You're attempting to remind liberals of something they will never, ever acknowledge. Things like the Clinton administration's policies were largely responsible for the housing bubble and subsequent collapse; that Bush actually inherited a recession from Clinton/Gore, and that 9/11 was a big hit on the economy - yet until the housing bubble burst Bush had the economy humming. And if Bush had his way and was able to regulated Fannie and Freddie, the burst of the bubble wouldn't have been nearly as bad as it was.
House Financial Services Committee hearing, Sept. 25, 2003, Rep. Barney Frank:
"I do think I do not want the same kind of focus on safety and soundness [in Fannie and Freddie] that we have in OCC [Office of the Comptroller of the Currency] and OTS [Office of Thrift Supervision]. I want to roll the dice a little bit more in this situation towards subsidized housing."
Why GWBush Appeared So 'bad' Toward The End Of His Term
snell PWCM/AVA~GOD & COUNTRY!!!
2012/06/27 20:24:32
Don't just skim over this article, please. Most people aren't aware of all of this, so read it slowly and let it sink in. If in doubt, check it out.....
The day the democrats took over was not January 22nd 2009; it was
January 3, 2007... The day the Democrats took over the House
of Representatives and the Senate, at the very start of the 110th Congress.
The Democrat Party controlled a majority in both chambers for the first
time since the end of the 103rd Congress in 1995.
For those who are listening to the liberals propagating the fallacy
that everything is "Bush's Fault", think about this:
January 3rd, 2007 was the day the Democrats took over the Senate and
the Congress. At the time:
The DOW Jones closed at 12,621.77
The GDP for the previous quarter was 3.5%
The Unemployment rate was 4.6%
George Bush's Economic policies had SET A RECORD of 52 STRAIGHT MONTHS of JOB GROWTH
Remember the day...
January 3rd, 2007 was the day that Barney Frank took over the House
Financial Services Committee and Chris Dodd took over the Senate
Banking Committee.
The economic meltdown that happened 15 months later was in the BANKING AND FINANCIAL SERVICES part of the economy.
The unemployment CRISIS, by (among MANY other things): dumping
5-6 TRILLION Dollars of toxic loans on the economy from the DEMOCRATS with their Fannie Mae and Freddie Mac FIASCOES!
Bush asked Congress 17 TIMES to regulate Fannie & Freddie - starting in
2001, because it was financially risky for the US economy.
Who took the THIRD highest pay-off from Fannie Mae AND Freddie
Mac? OBAMA.
And who fought against reform of Fannie and Freddie?
OBAMA, the Democrat Congress (including Barney Frank), and 75 other
Democrats who complained to Bush in a letter that they didn't want him
regulating Fannie and Freddie for "safety and soundness" at the expense
of their mission to provide affordable housing!
So when someone tries to blame Bush.
REMEMBER JANUARY 3rd, 2007.... THE DAY THE DEMOCRATS TOOK OVER!"
Budgets do not come from the White House. They come from Congress, and
the party that controlled Congress since January 2007 is the Democrat
Party. Furthermore, the Democrats controlled the budget process for
2008 & 2009 as well as 2010 & 2011. The Republicans took control of the House only in the 2010 election and have been responsible for budgets in FY 2012 and 2013. While the Republicans in the House have passed and sent to the Senate a budget each year they've been in power, it has been over three years since the Harry Reid-led Democrat senate has even passed a budget. Meanwhile the budgets Obama has submitted have been so outlandish they haven't received a single vote, even from House Democrats!
In that first year, 2007 creating the 2008 budget, they had to contend with
George Bush, which caused them to compromise on spending, when Bush somewhat belatedly got tough on spending increases.
In 2009, Nancy Pelosi & Harry Reid bypassed George Bush
entirely, passing continuing resolutions to keep government running
until Barack Obama could take office. At that time, they passed a
massive omnibus spending bill to complete the 2009 budget.
And where was Barack Obama during this time? He was a member of that
very Congress that passed all of these massive spending bills, and he
signed the omnibus bill as President to complete 2009.
If the Democrats inherited any deficit, it was the 2007 deficit, the
last of the Republican budgets. (~$200 billion, 1/6th the amount
of the deficits Obama is running) That deficit was the lowest in five
years, and the fourth straight decline in deficit spending.
After that, Democrats in Congress took control of spending, and that
includes Barack Obama, who voted for the budgets.
If Obama inherited anything, he inherited it from himself. In a
nutshell, what Obama is saying is “I inherited a deficit that I voted
for and then I voted to expand that deficit four-fold since January
20th.”
But postings like this, stated simply and factually, ignoring vitriolic rhetoric, if posted in numerous liberal locations and repeated in speeches, eventually will succeed in convincing these people to see the truth for what it is. Liberals, per se, are not evil people, they are merely misguided by evil factions within their ranks. And, believe me, they have got a bunch of evil factions controlling this picture today. History, provided we survive...
But postings like this, stated simply and factually, ignoring vitriolic rhetoric, if posted in numerous liberal locations and repeated in speeches, eventually will succeed in convincing these people to see the truth for what it is. Liberals, per se, are not evil people, they are merely misguided by evil factions within their ranks. And, believe me, they have got a bunch of evil factions controlling this picture today. History, provided we survive to have some, will tell the tale to our children's children and it will be shocking.
Good posting and please keep playing this tune over and over and over again until the voting is completed in November! God Bless America and damn the traitors amongst us!
(*) first POTUS to be trounced on a trip to Ottawa by a tenuous Canuck PM
(*) first POTUS to bow to a degenerate king whose country the US protected (in response to the croc-tears of the degenerate king's equally-degenerate older brother)
(*) first POTUS to blame previous POTUS for all his own failings, right down to just before the next election
(*) first POTUS to appoint a tax-dodger as SecTreas
(*) first POTUS whose AG was proven in criminal contempt!
I definitely Agree and Have been making this Point...Bush May Have Been Pres, But HE had No Congress to get anything done...Bush DID NOT, Back Door Congress to get things Done as ODUMBO Has Done, Even With A DEM Congress for 2-yrs...
Liberals cannot stand the facts. Anyone with a little initiative to research this knows that it is all true.
not because it is true, but because it removes responsibility ..
remove responsibility ,, that is the liberal way..
do not want to take responsibility :
for your unborn child ? kill it ..
for your children ? abandon them
for a job ? go on welfare ?
for a mortgage ? live in the housing project
pay for food ? get food stamps
do you see a trend here ?
the liberal way, the Dem. way, obomma's way , no responsibility , blame some one else
2001
•April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." (2002 Budget Analytic Perspectives, pg. 142)
2002
•May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
•February: The Office of Federal Housing Enterprise Oversight (OFHEO) release...
2001
•April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." (2002 Budget Analytic Perspectives, pg. 142)
2002
•May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
•February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.
•September: Then-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.
•September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)
•October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)
•November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004
•February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)
•February: Then-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)
•April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)
•June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005
•April: Then-Secretary Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)
•July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)
2007
•August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)
•August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)
•December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)
2008
•February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
•March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
•April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
•May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
◦"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)
◦"[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
◦"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)
•June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
•July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
•September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)