Lew says stubborn Congress risks repe...

Lew says stubborn Congress risks repeating U.S. fiscal wounds

There are 61 comments on the Reuters story from Jul 28, 2013, titled Lew says stubborn Congress risks repeating U.S. fiscal wounds. In it, Reuters reports that:

U.S. Treasury Secretary Jack Lew testifies before a Senate Banking hearing on ''The Financial Stability Oversight Council Annual Report to Congress.'

Join the discussion below, or Read more at Reuters.

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Wall Street Government

Sebastian, FL

#1 Jul 28, 2013
"A debt ceiling showdown in August 2011 between Obama and congressional Republicans sparked wild stock market swings and cost the United States its top-tier AAA credit rating".

So, who makes up the B.S. "credit" rating?

The same people who gave F+ crap a AAA gold standard as they got paid off by the same people seeking to unload crap.

"Republicans have eyed this budget deadline as a way to roll back steep spending cuts for defense programs. But that is not an option, Lew said".

Of course, more DOD corporate welfare by teabaggers.
Wall Street Government

Sebastian, FL

#2 Jul 28, 2013
The F-35 strike plane is the most expensive aircraft ever built. Let's do the numbers: the Defense Department has plans to buy 2,443 of the aircraft at a cost of $382 billion or $156,365,124.00 PER AIRPLANE

The F-35, the military's next-generation fighter jet, has begun its first flight tests carrying external missiles at Edwards Air Force Base in the Mojave Desert.

The stealthy, supersonic fighter, built byLockheed Martin Corp., has been undergoing tests since its first flight in late 2006.

The F-35, known as the Joint Strike Fighter, will be used by the Navy, Marines and Air Force. Three versions of the F-35 are being built — one that can operate off aircraft carriers, one capable of short takeoffs and vertical landings, and a conventional fighter jet.

All three F-35 variants will be built on the same production line at Lockheed's plant in Fort Worth. The center fuselage sections will be made byNorthrop Grumman Corp.in Palmdale.

The F-35 is the Pentagon's costliest program going; the Defense Department has plans to buy 2,443 of the aircraft at a cost of $382 billion.

So much for the all to important budget.

Poor teabaggers.
Your Ex

United States

#3 Jul 28, 2013
The Frightwing will do everything in its power to derail the US economy, possibly the worlds, in its "One, errr ahh, two, yeah, two terms at ANY cost!" sabotage tactics..
Hopefully we can undo the damage after showing these scum the door in '14.
3 posts removed
Wall Street Government

Sebastian, FL

#7 Jul 28, 2013
Eighthman wrote:
Jack Lew was in on fighting H.R. 2575 along with Dodd, Frank, and Obama.
He helped cause the mortgage catastrophe and knew what damage was going to be done to our country and helped it along for some money. He helped ruin our country for some money along with Fannie and Freddie top donor recipients Dodd, Frank and Obama.
So........were these guy's that brilliant or was George that stupid.

Two senators and congressman took over the entire Bush administration?

GAWD, teabaggers are stupid.

Since: Dec 07

Humble, TX

#8 Jul 28, 2013
Wall Street Government wrote:
<quoted text>
So........were these guy's that brilliant or was George that stupid.
Two senators and congressman took over the entire Bush administration?
GAWD, teabaggers are stupid.
Both dodd and frank served on the senate and house banking committies with the authority to recommend voting against Bush attempt at bringning fannie and freddie under control.

The two leading Democrats on the Banking Committee, Chairman Christopher Dodd of Connecticut and Charles Schumer of New York, are among the most favored recipients of campaign cash from big Wall Street interests.

Dodd, who presents himself as the champion of homeowners victimized by the subprime mortgage racket, proposed a housing bill in June of 2007 that would assist subprime lenders such as Countrywide Financial, the biggest purveyor of such home loans.

Barney Frank's relations with Wall Street’s largest banks and finance houses have stood him in good stead. According to the Center for Responsive Politics, he pulled in $1.8 million in campaign contributions in the run-up to the 2006 election. He is well on his way to substantially topping that figure in the present campaign season, recording $1.2 million in contributions by the end of March(2008).

fannie may, freddy mac ignited the fire that brought this recession to light, that was an unintentional revelation on both of their parts. dodd received special treatment from countrywide via his connection their ceo, dodd denies it, but there is evidence he knew from the get go he was on toni's (mazillo's) sic.

September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.

Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.

And yes, if you think Bush controlled the purse strings.......you really are that stupid.

Since: Dec 07

Humble, TX

#9 Jul 28, 2013
Wall Street Government wrote:
<quoted text>
So........were these guy's that brilliant or was George that stupid.
Two senators and congressman took over the entire Bush administration?
GAWD, teabaggers are stupid.
The congress as a whole is as powerful as the executive branch...when one party is in power as it was iin 2007, two years before the recession, they can vote down anything the President wishes to proprose....which Frank and Dodd and the dumborats did, causing the recessioin. No, it wasn't Bush's fault...it was the demorats.

They were thieves, just like most demorat politicians..........

BTB, Finestiens hubby is heavily invested in components the F-35 Joint Strike Fighter....we wonder where he got the contract???

Liars and thieves...the demorat party of America.

Since: Dec 07

Humble, TX

#10 Jul 28, 2013
Your Ex wrote:
The Frightwing will do everything in its power to derail the US economy, possibly the worlds, in its "One, errr ahh, two, yeah, two terms at ANY cost!" sabotage tactics..
Hopefully we can undo the damage after showing these scum the door in '14.
Really?? LMAO

So that's why the republican led states are booming and the demorat states a failing.

Gawd, the demorats are stupid...especially you and wall street.
Your Ex

United States

#11 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Both dodd and frank served on the senate and house banking committies with the authority to recommend voting against Bush attempt at bringning fannie and freddie under control.
The two leading Democrats on the Banking Committee, Chairman Christopher Dodd of Connecticut and Charles Schumer of New York, are among the most favored recipients of campaign cash from big Wall Street interests.
Dodd, who presents himself as the champion of homeowners victimized by the subprime mortgage racket, proposed a housing bill in June of 2007 that would assist subprime lenders such as Countrywide Financial, the biggest purveyor of such home loans.
Barney Frank's relations with Wall Street’s largest banks and finance houses have stood him in good stead. According to the Center for Responsive Politics, he pulled in $1.8 million in campaign contributions in the run-up to the 2006 election. He is well on his way to substantially topping that figure in the present campaign season, recording $1.2 million in contributions by the end of March(2008).
fannie may, freddy mac ignited the fire that brought this recession to light, that was an unintentional revelation on both of their parts. dodd received special treatment from countrywide via his connection their ceo, dodd denies it, but there is evidence he knew from the get go he was on toni's (mazillo's) sic.
September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.
Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
And yes, if you think Bush controlled the purse strings.......you really are that stupid.
Bushie wushie had a GOP congress for 6 years.
Best revise some more history and come up with better BS.

Since: Dec 07

Humble, TX

#12 Jul 28, 2013
Your Ex wrote:
The Frightwing will do everything in its power to derail the US economy, possibly the worlds, in its "One, errr ahh, two, yeah, two terms at ANY cost!" sabotage tactics..
Hopefully we can undo the damage after showing these scum the door in '14.
Tuesday...an old "white guy" republican Cherry farmer defeated a hispanic liberal demorat...in predominantly hispanic central California..for state senate.

Hilarious...even the hispanics are growing tired of the liberal bullshit.
Wall Street Government

Sebastian, FL

#13 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Both dodd and frank served on the senate and house banking committies with the authority to recommend voting against Bush attempt at bringning fannie and freddie under control.
The two leading Democrats on the Banking Committee, Chairman Christopher Dodd of Connecticut and Charles Schumer of New York, are among the most favored recipients of campaign cash from big Wall Street interests.
Dodd, who presents himself as the champion of homeowners victimized by the subprime mortgage racket, proposed a housing bill in June of 2007 that would assist subprime lenders such as Countrywide Financial, the biggest purveyor of such home loans.
Barney Frank's relations with Wall Street’s largest banks and finance houses have stood him in good stead. According to the Center for Responsive Politics, he pulled in $1.8 million in campaign contributions in the run-up to the 2006 election. He is well on his way to substantially topping that figure in the present campaign season, recording $1.2 million in contributions by the end of March(2008).
fannie may, freddy mac ignited the fire that brought this recession to light, that was an unintentional revelation on both of their parts. dodd received special treatment from countrywide via his connection their ceo, dodd denies it, but there is evidence he knew from the get go he was on toni's (mazillo's) sic.
September 11, 2003 New York Times article shows that President Bush proposed “the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.” His proposal: An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.
Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal. The current meltdown in the mortgage industry is a direct result of giving mortgages to people who could not pay them back, a practice protected by Congressional Democrats.
And yes, if you think Bush controlled the purse strings.......you really are that stupid.
Bush didn't.

His administration did, along with a republican congress and senate.

"An agency within the Treasury Department to supervise mortgage giants Fannie Mae and Freddie Mac.
Fearing that mortgages would no longer be available to people who were unable to pay them back, Democrats eventually killed the proposal".

No they didn't.

It was the republicans who NEVER even took it up for discussion.

In 2003, the Bush Administration sought to create a new agency, replacing the Office of Federal Housing Enterprise Oversight, to oversee Fannie Mae and Freddie Mac.

In 1992 in the wake of the Savings and Loan crisis, and over concern similar lending problems would develop, the Office of Federal Housing Enterprise Oversight was created as part of the Department of Housing and Urban Development.

While Senate and House leaders voiced their intention to bring about the needed legislation, no reform bills materialized. A Senate reform bill introduced by Senator John Corzine (D-NJ)(S.1656) never made it out of the 21-member (10D/11R) Senate Banking, Housing, and Urban Affairs Committee.

At the time members of the 108th congress expressed faith in the solvency of Fannie and Freddie. Congressman Barney Frank (D-MA), for example, described them as "not facing any kind of financial crisis."

In 2005, the Federal Housing Enterprise Regulatory Reform Act, sponsored by Senator Chuck Hagel (R-NE) and co-sponsored by Senators Elizabeth Dole (R-NC), John McCain (R-AZ) and John Sununu (R-NH), would have increased government oversight of loans given by Fannie Mae and Freddie Mac.

Like the 2003 bill, it also died in the Senate Banking, Housing, and Urban Affairs Committee, this time in the 109th Congress.

Darn, both times, a republican majority.

Those guy's were brilliant.

Poor teabagger.
Wall Street Government

Sebastian, FL

#14 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
The congress as a whole is as powerful as the executive branch...when one party is in power as it was iin 2007, two years before the recession, they can vote down anything the President wishes to proprose....which Frank and Dodd and the dumborats did, causing the recessioin. No, it wasn't Bush's fault...it was the demorats.
They were thieves, just like most demorat politicians..........
BTB, Finestiens hubby is heavily invested in components the F-35 Joint Strike Fighter....we wonder where he got the contract???
Liars and thieves...the demorat party of America.
What did George and his administration propose?

So.........what democrats vote down?

Talking points?

Poor teabagger.
Wall Street Government

Sebastian, FL

#15 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Really?? LMAO
So that's why the republican led states are booming and the demorat states a failing.
Gawd, the demorats are stupid...especially you and wall street.
Yes sir.

Thank you for my part time Mc Job.

Texas has by far the largest number of employees working at or below the federal minimum wage ($7.25 per hour in 2010) compared to any state, according to a BLS report. In 2010, about 550,000 Texans were working at or below minimum wage, or about 9.5 percent of all workers paid by the hour in the state. Texas tied with Mississippi for the greatest percentage of minimum wage workers…From 2007 to 2010, the number of minimum wage workers in Texas rose from 221,000 to 550,000, an increase of nearly 150 percent.

Poor teabagger.

Even poorer Teaxans.

Since: Dec 07

Humble, TX

#16 Jul 28, 2013
Your Ex wrote:
<quoted text>
Bushie wushie had a GOP congress for 6 years.
Best revise some more history and come up with better BS.
Both of you bozo's need to realize that in many cases, you don't need a majority to block a proposed bill......idiots.

Barney Frank and his chums blocked all Bush's attempts to put a rein on Raines. During the House Financial Services Committee hearing following Bush's initiative, Frank declared: "The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], 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." His colleague on the committee, the California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were 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 Mr Franklin Raines."

Republicans did have control in congress but not enough majority so that they could pass their own bills. No, they needed some democrats' votes to pass anything during Bush's terms. Did they get any? No

Dems caused the recession.......common sense and economists have proven that fact.

Funny how you both blamed "the President" when things went wrong from 2000-08....but blame the GOP house now.

Hilarious...and dumb.

Since: Dec 07

Humble, TX

#17 Jul 28, 2013
Wall Street Government wrote:
<quoted text>
Yes sir.
Thank you for my part time Mc Job.
Texas has by far the largest number of employees working at or below the federal minimum wage ($7.25 per hour in 2010) compared to any state, according to a BLS report. In 2010, about 550,000 Texans were working at or below minimum wage, or about 9.5 percent of all workers paid by the hour in the state. Texas tied with Mississippi for the greatest percentage of minimum wage workers…From 2007 to 2010, the number of minimum wage workers in Texas rose from 221,000 to 550,000, an increase of nearly 150 percent.
Poor teabagger.
Even poorer Teaxans.
I'm sorry sorry, for your stupidity and gullibility on buying liberal propanda fabrications

Florida (you) have 6.7% at minimum wage or below....and a much lower population

Texas has 7.5% of same according to Bureau of Labor Statistics.

You haven't got a fkn thing to brag about, boy. LMAO

I think the difference is the nice tips that Texans give your waiters and waitresses at the hotels and restraunts..:D

http://www.bls.gov/home.htm

boy you walked right into that one!!! Keep 'em coming. But don't chage the figures to suit your liberal fantasies.

Poor Floridians....phoney Marines, old people and liberals...

Since: Dec 07

Humble, TX

#18 Jul 28, 2013
Wall Street Government wrote:
<quoted text>
What did George and his administration propose?
So.........what democrats vote down?
Talking points?
Poor teabagger.
Bush Fought to Regulate Freddie Mac and Fannie Mae 5 Years Ago Until Democrats Stopped HimNew Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON

Spetember 11, 2003

The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.

The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.

Poor fleagagger..........only hears what idiots like chris matthews and the community orgainizer tells him.

Read more, boy. Discover historical facts...brilliant..

Since: Dec 07

Humble, TX

#19 Jul 28, 2013
Wall Street Government wrote:
<quoted text>
Yes sir.
Thank you for my part time Mc Job.
Texas has by far the largest number of employees working at or below the federal minimum wage ($7.25 per hour in 2010) compared to any state, according to a BLS report. In 2010, about 550,000 Texans were working at or below minimum wage, or about 9.5 percent of all workers paid by the hour in the state. Texas tied with Mississippi for the greatest percentage of minimum wage workers…From 2007 to 2010, the number of minimum wage workers in Texas rose from 221,000 to 550,000, an increase of nearly 150 percent.
Poor teabagger.
Even poorer Teaxans.
No dummy...you have to thank oblumber for your part time job as most companies are going that way to avoid paying obamacaretax....LMAO

Ask your unions who are stating to scream at the community organizers administration...they're getting their hours cut back..

You dems are sooooooo fkn progressivly intelligent...you vote for someone and he cuts your pay. Yet he lives more like royalty than the royal family!!!!!!!!!! Hilarious.
Wall Street Government

Sebastian, FL

#20 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
I'm sorry sorry, for your stupidity and gullibility on buying liberal propanda fabrications
Florida (you) have 6.7% at minimum wage or below....and a much lower population
Texas has 7.5% of same according to Bureau of Labor Statistics.
You haven't got a fkn thing to brag about, boy. LMAO
I think the difference is the nice tips that Texans give your waiters and waitresses at the hotels and restraunts..:D
http://www.bls.gov/home.htm
boy you walked right into that one!!! Keep 'em coming. But don't chage the figures to suit your liberal fantasies.
Poor Floridians....phoney Marines, old people and liberals...
Darn. teabaggers have ruled this state for the last 14 years.

Just like Teaxass, drove it right into the ground.

Thanks, teabaggers.
Wall Street Government

Sebastian, FL

#21 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Bush Fought to Regulate Freddie Mac and Fannie Mae 5 Years Ago Until Democrats Stopped HimNew Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Spetember 11, 2003
The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.
Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry.
The new agency would have the authority, which now rests with Congress, to set one of the two capital-reserve requirements for the companies. It would exercise authority over any new lines of business. And it would determine whether the two are adequately managing the risks of their ballooning portfolios.
Poor fleagagger..........only hears what idiots like chris matthews and the community orgainizer tells him.
Read more, boy. Discover historical facts...brilliant..
"The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago".

RECOMMENDED?

Darn, too bad even his fellow teabaggers killed it in THEIR committee.

Poor teabagger.
Wall Street Government

Sebastian, FL

#22 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
No dummy...you have to thank oblumber for your part time job as most companies are going that way to avoid paying obamacaretax....LMAO
Ask your unions who are stating to scream at the community organizers administration...they're getting their hours cut back..
You dems are sooooooo fkn progressivly intelligent...you vote for someone and he cuts your pay. Yet he lives more like royalty than the royal family!!!!!!!!!! Hilarious.
You wish.

I've got a full time job, teabaggers can't outsource.

Top republicans are lining up to oppose President Barack Obama's proposal to raise the federal minimum wage to $9 per hour. And that apparently puts them at odds with a large number of the people they represent.

Roughly half of Republicans -- and 71 percent of Americans overall -- support raising the minimum wage to $9 per hour, according to a recent poll by the Pew Research Center and USA Today.

That's substantially higher than the current federal minimum wage of $7.25, or $15,080 per year for an employee working 40 hours per week all year. When adjusted for inflation, the minimum wage is now lower in 2011 than it was in 1967, according to the Economic Policy Institute.

Numerous Republican leaders claim that raising the minimum wage would result in fewer jobs, but multiple studies have found this not to be the case.

Ain't Obama wanting to outsource my job or cut my wage.

Poor teabagger.
Your Ex

United States

#23 Jul 28, 2013
Bluebonnets-Thistle wrote:
<quoted text>
Both of you bozo's need to realize that in many cases, you don't need a majority to block a proposed bill......idiots.
Barney Frank and his chums blocked all Bush's attempts to put a rein on Raines. During the House Financial Services Committee hearing following Bush's initiative, Frank declared: "The more people exaggerate a threat of safety and soundness [at Freddie Mac and Fannie Mae], 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." His colleague on the committee, the California Democrat Maxine Walters, said: "There were nearly a dozen hearings where we were 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 Mr Franklin Raines."
Republicans did have control in congress but not enough majority so that they could pass their own bills. No, they needed some democrats' votes to pass anything during Bush's terms. Did they get any? No
Dems caused the recession.......common sense and economists have proven that fact.
Funny how you both blamed "the President" when things went wrong from 2000-08....but blame the GOP house now.
Hilarious...and dumb.
I blame them both.
Tweedledumb & Tweedledummer

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