Why isn't Everything Fixed Yet?
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Joined: Apr 2010
Posts: 1,106
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From: Milwaukee
Last time I checked, during the Carter, Reagan, and Bush Sr. terms, there was a democratic congress. This continued the first 2 years of clinton, and then it became a republican congress. the surpluses you speak up are more likely the result of actions taken by congress and not Clinton. If that is to be a pattern, we should be set to see surpluses in the next 6 -8 years.
Okay, time to dispel the CNN / MSNBC myths. Bush did not cause this mess. He definitely contributed to it. But this financial crisis is the direct result of a negligent federal reserve and the policies and decisions of congress since the early 1980s. Creating bubbles is a recipe for disaster. Combine that with an expensive war and the bubble will burst.
In the case of the housing bubble, the origin of the housing bubble can be traced back to policies enacted by the Clinton administration and some others to the Carter administration.
Basically, they made it easier for lower income individuals and families to obtain mortgages. These loans were designed to default. Actually, banks and lenders were under the assumption that tendering a mortgage would be an investment, because property and houses historically appreciate in value. So these loans were basically 5 years of a low or deferred interest rate and then bam, monthly payments would basically double. Problem is, because of the low / deferred interest rate, loans were being lent to people who were buying way more house than they could afford, because they were given clearance by the policies of the administrations mentioned to get FDIC loan insurance. When the five years was up the payments went up. This, combined with inflation and a recession made it hard to sell properties with these loans and thus lead to a mass loan default cycle. And well, the rest is history.
Okay, time to dispel the CNN / MSNBC myths. Bush did not cause this mess. He definitely contributed to it. But this financial crisis is the direct result of a negligent federal reserve and the policies and decisions of congress since the early 1980s. Creating bubbles is a recipe for disaster. Combine that with an expensive war and the bubble will burst.
In the case of the housing bubble, the origin of the housing bubble can be traced back to policies enacted by the Clinton administration and some others to the Carter administration.
Basically, they made it easier for lower income individuals and families to obtain mortgages. These loans were designed to default. Actually, banks and lenders were under the assumption that tendering a mortgage would be an investment, because property and houses historically appreciate in value. So these loans were basically 5 years of a low or deferred interest rate and then bam, monthly payments would basically double. Problem is, because of the low / deferred interest rate, loans were being lent to people who were buying way more house than they could afford, because they were given clearance by the policies of the administrations mentioned to get FDIC loan insurance. When the five years was up the payments went up. This, combined with inflation and a recession made it hard to sell properties with these loans and thus lead to a mass loan default cycle. And well, the rest is history.
Senior Member
Joined: Nov 2006
Posts: 2,068
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From: So. Cal.
=Labnerd;4389333]I think it's amazing how folks forget things. The mortgage mess is the Democrats crap from the Clinton days. The Bush bunch attempted to get it together but Barney Frank put the screws to the effort. Regardless, I guess I'm the only one that noticed that when gasoline went to $3.50 a gallon, folks no longer had money to spend and a lot were no longer in their budgets. That is why the mortgage market fell apart. Yeah, a lot of buyers were signing for mortgages that were a tad over their head but traditionally in the US, as time goes by you get raises and make more money. That's what a lot of folks were counting on when the gas prices made that go bye-bye. Now we have a moron is DC that thinks gas should be $5.00 a gallon so we can limit greenhouse gases. Green House gases has never been proven to be anything but a power grab for your money. Just like his wanting a Federal drivers license so they can limit who drives and when and heaven help you if you don't have the need to drive. Yet another "right" that will disappear.
The only way I see this working out is a major conflict in this country. Yeah, another Civil War and this time the USA will not survive in it's present form. Both parties, Democrats and Republicans alike, are guilty of ruining this nation. There's a law for everything and in most cases many laws covering the same thing over and over meaning nobody really has a clue what the laws are anymore including the twits that wrote the laws. The laws concerning schools is ridiculous and now our schools are nurse maids to worthless parents. What happened to being responsible for your own? In my childhood days you better not screw up because the first lickin' you got was from the Principle. And then there was coming home to dad with a note to be signed which means you got yer jeans dusted again and life as you knew it was over. Now you have laws that say you MUST have insurance or you do not have the right to drive a car. Who took that right away? Now the insurance companies have a captive consumer base that they are screwing to the wall.
Then you have laws like under the Clinton Admin. that said a bank MUST loan money to people who don't qualify for it. And then you wonder how we got into this mess. Too many laws, too many hands in the till. Abe Lincoln said it best,
"You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away men's initiative and independence.
You cannot help men permanently by doing for them, what they could and should do for themselves."
Then you have laws like under the Clinton Admin. that said a bank MUST loan money to people who don't qualify for it. And then you wonder how we got into this mess. Too many laws, too many hands in the till. Abe Lincoln said it best,
"You cannot help the poor by destroying the rich.
You cannot strengthen the weak by weakening the strong.
You cannot bring about prosperity by discouraging thrift.
You cannot lift the wage earner up by pulling the wage payer down.
You cannot further the brotherhood of man by inciting class hatred.
You cannot build character and courage by taking away men's initiative and independence.
You cannot help men permanently by doing for them, what they could and should do for themselves."
Last edited by code58; Nov 8, 2010 at 03:37 AM.
Senior Member
Joined: Apr 2001
Posts: 691
Likes: 1
From: Gulf Coast
Once again, Labnerd is seein' 20:20. Something the liberals don't want to see. And one other thing- where did a BUNCH of what Clinton took credit for come from??? He DECIMATED the military and about 2 or 300 BILLION of what he used to create his surplus came from that. Did that take a genius ???, or just someone who hated the military. I worked for a large gov't. transportation agency at that time and they gave away military goods OF EVERY CONCEIVABLE KIND to all level of govt. outside of the military as fast as they could give it away. NEW, used, everything the mind could imagine by the boatloads. Then 9-11 happened and they had to spend $ billions more to replace it. They don't call him SLICK ***** for nothin'!
Senior Member
Joined: Aug 2002
Posts: 1,895
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From: Starkville Mississippi
Hab:
What you're refusing to see is that not all people expected Oblamea's adminstration to fix everything immediately; we simply recognized that his policies and beliefs were heading in the opposite direction of where most of Americans would like to see them heading. There is not 1 single thing that has improved during his presidency. At least now the republicans can fight back and promote a more conservative agenda which we need.
What you're refusing to see is that not all people expected Oblamea's adminstration to fix everything immediately; we simply recognized that his policies and beliefs were heading in the opposite direction of where most of Americans would like to see them heading. There is not 1 single thing that has improved during his presidency. At least now the republicans can fight back and promote a more conservative agenda which we need.
Senior Member
Joined: Mar 2004
Posts: 1,336
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From: Your moms house
Man, all I know is my wife and I bust our azzes Mon-Fri, and we are barely making it. We are living paycheck to paycheck, and have no funds left over to do anything with. I look at my pay stub and I see a doo-doo load of deductions...retirement, medical/dental/vision, federal taxes, fica, medicare...What the what? $406.35 taken out of my check in an 80 hour work week? That's a truck payment. Granted about $150 went to my retirement, but who worked for that money? Not uncle Sam...and gawd forbid I work more than 50 hours in a week.
I dunno, I see a lot of things screwed up in this country. It's not only our government, but local and state too. I find it funny that a person can work for a municipality with starting pay of around...I dunno 20,000 a year, and the people working in city hall making over 80,000-250K (a quarter of a million dallors a year) to do NOTHING!
It's all jacked up, we are simply sheep.
If you think the United States Government, Your Mayor, or Congressman gives a crap about you, you're are insane my friends.
sorry, bad day at work.
I dunno, I see a lot of things screwed up in this country. It's not only our government, but local and state too. I find it funny that a person can work for a municipality with starting pay of around...I dunno 20,000 a year, and the people working in city hall making over 80,000-250K (a quarter of a million dallors a year) to do NOTHING!
It's all jacked up, we are simply sheep.
If you think the United States Government, Your Mayor, or Congressman gives a crap about you, you're are insane my friends.
sorry, bad day at work.
Senior Member
Joined: Apr 2001
Posts: 691
Likes: 1
From: Gulf Coast
You are 100% correct with this. I figured that out early in my government career. They don't care about you but that's the way I like it. They are in a hard business and they are not there to give touchy feely gifts to people. They are hard and uncaring.
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Last edited by MGDfan; Nov 8, 2010 at 08:56 PM.
Senior Member
Joined: Mar 2010
Posts: 199
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From: Colorado Springs, CO
A very true statement. Carter started the down-swing, Reagan corrected it only to have Clinton and the democrat controlled congress put us in the fast lane to bankruptcy. Obama is just continuing the democrat (PC term for socialist) plan to bankrupt America so they can instill martial law and make America another Cuba.
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Joined: Nov 2009
Posts: 1,712
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From: NC
Another Clinton Legacy (besides Monica, that is)
you do realize that recessions/depressions last for quite awhile usually and don't just happen overnight....The economy started to fail under Bush Jr no questions asked...even he admits it. Hence the first bailout package.
You can't sell someone who works at McDonalds a 400K house and expect them to make payments on the mortgage....it was a get rich scheme by banks who didn't even verify employment for some applicants (I know from friends who were former mortgage brokers), yet would charge a higher interest rate so the lender could get more money up front before the loan went under and then would be backed by PMI agencies...and the government.
And yes the budget was balanced under Clinton...but anyone could have been in office during his presidency and still had a surplus. The country was growing exponentially economically due to the .com's and internet business craze.
And I tend to lean more Democratic then Republican. I think a woman has a right to choose what happens with her own body and believe stem cell research is a HUGE opportunity for us as a human race.....theres something to swallow for our republican backing board members
You can't sell someone who works at McDonalds a 400K house and expect them to make payments on the mortgage....it was a get rich scheme by banks who didn't even verify employment for some applicants (I know from friends who were former mortgage brokers), yet would charge a higher interest rate so the lender could get more money up front before the loan went under and then would be backed by PMI agencies...and the government.
And yes the budget was balanced under Clinton...but anyone could have been in office during his presidency and still had a surplus. The country was growing exponentially economically due to the .com's and internet business craze.
And I tend to lean more Democratic then Republican. I think a woman has a right to choose what happens with her own body and believe stem cell research is a HUGE opportunity for us as a human race.....theres something to swallow for our republican backing board members
NOPE! It was because of liberal legislation that required lenders to provide a certain percentage of their loans to minorities, so if you give a mortgage to 10 people, 2 of those have to be black, one Mexican and one another minority, and if the black guy, Mexican or other minority don't even have a job or any other reason that you know they can't pay their loan, you legally have to give them a loan because of the percentage that the law requires so you get certain tax breaks that "racist" lenders don't qualify for, so you're not just lending to white people. Liberal agenda is what caused that, just like Obama is forcing businesses like McDonald's to do his bidding with his stupid health care reform. McDonald's can either lay off the workers that they cannot afford to provide healthcare for, or Obama can waive their participation because they are a minimum wage entry level position and a huge company, BUT, he will only do that if he gets a huge kickback, so he's forcing them to pay him a ton using legislation that SUCKS that most of the country did not want and that he and HIS congress did not have to be a part of or they can fail. Not to mention giving OUR money to companies who are building factories in other countries and then importing them for sale here.
Regardless of when this recession started, it's reasons like that which keep it from ending, and that is without a doubt Obama's fault, no argument can even be made against it.
I do believe in a woman's choice of her own body, there is a point with it, but to a point yeah she should have a choice. I also have no problem with stem cell research.
Regardless of when this recession started, it's reasons like that which keep it from ending, and that is without a doubt Obama's fault, no argument can even be made against it.
I do believe in a woman's choice of her own body, there is a point with it, but to a point yeah she should have a choice. I also have no problem with stem cell research.
September 30, 1999
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
Fannie Mae Eases Credit To Aid Mortgage Lending
By STEVEN A. HOLMES
In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders.
The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring.
Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits.
http://www.cbrusven.com/xsites/Agent...rtgageMess.pdf