Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

News & Politics News & Politics

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

Posted by   + Show Post

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 (31-40):
GaleJ
by Member on Dec. 30, 2012 at 8:15 PM


Quoting mustbeGRACE:


Quoting GaleJ:

In reality the economic collapse had very little to do with any mortgage directly but was primarily caused by what financial institutions did with them. They took mortgages and lumped them over and over into derivatives that were sold as a much higher level of investment than the mortgages would be worth if not so bundled. It was a scam somehow allowed under the reduced regulations that the Republicans have forced through in their effort to give the financial institutions that bought and paid for their seats what they wanted. The financial institutions made huge profits from this questionable method of operation and when as much profit as could be wrung out of the deal was made they were left with a vulnerable house of cards that could do nothing other than crumple taking the global economy with it. They then were bailed out using our tax money, most recovered, and are back trying to again do such deals as led us to where the economy faltered. 

Mortgages that SHOULD NOT have been given to begin with.

There is no reality to that at all, the condition of the individual mortgages did not figure into the derivatives in any way at all. The problem wasn't the individual mortgage and the problem wasn't caused by a mortgage/mortgages that were not being paid but by the reality of the bundles being valued at more than the individual mortgage/mortgages was worth simply because they were so bundled. It was a scam and one that a mortgage holder had nothing whatsoever to do with as it played out. The financial institutions that held the mortgages were the ones that created the problem and they did so knowing that what they were doing was inappropriate and unethical but they were making money and there was nothing that would stop them since they had neatly created their monster to get around the reduced regulations that they had helped to reduce. It was as if someone with five or six old cars simply deemed them a bundle and as such it bestowed on them a higher value than an old car would normally have. That's basically what happened and it was done without the knowledge of the individual holders of the mortgage/mortgages by the financial institutions. 

143myboys9496
by Gold Member on Dec. 30, 2012 at 10:52 PM
3 moms liked this

 Actually wallstreet needed it bailout because of deregulation, allowing banks to invest in real estate and use their real estate holdings (our properties) as "money".

Giving HUGE loans to people that literally and mathimatically cannot afford them most definitely was the straw that broke the camel's back.

Jobs have been outsourced since Clinton...

People have been getting laid off since '08..and STILL are.

way to move forward...

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.

 

143myboys9496
by Gold Member on Dec. 30, 2012 at 10:55 PM
5 moms liked this

 

Quoting GaleJ:

In reality the economic collapse had very little to do with any mortgage directly but was primarily caused by what financial institutions did with them. They took mortgages and lumped them over and over into derivatives that were sold as a much higher level of investment than the mortgages would be worth if not so bundled. It was a scam somehow allowed under the reduced regulations that the Republicans have forced through in their effort to give the financial institutions that bought and paid for their seats what they wanted. The financial institutions made huge profits from this questionable method of operation and when as much profit as could be wrung out of the deal was made they were left with a vulnerable house of cards that could do nothing other than crumple taking the global economy with it. They then were bailed out using our tax money, most recovered, and are back trying to again do such deals as led us to where the economy faltered. 

 Hate to burst your bubble, but it was the dems that deregulated...Barney Frank was the "mastermind" behind it. He made himself and others A LOT of money using our properties...

GaleJ
by Member on Dec. 30, 2012 at 10:56 PM

SARCASM ALERT...Right because President Obama, being all powerful and evil, was able to cause the collapse of the economy before he was elected. Bush cut taxes and put two wars on the fight now, pay later plan and you're trying to blame President Obama and the left? Well okay I like fairy tales too, but I know when I'm hearing such a story and can tell the difference between fantasy and the truth. 

Quoting SallyMJ:

Absolutely right. And we've actually known this for some time.

But everyone knows - due to the shrill voices of the left - especially President Obama, who has mentioned it hundreds of times over the past 5 years -  that the meltdown was all Bush's fault.


143myboys9496
by Gold Member on Dec. 30, 2012 at 11:04 PM
2 moms liked this

 Personal responsibility is SO passe'.....

If personal responsibility hit the radar AT ALL, people with crappy credit, part time jobs wouldn't have been given $700,000 and even $1mil dollar mortgages...Balloon payments, funky games with intrest. Lender funded by down on interest, or outrageous balloon payments due in 10 or 15 years...guess what? When you're raising a family in a house "you" can't afford that time goes quickly...

Banks "invested" in stocks using the mortgages bundled to improve their value as collateral or even virtual money..the properties used were over-valued...mortgages were sold left and right, between mortgage companies and large banks...

I heard a story of a woman who's home was being forclosed on, and in court they couldn't find the paperwork of the mortgage to even show it existed, the judge awarded her, her home..he said if the bank couldn't produce the paperwork verifying the mortgage than the mortgage doesn't exist and the woman owns her home. She was awarded the deed to her house.

Quoting acrogodess:

Funny, because we didn't take out loans we couldn't afford. Neither did my parents. It's called reading the fine print. It is also called personal responsibility. No one made those individuals take on debt they couldn't afford. That is all on them, not on the government or the banks.

Quoting gsprofval:

You are so correct! I witnessed it firsthand and it was very sad.


Quoting Aivlys_:

They sure did!, they made sure everyone and their mom can get a loan, regardless of income or credit worthiness!

 

 

sweet-a-kins
by Ruby Member on Dec. 30, 2012 at 11:36 PM
From 2000-2006 the republicans ran both houses and has the White House

Why did they do nothing?


Quoting Natesmom507:









The Bush Admin and Senator McCain warned repeatedly about Fanny Mae and Freddy Mac and what thus became the 2008 financial crisis -- starting in 2002 (and actually even earlier -- in the Clinton and…

00:04:00

Added on 9/24/08

6,333,092 views

http://www.youtube.com/watch?v=cMnSp4qEXNM&NR=1 


 This video clearly shows that George Bush tried to warn Congress starting in 2001, that this economic crisis was coming, if something was not done. But congress refused to listen, along with the arrogant Congressman, Barney Frank. This video says it all.

Posted on CafeMom Mobile
sweet-a-kins
by Ruby Member on Dec. 30, 2012 at 11:37 PM
McCain pushed and passed many many of the deregulations

Quoting 143myboys9496:

 


Quoting GaleJ:


In reality the economic collapse had very little to do with any mortgage directly but was primarily caused by what financial institutions did with them. They took mortgages and lumped them over and over into derivatives that were sold as a much higher level of investment than the mortgages would be worth if not so bundled. It was a scam somehow allowed under the reduced regulations that the Republicans have forced through in their effort to give the financial institutions that bought and paid for their seats what they wanted. The financial institutions made huge profits from this questionable method of operation and when as much profit as could be wrung out of the deal was made they were left with a vulnerable house of cards that could do nothing other than crumple taking the global economy with it. They then were bailed out using our tax money, most recovered, and are back trying to again do such deals as led us to where the economy faltered. 


 Hate to burst your bubble, but it was the dems that deregulated...Barney Frank was the "mastermind" behind it. He made himself and others A LOT of money using our properties...

Posted on CafeMom Mobile
JustCJ
by on Dec. 31, 2012 at 5:04 AM

Um all she said was Obama likes to blame Bush. LOL And yes the piece does blame the left..

Quoting GaleJ:

SARCASM ALERT...Right because President Obama, being all powerful and evil, was able to cause the collapse of the economy before he was elected. Bush cut taxes and put two wars on the fight now, pay later plan and you're trying to blame President Obama and the left? Well okay I like fairy tales too, but I know when I'm hearing such a story and can tell the difference between fantasy and the truth. 

Quoting SallyMJ:

Absolutely right. And we've actually known this for some time.

But everyone knows - due to the shrill voices of the left - especially President Obama, who has mentioned it hundreds of times over the past 5 years -  that the meltdown was all Bush's fault.



Billiejeens
by Ruby Member on Dec. 31, 2012 at 9:01 AM
3 moms liked this
Quoting acrogodess:




Personal responsibility is an archaic, old, outdated, concept.

We are a collective now, where have you been?


Billiejeens
by Ruby Member on Dec. 31, 2012 at 9:08 AM
2 moms liked this
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.


Add your quick reply below:
You must be a member to reply to this post.
Join the Meeting Place for Moms!
Talk to other moms, share advice, and have fun!

(minimum 6 characters)

close Join now to connect to
other members!
Connect with Facebook or Sign Up Using Email

Already Joined? LOG IN