5 months ago
@TheJoozie Show us the links to these 17 times, because as the guy who had a rubber-stamp Republican Congress under his thumb, he could have gotten anything through, and did in fact. Example, the Patriot Act, domestic spying, Gitmo, etc. I cannot believe that anybody still actually believes Bush 'tried' to prevent the mortgage crisis. CRA and subprimes skyrocketed under his watch. Fact. Just admit you got fooled, you're not the only one. Learn, so you won't make the same mistake.
lurchutube 5 months ago
@lurchutube the whitehouse site has ALL of it. There's not one specific PAGE you can go to to see each and every one. You have to go into archives now and pull up the dates. start with FY 02 budget! Read that. Then you can go to 5/29/02 for the OMB Prompt Letter to OFHEO 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. that was BEFORE the accounting scandal.
TheJoozie 5 months ago
@TheJoozie and what did Bush and the Republican Congress do about it? All you're saying is that Bush and his cohorts knew about it, which we all know, but they still refused to do anything about it. They had the entire Congress, Supreme Court, and the media on their side at that time. Do you actually think one or two members of the minority party could stop them? See Patriot Act and Iraq invasion.
lurchutube 4 months ago
@lurchutube omg stop it already. You are reaching and there's nothing for you to hold onto. I'll say this one more time, because someone has an R after their name doesn't mean they're Republican. Or share republican principals. Why don't YOU see the patriot act and Iraq invasion! You can sit behind the keyboard smugly and say that the minority voted against it? There were more democrats in the house than 66 and more in the senate than 1. Out of 534 only 67 voted against it.
TheJoozie 4 months ago
@lurchutube invading iraq... if the democrats had stuck together and voted NAY there would have been no invasion. In the house, 82 democrats voted for it-at the time there were 209 democrats present and 225 republicans. Since not all republicans were FOR it, it could have been stopped in the house. But let's move to the senate, shall we? The senate was split exactly 50/50 (what a rubber stamp republican senate that must have been!) with 77 for and 23 against.
poor little minority....
TheJoozie 4 months ago
@lurchutube and I know that you'd HATE for anyone to have made an attempt to solve the problem-especially being a republican and "cohorts" but the proposal for new oversight and regulation worked its way around congress for a couple of years and the democrats were having NONE of it. They could vote for the patriot act, but not for this? Efforts to reform were shot down by the democrats EACH time. And congress was essentially split down the middle on D and R.
TheJoozie 4 months ago
@lurchutube as a matter of fact! Senators Dodd, Clinton, Obama and Kerry were the TOP 4 receipients of Fannie and Freddie campaign money and they actively opposed any reforms. In 2005 McCain co-sponsored a bill requiring reform to Fannie and Freddie and it was procedurally blocked by democrats. There's a 2004 video on youtube of republicans arguing FOR and democrats arguing AGAINST regulations that would have saved us from this.
TheJoozie 4 months ago
@TheJoozie thank you for helping set this kid right and thank you for your knowledge in politics.its unfortunate that kids don't take the time to educate themselves with anything but whats screamed out right in front of them witch is almost always libral propaganda aka democrat propaganda more than ever we need our youth to pay attention to educate themselves with more than the main medias libral/socialist slant.
ToadisMcGoatis 4 months ago
@ToadisMcGoatis no one was set straight. This guy won't listen or believe that Bush tried to fix anything. They just don't WANT to believe it. I don't give a shit WHO'S fault it is, I'll put the blame where it lies no matter who it is. This time it just happens to be democrats. I do get tired of the idea that if something is repeated often enough it becomes true.
TheJoozie 4 months ago
@TheJoozie listen,bush wasnt the best president by any standards but to just blame him for everything is short sighted and kind of lazy in my opinion.i do remember him saying fanie may and freddie mack were a problem around 2002 and it was the dems who said we needed to leave it alone,there wasnt any problem.
Pat9201 3 months ago
@ToadisMcGoatis and I guess what Bush should have done is gotten on TV every 20 minutes like mack daddy does and appeal to the american people OVER AND OVER AND OVER again and call them out over and over and over again. But enough of the bullshit that he had some magical flute and republican congress that would follow him off a cliff. An 8 person majority between both houses doesn't make it a rubber stamping congress. Just stupid. And it's fact. But he'll still stomp and fight it.
TheJoozie 4 months ago
@lurchutube Bill Clinton himself said the DEMOCRATS have resisted any attempts at reform under bush or HIM for that matter. So tell me genius,when was this "entire Congress" that bush had? I'm going to argue that 8 or 9 more republicans in the house does NOT make an "entire Congress". If this president had such a hard time with the super majority, there's no way that bush's congress was any better for him.
TheJoozie 4 months ago
@lurchutube “Like a lot of my Democratic colleagues, I was too slow to appreciate the recklessness of Fannie Mae and Freddie Mac. I defended their efforts to encourage affordable homeownership, when in retrospect I should have heeded the concerns raised by their regulator in 2004. Frankly, I wish my Democratic colleagues would admit that when it comes to Fannie and Freddie, we were wrong..." Artur Davis-House Democrat
TheJoozie 4 months ago
@lurchutube Congressman Barney Frank, responsible for oversight of the banking industry during the greatest financial sector collapse in modern history, said it’s racist to blame Democrats for the collapse caused by Democrat mandates that loans be given to people who could not pay them back.
Let me ask you this: if we understand that this was a result of poor people getting mortgages they couldn't afford, does that sound like something the "rich" republicans would have championed?
TheJoozie 4 months ago
@lurchutube 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) BEFORE accounting error found.
TheJoozie 5 months ago
@lurchutube September 2003-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. THEN the following month 1.2 billion error was disclosed.( After the SEC opened an investigation)
TheJoozie 5 months ago
@lurchutube You can start there with those goodies. I'm not a republican defending a republican. I'm intelligent enough to know that BUSH didn't single handedly destroy this country. And yes, the patriot act was a BAD move and I spoke against it and STILL do though I shouldn't HAVE to but since obama extended and EXPANDED it, it's still on the table. Gitmo, I agree with keeping terrorists there. I don't want them here which is my right to feel as a heavily taxed citizen. And it's STILL open.
TheJoozie 5 months ago
@lurchutube and if you want to talk about a rubber stamping congress, what about the first 2 1/2 years of obama? SUPER majority and got everything he wanted. Trillion stimulus that we have no idea what happened to-oh yeah, shovel ready jobs that "weren't so shovel ready" according to obama, healthcare law that has already killed jobs and will continue to do so according to the CBO, non defense of DOMA which is the LAW so that means he's picking and choosing what laws to defend-nice one.
TheJoozie 5 months ago
@lurchutube and that healthcare law? ALL of those congressmen that voted for it that are coming due for elections are now back peddling on it. Wonder why that is? It's SO "good for us"! Forcing people to purchase something from a private company or pay the IRS an additional tax/penalty? I was just charged 27k to have a baby with NO incident, was OVERCHARGED thousands and the hospital actually told me that it was okay because it wouldn't change my co-pay. Insurance covered 6k.
TheJoozie 5 months ago
@lurchutube The rest? Write off! So 21k is written off of their tax bill, they overcharged me 4k AND no one bothered to even ask if I could pay what the insurance company didn't! My congressman has an open investigation into my stay at that hospital right now. I was pleasantly surprised to have a written response to my email about it along with forms for me to allow the investigation. His office has since been in contact with me by phone. So at least there's ONE republican doing his job.
TheJoozie 5 months ago
@lurchutube See, just like Clinton's "surplus". The media loves to bash Bush and say we had this abundance of cash which HE squandered with tax cuts, wars... but it's horse shit. There was no surplus. There was PROJECTED surplus barring any events that would prevent it but a 10 year plan for after a president leaves has NEVER been implemented by the following president. Which is why the tea party wants a balanced budget ammendment-to BIND future administrations and congresses.
TheJoozie 5 months ago 2
@wHOTHATbbbbb khadaffyduck IS bad. yes, we're there but why? No one is trying to kill him. Why do I care if he torments his people, really? I care that he had his hands all over Lockerbie. He should die. He is a terrorist. But obama has ties to him so it won't happen. Bilderbergs put obama in. hillary and he went to meeting, she was way ahead. soon as it was over, obama shot to front. But between you and me (and anyone reading this), we've got a MUCH bigger fish to fry pretty soon.
TheJoozie 5 months ago
@wHOTHATbbbbb Politics is my sport and it's fun, it's entertaining, and a great game to play but I'm not worried about any of this. What everyone SHOULD be very concerned with is the warnings NASA is giving. the ONLY credible govt agency is telling us we're going to get blasted by the sun-and they mean BLASTED. Govt has bunkers upwards of 300k square feet to burrow in just for this occasion. The house voted UNANIMOUSLY to update our grid-senate said cyber terror more important.
TheJoozie 5 months ago
@wHOTHATbbbbb I'm all over it. We cant even clean up from katrina. This is going to be trillions in damage and life lost will be of devastating proportion. We'll deal with these assholes when they finally come out of their hole and are met with pitch forks and torches. Better stock up. A LOT. Figure out how you can keep all electronics that can run on solor from being fried. I've got storage w/ faraday cages, hand pump on my well, cooking stove, getting a still... people will need help.
TheJoozie 5 months ago
@TheJoozie There were only around 40~50 terrorist attacks per year according to the U.S. govt Congressionally mandated terrorism reports before Bush implemented cowboy diplomacy, against the advice of nearly all experts in diplomacy and ME culture/history. But of course, you're a Repub defending a Repub so personal responsibility doesn't exist.
lurchutube 5 months ago
@lurchutube I've got no problem placing blame where it belongs be it republican, democrat, libertarian, independent or otherwise. Bush fucked up plenty and he could have handled things better. When 9/11 happened the country rallied behind him to go into afghanistan-but it wasn't paid for. It could have been though! People were so cohesive at that point, rather than saying "go shopping" or "go on vacation" he should have said "BUY WAR BONDS" and we would have.... A LOT OF THEM.
TheJoozie 5 months ago
@wHOTHATbbbbb His dad on the other hand? That's another story. I can remember when saying NWO would garner scoffing and laughter. Now it's out in the open and no one cares that anyone knows it-and the people that hear it now shrug shoulders and somehow find justification to it because it's THEIR darling politician that's saying it so it MUST be for our own good. Nazis learned their manipulation from the USA.
A nation is declared a terrorist nation when they sanction and sponsor terrorism...
TheJoozie 5 months ago
@wHOTHATbbbbb Iran, Iraq, Lebanon, Syria-all state sponsored/sanctioned terrorism. No way around it. Egypt is now on the way to being added to that list. We had someone in Egypt that could keep the peace over there and obama encouraged the fall of that and defends the muslim brotherhood. Any country that follows sharia law is terrorist and a sworn enemy. Brotherhood is calling for sharia constitution, they'll get it. already the pipeline to Israel has been attacked 5 times. It's bad.
TheJoozie 5 months ago
@wHOTHATbbbbb And unless you can get everyone (and I mean EVERYONE) to quit drinking tap water at the very least, you'll never get any real resistance to any of this. Obama is a continuation of the worst - yet he's got the support because he's "not Bush" so it doesn't matter WHAT he gets us into. Remember, with this president, we're too "stupid" to know how smart he is-so shut up and get in the back of the bus. (I'm sure he loved saying that)
TheJoozie 5 months ago
@wHOTHATbbbbb and they see us as the great satan because we are infidels and support Israel. Their entire purpose is to destroy the jews.
And on a side note: People have been running around like chickens screaming the NWO is the illuminati. It's not. They backed out of their chess game MANY years ago and are off doing more (or less) productive hobbies. It did create a vacuum when they stepped back and it was filled quite nicely by people that have no idea how to handle such power/control.
TheJoozie 5 months ago
@wHOTHATbbbbb the koran commands muslims to lie to non-muslims and it is seen as a good work. islam bases salvation on works so lying to infidels secures a spot in paradise. the ones that DON'T lie tell you how they will take USA down by any means available. So consider this for ONE moment: its estimated that 10% of ilamists are radical and hate us enough to take action. That's about 320 million people looking for a way to harm/kill infidels. We have about 310 million population.
TheJoozie 5 months ago
BUSH and I feel the same about the koran, we both use it as toilet tissue. FUCK OBAMA, and his entire administation. Bunch of tax cheats, liars, and they violate the constitution daily. 2012 the obamas dont have to go home, but they have to gtfo of washington.
pjicleanair420 8 months ago
BOYCOTT TUCSON AZ THEY KILLED MY DOG SUKI ON 1/5/2011
pimakilledsuki 8 months ago
Thanks Bush for running the Country in the ground.
pushycatpops 9 months ago
Americans blame banks and Wall Street for the crisis. This is the last song in what happened. We must look at the Community Development Act pushed onto HUD by Clinton, and further strengthened by the Dem. congress under Bush. The Act said, basically, lenders MUST make mortgages more available to subprime mortgage applicants (quotas upwards of 50%) or else HUD (through Fannie/Freddie) wouldn't be available. Applicants were literally gathered up to apply. This is when banks etc stepped in.
Ucatsexas 9 months ago 2
@Ucatsexas You're thinking of the CRA, and that was an optional program for banks by the way. Moreover, it never forced any lender to lend to anybody. Banks that applied for CRA status agreed to prevent redlining (blighting) of less appealing urban areas. CRA status was so popular, the banks pressured the Bush admin to loosen the criteria for becoming a CRA bank to the point the designation was basically meaningless by 2004. What you are talking about is predatory lending, NOT CRA.
lurchutube 6 months ago
This has been flagged as spam show
new world order
YoBludclart 9 months ago
You notice how they didn't display Goldman Sachs or Bank of America amongst the banks that played a part in creating or expanding this mortgage crisis.
Wish we had freedom of the press in America.
Why didn't Bush listen to the mortgage bubble warnings that started in 2001? Why didn't the Republicans in Congress or the Senate do anything?
lurchutube 10 months ago
@lurchutube Why didn't he listen??? He tried to get the GSEs reformed SEVENTEEN TIMES during his stay. No one wanted to hear it. Barney Frank INSISTED that Fannie and Freddie were solvent and there was no such thing as a "housing bubble". It's all on record. We do have freedom of press here but you have to venture out of your own "press bubble" to hear it. Most people don't even know that there was banking affirmative action or that the CRA "encouraged" high risk loans.
TheJoozie 10 months ago 2
@TheJoozie Bush LOOSENED the rules on GSEs, CRAs, and subprime loans 17 times, but he never tried to do anything to regulate the mortgage industry and/or the secondary market. In fact, due to Bush's push for more lending and looser lending, the ratio of subprimes to all other loans went from 13% in 2000 to 20% by 2004. Can't blame anybody but Bush and the MAJORITY Republicans in Congress for that. (hint: Frank was only the ranking minority member in one committee of one house)
lurchutube 6 months ago
@lurchutube wrong again. the SEC loosened the rules on GSEs. Not Bush. You should rethink your position. Bush NEVER tried to do anything to regulate the mortgage industry?? REALLY? Your 17 times is an accurate number however it is incorrect about what was done 17 times. You asked for it!
TheJoozie 6 months ago
@TheJoozie LOL! The SEC has NOTHING to do with the rules on GSE and subprimes. Bush pressured them to loosen the subprime rules because the banks pressured Bush. Follow the money - it will always tell you the truth. The facts don't lie.
lurchutube 6 months ago
@lurchutube banks were forced to play by crappy rules and then were thrown under the bus for following them so that a-holes could come along and say "see! free markets don't work! banks are evil!" Prior to the CRA, banking was solid, mortgages were gotten by having a down payment, good credit, verifiable job/income (that didn't include welfare), AND there had to be $ in savings. Those requirements were deemed "discriminatory". the banks were PREVENTING ppl from getting homes. nonsense.
TheJoozie 10 months ago 10
@TheJoozie Dude, the banks created the rules!
They lied, tricked, and scammed to get anybody anywhere to buy a loan from them, and then they lied, tricked, and scammed to get somebody else to buy the bundles of junk loans being sold as class A debt. How you could defend the crooks in the banks is beyond me! The CRA has been around since the 70s. There was no problem until Phil Gramm's MBS (debt swap) bill which allowed banks to profit off creating and profit off re-selling junk loans.
lurchutube 6 months ago
@lurchutube No, they didn't want "anybody" to get loans from them. It's not fiscally sound to loan money to people that can't pay it back. The CRA that Carter enacted was well intended but poorly written. Then Clinton came along and made it worse. Sub prime loans didn't come from banks, it came from the govt trying to be "do gooders" and getting everyone into a house. NOT EVERYONE CAN AFFORD A HOUSE!
TheJoozie 6 months ago
@TheJoozie Of course they wanted everybody and their dog to buy a house. That's why they got "Foreclosure Phil" Gramm to slip the MBS (aka debt swap) into a Clinton spending bill at midnight in 1998 or thereabout. It allowed them to bundle the junk loans and sell them as A rating loans on an unregulated market. In other words, they created a moral hazard where they made more money the more junk loans they sold, hence the bubble, hence the mortgage crisis.
lurchutube 6 months ago
@lurchutube And fannie mae and freddie mac also sold those junk loans bundled up. But thats' okay! They played by the rules that were given to them and now everyone's pissed off that they did it and made profit off of it. If they had just loaned the money to the ppl the govt wanted to have the loans, they would have been broke and out of business in 5 years. If YOU ran a business, would YOU loan $ to people that couldn't pay it? that's not a loan, that's a gift.
TheJoozie 6 months ago
@TheJoozie F&F are just two more banks who got tricked into buying junk mortgages in loans sold by Countrywide, WAMU, and others as if they were class A loans. So a couple making less than $100K could get a lender, underwriter, broker, and other "professionals" to lend them $2M or more to buy multiple houses in California. The lenders never planned to keep the loans on their books long enough to actually put themselves at any risk, but the riskier the loan, greater the commissions.
lurchutube 6 months ago
@lurchutube here on youtube type in "timeline shows Bush, McCain warning dems of financial and housing crisis; meltdown" it's to the right of this page from ProudToBeCanadian.
Bush didn't listen??? LOL I know that the media loves to put the world's problems on Bush's back but he didn't cause it and tried to get it fixed. You can thank democrats for not paying attention.
TheJoozie 6 months ago
@lurchutube 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." 5/29/02)
TheJoozie 6 months ago
@TheJoozie See, F&F were guilty of cooking their books in an accounting scandal and the Repubs were right on that. However, that's a different scandal altogether. Nice try though confusing the two.
F&F were secondary buyers who got scammed by the lenders just like the taxpayers, only the F&F management profited the more they bought from the lenders so they didn't care.
lurchutube 6 months ago
@lurchutube 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, 5/9/02) Sept 2003- Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
TheJoozie 6 months ago
@TheJoozie Again, different argument. And I agree, the Repubs were correct that F&F had an accounting scandal and people like that CEO Rain should have gone to jail.
lurchutube 6 months ago
@lurchutube 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. (sounds like they're "LOOSEING" huh?)
TheJoozie 6 months ago
@lurchutube 11/03-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."
TheJoozie 6 months ago
@TheJoozie ...and the Bush admin ignored these recommendations along with the Republican majorities in both Houses of Congress.
lurchutube 6 months ago
@lurchutube 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)
TheJoozie 6 months ago
@TheJoozie Again, this has little or nothing to do with the mortgage crisis since greater levels of capital don't mean squat when the lenders are selling junk mortgages to consumers and the next day bundling them and selling them off to F&F or somebody else on the secondary market.
lurchutube 6 months ago
@lurchutube 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
shall I go on? Or are you able to admit it yet?
You're backward. Show me where the admin loosened anything on GSEs 17 times. find it.
TheJoozie 6 months ago
@TheJoozie "In 2001, HUD researchers warned of high foreclosure rates among subprime loans. But by 2004, when HUD next revised the goals, Freddie and Fannie's purchases of subprime-backed securities had risen tenfold. Foreclosure rates also were rising." Washington Post, How HUD Mortgage Policy Fed The Crisis, page 2
lurchutube 6 months ago
@lurchutube That year, President Bush's HUD ratcheted up the main affordable-housing goal over the next four years, from 50 percent to 56 percent. John C. Weicher, then an assistant HUD secretary, said the institutions lagged behind even the private market and "must do more."
For Wall Street, high profits could be made from securities backed by subprime loans. Fannie and Freddie targeted the least-risky loans. Still, their purchases provided more cash for a larger subprime market.
lurchutube 6 months ago
@lurchutube FOUR YEARS AFTER BEING WARNED ABOUT THE DANGERS, BUSH AND THE REPUBS WERE STILL PUSHING FOR LOOSER LOANS AND MORE SUBPRIMES TO FEED THEIR BANKING MASTERS.
lurchutube 6 months ago
@lurchutube And because someone has a D or an R after their name doesn't mean they area actually a democrat or a republican. RINOs have hijacked the republican party making them a slightly watered down version of democrats. There is no policy difference. Just as obama has kept most of Bush's people for his own administration.. that should indicate that his campaign on how he's "NOT BUSH" was a bunch of bullshit.
TheJoozie 6 months ago
@lurchutube You keep claiming that Bush ignored warnings when I can site 17 times where his administration tried to get F&F reformed because of it. I'll NEVER defend a RINO. Just because someone has an R after their name doesn't mean they're worth a hill of beans. But lets remember that just because there's an R after Bush's name and an R after someone in congress doesn't mean they're going to agree. We've seen that very thing played out this last 2 weeks. D doesn't mean follow Obama either.
TheJoozie 6 months ago
@TheJoozie Again, Bush never tried to prevent the mortgage crisis. How many times do I need to explain this? F&F reform, of which the dems were wrong and the Repubs were correct, was about an accounting scandal. You are confusing two completely different issues. Please remember the difference. F&F were merely a means for the lenders to efficiently dump junk loans, they chose to make, onto the taxpayers.
lurchutube 5 months ago
@TheJoozie .....wow. This is pretty much 100% wrong. Congratulations!
flipgood89 5 months ago
@flipgood89 what's wrong? that banks would lend money to those that COULD pay it back? I'm in banking. Trust me, no one wants to loan money to someone that isn't going to pay it back. It's bad business and will bankrupt you. Banks used to go by track record, funds in savings, and job VERIFICATION. Now an 80 year old can get a 30 year mortgage as long as the credit score is high enough. Think you'll live to 110? doubt it.
TheJoozie 5 months ago
@flipgood89 banks can't look at anything other than basics. They can't look at how many restaurants have failed in the area that the next guy wants to open one. They can't look at age. they can't look at how much $ is in the bank in the event that someone loses their job. None of it. All of those things to look at were labeled discriminitory. They can't look at anything that will give them a realistic picture of the risk they're taking.
TheJoozie 5 months ago
@TheJoozie You got it right, "Joozie." The two key recent (i.e., the decade of 2000s) steps in the downfall of the U.S. economy both had to do with real estate. Either CNBC or MSNBC created a wonderful documentary called "House of Cards" which detailed the unbelievably bad lending practices of companies such as Quicken Loans in the early and mid-2000s. Former pizza delivery people became "loan mngrs." $100+K mortgages were made to folks without even verifying their jobs or income!! And ...
VrgniaMailman 5 months ago
@VrgniaMailman I don't feel a bit sorry for anyone that got an adjustable loan and too much house. I also don't feel bad for anyone under water in a house. It's a place to live, not an ATM. If my house drops 90% it won't change my day. I bought it at an agreed upon price so that is what I honored. I'm not looking to use it to fund my retirement either. People's idea of homeownership is kinked now. it's HOME ownership. make it home and settle down already.
TheJoozie 5 months ago
@TheJoozie From what I can discern of your tone, it sounds like you are arguing with me. I hope not. The other thing that I may have omitted in my comments was the fact that billions of dollars in mortgage loans were made with NO DOWN PAYMENT!!! That was an abuse by the lenders. I do not excuse the actions of borrowers by any means, but any lender ought to be savvy enough to know that when a mortgage borrower has NONE of his/her own money in the deal, the borrower may walk when things get tough
VrgniaMailman 5 months ago
@VrgniaMailman No, I wasn't arguing with you. I was simply saying that I feel NO pity for anyone that got too much house. No down payment was required and the loans were still federally insured. Why get a downpayment when the govt will back it anyway? They were given lots of rope on both sides and they should have been allowed to hang with it. Nothing is "too big to fail" except the USA but if we don't have someone at the helm that also believes that, we're fucked.
TheJoozie 5 months ago
@TheJoozie ... then these "D-quality" mortgages were packaged as "A-quality" mortgage-backed securities. I consider the fraud in the 2nd step as being the one that brought about the market crisis of September, 2008. The horrible lending practices and terrible mortgages would have kept the problems localized, but the mortgage-backed securities spread the crisis nationally. Of course, the deficit spending that has gone on for decades in America was always there, too. Plus, mortgage borrowers ...
VrgniaMailman 5 months ago
@TheJoozie ... who could afford a $125,000 mortgage were given mortgages for $175K and up, thus putting them in unnecessary financial trouble. I just read an article recently stating that Japan is still trying to get itself out of a decade-long economic downturn and suppressed home-price situation, and that it is very possible that the U.S. housing market and economy could end up with the same situation. A July 2011 report by the NAR stated that home prices fell in July in 37 of the 50 states.
VrgniaMailman 5 months ago
@TheJoozie Holy nonsense. Your gullibility is much appreciated by the finance industry that created the rules by buying the lobbyists and politicians, on both sides of the aisle. Nobody threw anybody under the bus except the finance industry throwing us taxpayers under the bus. Show me one email or letter of the govt forcing any bank to approve a particular loan. That's complete horse malarky. First 20 years of CRA banks were fine. Gramms MBS threw the taxpayers under the bus.
lurchutube 5 months ago
@TheJoozie You are soo off its not even funny. the government gave money to banks so they could make subprime loans. Those loans were sold to to securities investors. The credit agencies rates these subprime mortgages as AAA+. The investors also knew these securties were bad, took out insurance against the securities from AIG. People defaulted, securities rating were downgrades, AIG had to pay out, mortgage companies lost and got bailed out along AIG.
cesar333 4 months ago
@cesar333 LMFAO you just made it even WORSE on the part of the government than I did! So not only did the govt "encourage" banks to lend to those that can't pay it back, they GAVE MONEY TO THEM. haha
And honestly, the credit rating agencies were right at the time for rating everything AAA+. The market was BOOMING and even if a home foreclosed, it would sell before even hitting the market. The money would be paid back quickly at that time from the sale.
Insurance is common practice.
TheJoozie 4 months ago
@TheJoozie The SEC was totally wrong in rating them AAA+. The same credit agency that said Madoff wasnt doing anything wrong and failed in investigate when someone raised some concerns. It all comes down to ignorant,greedy people in this country. Lying about their income, taking on huge debt and walking away when they figured it was a bad deal. Dont look at the government.. Look at your dumb ass fellow citizen who has ZERO financial education. The government is the product of the people
cesar333 4 months ago
@cesar333 I wish you would have caught yourself on that comment... but you didn't. The SEC doesn't RATE, it is NOT a credit agency. And yes, I have stated 1000 times that the HOME BUYER is more at fault than the banks or the government. I have NO empathy for someone that signed paperwork and then cried foul when they couldn't use their home as an ATM machine. If I have zero education on something I will not sign it until I am educated on it. So I don't even give them THAT inch.
TheJoozie 4 months ago
@cesar333 2 of the BIGGEST Bush haters were Dodd and Frank. How could their law manage to overlook the billions of dollars that went to foreign banks? Or the LOANS the federal govt made to the banks at .001% (which isn't giving but damned near). It's all bad but it all began with a well intended but POORLY written CRA which was expanded to be a further disaster in a subsequent administration. If the govt tells me how to do business they better pony up for losses. that's in the constitution!
TheJoozie 4 months ago
@TheJoozie We will never know the behind the scenes that go on in congress. Lobbyist hand out $5k checks on the house and senate floor for god sakes.
cesar333 4 months ago
@cesar333 Well, thanks to senator Obama it is unlawful for a lobbyist and congressional member to SIT DOWN to talk. He wrote that great bill. I wonder if that pissed off the chair lobby? Perhaps the office supply store lobby? Most lobbyists are small fries and don't hand out any checks. Most lobbyists are not paid at all.
TheJoozie 4 months ago
@TheJoozie yea they leave they check handing to congress. Like John Boehner who gave out checks from tobacco companies on the house floor while they were debating about tobacco subsidies. get with the program, both parties are the same shit.
cesar333 4 months ago
@lurchutube The problem the republicans have, is not all of them are alike. The democrats are better able to vote in party, republicans get queesy at the slightest pressure. There were efforts to reform the system, but ignorance by the democrats and weakness by the republicans lead us to the inevitable judgement day. What can't go on forever, wont.
Askerban 6 months ago
@lurchutube also, bush DID listen. He brought it up about a dozen times and was shut down each and every time. Look up Barney Frank talking about Fannie Mae being in great shape! Look at the newspaper headlines that said "no bubble here!" or "what bubble?" and that was back in Bush's first term. He tried and was dismissed. I waited to buy a home until it popped and now no matter WHAT the market does, I'm in the black on my house. I don't feel sorry for anyone that makes 40k w/ a 400k house.
TheJoozie 6 months ago
@TheJoozie Again, your purposefully confusing two arguments, one of which you are correct, the other one not.
lurchutube 6 months ago
When you spend 8 years provoking other countries. You get war. President Bush has to be the most irresponsible president in US History. History will prove it some day.
daptekar 1 year ago
I get so confused about the Obama hatred. So many republicans blame the economy on Obama and bash him about his bailout. Well guess what Bush caused this huge mess and thats a fact. Bush spent a trillion on his illegal war in Iraq and Iraq had no WMD and no tiesl to 9/11. Bush would have had to pass the same stimulus plan. If Bush hadn't spent a trillion dollars on his phony oil war then Obama wouldnt had to spend a trillion dollars to save the economy.
JohnnyBoyCali 1 year ago
@JohnnyBoyCali Ye I know the trillion dollar war totally colasped the economy, never mind the many more trillions in the housing bubble. BUSH WARNED THEM ABOUT THIS AND THEY DIDN'T TAKE HEED, INSTEAD THE DEMOCRAT CONTROLED GOVERNMENT BLOCKED BUSH. How the hell is that Bush's fault? If dems listened to bush obama wouldn't have had to spend the trillion to revive the economy because it wouldn't have crashed. Bush tried to implement ways to soften the blow when the dems wouldn't listen.
MrTaikutsu 1 year ago
@JohnnyBoyCali Agreed! Bush using flawed intelligence reports moved forward with his war plans as well as many other countries drawing from the same flawed reports. Unfortunately President Obama who said he was against the war and would draw out did not. I believe that all politicians are driven to do things which keep them employed. When voting for now President Obama the belief is/was that he would pull out of war now; not 4 yrs later. 2 yrs in office and business as usual will bankrupt us.
etcharrison 1 year ago
@etcharrison There were no "flawed intelligence reports". They've interviewed various CIA agents who have said that they continuously told the administration that there were no WMD and the administration continued to push them to find something when there was nothing there.
JohnnyBoyCali 1 year ago
@JohnnyBoyCali Congress spends money - not the President. The blame or credit for any expenditures goes to the Congress. This "huge mess" started long before Bush became President, and spending another trillion dollars for covert political paybacks is definitely not going to save our economy. It does, however, increase the risk that China could let America suffocate in its own debt.
NobleJoyous 11 months ago
The government actually says now that if the TARP money was not used to baliout anyone. this would have been alot WORSE, like 30% unemployment!
mikewiz316 2 years ago
I completely agree with you woody. I'm telling you America...we're on the verge another Revolution if there are not some drastic changes made. I suggest all of you research Ron Paul..A true champion of the Constitution. If Bush followed the constitution we wouldn't have troops in 130 countries...9/11 would never had happened...and the Iraq war would not be.
jwh0713 3 years ago
Bush warned Congress in April 2001 that Freddie and Fanny were out of control.
Barnet Franks and pals did zip.
alright4u 2 years ago
Barney Frank was in the minority party in 2001, in fact the GOP controlled congress from 1994 to the beginning of 2007.
That means the republicans controlled and chaired all committees.This also means Barney Frank during that time was not the head of anything.
The question needs to be asked, why didn't the GOP do anything about Fannie and Freddie?
monkeyman1140 2 years ago
@monkeyman1140 because they/we were living on dreams, speculation, and in case of congress/senate Kickbacks in the form of re-election support (money and goodwill). Did you see the last 2 yrs? I had hoped with Democrats in the driver seat things would have changed but no, it has gotten worse and the lies continue. Who in our great nation will stand up and say enough? I do not believe it is any of our representatives now.
etcharrison 1 year ago