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Chart of the day: Generational theft
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2seaoat
Floridatexan
TEOTWAWKI
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1 Chart of the day: Generational theft 12/17/2013, 10:37 am
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3 Re: Chart of the day: Generational theft 12/17/2013, 12:57 pm
Floridatexan
Here's the reason, other than the fact that there was a "baby boom":
"Conservatives" aren't.
http://zfacts.com/p/318.html
In 1981, the supply-siders commandeered the Reagan Presidency and employed their Voodoo economics, as Bush senior had called it in 1980. He was saying that tax cuts would not increase government revenues. As you can see on the graph above (get it on your smartphone app info), the Voodoo failed just as Bush predicted, and the supply-siders turned a 32-year winning streak into a debt disaster that continues to this day. For 20 years, under Reagan and the Bushes, the national debt increased compared to GDP every single year. In most other years it decreased. Twenty years in a row can't be just an accident, but to understand you need to learn the voodoo strategy. (Why graph Debt / GDP ?)
What's causing today's huge deficits? Deficit basics. Top 4 deficit causes.
Bush senior fought against supply-side debt, so the Republicans didn't support him and he lost to Clinton, who put an end to supply-side economics. G. W. Bush brought it back full strength, with V.P. Cheney saying "Reagan proved deficits don't matter." Currently supply-siders are in full control of the Republican party.
What about Obama? Notice how the debt accelerated during Bush's last two budget years. Obama's debt is a continuation of that trend and neither Bush nor Obama are directly responsible for that acceleration. It happened because of the recession. Bush set the all-time record by increasing the debt by $1.1 trillion in 100 days between July 30 and Nov 9, 2008—but that had little to do with his choices.
Recessions cut tax revenues—in this case, dramatically. That accounts for nearly half of the deficit. So blaming Obama for the full deficit is like blaming him for not raising the tax rate to keep tax revenues up. Most of the increased spending is automatic increases in unemployment benefits, food stamps, and social security payments for early retirement. Very little of it is from stimulus spending, and that's over.
The green line shows what would have happened to the national debt if Reagan and the Bushes had balanced their budgets as Reagan claimed he would. G.W. Bush, in all modesty, claimed he would "retire nearly $1 trillion in debt over the next four years. This will be the largest debt reduction ever achieved by any nation at any time."
Republicans are quite embarrassed by this performance, so they have invented a cover story: The Democratic Congress did it. Nice try. But for 12 of the 20 years the Congress was not Democratic. Also, presidents can veto, and when it was Democratic, Congress passed smaller budgets on average than the Republican Presidents asked for. Presidents propose the budget, and they have the most influence. Check it out.
---------------------
Voodoo Economics
Voodoo Economics, as George H.W. Bush named it in 1980, is what caused most of our national debt. It came from Wall Street and goes by the name "supply-side economics." Here's where you can find out about it.
More Voodoo-Economics Information:
National-Debt Graphs Main Page
$12 Trillion? Just Reagan and the Bushes? Really? See for yourself.
Wasn't it Congress? See the what Reagan asked for and what he got.
Voodoo versus Republican:
The debt problem comes from Wall Street supply-siders taking over the Republicans. Ike, Nixon and Ford, all good Republicans, brought the debt down 11 out of 16 years. supply-siders brought it down 0 out of 20. That's batting 688 versus batting 0. And G.H.W. Bush was no supply-sider — he called it voodoo economics. He just got trapped by Reagan's supply-side policies. He passed a tax increase trying to partially undo Reagan's damage, but the supply-side Republicans turned on him, and he was not re-elected.
So supply-sides are far from traditional Republican balanced-budget values. Cheney, a supply-sider, said "Reagan proved deficits don't matter." Unfortunately the supply-siders have now pretty much captured the Republican party...
4 Re: Chart of the day: Generational theft 12/17/2013, 1:12 pm
2seaoat
This chart is the best depiction of what has happened to America. I await Mr. Markle to attempt to marginalize the truth. The trickle down theory and class warfare where the tax code stole from the middle class and wealth has transferred to the upper 1% is the number one problem facing America.
I swore that the free market and trickle down would work. I forgot about my boss who owned a foundry. He was in a top tax bracket, and rather than pay the high taxes, he wrote everything off by investing in the foundry.....creating more jobs.....and increasing his income.......When we dropped the effective tax rates and inheritance and estate taxes.....wealth basically parked their money in a condo in Switzerland, or PB or NB. We lost 50k factories and lost our middle class. The solution starts with raising the tax rates, lowering the exemptions on the estate tax, and giving clear incentives in the tax code for job creation.
I swore that the free market and trickle down would work. I forgot about my boss who owned a foundry. He was in a top tax bracket, and rather than pay the high taxes, he wrote everything off by investing in the foundry.....creating more jobs.....and increasing his income.......When we dropped the effective tax rates and inheritance and estate taxes.....wealth basically parked their money in a condo in Switzerland, or PB or NB. We lost 50k factories and lost our middle class. The solution starts with raising the tax rates, lowering the exemptions on the estate tax, and giving clear incentives in the tax code for job creation.
6 Re: Chart of the day: Generational theft 12/17/2013, 1:43 pm
Markle
2seaoat wrote:This chart is the best depiction of what has happened to America. I await Mr. Markle to attempt to marginalize the truth. The trickle down theory and class warfare where the tax code stole from the middle class and wealth has transferred to the upper 1% is the number one problem facing America.
I swore that the free market and trickle down would work. I forgot about my boss who owned a foundry. He was in a top tax bracket, and rather than pay the high taxes, he wrote everything off by investing in the foundry.....creating more jobs.....and increasing his income.......When we dropped the effective tax rates and inheritance and estate taxes.....wealth basically parked their money in a condo in Switzerland, or PB or NB. We lost 50k factories and lost our middle class. The solution starts with raising the tax rates, lowering the exemptions on the estate tax, and giving clear incentives in the tax code for job creation.
No need, I destroyed that chart the first time you posted it as well as the second. You're just a S-L-O-W learner.
If you recall...the budget was nearly balanced during the administration of President William Jefferson Clinton because of the Contract with America which swept Republicans into Congress. THEY promised a balanced budget and delivered and they also promised welfare reform which they delivered which took millions off the welfare rolls and receiving tax payer money to the payrolls where they added to the revenues.
President George Walker Bush was handed the Clinton recession and then the 9/11 act of war which cost us 3,000 lives and at least $2 TRILLION.
As you know, President Bush tried, unsuccessfully for eight years to prevent the mortgage/housing/financial collapse caused the Democrats in Congress led by Chris Dodd and Barney Franks. Here is an itemization of the efforts or the Bush Administration.
For many years the President and his Administration not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
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:[/b] Freddie Mac announces it has to restate financial results for the previous three years. [Obama advisor, Franklin Raines was CEO of Freddie Mac when they lied about earnings to increase bonuses]
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).
2008
January: Bank of America announces it will buy Countrywide.
January: Citigroup announces mortgage portfolio lost $18.1 billion in value.
February: Assistant Secretary David Nason reiterates the urgency of reforms, says “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: Bear Stearns announces it will sell itself to JPMorgan Chase.
March: 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: 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: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
[/font][/color]· “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08).
· “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08).
· “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08).
June: 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: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
7 Re: Chart of the day: Generational theft 12/17/2013, 1:59 pm
Floridatexan
My oldest daughter was born in 1982 and my second in 1984. It was important for me personally to stay home with my children, but financially it was a real challenge. Almost immediately after Reagan took office, the economy started tanking. I had moved here in November of 79 and received a paid week off and a company scholarship to real estate school in 1980. During the remaining two years, although I was salaried, I managed to sell only one house. Morale among the sales staff, working for commission, was terrible. I was resented because I earned a salary, even though I always met clients after hours or at lunch. When my children were older, I went back to work, but Bush I was no better than Reagan, despite his characterization of Reagan's policy as "voodoo economics."
Mortgage loan interest rates escalated to over 14%, and ARM's became more prevalent (something I would never recommend to anyone, ever). So you can thank Reagan, both Bushes, a guy named Laffer, and Milton Friedman of the Chicago school.
Mortgage loan interest rates escalated to over 14%, and ARM's became more prevalent (something I would never recommend to anyone, ever). So you can thank Reagan, both Bushes, a guy named Laffer, and Milton Friedman of the Chicago school.
8 Re: Chart of the day: Generational theft 12/17/2013, 2:01 pm
Floridatexan
Oh, and horse caca, Markle. You can't rewrite the facts.
9 Re: Chart of the day: Generational theft 12/17/2013, 2:27 pm
Markle
Floridatexan wrote:
Oh, and horse caca, Markle. You can't rewrite the facts.
You're so easy! Since the cr** has hit the fan in the administration of President Barack Hussein Obama the worshipers are dragging out old threads in a feeble effort to distract attention. Fine, I've saved the FACTUAL responses.
As you well know, I never have and you are bitter because you have never been able to prove a single post I have ever made to be untrue.
Just to remind all our FRIENDS from the far left, the responsibility for this mess lies with Jimmy Carter, Bill Clinton, Barney Frank and Chris Dodd. AND WITH REPUBLICANS for backing off every time Barney Frank and his cronies played…THE RACE CARD! The housing bubble is what led to the downfall and that was driven by Democrats, starting with Jimmy Carter and hugely expanded by Bill Clinton. Here are the facts, once again, for you to ignore, put your fingers in your ears and scream la la la la la as loud as you can like screaming little girls.
HUD TO FIGHT DISCRIMINATION, BOOST MINORITY HOMEOWNERSHIP AND WORK WITH URBAN LEAGUE TO FURTHER GOALS
August 5, 1997
]http://archives.hud.gov/news/1997/pr97-1145.cfm
New York Times - 1999
Fannie Mae Eases Credit To Aid Mortgage Lending -
]http://tinyurl.com/ce7hh3
President Bush’s and the Administrations Unheeded Warnings About the Systemic Risk Posed by the GSEs – Fannie and Freddie dating back to 2001
]http://tinyurl.com/yyd3uey
By Elliot Blair Smith,
USA TODAY
Fannie Mae to pay $400 million fine
]http://tinyurl.com/nmmns
Franklin Raines was Director of the Office of Management and Budget under Clinton and returned to Fannie Mae as its CEO in 1999. Raines is not a “chief” economic adviser for President Barack Hussein Obama but has advised the administration on mortgage and housing matters. Obama had hired another former Fannie CEO, Jim Johnson as a member of Obama’s V.P. search committee and who was forced to quit under fire.
Bloomberg News -
How the Democrats Created the Financial Crisis -
]http://tinyurl.com/4u9rnk
Democrats in their own words covering up the Fannie Mae, Freddie Mac
]http://tinyurl.com/3nkrp7
Timeline shows Bush, McCain warning Democrats of Financial Crisis
]http://tinyurl.com/4rj9nn
From the New York Times
New Agency Proposed to Oversee Freddie Mac and Fannie Mae
By STEPHEN LABATON
Published: September 11, , 2003 WASHINGTON
Sept. 10— 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.
The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
[…]
Read more: http://www.nytimes.com/2003/09/11/business/new-agency-proposed-to-oversee-freddie-mac-and-fannie-mae.html
###
From USNews and World Report
Barney Frank's Fannie and Freddie Muddle
By Sam Dealey
September 10, 2008
[…]
So five years ago, there was one of those rare moments in Washington when the branches and personalities of government—in this case, the Bush administration—are less interested in protecting or expanding their turf than in fixing a looming catastrophe. What was Frank's response to the proposal?
''These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,'' said Representative Barney Frank of Massachusetts, the ranking Democrat on the Financial Services Committee. ''The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.''
[…]
]http://www.usnews.com/opinion/blogs/sam-dealey/2008/09/10/barney-franks-fannie-and-freddie-muddle
Wall Street Journal Barney’s Rubble – September 28, 2008
]http://tinyurl.com/44pet5
Barney Frank in 2005: What Housing Bubble?
]http://tinyurl.com/djqmnc
Maxine Waters & Barney Frank - Then Vs. Now -
]http://tinyurl.com/ykcjm4a
Steve Kroft On Credit Default Swaps And Their Central Role In The Unfolding Economic Crisis -
http://tinyurl.com/yk8etks
All this, in addition to the repeal of the Glass-Steagall Act by President William Jefferson Clinton caused the meltdown.
It COULD have been stopped or greatly reduced. Democrats fought that every step of the way and the Republicans wilted under the barrage of being called racist and worse.
Last edited by Markle on 12/17/2013, 3:05 pm; edited 1 time in total
10 Re: Chart of the day: Generational theft 12/17/2013, 2:45 pm
2seaoat
you have never been able to prove a single post I have ever made to be untrue.
I have proven that many of your posts are either entirely wrong like your recent misunderstanding of the equal protection clause in the 14th amendment and its role in fighting discrimination, and the very post you provided on this thread which was not entirely false, but it absolutely is false as to proportion.
The wall street money coming into the real estate markets with derivatives and zero down cash back to buyers was not part of fannie mae or Freddy. The mistakes and errors of those two underwriting agencies is not in dispute, but the unregulated wall street banks dumping funny money and creating funny money mortgages caused the collapse of confidence. There is plenty of blame both republican and democrat because the crooks own congress, and ownership is bipartisan, but to deny that the policies of lowering tax rates, and spending money on wars not in the budget is the formula to turn our middle class into indentured servants of a new monied class which has no patriotism or nationality as wealth is entirely fungible and easily moved without the commitment to the nation state.
No Mr. Markle you can post your paid propaganda, but at some point you have a soul.....and as a thinking human being you will come to recognize the evil which you purvey. Modest increases in tax rates over a long period combined with modest cuts in government spending over a long period, combined with aggressive tax credits for job creation and we can get this country back on track.......the whole democrat vs republican charade does not get to the essence of our problems as a country. We face the same financial exploitation that our founding fathers faced with the British Empire, but this is far worse because by propaganda our people are voting against their economic interests and sealing the fate of our grandchildren.
I have proven that many of your posts are either entirely wrong like your recent misunderstanding of the equal protection clause in the 14th amendment and its role in fighting discrimination, and the very post you provided on this thread which was not entirely false, but it absolutely is false as to proportion.
The wall street money coming into the real estate markets with derivatives and zero down cash back to buyers was not part of fannie mae or Freddy. The mistakes and errors of those two underwriting agencies is not in dispute, but the unregulated wall street banks dumping funny money and creating funny money mortgages caused the collapse of confidence. There is plenty of blame both republican and democrat because the crooks own congress, and ownership is bipartisan, but to deny that the policies of lowering tax rates, and spending money on wars not in the budget is the formula to turn our middle class into indentured servants of a new monied class which has no patriotism or nationality as wealth is entirely fungible and easily moved without the commitment to the nation state.
No Mr. Markle you can post your paid propaganda, but at some point you have a soul.....and as a thinking human being you will come to recognize the evil which you purvey. Modest increases in tax rates over a long period combined with modest cuts in government spending over a long period, combined with aggressive tax credits for job creation and we can get this country back on track.......the whole democrat vs republican charade does not get to the essence of our problems as a country. We face the same financial exploitation that our founding fathers faced with the British Empire, but this is far worse because by propaganda our people are voting against their economic interests and sealing the fate of our grandchildren.
11 Re: Chart of the day: Generational theft 12/17/2013, 2:46 pm
boards of FL
Markle wrote:As you know, President Bush tried, unsuccessfully for eight years to prevent the mortgage/housing/financial collapse caused the Democrats in Congress led by Chris Dodd and Barney Franks. Here is an itemization of the efforts or the Bush Administration.
For many years the President and his Administration not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Aside from the fact that Markle's copy and paste job has absolutely nothing to do with the subject matter that it seeks to respond to (hence, Markle doesn't even understand what he is responding to, much less how to respond to it), this is probably the funniest thing I have read all day. And, mind you, I just finished reading Pkr's comments in the thread about expiring unemployment benefits - so this is saying quite a lot.
Markle is obviously in need of a dose of reality.
http://realtytimes.com/todaysheadlines1/item/16142-20020624_bushplan
BUSH MINORITY HOMEOWNERSHIP PLAN RESTS HEAVILY ON FANNIE AND FREDDIE
When President Bush announced his Minority Homeownership plans last week in Atlanta, his top priorities were new federal programs: a $2.4 billion tax credit to facilitate home purchases by lower-income first-time buyers, and a $200 million national downpayment grant fund.
But none of the new federal programs--if passed by Congress--will come even close to achieving the 5.5 million-household increase in minority homeownership the President set as his target.
Instead, most of the heavy lifting was assigned to two mortgage market players that have sometimes come under fire from Bush administration officials and Congressional Republicans: Fannie Mae and Freddie Mac .
How about some direct quotes from the Bush archives?
http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts.
This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)
Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)
Some more...
http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html?pagewanted=all
http://georgewbush-whitehouse.archives.gov/news/releases/2002/10/20021015-7.html
http://www.dailykos.com/story/2012/01/31/1060305/-PROOF-POSITIVE-Republicans-TARGETED-Minorities-to-Buy-Homes
Video?
Last edited by boards of FL on 12/17/2013, 2:56 pm; edited 1 time in total
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12 Re: Chart of the day: Generational theft 12/17/2013, 2:48 pm
boards of FL
I can hear it now.
"But...but...that video which directly depicts Bush, in his own words, calling for a program that seeks to boost home ownership rates for the poor by eliminating down payments....that video isn't from a reliable source!!!"
"But...but...that video which directly depicts Bush, in his own words, calling for a program that seeks to boost home ownership rates for the poor by eliminating down payments....that video isn't from a reliable source!!!"
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13 Re: Chart of the day: Generational theft 12/17/2013, 3:09 pm
Guest
Guest
amazing, here we are with the left trying to blame bush some more LOL
and for the last 30 years the left has had majority control of both the house and the senate.
must be hard to accept that your trickle up heavy socialization of America just isnt working the way the unicorns in your dreams told you.. hm
and for the last 30 years the left has had majority control of both the house and the senate.
must be hard to accept that your trickle up heavy socialization of America just isnt working the way the unicorns in your dreams told you.. hm
14 Re: Chart of the day: Generational theft 12/17/2013, 3:10 pm
Markle
boards of FL wrote:Markle wrote:As you know, President Bush tried, unsuccessfully for eight years to prevent the mortgage/housing/financial collapse caused the Democrats in Congress led by Chris Dodd and Barney Franks. Here is an itemization of the efforts or the Bush Administration.
For many years the President and his Administration not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.
Aside from the fact that Markle's copy and paste job has absolutely nothing to do with the subject matter that it seeks to respond to (hence, Markle doesn't even understand what he is responding to, much less how to respond to it), this is probably the funniest thing I have read all day. And, mind you, I just finished reading Pkr's comments in the thread about expiring unemployment benefits - so this is saying quite a lot.
Markle is obviously in need of a dose of reality.
http://realtytimes.com/todaysheadlines1/item/16142-20020624_bushplan
BUSH MINORITY HOMEOWNERSHIP PLAN RESTS HEAVILY ON FANNIE AND FREDDIE
When President Bush announced his Minority Homeownership plans last week in Atlanta, his top priorities were new federal programs: a $2.4 billion tax credit to facilitate home purchases by lower-income first-time buyers, and a $200 million national downpayment grant fund.
But none of the new federal programs--if passed by Congress--will come even close to achieving the 5.5 million-household increase in minority homeownership the President set as his target.
Instead, most of the heavy lifting was assigned to two mortgage market players that have sometimes come under fire from Bush administration officials and Congressional Republicans: Fannie Mae and Freddie Mac .
How about some direct quotes from the Bush archives?
http://georgewbush-whitehouse.archives.gov/news/releases/2002/06/20020617-2.html
And let me talk about some of the progress which we have made to date, as an example for others to follow. First of all, government sponsored corporations that help create our mortgage system -- I introduced two of the leaders here today -- they call those people Fannie May and Freddie Mac, as well as the federal home loan banks, will increase their commitment to minority markets by more than $440 billion. (Applause.) I want to thank Leland and Franklin for that commitment. It's a commitment that conforms to their charters, as well, and also conforms to their hearts.
This means they will purchase more loans made by banks after Americans, Hispanics and other minorities, which will encourage homeownership. Freddie Mac will launch 25 initiatives to eliminate homeownership barriers. Under one of these, consumers with poor credit will be able to get a mortgage with an interest rate that automatically goes down after a period of consistent payments. (Applause.)
Fannie Mae will establish 100 partnerships with faith-based organizations that will provide home buyer education and help increase homeownership for their congregations. I love the partnership. (Applause.)
Some more...
http://www.nytimes.com/2008/12/21/business/worldbusiness/21iht-admin.4.18853088.html?pagewanted=all
http://georgewbush-whitehouse.archives.gov/news/releases/2002/10/20021015-7.html
http://www.dailykos.com/story/2012/01/31/1060305/-PROOF-POSITIVE-Republicans-TARGETED-Minorities-to-Buy-Homes
Video?
15 Re: Chart of the day: Generational theft 12/17/2013, 3:11 pm
Floridatexan
I'm not going to bother to go through every one of your links and disprove it. We'd be here all day. All you do is lie.
17 Re: Chart of the day: Generational theft 12/17/2013, 3:34 pm
2seaoat
The truth does not have to be beat.....it is obvious to those who have integrity, but to use smoke and mirrors to disguise who was responsible for this theft and transfer of wealth in America.....that horse has to be beat regularly because you ride it into every discussion to distort reality, and deny that there are clear solutions to these problems which your sponsors created.
18 Re: Chart of the day: Generational theft 12/17/2013, 4:06 pm
Hospital Bob
I nominate this whole thread for thread of the century. I have never seen the partisan wrastlin match ever exceed the level it's attained with this one.
You could replace this whole thread with two posts and get the same benefit from it.
Post 1: Walker Bush, Poppy Bush and the republicans are devils who caused everything in the world to go wrong while Jefferson Clinton, Hussein Obama and the democrats are heroic saviours who desperately tried to fix all of it for the good of mankind.
Post 2: Jefferson Clinton, Hussein Obama and the democrats are the devils who caused everything in the world to go wrong while Walker Bush, Poppy Bush and the republicans are heroic saviours who desperately tried to fix all of it for the good of mankind.
lol
You could replace this whole thread with two posts and get the same benefit from it.
Post 1: Walker Bush, Poppy Bush and the republicans are devils who caused everything in the world to go wrong while Jefferson Clinton, Hussein Obama and the democrats are heroic saviours who desperately tried to fix all of it for the good of mankind.
Post 2: Jefferson Clinton, Hussein Obama and the democrats are the devils who caused everything in the world to go wrong while Walker Bush, Poppy Bush and the republicans are heroic saviours who desperately tried to fix all of it for the good of mankind.
lol
19 Re: Chart of the day: Generational theft 12/17/2013, 4:15 pm
boards of FL
Markle wrote:
Here again, Markle's response has absolutely nothing to do with the post that it quotes.
Markle, this thread is about generational theft. Your response to that was to post a bunch of copy-and-paste BS pertaining to Bush and the housing crisis. I pointed out the fact that you don't even know how to directly respond, though I went ahead and directly responded to your housing crisis BS regardless. Your response to that? Post a video about Obamacare!
This is your forum torch bearer, conservatives.
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20 Re: Chart of the day: Generational theft 12/17/2013, 4:24 pm
2seaoat
This is your forum torch bearer, conservatives.
A torch bearer runs many miles......lately Mr. Markle has perfected the art of running.....he however has forgotten that the tourch is suppose to light a flame which usually is symbolic for knowledge.....if the torch bearer runs away from the truth....no amount of posts means a thing if he runs from the truth. As soon as he is cornered with the truth....he does his Forest Gump imitation....and runs......and runs.....and runs.....but before departing on that run.....he always leaves his tell tale card....could you post a CREDIBLE link for your position.....he is a funny guy lately. I visualize him in running shorts with a smiley face of mud on his shirt telling people that Chit happens.
A torch bearer runs many miles......lately Mr. Markle has perfected the art of running.....he however has forgotten that the tourch is suppose to light a flame which usually is symbolic for knowledge.....if the torch bearer runs away from the truth....no amount of posts means a thing if he runs from the truth. As soon as he is cornered with the truth....he does his Forest Gump imitation....and runs......and runs.....and runs.....but before departing on that run.....he always leaves his tell tale card....could you post a CREDIBLE link for your position.....he is a funny guy lately. I visualize him in running shorts with a smiley face of mud on his shirt telling people that Chit happens.
21 Re: Chart of the day: Generational theft 12/17/2013, 5:08 pm
ZVUGKTUBM
Markle is generally full of:
But be careful or he will pull-out his well worn Socrates quote and declare himself the winner of the debate!
But be careful or he will pull-out his well worn Socrates quote and declare himself the winner of the debate!
22 Re: Chart of the day: Generational theft 12/17/2013, 5:23 pm
Guest
Guest
The minimum wage earns less than the poverty line now... it was above when set. Who can sustain/increase their standard of living when the dollar loses purchasing power? Why does the dollar shrink? Who benefits? Who loses? Who decides?
23 Re: Chart of the day: Generational theft 12/17/2013, 5:47 pm
ZVUGKTUBM
Millennials just need to become bold and vote against the interests of the Boomers.
Government spending must be reduced and the reductions must come from all points of the compass. Nothing should be sacrosanct, including entitlements and the big military that both the Left and the Right cherish and want to protect. There is no room in the house for anyone's sacred-cows.
Government spending must be reduced and the reductions must come from all points of the compass. Nothing should be sacrosanct, including entitlements and the big military that both the Left and the Right cherish and want to protect. There is no room in the house for anyone's sacred-cows.
24 Re: Chart of the day: Generational theft 12/17/2013, 5:50 pm
ZVUGKTUBM
PkrBum wrote:The minimum wage earns less than the poverty line now... it was above when set. Who can sustain/increase their standard of living when the dollar loses purchasing power? Why does the dollar shrink? Who benefits? Who loses? Who decides?
I think the bankers win, and that is why they designed their money system in secret on Jekyl Island back in 1910. The 100th anniversary of the vote that established the Federal Reserve is this coming Monday. I wonder what kind of news and perhaps debate this is going to stir?
25 Re: Chart of the day: Generational theft 12/17/2013, 6:01 pm
2seaoat
Why does the dollar shrink?
For many reasons. Primarily because the demand for the same is reduced. It can be reduced when a country consumes 850 billion of foreign oil each year which tilts the balance of trade and weakens the dollar. It can be reduced when the nation increases the supply of the same therein diminishing the value of the same. Right now the dollar is getting stronger as our balance of trade improves......despite the actions of the fed. Inflation is simply a hidden tax, but the American people vote for the same everyday they drive their gas guzzler, and you may try to blame government, but the dollar weakens most from adjustments to our insatiable oil demand, which now seems to have production which shoots your theories temporarily out of the park. It will only take a few years in this environment to have the % of GDP to debt decrease to historical lows as we conserve and switch to home grown renewable energy, and domestic oil and gas.
For many reasons. Primarily because the demand for the same is reduced. It can be reduced when a country consumes 850 billion of foreign oil each year which tilts the balance of trade and weakens the dollar. It can be reduced when the nation increases the supply of the same therein diminishing the value of the same. Right now the dollar is getting stronger as our balance of trade improves......despite the actions of the fed. Inflation is simply a hidden tax, but the American people vote for the same everyday they drive their gas guzzler, and you may try to blame government, but the dollar weakens most from adjustments to our insatiable oil demand, which now seems to have production which shoots your theories temporarily out of the park. It will only take a few years in this environment to have the % of GDP to debt decrease to historical lows as we conserve and switch to home grown renewable energy, and domestic oil and gas.
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