Dirty(DICK)Cheney on..... Obama's National Security selections .

[southwind]

That wasn't the question. You are claiming that the economy tanked because of the 2007 Congress. Could you please point to what they did that caused that to happen?

This !

 

[KCFlyer]

"By not introducing a budget, Democrats can keep their names off plans that detail high spending and high deficits. Meanwhile, they can attack House Republicans for their controversial budget plans."

http://www.washingto...assed-a-budget/

So please spare us the, "It's all congresses fault" dance routine !

I'm sorry, but that article was from 2013. I was looking for something that the 2007 deomcratically controlled congress did that caused the economy to melt down in 2008. AFter all...you pointed out how great we were doing under Bush and a republican congress...I can't recall anything they did. Think of this as an educational opportunity...help me understand what I need to look for from the next democratically controlled congress. So again...what was it thee 2007 democrats did that screwed up the Bush economy?

 

[KCFlyer]

This !

That's a person, not an action. Still waiting for what the 2007 democrats did to screw up the Bush economy.

 

[southwind]

Who held the house and senate, in 2007?

 

[KCFlyer]

Who held the house and senate, in 2007?

AGAIN I ASK - Please cite for me the policies and programs that congress introduced that ruined the Bush economy. They were called "do nothing" back then. IF they truly did nothing, doesn't that mean that they "reaped the benefits" of the road Bush and the republicans had put the country on? What was the program, passed since 2007, that caused the near destruction of the economy by late 2008. Eagerly awaiting your response.

 

[Glenn Quagmire]

That would require thoughtful research on his part, so until he can get through on Herman Cain's radio show, he will not be able to get an answer for you.

 

[Knotbuyinit]

AGAIN I ASK - Please cite for me the policies and programs that congress introduced that ruined the Bush economy. They were called "do nothing" back then. IF they truly did nothing, doesn't that mean that they "reaped the benefits" of the road Bush and the republicans had put the country on? What was the program, passed since 2007, that caused the near destruction of the economy by late 2008. Eagerly awaiting your response.

August 2007: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)

August 2007: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)

December 2007: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)

February 2008: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March 2008: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April 2008: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May 2008: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

June 2008: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July 2008: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

September 2008: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)

 

[Dog Wonder]

And the source of your cut and paste?

 

[KCFlyer]

August 2007: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)

August 2007: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)

December 2007: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)

February 2008: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March 2008: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April 2008: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May 2008: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

June 2008: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

July 2008: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

September 2008: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)

All fine and good. But why didn't Bush push for that before then? I guess he tried, but that mean old Barney Frank (who was in the minority) shot it down in 2005. And I guess nobody wanted to stand up to big bad Barney in 2006. I guess you don't worry much when the economy is humming right along. Also...those foreclosure rates that were rising in 2008....I wonder when those loans were made. I knew about the 5 year ARM's and the 7 year ARMS...but were we really selling 1 year ARMS? Otherwise that housing boom that Bush like to take the credit for was made up of folks who got their loans around 2003 (when Bush wasn't urging any kind of changes) and those loans readjusted in 2008. Seems like he should have shown a little more concern much sooner.

Also, did it help that banks were also investing in these bad loans? Prior to the republican wet dream of the abolishment of the Glass Steagall Act banks couldn't act as investment houses. And I think that the near collapse of the banking system had a lot more to do with THAT act than any changes in FAnnie or Freddie. Of course I know..."look who signed it".

 

[delldude]

All fine and good. But why didn't Bush push for that before then? I guess he tried, but that mean old Barney Frank (who was in the minority) shot it down in 2005. And I guess nobody wanted to stand up to big bad Barney in 2006. I guess you don't worry much when the economy is humming right along. Also...those foreclosure rates that were rising in 2008....I wonder when those loans were made. I knew about the 5 year ARM's and the 7 year ARMS...but were we really selling 1 year ARMS? Otherwise that housing boom that Bush like to take the credit for was made up of folks who got their loans around 2003 (when Bush wasn't urging any kind of changes) and those loans readjusted in 2008. Seems like he should have shown a little more concern much sooner.

Also, did it help that banks were also investing in these bad loans? Prior to the republican wet dream of the abolishment of the Glass Steagall Act banks couldn't act as investment houses. And I think that the near collapse of the banking system had a lot more to do with THAT act than any changes in FAnnie or Freddie. Of course I know..."look who signed it".

I believe Bush and company did but weren't in control then. There is vid on Youtube of Frank and his finance committee saying there was nothing wrong whatsoever then a year or so later Frank and his finance committee were eating their own words.

And who in the world was pressuring banks? How about Fannie and Freddie and Justice.

 

[delldude]

US Progressive Socialist housing experiment almost brings down the global economy.

 

[KCFlyer]

I believe Bush and company did but weren't in control then. There is vid on Youtube of Frank and his finance committee saying there was nothing wrong whatsoever then a year or so later Frank and his finance committee were eating their own words.

And who in the world was pressuring banks? How about Fannie and Freddie and Justice.

I believe the "roadblock" that Frank threw up was 2005...when the GOP had the majority. And FAnnie and Freddie didn't have to push anybody.. Banks saw some easy money...with investments...they'd make the loan, spray the steaming pile of sheeyat with perfume and call it "investment grade" and sell that stuff off. I find it hard to believe that inner city minorities who got a loan thru the CRA were responsible for the near collapse of the economy. I have looked and looked and looked and failed to see where the CRA mandated that banks make "no doc" loans. I looked really hard to find where the CRA forced banks to loan 125% to 150% of the equity in a home to a guy. I DID hear on the radio good right wingers with "financial advice" shows on Saturday talk radio "advise" people to put the money in their biggest asset to work for them and borrow against the equity in their home and invest it. And I can't find anything in the CRA that mandated THAT.

 

[KCFlyer]

US Progressive Socialist housing experiment almost brings down the global economy.

Did you note the year? Frank was in the MInority...where was the republican majority back then? Why didn't they tell Barney to go pound sand? That was 2003...the republican majority still had 4 more years to do something. Why didn't they? For a gay guy, this Frank guy must have been superman.

 

[Knotbuyinit]

And the source of your cut and paste?

Read the citations at the end of each point, dumbass!

 

[KCFlyer]

Read the citations at the end of each point, dumbass!

Yes...those citations are there, but I think he's asking where you got that list. Certainly not off a google search. I tried following a couple of those. For instance - When looking at the commerce department website for the 4/14/08 meeting where Bush urged congress to modernize Fannie and Freddie, I found this when clicking on "transcript":

Not Found

The requested URL /NewsRoom/TopNews/ssLINK/PROD01_005527.html was not found on this server.
Additionally, a 404 Not Found error was encountered while trying to use an ErrorDocument to handle the request.

Then I looked up his speech to the Economic club of New York. I found all 5,642 words of the speech. Here's the paragraph with his reference to Fannie and Freddie:

There are some further things we can do, by the way, on the housing market that I call upon Congress to do. By the way, Congress did pass a good bill that creates a three-year window for American families to refinance their homes without paying taxes on any debt forgiveness they receive. The tax code create disincentives for people to refinance their homes, and we took care of that for a three-year period. And they need to move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow state housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.

That is the only reference to Fannie or Freddie in that speech. Someone read that to be Bush "Calling on Congress", but the transcript reads more like an aside.

Some of your citations sounded pretty dire, such as this one:

[quote] May 2008: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.[/quote] But there wasn't a source to check. It sure would be nice to be able to read those pleas.

I couldn't find a transcript of the HUD swearing in, but found the video on CSPAN...again, his reference was ONE SENTENCE...spoken with the same conviction as saying "we need to give every citizen a hundred dollars". He had far more comments and far more emotion in his comments when talking about making the tax cuts permanent.

You found these comments somewhere...would it hurt to let us see where you found them? Because just from the few I've checked, the "urging" and "pleading" were little more than one sentence in a speech.