Obama looking at $850 billion jolt to the economy

[mox 298]

My freind what do you think caused the financial mess? It boils down to the affordable housing laws past by the respectable butt plug senator. Maybe all that ####### has been goin to your head. You can have my turn.

So your argument is that Barney Frank caused the current financial crisis, which forced President Bush to realize that the free market is hopelessly broken and that socialism is the answer? I see.

And Mox likes Barney's fannie!

Hahahahaha you made a pun. About butts! What are you, seven?

[Pinocchio Liberal 268]

Washington, DC - The U.S. House of Representatives today passed H.R. 2895, the National Affordable Housing Trust Fund Act of 2007 by a vote of 264 to 148. The National Affordable Housing Trust Fund will be the largest expansion in federal housing programs in decades, with a goal of producing, rehabilitating and preserving 1.5 million housing units over the next 10 years. The bill as will initially allocate between $800 million and $1 billion annually directly to states and local communities, without increasing government spending or the federal deficit.

“The National Affordable Housing Trust Fund addresses the affordable housing crisis as it affects every level of society. Right now, housing costs are outstripping wages for more households than ever before, and working is simply no longer a guarantee of being able to afford housing” said Rep. Maxine Waters, Chairwoman of the Financial Services Subcommittee on Housing and Community Opportunity. “It has been seventeen years since the federal government last enacted a major affordable housing production program, and I am pleased that this legislation will tackle the full range of housing crises, providing relief to overburdened renters and homeowners while targeting funds where the need is greatest.”

“The growing shortage of affordable housing is one of the most serious social and economic problems facing our country. Given our severely constrained fiscal realities, we are today doing the best we can to address this – creating a low income housing trust fund that will be paid for in ways that do not draw from federal tax revenues,” said Rep. Barney Frank, Chairman of the House Committee on Financial Services.

http://www.house.gov/apps/list/press/finan...ss1010072.shtml

This shite spawned the filthy mess your talkin about!

[mox 298]

This shite spawned the filthy mess your talkin about!

And to clean up the mess, President Bush resorted to socializing private industry.

[Pinocchio Liberal 268]

This is from 2006!

GERSH: You're going to have jurisdiction over many industries in the financial services sector: insurance, banking, housing. What's your top priority?

FRANK: Affordable housing is the single biggest one. We have a terrible housing crisis in this country and I think we now understand that housing is not simply a social good, but it's an economic practice (ph). The biggest difference people will see when we take over from the Republicans is we will reverse their policy of basically letting any affordable housing stock dwindle and not building any new stock. A related issue there is the question of predatory lending. We now have data from the Home Mortgage Disclosure Act that my former colleague Joe Kennedy worked so hard to enact. And now it's pretty clear. If you are African- American or Hispanic, you have less chance of getting a mortgage. And if you get one, you have a high chance of paying more even with other factors being equal for some reason. I think that has got to be a very high priority.

In other words if you cant afford it give it to them anyway. BOOM! massive loans with no collateral or equity. Option arms with no reporting of income or citizenship! BOOM BIG FRICKEN MESS! Then comes Mr. Change! By the time this is over your dollar is gonna be worth a dime. Then comes, you are now dependant on the govament do as I say! Welcome!

http://www.pbs.org/nbr/site/onair/transcripts/061130b/

Edited December 19, 2008 by ={Rogue}=

[mox 298]

In other words if you cant afford it give it to them anyway. BOOM! massive loans with no collateral or equity. Option arms with no reporting of income or citizenship! BOOM BIG FRICKEN MESS! Then comes Mr. Change! By the time this is over your dollar is gonna be worth a dime. Then comes, you are now dependant on the govament do as I say! Welcome!

So fine, the Democrats are completely responsible for this mess. Moving on...

Why then didn't the President let the free market fix the problem? Why did President Bush authorize the largest socialization program in the history of the union? Why is the free market unable to fix this problem? Why does President Bush think that socialization is the answer? Why have Republicans abdicated this core belief that socialism is evil, and that the free market is the answer?

Or do you have absolutely no intellectual curiosity at all, and it's enough for you to bash libruls and teh gheys?

[mawilson 2,133]

The Car Czar will fix everything!

[Pinocchio Liberal 268]

The Car Czar will fix everything!

A Fricken PINTO

[rebeccajo 14]

This is from 2006!

GERSH: You're going to have jurisdiction over many industries in the financial services sector: insurance, banking, housing. What's your top priority?

FRANK: Affordable housing is the single biggest one. We have a terrible housing crisis in this country and I think we now understand that housing is not simply a social good, but it's an economic practice (ph). The biggest difference people will see when we take over from the Republicans is we will reverse their policy of basically letting any affordable housing stock dwindle and not building any new stock. A related issue there is the question of predatory lending. We now have data from the Home Mortgage Disclosure Act that my former colleague Joe Kennedy worked so hard to enact. And now it's pretty clear. If you are African- American or Hispanic, you have less chance of getting a mortgage. And if you get one, you have a high chance of paying more even with other factors being equal for some reason. I think that has got to be a very high priority.

In other words if you cant afford it give it to them anyway. BOOM! massive loans with no collateral or equity. Option arms with no reporting of income or citizenship! BOOM BIG FRICKEN MESS! Then comes Mr. Change! By the time this is over your dollar is gonna be worth a dime. Then comes, you are now dependant on the govament do as I say! Welcome!

http://www.pbs.org/nbr/site/onair/transcripts/061130b/

Marc, comprehend the totality of what Frank said and not just the bits you want to read into it.

Frank is talking about combatting the predatory lenders which grew out of the unregulated mirror industry!

The Affordable Housing Trust hasn't squat to do with the financial crisis. Read up about it in case you are confused.

http://community-wealth.org/blog/index.php...-gains-support/

The National Affordable Housing Trust Fund Act of 2007 (HR 2985), authored by House Financial Services Chair Barney Frank and formerly introduced toward the end of June, aims to construct, rehabilitate, and preserve 1,500,000 units of housing over the next 10 years. A likely source of funding is the proposed GSE Affordable Housing Fund (H.R. 1427), which would create a dedicated stream of funding, estimated at $1 billion a year, from an allocation of five percent of Fannie Mae and Freddie Mac profits to support affordable housing development nationwide. If approved, the national housing trust moneys could be accessed by state and local housing trust funds that provide at least a 50% match of federal funds. At least 75 percent of the funds expended must provide housing for families at 30 percent of area median income or below.

[Pinocchio Liberal 268]

This is from 2006!

GERSH: You're going to have jurisdiction over many industries in the financial services sector: insurance, banking, housing. What's your top priority?

FRANK: Affordable housing is the single biggest one. We have a terrible housing crisis in this country and I think we now understand that housing is not simply a social good, but it's an economic practice (ph). The biggest difference people will see when we take over from the Republicans is we will reverse their policy of basically letting any affordable housing stock dwindle and not building any new stock. A related issue there is the question of predatory lending. We now have data from the Home Mortgage Disclosure Act that my former colleague Joe Kennedy worked so hard to enact. And now it's pretty clear. If you are African- American or Hispanic, you have less chance of getting a mortgage. And if you get one, you have a high chance of paying more even with other factors being equal for some reason. I think that has got to be a very high priority.

In other words if you cant afford it give it to them anyway. BOOM! massive loans with no collateral or equity. Option arms with no reporting of income or citizenship! BOOM BIG FRICKEN MESS! Then comes Mr. Change! By the time this is over your dollar is gonna be worth a dime. Then comes, you are now dependant on the govament do as I say! Welcome!

http://www.pbs.org/nbr/site/onair/transcripts/061130b/

Marc, comprehend the totality of what Frank said and not just the bits you want to read into it.

Frank is talking about combatting the predatory lenders which grew out of the unregulated mirror industry!

The Affordable Housing Trust hasn't squat to do with the financial crisis. Read up about it in case you are confused.

http://community-wealth.org/blog/index.php...-gains-support/

The National Affordable Housing Trust Fund Act of 2007 (HR 2985), authored by House Financial Services Chair Barney Frank and formerly introduced toward the end of June, aims to construct, rehabilitate, and preserve 1,500,000 units of housing over the next 10 years. A likely source of funding is the proposed GSE Affordable Housing Fund (H.R. 1427), which would create a dedicated stream of funding, estimated at $1 billion a year, from an allocation of five percent of Fannie Mae and Freddie Mac profits to support affordable housing development nationwide. If approved, the national housing trust moneys could be accessed by state and local housing trust funds that provide at least a 50% match of federal funds. At least 75 percent of the funds expended must provide housing for families at 30 percent of area median income or below.

Oh Becca, Becca.

[mRx 16]

This is from 2006!

GERSH: You're going to have jurisdiction over many industries in the financial services sector: insurance, banking, housing. What's your top priority?

FRANK: Affordable housing is the single biggest one. We have a terrible housing crisis in this country and I think we now understand that housing is not simply a social good, but it's an economic practice (ph). The biggest difference people will see when we take over from the Republicans is we will reverse their policy of basically letting any affordable housing stock dwindle and not building any new stock. A related issue there is the question of predatory lending. We now have data from the Home Mortgage Disclosure Act that my former colleague Joe Kennedy worked so hard to enact. And now it's pretty clear. If you are African- American or Hispanic, you have less chance of getting a mortgage. And if you get one, you have a high chance of paying more even with other factors being equal for some reason. I think that has got to be a very high priority.

In other words if you cant afford it give it to them anyway. BOOM! massive loans with no collateral or equity. Option arms with no reporting of income or citizenship! BOOM BIG FRICKEN MESS! Then comes Mr. Change! By the time this is over your dollar is gonna be worth a dime. Then comes, you are now dependant on the govament do as I say! Welcome!

http://www.pbs.org/nbr/site/onair/transcripts/061130b/

Marc, comprehend the totality of what Frank said and not just the bits you want to read into it.

Frank is talking about combatting the predatory lenders which grew out of the unregulated mirror industry!

The Affordable Housing Trust hasn't squat to do with the financial crisis. Read up about it in case you are confused.

http://community-wealth.org/blog/index.php...-gains-support/

The National Affordable Housing Trust Fund Act of 2007 (HR 2985), authored by House Financial Services Chair Barney Frank and formerly introduced toward the end of June, aims to construct, rehabilitate, and preserve 1,500,000 units of housing over the next 10 years. A likely source of funding is the proposed GSE Affordable Housing Fund (H.R. 1427), which would create a dedicated stream of funding, estimated at $1 billion a year, from an allocation of five percent of Fannie Mae and Freddie Mac profits to support affordable housing development nationwide. If approved, the national housing trust moneys could be accessed by state and local housing trust funds that provide at least a 50% match of federal funds. At least 75 percent of the funds expended must provide housing for families at 30 percent of area median income or below.

I agree with you Rebecca that Frank's little project was not the source of the problem, but it is a symptom of it. I very much disagree with your concept that this crises spawned from "de-regulation".

Fannie and Freddie are GSE's, which means that these institutions, while still allowed to keep profits private, are chartered, funded, regulated, and guaranteed by the US taxpayer. The GSE's, who weren't lending their own capital out (it was being printed out of thin air by the Federal Reserve), had virtually no risk of personal loss, and hence they would package these sub-prime loans as MBSs. The banks of course, who originated these loans, could'nt care less who they loaned to, as their loan's default risk was quickly swallowed by the GSEs. Therefore all of these predatory lenders that you mentioned, are merely creations of the monster, that is, regulation.

The ultimate blame can be put on the Federal Reserve, as the artificial prosperity created through the fresh-off-the-press notes, couldn't have been made possible without them.

Regulation caused this crisis. AIG, Fannie, Freddie, and predatory lenders could not have existed without the market-distorting money creation.