New study confirms economy was destroyed by Democrat policies

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    New study confirms economy was destroyed by Democrat policies

    http://www.examiner.com/article/new-study-confirms-economy-was-destroyed-by-democrat-policies

     

    A new study from the widely respected National Bureau of Economic Research released this week has confirmed beyond question that the left's race-baiting attacks on the housing market (the Community Reinvestment Act--enacted under Carter, made shockingly more aggressive under Clinton) is directly responsible for imploding the housing market and destroying theeconomy.

    The study painstakingly sorted through failed home loans that caused the housing market collapse and identified an overwhelming connection between them and CRA mortgages.

     

     

     
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    Re: New study confirms economy was destroyed by Democrat policies

     

    -President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

     
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    Re: New study confirms economy was destroyed by Democrat policies

    Graham-Leach-Bliley opened the door to credit default swaps.  Credit default swaps made defaults profitable.  Suddenly, banks and brokers didn't care whether or not the loans could be re-paid - either way they turned a profit.

    That's really the root of the housing crisis - it's ridiculous to think otherwise.  If you blame the CRA, why as it not an issue until 30 years after signed into law?  How did the CRA result in a record number of re-financings?  How did the CRA inspire every bank, broker or mortgage house in America to call every man, woman and child and plead with them to re-finance their homes?  I used to get five of those calls a day - and I was a renter at the time!

    A lot of people made a lot of money by playing games they should never have been allowed to play.  And as usually, when it all hits the fan, those same people look for somebody else to blame. 

     
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    Re: New study confirms economy was destroyed by Democrat policies

    Hey righties lay off the champagne it ain't New Year's Eve yet !

     

     
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    Re: New study confirms economy was destroyed by Democrat policies

    -John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary...to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

     

     
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    Re: New study confirms economy was destroyed by Democrat policies

    -No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times warnedin the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.

     
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    Re: New study confirms economy was destroyed by Democrat policies

    The left will never see giving people things they didn't earn as net force negativizers.  Face it, the left simply does not understand economics.

     
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    Re: New study confirms economy was destroyed by Democrat policies

    In response to 12-Angry-Men's comment:
    [QUOTE]

    In response to StalkingButler's comment:

     

    No one was making bad loans to unqualified people until Democrats came along and  threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies...all while federally insuring their losses. Even the New York Times  warnedin the late 1990s that Democrats continuing to force banks into lowering their standards would lead to this exact catastrophe.

     

     



     

    Yep, it was all the Dems fault...


    1/20/2004  In a bid to boost minority homeownership, President Bush will ask Congress for authority to eliminate the down-payment requirement for Federal Housing Administration loans. (Which the wingnut Congress approved)
    In announcing the plan Monday at a home builders show in Las Vegas, Federal Housing Commissioner John Weicher called the proposal the "most significant FHA initiative in more than a decade." It would lead to 150,000 first-time owners annually, he said.

    Nothing-down options are available on the private mortgage market, but, in general, they require the borrower to have pristine credit. Bush's proposed change would extend the nothing-down option to borrowers with blemished credit.

    In the proposal soon to be delivered to Congress, Bush would allow the FHA to guarantee loans for the full purchase price of the home, plus down-payment costs. As a practical matter, the FHA would guarantee mortgages as high as 103% of the value of the underlying property.

    Affordable-housing advocate Scott Syphax, CEO of Nehemiah Corp., called the proposal "revolutionary."

    http://usatoday30.usatoday.com/money/perfi/housing/2004-01-20-fha_x.htm

     

     

    [/QUOTE]

    More evidence that Bush was a leftie.  Just hman much more evidence do you need to convince you that Bush was a leftie? He gave you liberal clowns nearly everything you ever wanted, capping it off I with TARP, that grand liberal payoff.

     
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    Re: New study confirms economy was destroyed by Democrat policies

    -Obama himself is even on the record personally helping sue one lender (Citibank) into lowering its lending standards to include people from extremely poor and unstable areas, which even one of the left's favorite blatantly partisan "fact-checkers," Snopes, admits (while pretending to 'set the record straight').

     

     
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    Re: New study confirms economy was destroyed by Democrat policies

    -Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Obama blames, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

     
     
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    Re: New study confirms economy was destroyed by Democrat policies

    In response to StalkingButler's comment:
    [QUOTE]

    -Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Obama blames, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

     [/QUOTE]

    "little evidence".  Translation:  There is NO evidence, but the New York Times wishes there was.

     
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    Re: New study confirms economy was destroyed by Democrat policies

    But non-Fox media have spent years deliberately and relentlessly inoculating people against the facts, training them to mindlessly blame Bush for being in charge when Democrat policies destroyed the economy. So here we sit, to this day, still watching Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.

     
  23. You have chosen to ignore posts from skeeter20. Show skeeter20's posts

    Re: New study confirms economy was destroyed by Democrat policies

    In response to StalkingButler's comment:
    [QUOTE]

    But non-Fox media have spent years deliberately and relentlessly inoculating people against the facts, training them to mindlessly blame Bush for being in charge when Democrat policies destroyed the economy. So here we sit, to this day, still watching Obama excuse and shrug off endless economic failures, illegal government takeovers and utter national bankruptcy with zero accountability.

    [/QUOTE]

    Tremendous similarity between how the liberals treat Nixon, another liberal Republican, and Bush, yet another liberal republican.  They despise them for their liberal views on economics.

     
  24. You have chosen to ignore posts from FaolanofEssex. Show FaolanofEssex's posts

    Re: New study confirms economy was destroyed by Democrat policies

    Democratic policies enacted when the GOP was in power? Huh, sounds fishy.

     
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