Neither Left Nor Right Have Answer to Economic Conundrum

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To find a great refinance rate, you should talk to at least one national mortgage lender, one local lender, a credit union and 123 Refinance. Also ask your friends which bankers and brokers they have used.

petercampana of TX 1:46AM December 13, 2011

Brucetee _ Guess you enjoyed Bill C. taking SOME responsibility for recession. That must have lead you to drinking many, many DOUBLES. Saw poll with Newt getting I believe 42 %...
As norm you can not destroy my comment just insult it. My comment well documented & your comment full of hot air. DISPROVE just ONE POINT. You disproved NOTHING. Crying is right slanted is not same as disproving which you can not do.:
Yes there is a simple answer. Never going to happen with obuma in the head chair. Will take a Newt...
I have constantly provide the proof that it does not cost government revenue to reduce taxes for rich and it does increase government revenue. It did for John Kennedy, Ronald Reagan, Newt and Bush. Bill C. recession stopped longest Bull Market. Add to recession the EPA and obama bills passed and here we are. Debt comes from spending the increased revenue. Maybe Scott cares to prove me wrong with evidence and links. Here are two links to support my views, including Bill C. recession:
1. “Bill Clinton's Classy Moment”
“The former president shows former Treasury Secretary Robert Rubin how to accept responsibility for the recession.”
“Clinton concludes by asserting that he never would have let the housing bubble grow as big as it did (Baker: "never mind the high-technology bubble that burst on his watch") and would have stepped in to prevent the market free-fall that ensued. Even with these self-justifying caveats, though, Clinton has gone much, much further than Robert Rubin in accepting responsibility for helping to create the United States' worst economic calamity since the Great Depression. Remind me: Which one is the politician?”
http://www.slate.com/articles/news_and_politics/chatterbox/2009/05/bill_clintons_classy_moment.html
2. “The Historical Lessons of Lower Tax Rates”
http://www.heritage.org/research/reports/2003/08/the-historical-lessons-of-lower-tax-rates
__
3. “Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis… Records Show He Warned Congress 17 Times in 2008 Alone”
“Speaker Nancy Pelosi held a news conference last week and told reporters this:”
“During her weekly press conference on April 15, a reporter asked Pelosi a seemingly innocuous question about taxes. Pelosi prefaced her response with a fairly standard litany: explaining the dire state of the U.S. economy inherited by President Obama and setting the blame at the foot of the Bush administration. But she also added this: “When [then-Senator Obama] accepted the nomination in Colorado, the [Bush] Administration had kept from the public the idea that, in a matter of weeks, the financial community would be in crisis, and we would need to pass the TARP legislation.”
“The state-run media is trying to make something of this latest Pelosi fabrication today.”
But, what Speaker Pelosi failed to mention was that President Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.”
“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. “
"The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.”
“Unfortunately, Congress did not act on the president’s 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)”
** 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.”
“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.”
“In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.”
“More… Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.”
http://www.thegatewaypundit.com/2010/05/pelosi-caught-in-major-lie-says-bush-didnt-warn-congress-about-financial-crisis-records-show-he-warned-congress-17-in-2008-alone/
Take a sled hammer to obama's bills passed and screen out most of the EPA's regulations and you've got all the money sitting on the side line likely working and the jobs spouting wings.
Believe TRUE UNEMPLOYMENT is more like 18.3 %. Dropped out and under-employed:
http://www.gallup.com/home.aspx

Bill Hedges of MO 11:24PM December 12, 2011

We need to do what we can to create a new industrial revolution, says Colorado presidential hopeful John Davis. He has a plan worth considering involving bringing as much as we can in terms of business--especially what we've sent overseas--back to the United States. I'd say he's the best candidate worth considering for president so far. He is traveling to every county in the country on a very limited budget and meeting people where they're at. His true American spirit is inspiring and he's got an honest well-thought plan. Read more at www.johndavisforpresident.org

Dawna of CO 10:58PM December 12, 2011

bruce of Nv .
From your past comments I get the feeling you're on a goverment pension . Still try using a little common sense as to what has gotten us here and 3 years later , 4 trillion dollars later we ain't no better offand it ain't looking no better .
Goverment spending and growth got the republicans voted out in 2006 ,FACT , goverment spending and growth got the dems handed a hand in 2010 , if you have any , common sense would tell you what ?

Hunetr of WI 10:45PM December 12, 2011

Chipmunk of Pa.
How refreshing to hear someone of my opinion , to solve the green agenda , we do have to let people die , we are consuming and using earths resources , the less people the less consumption , simple , let people die , why save them , why spend money to save them ?
Funny how the left wants both , we need you to pay taxes , but there's to many of us making money .

Hunter of WI 10:34PM December 12, 2011

mr. bill.your whole,irrational arguement is based on comments from biased right wing thinkers.the kind that roost at fox news,and other bastions of similar thinking.
center of the road economists know that futher right wing economic policies will only exasperate our fiscal problems,and do nothing toward returning the country to economic greatness.

bruce b of NV 10:15PM December 12, 2011

Holy Cow . where to start ? It's not a conundrum , it's common sense , something people seem to be very much lacking in .
First the buzz words " income inequality " . The solution to that . Get the goverment off the backs of the true job creators . Quit teaching our children that the goverment is the answer . Liberalism has brought us to this point and common sense will tell you don't keep doing the same . The world has proven it won't ever work . What works is capitalism and small goverment , that's what made America great .
The " disappearing middle class " has been brought to us by liberalism and democrats for votes . Ever since the entitlement society started the growth and ever demanding needs of the goverment has grown , we ALL pay for it in one way or another . And our goverment pisses away our money today .
You want to create jobs ? Get the goverment out of the job creation business , by doing that we would have to watch what they do with the tax revenue that would create .
The green stuff , not on my tax dollar , if I can buy it at Menards ( solar panels ) , may-be . Otherwise you clowns are killing job creation with anti natural resource useage . We are paying how much to educate people that can't figure out how to use our resources ?
I do think the right has a few more common sense solutions . The left has worldwide failures .
Back to income inequality , that may take as many generations to turn around as liberalism has taken us to get to this point , providing we can stop progressives soon . It is in the public education system and aided by a sorry media .

Hunter of WI 10:13PM December 12, 2011

We end our economic conundrum as we entered it. Rome wasn't destroyed in a day. More than a quarter century of bad policies, poor choices and improper incentives, have brought us to this cliff. We can't go forward, but we can turn this horse around and go back to the world from which we came.
We have destroyed domestic manufacturing by improper incentives and poor tax policies. We must rebuild manufacturing, it is vital to our understanding of how to create objects, ideas and wealth. It is vital to our abilities to be self reliant, to take care of our own nation, to feed clothe and shelter our own people.
We have spent a tremendous fortune, most of our considerable American fortune on building a war machine that enriches certain military industrial corporations. This must stop, we maintain military bases all over the world. This cost money and removes money from the American economy.
We have allowed fraud and speculation to replace investing and finance. We cannot invest in our own future, if we cannot trust our own banks and investment vehicles. We must close the bankrupt banks, reduce the number of banks and their size. Too big to fail is too big to do business. We must once more open pathways by which Americans can invest in their own nation to build a future and the structures and business needed for that future, and we must pay Americans a fair return on their investments and we must have real accounting and real auditors to ferret out fraud and malinvestment.
We can build a future for America, if we stop trying to build a global empire based on banking and war.
The future is ours to lose.

Harold Ford of GA 10:11PM December 12, 2011

Excellent column, stating a real problem. One real answer is stop population growth.
If population stops growing internally, and we allow only the extremely skilled and educated immigrants, then the economy won't need to create many new jobs.
Easy prescription, I know, but so very hard to accomplish. But, one day, the entire earth will need to face up to this problem. We may as well start thinking about how to do it in the US.

stevchipmunk of PA 9:58PM December 12, 2011

Yes there is a simple answer. Never going to happen with obuma in the head chair. Will take a Newt...
I have constantly provide the proof that it does not cost government revenue to reduce taxes for rich and it does increase government revenue. It did for John Kennedy, Ronald Reagan, Newt and Bush. Bill C. recession stopped longest Bull Market. Add to recession the EPA and obama bills passed and here we are. Debt comes from spending the increased revenue. Maybe Scott cares to prove me wrong with evidence and links. Here are two links to support my views, including Bill C. recession:
1. “Bill Clinton's Classy Moment”
“The former president shows former Treasury Secretary Robert Rubin how to accept responsibility for the recession.”
“Clinton concludes by asserting that he never would have let the housing bubble grow as big as it did (Baker: "never mind the high-technology bubble that burst on his watch") and would have stepped in to prevent the market free-fall that ensued. Even with these self-justifying caveats, though, Clinton has gone much, much further than Robert Rubin in accepting responsibility for helping to create the United States' worst economic calamity since the Great Depression. Remind me: Which one is the politician?”
http://www.slate.com/articles/news_and_politics/chatterbox/2009/05/bill_clintons_classy_moment.html
2. “The Historical Lessons of Lower Tax Rates”
http://www.heritage.org/research/reports/2003/08/the-historical-lessons-of-lower-tax-rates
__
3. “Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis… Records Show He Warned Congress 17 Times in 2008 Alone”
“Speaker Nancy Pelosi held a news conference last week and told reporters this:”
“During her weekly press conference on April 15, a reporter asked Pelosi a seemingly innocuous question about taxes. Pelosi prefaced her response with a fairly standard litany: explaining the dire state of the U.S. economy inherited by President Obama and setting the blame at the foot of the Bush administration. But she also added this: “When [then-Senator Obama] accepted the nomination in Colorado, the [Bush] Administration had kept from the public the idea that, in a matter of weeks, the financial community would be in crisis, and we would need to pass the TARP legislation.”
“The state-run media is trying to make something of this latest Pelosi fabrication today.”
But, what Speaker Pelosi failed to mention was that President Bush warned the Democratic Congress 17 times in 2008 alone about the systemic consequences of financial turmoil at Fannie Mae and Freddie Mac and also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties.”
“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. “
"The White House released this list of attempts by President Bush to reform Freddie Mae and Freddie Mac since he took office in 2001.”
“Unfortunately, Congress did not act on the president’s 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)”
** 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.”
“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.”
“In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
Democrats blocked this reform, too.”
“More… Not only did democrats not act on these warnings but Barack Obama put one of the major Sub-Prime Slime players on his campaign as finance chairperson.”
http://www.thegatewaypundit.com/2010/05/pelosi-caught-in-major-lie-says-bush-didnt-warn-congress-about-financial-crisis-records-show-he-warned-congress-17-in-2008-alone/
Take a sled hammer to obama's bills passed and screen out most of the EPA's regulations and you've got all the money sitting on the side line likely working and the jobs spouting wings.
Believe TRUE UNEMPLOYMENT is more like 18.3 %. Dropped out and under-employed:
http://www.gallup.com/home.aspx