Barack Obama, our next President

Full story: Hampton Roads Daily Press

"The road ahead will be long. Our climb will be steep," Obama cautioned. Young and charismatic but with little experience on the national level, Obama smashed through racial barriers and easily defeated ...

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Since: Apr 13

Orlando, FL

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#894446
Apr 28, 2013
 

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So who is to blame for the housing market crisis?

The Economist magazine notedthe problem is one of "layered irresponsibility". A partial list of those alleged to be at fault:

**The Federal Reserve which slashed interest rates after the dot-com bubble burst, making credit cheap.
**Home buyers who took advantage of easy credit to bid up the prices of homes excessively.
**Congress which continues to support a mortgage tax deduction that gives consumers a tax incentive to buy more expensive houses.
**Real estate agents, most of whom work for the sellers rather than the buyers and who earned higher commissions from selling more expensive homes.
**The Clinton administration which pushed for less stringent credit and downpayment requirements for working- and middle-class families.
**Mortgage brokers who offered less-credit-worthy home buyers subprime and adjustable rate loans with low initial payments but exploding interest rates.
**Former Federal Reserve chairman Alan Greenspan who, in 2004, near the peak of the housing bubble encouraged Americans to take out adjustable rate mortgages.
**Wall Street firms who paid too little attention to the quality of the risky loans that they bundled into Mortgage Backed Securities and issued bonds using those securities as collateral.
**The Bush administration which failed to provide needed government oversight of the increasingly dicey mortgage-backed securities market.
**An obscure accounting rule called mark-to-market which can have the paradoxical result of making assets be worth less on paper than they are in reality during times of panic.
**Collective delusion or a belief on the part of all parties that home prices would keep rising forever no matter how high or how fast they had already gone up.

The U.S. economy is enormously complicated. Screwing it up takes a great deal of cooperation.

http://factcheck.org/2008/10/who-caused-the-e...

The only omission in the list above is Bush warned Congress numerous times of the impending crisis. It was Congress who dropped the ball - not Bush.

“Often imitated”

Since: Jul 07

never duplicated

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#894447
Apr 28, 2013
 

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Nuculur option wrote:
<quoted text>
Obama won reelection because of his humanity.
Unlike the hatred that Rmoney has for anyone not as well off as he is.
Your party showed it's true colors, booing a wounded Iraq Vet at a debate, screaming for a man without health insurance to 'die', calling a college woman a 'slut' because she advocated for birth control.
The American people saw what hateful pricks Repugnants are, and voted against them. This includes haters like you, who posted fake pictures of Trayvon Martin in your racist hatred.
This included women, white women. And Catholics, who Obama won over Rmoney.
It wasn't minorities who elected Obama. It was caring white people that elected him over a heartless machine.
DEmocrats have humanity and empathy.
Repugnants have wicked hearts and hatefulness towards their fellow citizens.
I wasn't talking about election result or obama. Go pick a fight with someone else son.

“Often imitated”

Since: Jul 07

never duplicated

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#894448
Apr 28, 2013
 

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Nuculur option wrote:
<quoted text>
Care to discuss that issue, or would you prefer me to leave your ignorance alone??
McLame and Palin in charge??'Wars, baby, wars!! LOL
C'mon E, even you're not that stupid.(I hope)
Another loony left winger who missed the point entirely.

Since: Sep 10

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#894449
Apr 28, 2013
 

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Whatever wrote:
<quoted text>
What you are suggesting was not supported by an investigation by state of Massachusetts when Romney was running for Governor. Their report showed Romney had no hands on with the company after that date and business was conducted by others in organization though he remain as figure head until the new filing by Bain.
Care to share this imaginary investigation, or should we take the words of a serial liar for it??

Funny how you 'demand' links from others, but refer to investigations that you can't or won't provide a link to.

Fact is that Rmoney never left Bain. He kept a close association to the decision making, and drew a fabulous salary for a man who was a Governor and ran for President for over 6 years.
sonicfilter

Indianapolis, IN

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#894450
Apr 28, 2013
 

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Aunt Bettie Lou wrote:
<quoted text>
That's the biggest bunch of hooey you ever posted.
In 1999, Fannie Mae came under pressure from the Clinton administration to expand mortgage loans to low and moderate income borrowers by increasing the ratios of their loan portfolios in distressed inner city areas designated in the Community Reinvestment Act of 1977.
Additionally, institutions in the primary mortgage market pressed Fannie Mae to ease credit requirements on the mortgages it was willing to purchase, enabling them to make loans to subprime borrowers at interest rates higher than conventional loans.
The New York Times reported that same year that "Fannie Mae is taking on significantly more risk which may...run into trouble in an economic downturn prompting a government rescue."
Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Bush chose to oversee them - an old school buddy - pronounced the companies sound even as they headed toward insolvency.

As early as 2006, top advisers to Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Bush and his team misdiagnosed the reasons and scope of the downturn. As recently as February, for example, Bush was still calling it a "rough patch."

The result was a series of piecemeal policy prescriptions that lagged behind the escalating crisis.

"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."

http://www.nytimes.com/2008/12/21/business/wo...

Since: Sep 10

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#894452
Apr 28, 2013
 

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Eman wrote:
<quoted text>
I wasn't talking about election result or obama. Go pick a fight with someone else son.
Well, this is the Obama thread. DUH

But you're back to your attacking the women here, one of your old standards.

Haven't gotten laid in awhile, eh??
sonicfilter

Indianapolis, IN

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#894453
Apr 28, 2013
 

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Park Place South is, in microcosm, the story of a well-intentioned policy gone awry. Advocating home ownership is hardly novel; Bill Clinton's administration did it, too. For Bush, it was part of his vision of an "ownership society," in which Americans would rely less on the government for health care, retirement and shelter. It was also good politics, a way to court black and Hispanic voters.

But for much of Bush's tenure, government statistics show, incomes for most families remained relatively stagnant while housing prices skyrocketed. That put home ownership increasingly out of reach for first-time buyers like West.

So Bush had to, in his words, "use the mighty muscle of the federal government" to meet his goal. He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.

Concerned that down payments were a barrier, Bush persuaded Congress to spend as much as $200 million a year to help first-time buyers with down payments and closing costs.

And he pushed to allow first-time buyers to qualify for government insured mortgages with no money down. Republican congressional leaders and some housing advocates balked, arguing that homeowners with no stake in their investments would be more prone to walk away, as West did. Many economic experts, including some in the White House, now share that view.

The president also leaned on mortgage brokers and lenders to devise their own innovations. "Corporate America," he said, "has a responsibility to work to make America a compassionate place."

And corporate America, eyeing a lucrative market, delivered in ways Bush might not have expected, with a proliferation of too-good-to-be-true teaser rates and interest-only loans that were sold to investors in a loosely regulated environment. But Bush populated the financial system's alphabet soup of oversight agencies with people who, like him, wanted fewer rules, not more.

The president's first chairman of the Securities and Exchange Commission promised a "kinder, gentler" agency. The second was pushed out amid industry complaints that he was too aggressive. Under its current leader, the agency failed to police the catastrophic decisions that toppled the investment bank Bear Stearns and contributed to the current crisis, according to a recent inspector general's report.

As for Bush's banking regulators, they once brandished a chain saw over a 9,000-page pile of regulations as they promised to ease burdens on the industry. When states tried to use consumer protection laws to crack down on predatory lending, the comptroller of the currency blocked the effort, asserting that states had no authority over national banks.

The administration won that fight at the Supreme Court. But Roy Cooper, North Carolina's attorney general, said, "They took 50 sheriffs off the beat at a time when lending was becoming the Wild West."

The president did push rules aimed at requiring lenders to explain loan terms more clearly. But the White House shelved them in 2004, after industry-friendly members of Congress threatened to block confirmation of his new housing secretary.

In the 2004 election cycle, mortgage bankers and brokers poured nearly $847,000 into Bush's re-election campaign, more than triple their contributions in 2000, according to the nonpartisan Center for Responsive Politics. The administration did not complete the new rules until last month.

Today, administration officials say it is fair to ask whether Bush's ownership push backfired. Paulson said the administration, like others before it, "over-incented housing."

Hennessey put it this way: "I would not say too much emphasis on expanding home ownership. I would say not enough early focus on easy lending practices."

http://www.nytimes.com/2008/12/21/business/wo...

Since: Sep 10

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#894454
Apr 28, 2013
 

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Eman wrote:
<quoted text>
Another loony left winger who missed the point entirely.
You claimed the economy would have improved even if Obama hadn't been re-elected.

Now you run away from your own comments.

Why am I not surprised by that??

Tell me, how would McLame have revved up the economy?? By invading Iran??

BWAHAHAHAHAHA

“Often imitated”

Since: Jul 07

never duplicated

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#894455
Apr 28, 2013
 

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Nuculur option wrote:
<quoted text>
Well, this is the Obama thread. DUH
But you're back to your attacking the women here, one of your old standards.
Haven't gotten laid in awhile, eh??
Prove anyone is a woman here.

Since: May 11

Shippensburg, PA

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#894456
Apr 28, 2013
 

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Eman wrote:
<quoted text>
Are you saying the economy would not have improved without obama? You don't even realize how delusional that sounds.
We could have slipped into a deep depression without the stimulus action.

If we followed the TeaParty & other right whiner plans & cut spending to meet revenues, we'd still be in a depression.

The idea that you right whiners will not give Obama credit for improving the economy was predicted my me after he won in 2008.

Since: Sep 10

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#894457
Apr 28, 2013
 

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Eman wrote:
<quoted text>
Slutty? And you missed the point entirely. I see your well passed your 6 beer daily alotment.
that would be 'past', not 'passed'. And you got 'alotment' wrong.

You 'see' through the internet and can tell how much others drink??

Or is this more of your 'talkin' thru your ass'??

I thought so.
TSM

El Paso, TX

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#894458
Apr 28, 2013
 

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Nuculur option wrote:
<quoted text>
Yes, he was great!!
Funny how Clinton and Obama have great senses of humor, while Bush I and II were humorless mopes!!
Nuculur isn’t it amusing when Obama tells a Joke ‘Silence’ than he has to tell the audience I just told a Joke Ha, Ha, and Ha!!

Since: May 11

Shippensburg, PA

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#894459
Apr 28, 2013
 

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TSM wrote:
<quoted text>
RealDave consider this if we use the Liberals new description of a Job ‘Welfare/Dependency’ you’re correct!! Since Obama took office 5.4 million Americans sign up for disability, Welfare soars 32% in four years now that’s what Liberals/Democrats call Job Creation!!
Wow, another right whiner blaming Obama for the effects of the Bush recession.
Whatever

Scottsbluff, NE

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#894460
Apr 28, 2013
 

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sonicfilter wrote:
<quoted text>
name calling? i go no farther than 'nutjobs'.
pretty sure i've seen you go much farther than that.
as for liar..... in this day and age every fact can be checked. now if only all of us dealt in 'facts'.....though some of us just attack the messenger as somehow that relates to the facts, in most cases when that happens the offended just can't defend no matter the messenger, so....
You are acting like I said you had a low EQ- I did not. I stated your alter ego NUK had a low EQ and he does do a lot of immature name calling.

Dave frequently attacks the messenger as being a liar without providing anything of value to back up his claim.

Since: Sep 10

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#894461
Apr 28, 2013
 

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Eman wrote:
<quoted text>
You're an idiot nuc. Go hump someone else's leg.
You're the one who said things blow up all the time in CA.

Yet you can't provide any examples.

I like catching you nitwits in lies. It's easy.
Whatever

Scottsbluff, NE

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#894462
Apr 28, 2013
 

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Eman wrote:
<quoted text>
Prove anyone is a woman here.
Point taken. You will have to take my word for it

“Often imitated”

Since: Jul 07

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#894463
Apr 28, 2013
 

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Nuculur option wrote:
<quoted text>
You claimed the economy would have improved even if Obama hadn't been re-elected.
Now you run away from your own comments.
Why am I not surprised by that??
Tell me, how would McLame have revved up the economy?? By invading Iran??
BWAHAHAHAHAHA
Re-elected? How was that possible in 2008? If you think it wouldn't have you're a bigger idiot than you portray here.
Whatever

Scottsbluff, NE

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#894464
Apr 28, 2013
 

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TSM wrote:
<quoted text>
Nuculur isn’t it amusing when Obama tells a Joke ‘Silence’ than he has to tell the audience I just told a Joke Ha, Ha, and Ha!!
Really? I did not watch it. That is bad.
NuculurNutsurpri Zed

Pompano Beach, FL

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#894465
Apr 28, 2013
 

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Nuculur option wrote:
<quoted text>
I worship and adore WAXTURD!! ROFLMAO!!
Not Surprized! ROTFLMAO!

Since: Apr 13

Orlando, FL

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#894466
Apr 28, 2013
 

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It’s true that key Democrats opposed the Federal Housing Enterprise Regulatory Reform Act of 2005 which would have established a single independent regulatory body with jurisdiction over Fannie and Freddie – a move that the Government Accountability Office had recommended in a 2004 report. House Banking Committee chairman Rep. Barney Frank of Massachusetts opposed legislation to reorganize oversight in 2000, 2003 and 2004 saying of the 2000 legislation that concern about Fannie and Freddie was "overblown." Senate Banking Committee chairman Chris Dodd (D) called a Bush proposal for an independent agency to regulate the two entities "ill-advised."

However, Republicans had a majority in the Senate and controlled the agenda and, since the bill was never brought up for a vote in the Senate, Democrats never got the chance to vote against it or to mount a filibuster to block it.

http://factcheck.org/2008/10/who-caused-the-e...

See how it easy it is to be objective?

Nevertheless, nowhere is Bush blamed for the housing market crisis.

Except here.

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