Imagine if a Republican made this comment

[Stephen Eisel]

Are you now back pedalling on your racist comment about West?

Allen West is a beneficiary of Affirmative Action. Allen West has had government healthcare for most of his adult life. It was the Bush regime that mandated an "ownership society", de-regulation of lending standards, de-regulation of finance standards, etc.

nice stereotyping

[Stephen Eisel]

It was the Bush regime that mandated an "ownership society", de-regulation of lending standards, de-regulation of finance standards, etc

Wow, another factless post...

[ryan costa]

It was the Bush regime that mandated an "ownership society", de-regulation of lending standards, de-regulation of finance standards, etc

Wow, another factless post...

You posted a speech by allen west. Allen West riled up his crowd by blaming the wall street collapse on liberals.
The private sector tripped over itself handing out loans. the mortgage brokers, the realtors, the banks. the private sector tripped over itself shuffling those loans up into fraudulent bonds.

Here is the speech by Bush encouraging home purchasing
http://www.youtube.com/watch?v=kNqQx7sjoS8

Here is the explanation of the wall street fraud
http://www.pbs.org/moyers/journal/04032009/watch.html

Here is Google Maps. click on the "real estate" button, and select the "foreclosures" option. you will see foreclosed homes up and down lake road, throughout westlake and bay village. Plenty of foreclosed homes previously purchased by people earning enough money to be Republicans.
http://maps.google.com/

I'm sorry. I forgot what this is about. You accused Harry Reid of being a racist because Reid suggested Barack Obama would be acceptable to white voters. I don't know if he is right or not. I've run into at least a few white voters who have voted democrat for most of their lives: Obama is nominated and they start buying into the anti-socialist smearing: they vent all the aggravation they have from whatever encounters they've had with lower class blacks towards Barack Obama, then start buying into the Limbaugh/Glenn Beck nonsense.

[Stephen Eisel]

Here is the speech by Bush encouraging home purchasing
http://www.youtube.com/watch?v=kNqQx7sjoS8

Did you even listen to this speech? Keyword????

[Stephen Eisel]

clue????

[Stephen Eisel]

http://nicedeb.wordpress.com/2008/09/21 ... 008-alone/


Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone... Dems Ignored Warnings

2001

April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002

May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

January: Freddie Mac announces it has to restate financial results for the previous three years.

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03).

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03).

2004

February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04).

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04).

2005

April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05).

2007

July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

August: 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).

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: 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).

[Stephen Eisel]

The private sector tripped over itself handing out loans. the mortgage brokers, the realtors, the banks. the private sector tripped over itself shuffling those loans up into fraudulent bonds.

and who forced the private sector to make these loans? and before the poop hit the fan.. what did Dems say about the condition of Fannie and Freddie? What did Maxine say? What did Gregory say? WHo beat the regulators? There is no problem?? "

http://www.youtube.com/watch?v

How much money did Fannie and Freddie give the Democrats and Republicnas?

[Dustin James]

This video compilation really gets to the history of this thing. Everybody remembers how it ended (still ending actually). But not everybody seems to remember the feel good stuff that started this thing.

Everybody should be able to own a home in America. Whether they can afford it or not. Now this is a great concept, but not exactly realistic. So let's force the banks to make loans below their standards, or else threaten their charters to be in business. That was Barney Frank and Chris Dodd and a list of others. When the shit hit the fan, neither one suffered even the slightest consequence for their legislation (well Dodd is retiring because he can't get reelected in Connecticut). Meanwhile, the country goes into melt down because the banks did what they do best, try to make a buck. In this instance, selling worthless mortgages that there was no regulation against. But why were they in that position to begin with?
Exactly. Our legislators in this video.

But this isn't enough to bankrupt the country. Wait until government run health care. And I mean exclusively with no other choice, no choice but the Post Office with band-aids. Look out.

[ryan costa]

those videos are window dressing.

scapegoating. the folks who made the most money had the most incentive to make bad loans: they collect the fees. the mortgage brokers, realtors, banks, lenders.
the guys on wall street who raked in millions and billions had the most incentive.
they even successfully lobbied columbus and the feds to prevent Cleveland from cracking down on irresponsible lending.
http://www.callahansclevelanddiary.com/

The banks were handing out ARM loans to everyone. human nature being what it is, many folks sign up for more house than they can afford. folks across all income levels sign up for more home than they can afford. when shit is advertised everywhere, a lot of people will buy a lot of shit. e-trade, scottrade, casinoes, convention centers, forbes, mcdonalds.

The bond rating agencies committed fraud in rating the "mortgage backed securities". they aren't being pressed on it--it would hurt morale. the post industrial economy relies on sprawl. there are vast tracts of empty mcmansions adorning the sunbelt states that will cause us a lot more problems: they're tied up with fresh construction costs. crappy old houses in cleveland were built about a hundred years ago and bought and paid off multiple times. political rhetoric aimed at "helping" "minorities" and the working poor and recent college graduates was really code to address the fact that highly subsidized suburban flight empties out the cities and old suburbs fast as lightning: the biggest work around is also some token effort.

[Stephen Eisel]

those videos are window dressing.

only if you are politically crossdressing the truth