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News & Politics News & Politics

The Economy Was Destroyed by the Dems...New Study Confirms.

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America, designed by geniuses to be run by idiots. 

New study confirms economy was destroyed by Democrat policies

A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying the economy.

The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

Again, let's review:

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary...to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.

-Obama himself is even on the record personally helping sue one lender (Citibank) into lowering its lending standards to include people from extremely poor and unstable areas, which even one of the left's favorite blatantly partisan "fact-checkers," Snopes, admits (while pretending to 'set the record straight').

-Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Obama blames, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

But non-Fox media have spent years deliberately and relentlessly inoculating people against the facts, training them to mindlessly blame Bush for being in charge when Democrat policies destroyed the economy. So here we sit, to this day, still watching Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.

Hope everyone has an inoffensive politically
correct seasonal period of celebratory behaviour with variations of
traditions & significance!

by on Dec. 30, 2012 at 6:24 AM
Replies (101-107):
Mommy_of_Riley
by Just Jess on Jan. 2, 2013 at 1:23 PM
All sides are guilty because NO side will work with any other...
Posted on CafeMom Mobile
stacymomof2
by Bronze Member on Jan. 2, 2013 at 1:24 PM

Wow, research done by the oh so highbrow and un-biased Daily Caller?

This article says nothing, proves nothing, is based on leaps of logic, generalizations, and weak correlations.

I said PROOF, not a weak character attack.  Even giving this article an extreme benefit of the doubt, the only numbers it gives are about 186 people who sued Citibank in 1996, and said Obama is an "attack dog that terrorized banks."  LMAO That is meaningless.  Nothing.  

How powerful Obama must have been before he was even sworn in as a state senator in Illinois!  Able to CONTROL CITIBANK!  Before even starting his VERY FIRST TERM AS A STATE SENATOR!

Let's just say I find that article unconvincing.

Quoting gsprofval:

Clinton, Obama and the Subprime Mortgage Crisis

Sep 27, 2012


Ironically, Barack Obama led the effort that caused the mess that needs cleaning up. Barack Obama was a pioneering contributor to the national subprime real estate bubble—the attack dog that terrorized banks to make mortgage loans that they did not want to make. According to research by TheDailyCaller, about half of the 186 African-American clients in President Obama’s landmark 1995 mortgage discrimination lawsuit against Citibank have since gone bankrupt or received foreclosure notices. As few as 19 of those 186 clients still own homes with clean credit ratings, following a decade in which Obama and other progressives pushed banks to provide “booby trap” adjustable rate mortgages to poor African Americans.

The origins of our current Great Recession began neither with the Obama Administration, nor the Bush Administration, but with the Clinton Administration. In June 1995 President Clinton introduced his National Homeownership Strategy, which included the expansion of Credit Default Swaps (CDSs). President Clinton, Vice President Gore and Secretary Cisneros announced the administration’s comprehensive new strategy for raising home-ownership in America to an all-time high. Representatives from ACORN were guests of honor at the ceremony. In his remarks, Clinton emphasized that: “Our homeownership strategy will not cost the taxpayers one extra cent. It will not require legislation.” Clinton meant that informal partnerships between Fannie and Freddie and groups like ACORN would make mortgages available to customers “who have historically been excluded from homeownership.”

When President Clinton introduced his National Homeownership Strategy in June 1995, no one realized it would create the path of doom that would have such a long-term devastating effect on the economy, particularly for millions of Americas who experienced foreclosure. The volume of foreclosures, and foreclosure trends, are telling and underappreciated economic indicators for the American economy. Foreclosures accelerated as the Housing Price Bubble began to form in 1997. Based on Realty Trac, Federal Reserve, Equifax sources, in the last year of the Clinton Administration foreclosures were already on the rise even though the economy was expanding (470,000 foreclosures in 2000). The legacy of the National Homeownership Strategy would be millions of foreclosures during the Bush and then Obama Administrations.

As the table below shows, foreclosures still have not peaked. During the first three years of the Obama Administration, there have been 11,221,609 foreclosures that are expected to continue its trend upward in 2012 (for a 4 year total of approximately 16 million).


romalove
by SenseandSensibility on Jan. 2, 2013 at 1:24 PM


Quoting Mommy_of_Riley:

All sides are guilty because NO side will work with any other...

Because they don't want someone else to get credit for something good happening.  They want the other side to fail, and as a byproduct, we all end up failing.

Mommy_of_Riley
by Just Jess on Jan. 2, 2013 at 1:33 PM
1 mom liked this
Exactly.

When all they focus on is making the other fail they in turn make the entire country go downhill...

What I would give for people to actually work TOGETHER.


Quoting romalove:


Quoting Mommy_of_Riley:

All sides are guilty because NO side will work with any other...

Because they don't want someone else to get credit for something good happening.  They want the other side to fail, and as a byproduct, we all end up failing.

Posted on CafeMom Mobile
stacymomof2
by Bronze Member on Jan. 2, 2013 at 1:44 PM

I have seen the article.  It can't be in response to my request for proof, it's talking about some lawsuit in 1996, which was, as you know, before Obama was even a STATE senator.  Nowhere does the article, which by the way is from The Daily Caller, which is a rag out of the UK, not any kind of financial information, and has such a ridiculous right wng bias you can't trust ANY of the news out of it, nowhere does it show any information about votes taken and how Obama voted, and what was in the regulations, and how they required banks to make bad loans.  See, that would be a starting point.  That Daily Caller article is just a bunch of bs.

Quoting JustCJ:

LOL

she replied  ;)

Quoting stacymomof2:

Lol Obama came to your mortgage company and forced banks to make loans that no decent risk assessment would allow?!  That Obama...he is everywhere.

The mortgage company you worked for went bankrupt because of making risky loans for a short term payout that they couldn't dump afterwards as a "mortgage backed security" after the market went belly up.   It's the same thing that happened with every bank and mortgage company...they thought the overheated market would last forever, so they frantically made as many as possible to get their fees and hoped for a quick sale after bundling them up.  Or maybe they didn't think the market would last forever but thought they could get rid of their shitty loans before the other guys caught on.  Either way, their own fault.  Not Obama's, not Clinton's, not anyone's except the company who made the loan for a 4000 payment to someone they knew could not pay it.

Prove to me where any legislation anywhere required mortgage companies or banks to make a loan that they had to freaking KNOW would never be paid.  PROVE IT.  I know you will not, because you can not.  The banking regulations were losened to achieve higher home ownership.  But there never was any requirement to make bad loans.  What happened was the banks saw a loophole and went for the short term money.  

If they knew their job it would have never happened.  And blaming it on a government policy is like saying it's Obama's fault that you overdrafted your checking account.  It's still your job to watch your money.

Quoting gsprofval:

I worked for a mortgage company and obama was instrumental in forcing mortgage companies to give loans to anyone regardless of income. This was while he was a senator and can easily be researched.

Files came through that gave $500,000 loans to people with a $70,000 income and monthly payments of $4,000 a month. No way could those loans be paid, but obummer forced it to be and then the forclosures started. 

The mortgage company went bankrupt, go figure.




Thomigirl
by Member on Jan. 2, 2013 at 7:56 PM


Quoting Friday:


Quoting Thomigirl:


Quoting Billiejeens:


Quoting Friday:


Quoting Billiejeens:

Quoting Friday:

Anyone who blames one political party over the other, for the mess we are in, is ignorant or a partisan hack. Or maybe both.





I would ask what your solution is, but I already know from trying to drag one out of you for a year, that you have nothing.


A year? Really, you sure about that? Seems you've only been on CM since the Fall under this SN so what was your previous SN? Not HappyTime, I hope, he was booted.


You are what we call a "Cement person" - not a year as in 365 days, but a year as in a long time.

Just like you seem incapable of understand generalities,  - Seattle is a rainy city, dang it rains eveyday there", in comes Friday, "um I was checking the facts and on August 12 -13 there was zero rain."

Thanks Friday!

Oy Vey.

Entertaining, ain't s/he?

Yuuup

pvtjokerus
by Gold Member on Jan. 2, 2013 at 9:44 PM

Unpaid taxes?  Are you snorting the liberal line? lol.  You would not need high taxes if someone would know how to stop the spending.  Bailout wall street?!  You better check who is escorting Wall Street.  Gas prices?  Ummm.....   War was voted by the House and the Senate.  That would include Demo votes so don't even.......  The housing issue was started by Frank and Dodd.....the rest is history. 

Quoting _Kissy_:

Housing didn't declare war, give out unpaid taxcuts, bail out wallstreet, drive up gas prices, outsource jobs, lay people off...

And 20 years of Republican presidents in the last 30 and they did nothing but seek and destroy.


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