And inflation. Over forty years, housing market prices have increased times 19 in some areas. Not doubled, tripled or quadrupled, but ninteened. An economy spiraled to TOTALLY out of whack, fueled primarily by nothing more GREED, brought on by plague like waves of a LACK of ANYthing redemptive at the heart of Americas backbone no doubt!Why we are where we are today:
1999 - Bill Clinton put CRA on steroids pushing Fannie Mae and Freddie Mac to increase number of sub-prime loans.
1999 - New York Times published an article “Fannie Mae Eases Credit to Aid Mortgage Lending” warning of coming crisis due to lax lending policies of the Clinton administration.
2003 - White House called Fannie and Freddie a “systemic risk” and Bush administration pushed Congress to enact new regulations.
2003 - Rep. Barney Frank said Fannie and Freddie are “not in a crisis,” bashed Republican-sponsored regulation legislation.
2005 - Federal Reserve Chairman Alan Greenspan voiced warning over F&F accounting, saying,“We are placing the total financial system of the future at a substantial risk.”
2005 - Sen. Charles Schumer said F&F “over the years have done an incredibly good job and are an intrinsic part of making America the best-housed people in the world.”
2006 - Sen. John McCain again called for reform of regulatory structure governing F&F. And again Democrats blocked reform legislation.
2008 - The housing market collapsed.
2008-Present - Democrats blamed the Republicans.
#836395 Jan 10, 2013
#836396 Jan 10, 2013
Hey Brown eyes, I love your part of the country,I hope all is well. I went to a couple V.T. games this year. I see the gun totting, bible thumping, moralistic brain deprived righties are still wallowing in ignorance and fanaticism.
#836397 Jan 10, 2013
Davy Crockett of Alamo fame was my favorite Congressman. GF008 Safer World 2013
#836398 Jan 10, 2013
Davy Crockett was favorite Congressman. GF008 Safer World 2013
#836399 Jan 10, 2013
Hand yours over, and try not to lick the shine of yer brown nose off the boots of the regime- bumpuss.
(and quit being so negative-it is NOT, I repeat NOT, NOT, NOT...mentally healthy for DECENT. non-hater type people)
#836400 Jan 10, 2013
Those who profited most by ignorning impending crisis:
1. Dodd, Christopher Senate (D)-$133,900
2. Kerry, John Senate (D)-$111,000.
3. Obama, Barack Senate (D)-$105,849.
4. Clinton, Hillary Senate (D)-$75,550.
5. Kanjorski, Paul (D)-$65,500.
6. Bennett, Robert Senate (R)-$61,499.
7. Johnson, Tim Senate (D)-$61,000.
8. Conrad, Kent Senate (D)-$58,991.
9. Davis, Tom House (R)-$55,499.
10. Bond, Christopher Senate (R)-$55,400.
Republicans 3 versus Democrats 7. President Barack Obama/former Senator Obama holding the #3 spot.
Anyone who continues to solely blame Republicans and chooses to ignore the role the Democrats played in this economic crisis is, well...either a simpleton or a fool.
#836401 Jan 10, 2013
Stop lying too.
#836402 Jan 10, 2013
Goober from bumpuss lol.
#836403 Jan 10, 2013
Liberals love them some wind turbines....
Save the planet...
'The amount of electricity generated from coal is rising as much as 50% in some European countries.'
#836404 Jan 10, 2013
Some Hollywood women look like the have been shot in the back with two cruise missiles NATO. Does Botox cause this? Safer World 2013
Since: May 11
#836405 Jan 10, 2013
Carol is an idiot.
Your claim that Vill Clinton put the CRA on steroids is jut too funny.
That bill, Graham, Bailey, Leach is the one where Republicans tore down the safeguards between banks & investment houses.
All Clinton did was insist that these new players in the mortgage business play by the same rules as the banks did as far as the CRA.
Where the uninformed like you get confused is that you think that all subprime loans are CRA loans. While CRA loans are subprime by definition they are not the loans that caused the mortgage meltdown.
Statistics show that the percentage of all loans that were CRA is about the same as the percentage of all failed loans that were CRA.
#836406 Jan 10, 2013
Well...that IS a true statement.
There's yer once a day, goober bumpuss "yew gotz that righTUH" fer a change, bumpuss sign lol.
#836407 Jan 10, 2013
Wishing "FLAKE" a happy new year is kinda like wanting the Republican house to agree on something good for fellow Americans "FAT CHANCE". Hell he has no idiot just how miserable he is.
Since: Dec 08
gauley bridge wv
#836408 Jan 10, 2013
Happy New Year to you too!!!
#836409 Jan 10, 2013
Bush Republican crash in Oct 2008 is what voters remembered when the turned their back on the republican candidate for president who polled an amusing 47%.
Good Morning Carol,
Watched "The Matrix "
"The 39 Steps" Hitchcock classic
#836410 Jan 10, 2013
What is black and white and red all over NATO a newspaper or sunburned zebra. LOL GF008 Safer World 2013
#836411 Jan 10, 2013
Ohhhhh...goober...Happy New Year to you too!!!
#836412 Jan 10, 2013
you forgot something.
Bush drive for home ownership fueled housing bubble
"There is no question we did not recognize the severity of the problems," said Al Hubbard, Bush's former chief economic adviser, who left the White House in December 2007. "Had we, we would have attacked them."
Looking back, Keith Hennessey, Bush's current chief economic adviser, said he and his colleagues had done the best they could "with the information we had at the time." But Hennessey did say he regretted that the administration had not paid more heed to the dangers of easy lending practices.
And both Paulson and his predecessor, John Snow, say the housing push went too far.
"The Bush administration took a lot of pride that home ownership had reached historic highs," Snow said during an interview. "But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost."
For much of the Bush presidency, the White House was preoccupied by terrorism and war; on the economic front, its pressing concerns were cutting taxes and privatizing Social Security, a government retirement and disability benefits program. The housing market was a bright spot: Ever-rising home values kept the economy humming, as owners drew down on their equity to buy consumer goods and pack their children off to college.
Lawrence Lindsay, Bush's first chief economic adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Bush meet housing goals.
"No one wanted to stop that bubble," Lindsay said. "It would have conflicted with the president's own policies."
#836413 Jan 10, 2013
TIME - The mess that Fannie Mae has become is the progeny of many parents: Congress, which created Fannie in 1938 and loaded it down with responsibilities; President Lyndon Johnson, who in 1968 pushed it halfway out the government nest and into a problematic part-private, part-public role in an attempt to reduce the national debt; and Jim Johnson, who presided over Fannie's spectacular growth in the 1990s. But it was Johnson's successor, Raines, who was at the helm when things really went off course. A former Clinton Administration Budget Director, Raines was the first African-American CEO of a Fortune 500 company when he took the helm in 1999. He left in 2004 with the company embroiled in an accounting scandal just as it was beginning to make big investments in subprime mortgage securities that would later sour. Last year Fannie and rival Freddie Mac became wards of the state.
In 2004 Congressional hearing to rein in F&F:
Maxine Waters (D): Through nearly a dozen hearings, we were frankly trying to fix something that wasn’t broke. Mr. Chairman, we do not have a crisis at Freddie Mac, and particularly at Fannie Mae, under the outstanding leadership of Franklin Raines.
Gregory Meeks (D):… I’m just pissed off at OFHEO [the regulators trying to warn Congress of insolvency at the GSEs], because if it wasn’t for you, I don’t think we’d be here in the first place.… There’s been nothing that indicated that’s wrong with Fannie Mae, Freddie Mac has come up on its own … The question that then comes up is the competence that your agency has with reference to deciding and regulating these GSEs.
Lacy Clay (D): This hearing is about the political lynching of Franklin Raines.
Barney Frank (D): I don’t see anything in this report that raises safety and soundness problems.
....Continue to solely blame Republicans if you want...even in the face of this documented information...can't help foolish.
#836414 Jan 10, 2013
and let me tell ya something-it's gotta S*ck doing a job, where everyone's on ego trips of the hate-filled, self-serving, arrogrant power tripping kind-ESPECIALLY when you're hailing from a broke back state of extreme UNemployment numbers and a DRAINED funds account, where ignorant hatefulled lunaTICS make terrorisTic stoneage level threats against people just for trying to do thier jobs, FOR the welfare of the people, by the People!
Flippin' souless, clueless, inhumane idiots.
Add your comments below
|Once slow-moving threat, global warming speeds ... (Dec '08)||6 min||LessHypeMoreFact||49,366|
|BARACK OBAMA BIRTH CERTIFICATE: Suit contesting... (Jan '09)||34 min||wojar||182,184|
|Messianic Jews say they are persecuted in Israel (Jun '08)||2 hr||JOEL||71,272|
|last post wins! (Apr '13)||2 hr||L Morales||411|
|Israeli troops begin Gaza pullout as Hamas decl... (Jan '09)||3 hr||Mandela||68,913|
|Holiday Greetings||4 hr||Ebeneizer Scrooge||3|
|Fight at Navy Pier||4 hr||Negras all||3|
Find what you want!
Search Chicago Forum Now
Copyright © 2014 Topix LLC