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Do you remember January 3rd, 2007?

CFlyJuice 2012/07/11 14:49:22
YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
NO! I don't remember because I was looking elswhere.
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While Obama continues to blame Bush for what he "inherited", he also continues to propagate the fallacy that the Recession is the GOP's and Bush's fault.

Obama LOVES to say: "Do you want to go back to the policies that got us into this mess."

If someone takes a look at what REALLY got us into this mess... AND IT WASN'T BUSH AND THE GOP... they will rue the day: January 3rd, 2007.

For the educated, they know that

the House and the Senate
there are TWO parts of the Legislative branch of the Government besides the President (Executive Branch) that enacts laws.


On January 3rd, 2007, the Democrats took over the House and Senate. Two of the most partisan and liberal members of the Congress took over the LEGISLATIVE BRANCH.

I you want to steal Obama's line and ask about what "Nancy Pelosi and Harry Reid inherited", you will see what was dropped in their laps that day.

On that day:
The DOW Jones closed at 12,621.77 (WITHOUT 2 tax-payer funded Fed Pumps like today)
The GDP for the previous quarter was 3.5%
The Unemployment rate was 4.6%
The average price of gas was $2.29
The economy had just completed A RECORD 52nd STRAIGHT MONTH of JOB CREATION!
And the deficit had been reduced to 160.96 billion (from 412b in 2004)

Besides Reid and Pelosi running roughshod over the booming economy with their disastrous liberal agenda, their party decided to put Barney Frank as the House Financial Services Committee Chairman and Chris Dodd took over the Senate Banking Committee. Now ask yourself: what part of the economy did the meltdown happen 15 months later?

BANKING AND FINANCIAL SERVICES!!!


Now to get to this financial debacle, it was not ONLY the year and a half that the Dems had control and rammed through their liberal wish list, it was years in the making... from Jimmy Carter's Community Reinvestment Act to Clinton's expansion of the CRA.


The face today of the CRA is known as Fannie Mae and Freddie Mac. In the 1990's Bill Clinton accelerated these two dangerous entities. When Bush came in office, he tried on SEVENTEEN different occasions to reign in F&F; because as he said: It was "Financially risky for the US economy". I guess the dumb Bush was right (that's what a Masters in Business from Harvard will get you). Unfortunately, every time Bush tried to contain F&F;, the Democrats filibustered and played the race card.
http://www.liveleak.com/ll_embed?f=ca7_1222735475



The Democrats also blackmailed Bush to get their agenda passed by threatening to leave the troops without funding.


Once the Democrats took over in 2007, they put Fannie and Freddie ON STEROIDS and then came the sub-prime mortgage bubble-burst.The economy was sent into deep crisis because they risky mortgages dumped 5-6 TRILLION Dollars of toxic loans on the economy from the DEMOCRATS Fannie Mae and Freddie Mac FIASCOS!

And now we are back to President Obama.
He tries to NOT ONLY escape responsibility for the recession (HE WAS IN THE DEMOCRATICALLY CONTROLLED SENATE DURING THE RUN-UP TO THE CRASH) but he tries to blame it on Bush and the GOP.

Here are the FACTS:

Senator OBAMA took the THIRD highest pay-off from Fannie Mae AND Freddie Mac! Unheard of for a FRESHMAN Senator.

The HYPOCRITE Senator Obama fought against reform of Fannie and Freddie!

NOW ASK YOURSELF:

"Who is continuing the "failed policies that got us unto this mess" by dumping Billions more into Fannie & Freddie and NOT reforming them?

The con-man in Chief Obama.

So when the kool-aid crowd blame Bush and the GOP...

REMEMBER JANUARY 3rd, 2007....
THE DAY THE DEMOCRATS TOOK OVER!
http://www.youtube.com/embed/ebWJ892h5dA
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Top Opinion

  • Demonic Rat Hunter 2012/07/11 15:00:18
    YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
    Demonic Rat Hunter
    +4
    How dare you tell the liberals that they were wrong again, Don't you know you will be called out as a racist and hater. LMAO liberal civility liberal civility liberal civility

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Opinions

  • Christopher Kirchen 2012/07/30 12:26:17
    Undecided
    Christopher Kirchen
    Not with any clarity.
  • The One 2012/07/12 01:46:09
  • Callaway 2012/07/11 22:59:46
    YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
    Callaway
    +1
    It should be noted this is pretty standard procedure in the Chitown political how to handbook you duck duck duck then deny deny deny then you keep blaming your predecessor early and often which he will do even after he gets reelected god forbid. It's ain't ever THEIR fault a classic example of rock was in my shoe and the sun was in my eye excuse.
  • Michael=Constitution & Liberty 2012/07/11 20:05:45
    YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
    Michael=Constitution & Liberty
    is it just me? that seems so dayum long ago!
  • CFlyJuice Michael... 2012/07/11 20:45:47
    CFlyJuice
    +1
    Obama's MISERY index makes time pass sloooooooooooooooooooowly.
  • ID51 2012/07/11 17:56:53
    YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
    ID51
    +1
    I really hope the voters don't make the same mistake twice!
  • KilrQueen 2012/07/11 16:48:15
    YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
    KilrQueen
  • CFlyJuice KilrQueen 2012/07/11 18:30:36
    CFlyJuice
    THANK YOU for the WONDERFUL post!

    CFJ



    Reagan thumbs
  • Kane Fernau 2012/07/11 16:21:55
    YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
    Kane Fernau
  • none 2012/07/11 16:04:53
    YES! I remember it well! 4.6% UNEMPLOYMENT!!!!!!
    none
    +1
    Liberals will never let facts and the truth get in the way of them buying Obama's lies.
  • Zuggi 2012/07/11 15:22:56
    Undecided
    Zuggi
    +1
    Wrong, for a simple reason:

    The crash was caused by the popping of a bubble, especially in the real estate market. That bubble inflated between 2002 and 2007.
  • relic Zuggi 2012/07/11 16:16:43
    relic
    +2
    Deny, Deny, Deny.
  • Zuggi relic 2012/07/11 16:18:21
    Zuggi
    +1
    I'm sorry if you don't like facts.
  • Debowman Zuggi 2012/07/11 17:16:20
    Debowman
    +1
    Sorry that you don't like facts.
  • Zuggi Debowman 2012/07/11 17:26:23
    Zuggi
    +1
    So you claim there wasn't a housing bubble between 2002 and 2007?
  • Debowman Zuggi 2012/07/11 17:44:27
    Debowman
    NO not saying that at all,, however it didn't keep the National debt down, It keep the budget down. yet please while you want to point out that, you forget get the the FMA of 1999 created that bubble, and also deregulated the banks, remember now, Bush took office in 2001, yet liberals blame him for something that he had no part of. AND if Bush's policies were SO bad, why has Obama continued EVERY ONE????
  • Zuggi Debowman 2012/07/11 17:50:09
    Zuggi
    +1
    It kept the debt down as a percentage by artificially inflating GDP. The debt percentage of GDP under Obama is scary, but it comes from three linked problems: increased spending, decreased revenue, and decreased GDP.
  • Debowman Zuggi 2012/07/11 18:39:51
  • CFlyJuice Zuggi 2012/07/11 18:42:39
    CFlyJuice
    What a moron.



    The debt WAS NOT held down by "artificial" my ass....



    PEOPLE WERE WORKING AND PAYING TAXES! 4.6% Unemployment GENIUS.



    Even after the Bush tax cuts, the 2007 tax returns for the IRS were AN ALL-TIME RECORD.



    Explain THAT one dope.
  • Zuggi CFlyJuice 2012/07/11 18:45:10
    Zuggi
    +1
    Tax returns were at a record because the economy was artificially inflated by the bubble.

    How exactly, despite passing nothing of note, did the Democrats in 2007 crash the economy?
  • CFlyJuice Zuggi 2012/07/11 19:36:32
    CFlyJuice
    So I guess Clintons economy was a hoax too... ARTIFICIALLY INFLATED BY THE TECH BUBBLE.



    What a tool.
  • Zuggi CFlyJuice 2012/07/11 19:57:14
    Zuggi
    Yes, there was a bit of artifical bubble effect on the economy, but it was nowhere near the 2002-2007 bubble.
  • CFlyJuice Zuggi 2012/07/11 20:02:45
    CFlyJuice
    I think you have an artificial bubble where your brain used to be.
  • CFlyJuice Debowman 2012/07/11 18:42:57
    CFlyJuice
    For Zugg:



    "What a moron.



    The debt WAS NOT held down by "artificial" my ass....



    PEOPLE WERE WORKING AND PAYING TAXES! 4.6% Unemployment GENIUS.



    Even after the Bush tax cuts, the 2007 tax returns for the IRS were AN ALL-TIME RECORD.



    Explain THAT one dope."
  • CFlyJuice Zuggi 2012/07/11 18:37:35
    CFlyJuice
    THAT's the point dip$hit.

    BUSH TRIED FROM 2001 (17 TIMES) to reign in F&F.



    What are you retarded?



    Here is the list to continue your education sad little troll:

    The list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.

    Unfortunately, Congress did not act on the president's warnings:

    ** 2001



    April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."



    ** 2002



    May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)



    ** 2003



    January: Freddie Mac announces it has to restate financial results for the previous three years.



    February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spr...



























































































































    THAT's the point dip$hit.

    BUSH TRIED FROM 2001 (17 TIMES) to reign in F&F.



    What are you retarded?



    Here is the list to continue your education sad little troll:

    The list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.

    Unfortunately, Congress did not act on the president's warnings:

    ** 2001



    April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity."



    ** 2002



    May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)



    ** 2003



    January: Freddie Mac announces it has to restate financial results for the previous three years.



    February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that "although investors perceive an implicit Federal guarantee of [GSE] obligations," "the government has provided no explicit legal backing for them." As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. ("Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO," OFHEO Report, 2/4/03)



    September: Fannie Mae discloses SEC investigation and acknowledges OFHEO's review found earnings manipulations.



    September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.



    October: Fannie Mae discloses $1.2 billion accounting error.



    November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)



    ** 2004



    February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)



    February: CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)



    June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)



    ** 2005



    April: Treasury Secretary John Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)



    ** 2007



    July: Two Bear Stearns hedge funds invested in mortgage securities collapse.



    August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, The White House, 8/9/07)



    September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.



    September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.



    December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, The White House, 12/6/07)



    ** 2008



    January: Bank of America announces it will buy Countrywide.



    January: Citigroup announces mortgage portfolio lost $18.1 billion in value.



    February: Assistant Secretary David Nason reiterates the urgency of reforms, says "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/0



    March: Bear Stearns announces it will sell itself to JPMorgan Chase.



    March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/0



    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, 4/14/0



    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, 5/3/0



    "[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, 5/19/0



    "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, 5/31/0



    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., 6/6/0



    July: Congress heeds the President's call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

    In 2005-- Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.

    Democrats blocked this reform, too.



    More... Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.
    (more)
  • Zuggi CFlyJuice 2012/07/11 18:39:46
    Zuggi
    +1
    The size of F&F was not the problem. In fact, their shrinkage was part of the problem.

    fannie market share
  • Debowman Zuggi 2012/07/11 18:51:59
    Debowman
    +1
    REPRESENTATIVE BARNEY FRANK STATES: FANNIE IS FINE:

    http://www.youtube.com/watch?...
  • Zuggi Debowman 2012/07/11 19:06:47
    Zuggi
    +1
    And F/F loans outperformed the newer institutions. The rot didn't start with Fannie, but it did get caught in the backwash.
  • CFlyJuice Debowman 2012/07/11 19:38:04
    CFlyJuice
    THE BIG FAT LIAR.



    DON'T FORGET... HIS BOYFRIEND WAS WORKING @ FANNIE BACK THEN...



    NICE CONFLICT OF INTEREST.
  • CFlyJuice Zuggi 2012/07/11 16:22:27
    CFlyJuice
    Wake up Bro!



    It's NOT a coincidence that Pelosi and Reid "INHERITED" 4.6% unemployment, 3.5% GDP, 52 straight months of job GROWTH and a decreasing deficit:

    Bush's policies were reducing the deficit faster than he had promised:

    2004 412 billion

    2005 318.59 billion

    2006 248.57 billion

    2007 160.96 billion



    As you can see below, after the tech bubble burst, Bush got revenues up and the debt was holding steady until the Democraps took over:

    96 tech bubble burst bush revenues debt holding steady democraps



    Debt as % of GDP was FLAT during all of Bush's first 6 YEARS:

    debt holding steady democraps debt gdp flat bushs 6 years

    2000 34.7%

    2001 32.5%

    2002 33.6%

    2003 35.6%

    2004 36.8%

    2005 36.9%

    2006 36.5%

    2007 36.2%

    2008 40.2%

    2009 53.6%

    2010 62.2%



    wake up
  • Zuggi CFlyJuice 2012/07/11 16:34:21
    Zuggi
    Way to ignore the point. National debt is the economy?

    No. National debt was held down because the economy was artificially inflated by the housing bubble.
  • Debowman Zuggi 2012/07/11 17:17:33
    Debowman
    +1
    Not at all true, you are confusing Nation debt, with Budget debt, I would agree with you if you hadn't have made that error
  • Zuggi Debowman 2012/07/11 17:28:52
    Zuggi
    National debt is the term used for a nation's government debt. If I remember right, the term usually used for the totality of a nation's debt, public and private, is Total Debt.
  • Debowman Zuggi 2012/07/11 17:47:38
    Debowman
    +1
    well, you left out intergovertamental holdings, which is the slush funds that politicians move around to show more money here less there. It's what Clinton moved to claim he had a "surplus" however the total numbers don't show a surplus, which is way the Rebublicans say there never was a surplus.
  • Zuggi Debowman 2012/07/11 17:50:45
    Zuggi
    I suspect they're calculated in there, though I honestly don't know.
  • Debowman Zuggi 2012/07/12 19:53:36
    Debowman
    +1
    NO They aren't, they are figured seperate
  • CFlyJuice Zuggi 2012/07/11 18:42:02
    CFlyJuice
    What a moron.



    The debt WAS NOT held down by "artificial" my ass....



    PEOPLE WERE WORKING AND PAYING TAXES! 4.6% Unemployment GENIUS.



    Even after the Bush tax cuts, the 2007 tax returns for the IRS were AN ALL-TIME RECORD.



    Explain THAT one dope.
  • Debowman Zuggi 2012/07/11 17:16:04
    Debowman
    +1
    however the laws that created that bubble were signed in 1999, Bush wasn't POTUS Clinton was,
  • Zuggi Debowman 2012/07/11 17:35:47
    Zuggi
    Are you claiming that the CRA was behind the bubble?

    I find that impossible to believe. CRA covered subprime loans were only a fraction of total subprime loans, and they went bad at a lower rate. The real cause was the MBSes that allowed debt to be bought and sold much easier than before. The market had an insatiable appetite for MBSes, but the non-CRA covered institutions which were taking over the market soon discovered that they were running out of good mortgages to turn into MBSes. But they soon realized that the market would buy any MBS, even if it were made of terrible loans.

    It was a race to the bottom. Each time they realized they could go a step lower and the security would still sell for a handsome profit, they loaned to everyone they could find in that category and tried to see if they could sell a security made from even worse mortgages.

    These institutions were making record profits. They didn't need to be pushed by the government to sell bad loans; so long as the market kept buying them, they'd keep selling.
  • Debowman Zuggi 2012/07/11 17:56:16 (edited)
    Debowman
    +1
    No I am not. If you check you will see that the CRA was a Carter bill signed in 1978, however Clinton's 1993 Changes to it, forced more banks to make a higher % of Subprime loans in order to keep their FDIC rating. The bill I am refering to is the Financial Services Modernization Act of 1999, which allowed Propritory banks and investment banks, to combine services. This allowed the investment banks to, for a lack of better word, "gamble" with our money. Thats when the bundleing came into play. After bundleing the bad with the good, they then took out insurance in case they were not paid. So the banks won either way, which only encourged them to make more sub primes. yet They were ALL in bed together

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