Both sides pledge new effort on jobless bill

Jan 15, 2014 | Posted by: roboblogger | Full story: WAVE-TV Louisville

Republicans and Democrats both pledged Wednesday to renew efforts at resurrecting jobless benefits for the long-term unemployed, but immediate prospects for compromise appeared dim one day after a Senate deadlock.

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Wall Street Government

Sebastian, FL

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#73
Jan 24, 2014
 
Liberals R Defective wrote:
<quoted text>Bush caved in to the loudmouth progressive anti-war dolts. Iraq could have been a parking lot in a couple of weeks. You can't win a war while trying to build schools and using our troops as social outreach counselors.
Stupid people who can't figure out simple math have no business "buying" a home with no money. No matter what the Black Congressional Caucus says.
Obama turned a bad situation, caused by his own cohorts in the democrat party, into an opportunity to implement his Marxists policies. We can see how that is working out.
January 05, 2009

After much delay the United States opened its new $700 million embassy in Iraq on Monday, inaugurating the largest and most expensive embassy ever built.

The 104-acre compound, bigger than the Vatican and about the size of 80 football fields, boasts 21 buildings, a commissary, cinema, retail and shopping areas, restaurants, schools, a fire station, power and water treatment plants, as well as telecommunications and wastewater treatment facilities

Iraqi President Jalal Talabani praised President George W. Bush and the new embassy.

"The building of this site would not be possible without the courageous decision by President Bush to liberate Iraq," said Talabani.
Wall Street Government

Sebastian, FL

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#74
Jan 24, 2014
 
Liberals R Defective wrote:
<quoted text>Bush caved in to the loudmouth progressive anti-war dolts. Iraq could have been a parking lot in a couple of weeks. You can't win a war while trying to build schools and using our troops as social outreach counselors.
Stupid people who can't figure out simple math have no business "buying" a home with no money. No matter what the Black Congressional Caucus says.
Obama turned a bad situation, caused by his own cohorts in the democrat party, into an opportunity to implement his Marxists policies. We can see how that is working out.
Yes, those "Marxist" policies.

S. 811 (108th): American Dream Downpayment Act

Introduced:Apr 08, 2003 (108th Congress, 20032004)

Sponsor:Sen. Wayne Allard [R-CO]

Status:Signed by President

December 2003

President Bush Signs American Dream Downpayment Act of 2003

This is not my first time here, nor will it be my last. I am here today because we are taking action to bring many thousands of Americans closer to owning a home. Our government is supporting homeownership because it is good for America, it is good for our families, it is good for our economy.

One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream.

The rate of homeownership in America now stands a record high of 68.4 percent. Yet there is room for improvement. The rate of homeownership amongst minorities is below 50 percent. And that's not right, and this country needs to do something about it. We need to --(applause.) We need to close the minority homeownership gap in America so more citizens have the satisfaction and mobility that comes from owning your own home, from owning a piece of the future of America.

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities.

The dream of homeownership should be attainable for every hardworking American. That's what we want. In this act of Congress I'm going to sign, the regulations that I hope are finalized soon will help thousands of families fulfill the dream.

George Bush

Poor teabagger.
Cat74

Aurora, IL

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#75
Jan 24, 2014
 
The American Dream should be for Americans. You know, legal Americans. You want the American dream available for all, even illegal aliens. Not going to happen unless we reelect Democrats.
Wall Street Government

Sebastian, FL

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#77
Jan 25, 2014
 
Hearing from September 2003 on an administration proposal to alter the regulation of GSEs like Fannie Mae and Freddie Mac. Congressman Barney Frank's opening statement,. Here's an excerpt of his opening statement.

"I want to begin by saying that I am glad to consider the legislation, but I do not think we are facing any kind of a crisis. That is, in my view, the two government sponsored enterprises we are talking about here, Fannie Mae and Freddie Mac, are not in a crisis. We have recently had an accounting problem with Freddie Mac that has led to people being dismissed, as appears to be appropriate. I do not think at this point there is a problem with a threat to the Treasury"

"I must say we have an interesting example of self-fulfilling prophecy. Some of the critics of Fannie Mae and Freddie Mac say that the problem is that the Federal Government is obligated to bail out people who might lose money in connection with them. I do not believe that we have any such obligation. And as I said, it is a self-fulfilling prophecy by some people"

"So let me make it clear, I am a strong supporter of the role that Fannie Mae and Freddie Mac play in housing, but nobody who invests in them should come looking to me for a nickel--nor anybody else in the Federal Government. And if investors take some comfort and want to lend them a little money and less interest rates, because they like this set of affiliations, good, because housing will benefit. But there is no guarantee, there is no explicit guarantee, there is no implicit guarantee, there is no wink-and-nod guarantee. Invest, and you are on your own"

"Now, we have got a system that I think has worked very well to help housing. The high cost of housing is one of the great social bombs of this country"

"Fannie Mae and Freddie Mac have played a very useful role in helping make housing more affordable, I believe that we, as the Federal Government, have probably done too little rather than too much to push them to meet the goals of affordable housing and to set reasonable goals. I worry frankly that there is a tension here".

"The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disastrous scenarios. And even if there were a problem, the Federal Government doesn't bail them out. But the more pressure there is there, then the less I think we see in terms of affordable housing".

So one lone congressman swayed the entire Bush administration?

And in three months did an "about face" because of it?

"Hissy fit"?

That's what teabaggers had, blaming him.

Poor teabagger..
Wall Street Government

Sebastian, FL

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#78
Jan 25, 2014
 
"Bush's American Dream act was a bad idea".

It wasn't a bad idea, banks, Wall Street and predatory money lenders took it to far and broke what should have been "sound investing" and George protected them.

February 14, 2008

Several years ago, state attorneys general and others involved in consumer protection began to notice a marked increase in a range of predatory lending practices by mortgage lenders. Some were misrepresenting the terms of loans, making loans without regard to consumers' ability to repay, making loans with deceptive "teaser" rates that later ballooned astronomically, packing loans with undisclosed charges and fees, or even paying illegal kickbacks. These and other practices, we noticed, were having a devastating effect on home buyers. In addition, the widespread nature of these practices, if left unchecked, threatened our financial markets.

Even though predatory lending was becoming a national problem, the Bush administration looked the other way and did nothing to protect American homeowners. In fact, the government chose instead to align itself with the banks that were victimizing consumers.

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye.

The administration accomplished this feat through an obscure federal agency called the Office of the Comptroller of the Currency (OCC). The OCC has been in existence since the Civil War. Its mission is to ensure the fiscal soundness of national banks. For 140 years, the OCC examined the books of national banks to make sure they were balanced, an important but uncontroversial function. But a few years ago, for the first time in its history, the OCC was used as a tool against consumers.

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative. The OCC also promulgated new rules that prevented states from enforcing any of their own consumer protection laws against national banks. The federal government's actions were so egregious and so unprecedented that all 50 state attorneys general, and all 50 state banking superintendents, actively fought the new rules.

But the unanimous opposition of the 50 states did not deter, or even slow, the Bush administration in its goal of protecting the banks. In fact, when my office opened an investigation of possible discrimination in mortgage lending by a number of banks, the OCC filed a federal lawsuit to stop the investigation.

Throughout our battles with the OCC and the banks, the mantra of the banks and their defenders was that efforts to curb predatory lending would deny access to credit to the very consumers the states were trying to protect.

When history tells the story of the subprime lending crisis and recounts its devastating effects on the lives of so many innocent homeowners, the Bush administration will not be judged favorably. The tale is still unfolding, but when the dust settles, it will be judged as a willing accomplice to the lenders who went to any lengths in their quest for profits. So willing, in fact, that it used the power of the federal government in an unprecedented assault on state legislatures, as well as on state attorneys general and anyone else on the side of consumers.

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