Where is the US economy headed?

1 Reply report Tue 3 Mar, 2009 01:18 pm Okie- Here is what Cicerone and the other left wingers either do not know or do not want to know--the key words are

COMMUNITY REINVESTMENT ACT

AND

ACORN

NOTE:


!

Economic Meltdown Fueled By Barney Frank/Christopher Dodd

By TVC Executive Director Andrea Lafferty

January 29, 2009 " As our nation faces a serious economic crisis in 2009, Americans need to understand the origins of this crisis.

The subprime mortgage crisis fueled instability in other sectors of the economy and has led a crisis in the banking industry, housing industry, auto industry " and is resulting in the layoffs of millions of Americans. A subprime mortgage is one granted to individuals with a bad credit history or no credit history. They were given no-money-down, low interest, or interest-only loans.

Democrats effectively blamed President Bush for the economic crisis and this propelled Obama into office as President of the United States for the next four years.

Is President Bush to blame? No. It was Democrat leadership going back to the Carter Administration that created this economic disaster.

The fact is that the roots of this economic crisis go back to the Clinton and Carter Administrations , the radical group ACORN, and Rep. Barney Frank (D-MA) and Senator Christopher Dodd (D-CT).

Here are the facts:
Under President Jimmy Carter, the Community Reinvestment Act (CRA) was passed. It required federal financial institutions to encourage banks to give home loans to persons with little credit and low income. Economist Russell Roberts said that the CRA played a major role in creating the sub-prime mortgage crisis in the U.S.


Under Bill Clinton, the CRA was expanded and Clinton set targets for low-income home ownership at the Department of Housing and Urban Development and at Fannie Mae and Freddie Mac. Banks were forced by the federal government to provide bad loans to unqualified people.


Rep. Barney Frank (D-MA) is Chairman of the Financial Services Committee in the House of Representatives. In 2003, he said of Fannie Mae and Freddie Mac: “These two entities " Fannie Mae and Freddie Mac " are not facing any kind of financial crisis. The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” In the late 1980s and early 90s, Frank was engaged in a sexual relationship with Herb Moses, who was Fannie Mae’s assistant director of product initiatives! Bill O’Reilly exposed Frank’s involvement in the mortgage crisis: YouTube - O 'Reilly - Barney Frank Had Affair with Fannie Mae Exec. Frank looked the other way, while our economy was being destroyed by federal policies created in Clinton and Carter Administrations. (Freddie Mac and Fannie Mae help fund the homosexual agenda.


In 2008, Freddie gave $20,000 to a Parents and Friends of Lesbians and Gays (PFLAG) event; Fannie Mae gave nearly $19,000 to the same event. Freddie has donated $125,000 and Fannie donated $80,000 to homosexual groups since 2005.)


Senator Christopher Dodd (D-CT) is head of the powerful banking committee in the Senate. He and Barney Frank consistently resisted attempts by the Bush Administration to closely regulate Fannie Mae and Freddie Mac. Dodd also got preferential treatment from Countrywide on two mortgages. Countrywide was one of the biggest subprime providers.


Barney Frank and Christopher Dodd received thousands of dollars in contributions from Fannie Mae and Freddie Mac over the years. Dodd has received $133,900 since 1989; Frank received $40,100. (While in the Senate, Barack Obama received $105,849).


As long ago as 2003, President Bush was trying to get the House and Senate to carefully monitor the actions of Fannie Mae and Freddie Mac. His efforts were rejected by Democrats.


Obama associates headed Fannie Mae and Freddie Mac during the years that the crisis was getting out of control. Obama friend Franklin Raines ran Fannie Mae and collected $50 million from it. Obama friend Jamie Gorelick worked for Fannie Mae and earned $26 million; Jim Johnson, formerly Obama’s vice president search committee chairman, hauled in millions from his work with Fannie Mae as CEO.


ACORN, the socialist group that routinely engages in voter fraud, was involved in pushing for risky loans to people with bad credit histories or little money for down payments. ACORN intimidated banks in Chicago and elsewhere to give risky loans! Obama actually trained ACORN workers when he was a community organizer in Chicago! ACORN used provisions of the Community Reinvestment Act to delay or halt efforts of banks to merge or expand until they had lowered their credit standards!
The financial mess we face now was created by Democrats and friends of Barack Obama over the past two decades. Yet, President Obama now pretends that his economic stimulus package will solve our crisis. What we’re now facing is four years of Obamunism " socialism with an Obama smirk.

The Congressional Budget Office (CBO) analysis of his stimulus package says that his nearly trillion dollar spending bill will do little or nothing to create or maintain jobs for the American worker! It will, however, enrich groups like ACORN and serve as a piggy bank for state and local communities to use for whatever projects they want. The money isn’t going for jobs creation but for government projects " including paying for sod for the Washington Mall.

Okie- Cyclops says that "You are full of ****" I never heard that term used in a debate but I consider the source.


Note the effective debating style used by Cyclops--

Re: okie (Post 3589125)
ooh, right. Fannie and Freddie made all those financial institutions make stupid choices! The forced AIG to commit massive fraud! They forced banks to give loans to people without checking their credit or employment history!

Wait a minute.

Actually, they did none of those things, and you're just full of **** on this issue. Like Fox in the other thread, you haven't done much research into the actual situation, but you sure are great at blaming the people you are told to blame.

Ican- Here is the truth about he pressure which Cyclops says did not exist.

CRA was meant to encourage banks to make loans to high-risk borrowers, often minorities living in unstable neighborhoods. That has provided an opening to radical groups like ACORN (the Association of Community Organizations for Reform Now) to abuse the law by forcing banks to make hundreds of millions of dollars in “subprime” loans to often uncreditworthy poor and minority customers.
Any bank that wants to expand or merge with another has to show it has complied with CRA - and approval can be held up by complaints filed by groups like ACORN.
In fact, intimidation tactics, public charges of racism and threats to use CRA to block business expansion have enabled ACORN to extract hundreds of millions of dollars in loans and contributions from America’s financial institutions.
Banks already overexposed by these shaky loans were pushed still further in the wrong direction when government-sponsored Fannie Mae and Freddie Mac began buying up their bad loans and offering them for sale on world markets.
Fannie and Freddie acted in response to Clinton administration pressure to boost homeownership rates among minorities and the poor. However compassionate the motive, the result of this systematic disregard for normal credit standards has been financial disaster.

Re: okie (Post 3589166)
Okie wrote:

No it does not require new regulation. It requires enforcement of the old regulation in which banks were allowed to make market decisions on what is and is not a good risk and were required to demonstrate and utilize sound lending pratices. When that was the case, the U.S. banking system was among the strongest in the world.

Re: cicerone imposter (Post 3590235)
Is it true? Is Cicerone Imposter coming to his senses?

O, I know--He spoke to his financial advisor today and his financial advisor told him that his portfolio is down by 50% and that it looks like it may be wiped out soon.

He and his missus had better look at the old films of the depression in the thirties. There they can learn how to sell Apples on the street corner!

TVC is the "Traditional Values Organization", a lobbying group:

I've noticed that genoves posted five more posts on this thread. Since I have him on "Ignore," can somebody check to see if he's said anything of value?

LOL

I don't see much that you have missed, although I did like this factoid from him:
Blacks all over the USA have spoken against majority rule and have said that black votes should count for more than one vote. Were you aware of that movement?
He posted a long article from "TVC" which turns out to be a lobbying group, as Wandeljw noted. What caught my eye was the phrase that "pastors and their churches are not barred from being involved in the making of public policy." That is true and that is the way it should be.
In 1954 (I say 1954-think about why 1954?), Congress made it illegal for tax-exempt organizations (such as churches to retain that status if they endorsed or opposed specific candidates. The article cited slams Carter, Clinton, Dodd, Frank and Obama. And that is okay with the IRS because none of them right now is a candidate for anything.

RJB, This fella says we should eschew Nationalization, and instead force the banks to go Private instead of public.

http://business.theatlantic.com/2009/03/lunatic_idea_of_the_week_why_not_take_banks_private.php



An interesting idea.

Cycloptichorn

Nope, CI, he's just the same old doofus, ranting on to himself.

This is from US News and World Report- It says essentially the same thing my last post said. Some left wingers did not like the source, I submit that Cicerone Imposter himself defended Cyclops on another thread and said the source is not important--it is the substance--so here goes.

Now, I'll suppose some loonies will call John Roberts of aCNN a conservative



September 23, 2008 10:35 AM ET | Sam Dealey | Permanent Link | Print
Over the past few weeks I've been skeptical of claims by Rep. Barney Frank, chairman of the House Financial Services Committee, that he's been a consistent and leading voice for reform of Fannie Mae and Freddie Mac, the two government-sponsored home-lending giants whose fall is the immediate cause of the current financial turmoil. The Massachusetts Democrat and I went at it here and here and here. Now, finally, Frank acknowledges that he dismissed ample warnings about Fannie and Freddie shenanigans five years ago.

Here's an exchange with CNN's John Roberts yesterday:

ROBERTS: Congressman, you know, a lot"big question that people asking is, how do we get to this point here. And minority leader John Boehner there in the House has pointed fingers at Senator Chris Dodd and you four years ago opposing reform of entities like Fannie Mae and Freddie Mac.

The Wall Street Journal says in the year 2000 when Representative Richard Baker proposed Fannie Mae and Freddie Mac reform you dismissed it. New York Times reports that an administration proposal in 2003 to reform Fannie Mae and Freddie Mac was met by response from you where you said, "I do not believe that we're facing any kind of crisis." Were you responsible for the delay"

FRANK: Can I make a point here?

ROBERTS: Yes.

FRANK: In 2000 and 2003, who was in control of Congress? The Republicans"Mr. Boehner. The Democrats were in the minority. And yes, I did not think we were facing a crisis in 2003. But that didn't mean we didn't have to have reforms. Here's the deal. ...

Frank then goes on to his now standard lament that a Republican-controlled Congress failed to produce reform and that it was only under his Democratic stewardship that the siblings were reined in. Leaving aside that the 2007 reforms were hardly the stuff that was needed, Frank shows uncharacteristic modesty. While the White House was unable to push through meaningful reforms five years ago, that's in good part because Frank did his best to thwart them.

wandeljw Did you read the CNN report with John Roberts interviewed sweet little Barney?

RealJohn Boy wrote:( AS A QUOTE FROM GENOVESE)

Blacks all over the USA have spoken against majority rule and have said that black votes should count for more than one vote. Were you aware of that movement?

Let's look into that_

quote:

"Lani Guinier insisted that blacks and whites constitute distinct ethnic groups with separate and conflicting interests, and that whites, largely because of racism, simply refuse to vote for black interests..In a novel interpretation of democracy, Guinier argues that "fifty one percent of the people should not get 100 percent of the power"
end of quote "Chain Reaction: The Impact of Race Rights and Taxes on American Politics" W>W>Norton NY- 1992--P. 236.

***********************************

Of course, Dyslexia being Dyslexic, won't be able to read this, but it should tell everyone that radical blacks like Guinier don't believe in Majority Rules.

You're as much a wit as Ican is a constitutional scholar.

JTT, Thank you for that feedback on doofus. LOL

Thank You realjohnboy--You really should read up on Gunier. She was the first nominee of Slick Willie to the Attorney General's job. Can you imagine someone with those views becoming Attorney General. She is almost as bad as Holder. Of course,Obama wanted to have a "brother" as Attorney General. Maybe Holder can play BBall. It;s a sure thing that he has a legal background that is worse than Guiniers.n

Why don't you try to rebut my post? Are you too stupid??

According to Bill Reilly on FOX News, 96% do not believe Obama can turn around our economy.

What do they believe? The Hoover-Bush policies?

I think that they believe that this crash ends any doubt about the global economy being systemically broken. Remember, this comes on the heals of multiple bubbles/crashes in our lifetime. Our economic system does a poor job of allocating resources, this lack of confidence does not get fixed until we come up with a new system. Obama trying to talk up the economy feels like delusional talk, until we get with the program and start fixing problems nothing will get better.