Orders Plunge, GDP Growth Revised Down

Obama was in the senate, running for president at the time. And so running for president he was a leader in the Senate Please tell me what he did to try to fend off the housing collapse and the collapse of other markets?

Thanks

 

Not off hand. Why don't you do some research and tell us what you find. Then you can tell us why you think the point is relevant to anything.

 

Oh, right. Obama was a Senator, therefore, the housing crises was



But for the record, as candidate and president elect, while McCain was frantically jumping back and forth between denial and overreacting, Obama worked with members of the Congress, Bush administration and the Fed to get the TARP program passed (over the objection of Republicans) to keep the financial system from collapsing. He then intervened to save GM and Chrysler and in all likelihood the automotive industry, and then (again, over the objection of Republicans) passed a Simulus bill to mitigate the effects of the recession and turn it around.

 

Are investors not average americans?

 

I just want an answer to my question. Being a leader in the senate, and the man running for president, what did he do to help stop the housing crisis?

 

I believe he voted present.

 

You probably missed this edit:

But for the record, as candidate and president elect, while McCain was frantically jumping back and forth between denial and overreacting, Obama worked with members of the Congress, Bush administration and the Fed to get the TARP program passed (over the objection of Republicans) to keep the financial system from collapsing. He then intervened to save GM and Chrysler and in all likelihood the automotive industry, and then (again, over the objection of Republicans) passed a Simulus bill to mitigate the effects of the recession and turn it around.

 

I would rejoice at the end of the Republican Party if it was replaced by a truly Libertarian Party. Let the two party system be those who hold to Liberty vs. those who restrain or destroy it through their ceaseless expansion of bureaucratic control.

 

I'd be thrilled with a return to the old fashioned meaning of conservative on fiscal issues, which used to mean balancing the budget was the priority.

 

Obama didn't work with anyone. McCain was the one who did.

Besides that, before it was McCain and Obama, what did Obama do in the year up to the housing and financial crisis?

 

McCain went from saying the economy was in great shape to changing all his plans to run to DC to try to pretend he was going to do something.

I don't know. Do some research and report back to us.

 

No he said the fundamentals were strong.

Fact is, Obama did nothing while in the senate. Instead of coming up with a solution and doing something, he was just part of the problem.

 

I think maybe we've all gone overboard and drifted to the land of make believe. Exaggerations, falsehoods, and downright deliberate deception has become the material for our political and economic discourse. And I love every minute of it. lol

 

You sure about that? Soros is buying as much as he can.

 

Barney Frank [D] and Chris Dodd [D] controlled the housing committee in the House and Senate, respectively. They kept telling Congress, the President and the media that everything was fiscally sound with the practices of Fannie and Freddie, including the bundling of toxic assets.

I blame the Republicans for not firing them and Bush for not getting it fixed. It is everyone's fault.

 

Up down in out every day it is something. Educate your self and go vote. Maybe there is hope for America afterall.

 

How ironic. In response to the same post where I pointed out the effects of right wing propaganda, we see another example here.

No Democrats "controlled" any committee in the House or Senate while the housing bubble blew up and started imploding.

The Republicans controlled a majority in Congress, and thus controlled the committee and passage of bills.

And in fact, it was the OFHEO, an agency of the Bush WH under HUD, that kept telling everyone Fannie and Freddie were sound:

The OFHEO was responsible for oversight of Fannie and Freddie including the adequacy of their capital structure, and reported on F/F capital structure quarterly. You can see that right into 2008 they were reporting F/F were adequately capitalized.

March 31, 2003
WASHINGTON, D.C. — Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), safety and soundness regulator for Fannie Mae and Freddie Mac (the Enterprises), has determined that the Enterprises were adequately capitalized under OFHEO’s capital standards as of December 31, 2002.
http://www.fhfa.gov/webfiles/805/cc33103.pdf

March 31, 2004
WASHINGTON, D.C. — Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), safety and soundness regulator for Fannie Mae and Freddie Mac (the Enterprises), has determined that the Enterprises were adequately capitalized under OFHEO’s capital standards as of December 31, 2003. Although OFHEO imposed a capital surcharge for Freddie Mac in January 2004 due to increased operational risk, that surcharge does not impact past periods, including the fourth quarter 2003.
http://www.fhfa.gov/webfiles/798/capclass33104.pdf

March 31, 2005
WASHINGTON, D.C. — Armando Falcon, Jr., Director of the Office of Federal Housing Enterprise Oversight (OFHEO), safety and soundness regulator for Fannie Mae and Freddie Mac (the Enterprises), has classified Freddie Mac as adequately capitalized as of December 31, 2004.
http://www.fhfa.gov/webfiles/792/capclassfreddie33105.pdf


March 31, 2006
WASHINGTON, D.C. — Stephen Blumenthal, Acting Director of the Office of Federal Housing Enterprise Oversight (OFHEO), safety and soundness regulator for Fannie Mae and Freddie Mac (the Enterprises), classified Fannie Mae and Freddie Mac as adequately capitalized as of December 31, 2005.
http://www.fhfa.gov/webfiles/787/capclass33106.pdf


March 30, 2007
WASHINGTON, DC — James B. Lockhart III, Director of the Office of Federal Housing Enterprise Oversight (OFHEO), the safety and soundness regulator for Fannie Mae and Freddie Mac, classified Fannie Mae and Freddie Mac as adequately capitalized as of December 31, 2006. Fannie Mae’s classification is based on estimated numbers submitted by Fannie Mae and not financial statements released to shareholders. Freddie Mac’s classification is based upon numbers consistent with the information statement and annual report it released on March 23, 2007.
http://www.fhfa.gov/webfiles/2235/4Q06capclass.pdf


Sept 27, 2007
WASHINGTON, DC . James B. Lockhart, Director of the Office of Federal Housing Enterprise Oversight (OFHEO), the safety and soundness regulator for Fannie Mae and Freddie Mac, classified Fannie Mae and Freddie Mac as adequately capitalized as of June 30, 2007.
http://www.fhfa.gov/webfiles/780/OFHEO_mincap_2q07.PDF

March 11, 2008
WASHINGTON, DC . James B. Lockhart, Director of the Office of Federal Housing Enterprise Oversight (OFHEO), the safety and soundness regulator for Fannie Mae and Freddie Mac, classified Fannie Mae and Freddie Mac as adequately capitalized as of December 31, 2007. Both Fannie Mae and Freddie Mac have publicly released financial results for year-end 2007 and OFHEO.s results are consistent with those publicly released data.

http://www.fhfa.gov/webfiles/777/OFHEO_mincap_4q07.PDF


June 9, 2008
WASHINGTON, DC . James B. Lockhart, Director of the Office of Federal Housing Enterprise Oversight (OFHEO), the safety and soundness regulator for Fannie Mae and Freddie Mac, classified Fannie Mae and Freddie Mac as adequately capitalized as of March 31, 2008. Both Fannie Mae and Freddie Mac have publicly released financial results for the first quarter 2008 and OFHEO.s results are consistent with those publicly released data.

http://www.fhfa.gov/webfiles/776/OFHEO_mincap_1q08.PDF

October 9, 2008
FHFA ANNOUNCES SUSPENSION OF CAPITAL CLASSIFICATIONS DURING CONSERVATORSHIP AND DISCLOSES MINIMUM AND RISK-BASED CAPITAL CLASSIFICATIONS AS UNDERCAPITALIZED FOR THE SECOND QUARTER 2008 FOR FANNIE MAE AND FREDDIE MAC ... Director Lockhart is classifying Fannie Mae and Freddie Mac as of June 30, 2008, prior to the conservatorship, as undercapitalized using FHFA.s discretionary authority provided in the statute.

http://www.fhfa.gov/webfiles/775/FHFA_Suspension.PDF
http://www.fhfa.gov/Default.aspx?Page=178&ListNumber=0&ListYear=2002

Ooops.

 

Remember, Brad, that while a lot of average American working taxpayers may not care much about the stock market, many of them do have IRA's and 401k's that are tied directly to the stock market. But I am enraged that the Federal Reserve System and the Obama regime deliberately screwed people who responsibly built up their savings by jacking up the money supply to stratospheric levels and ran interest rate levels down to dirt-level. Plus, at the same time, they blew hundreds of billons in "stimulus", Quantitative Easings 1, 2, and 3, "Twist 1 an 2", mortgage-backed securities, and all this other irresponsible, borderline criminal crap just to SAVE and RESCUE the clot of investment bankers and stock market speculators who caused nearly all the original problems in the first place! Everything imaginable was done for the banks and Wall Street, and the rest of us got bent over and HOSED!

They should have been allowed to FAIL, but instead, saving their worthless, miserable asses has been Obama's and the Fed's TOP priority, and I've never seen a convincing argument that it wasn't. Oh, yes, it can be speculated that by saving the bankers and Wall Street we averted a total collapse. I have never believed that we were going to "collapse" by allowing a bunch of reckless, irresponsible mega-rich bastards to go broke, but while they've cashed their multi-million dollar bonus and incentive checks, I'm sure they're glad they had the Federal Reserve and the "useful idiot" Obama regime looking out for them....

 

Define a lot. As far as I know, most funds are tied to money market ponzi scams.

http://www.marketwatch.com/story/money-market-outflows-1954-bln-in-latest-week-2012-04-04

And most people are pulling OUT.

 

You're right, and a lot of us who pulled out early saved our own butts! I saw this whole "crash" coming like a runaway freight train, back in 2005 - 2006, and I exercised the last of my stock options by June 2007, walking away with a very nice profit. By late July of that year the **** began to hit the fan and within a month, Bernanke began stuffing money in the banks. It was so easy to see coming for so long, and I'm not a "financial wizard".

Obama enthusiasts and Federal Reserve admirers love to point out that the stock market is over 13,000 today, and so, yes, I missed out on the big "faux-recovery" fraud-balloon. The WHOLE thing is based on borrowed money, manipulated money supply, and increasingly worthless money, "kicking the can down the road", "whistling past the graveyard", etc., etc.

As soon as the election is over, we will have "stagflation", perhaps worse than the 1970's, and with the extra added weight of over SIXTEEN TRILLION DOLLARS IN NATIONAL DEBT. If you been to a grocery store or a gas station during the past few months, you've seen it already gaining momentum. So, if I missed out on Obama's big hooptie "recovery", I'll also miss out on the next crash, which will likely be considerably worse than anything we've seen in this "Great Recession". Funny... in a lot of ways the crap we went through in the 1970's was much worse....

 

I sold and raised a ton of cash in 06, then when we hit the skids I started buying the dividend payers on the cheap. The baby boomers need income, look at the reits and junk bonds. I'm going to keep dancing till the musics over, get out and do it again. I agree it will be a mess for a while. For the people that don't care about the stock market, good luck, they will stay poor and keep running their mouths.

 

You are smart! And I do surely mean that! If I screwed up, it was in not going for the dividend play. I've got my eye on three prospects now, but I don't want to do anything until this election takes a definite turn, one way or another. If Romney wins, I'll be willing to take more risk. If Obama is re-elected, I see really bad, bad times coming. I'd like to know how you see it, though....

 

It never ceases to amaze me how many perfect traders there are on the internet.

 

Definitely not me, I lost 4% on my oil long just the other day.

 

Serious free advice: Take every penny you have out of the stock market NOW! Even if it costs you something to do it. Buy gold.......real gold not 'on paper gold'. IMO if Obama wins the stock market will collapse as literally TRILLIONS of dollars are moved out of the country. When you see thousands of heavy trucks hauling entire manufacturing factories quietly moving to Canada it will be too late to get at your hard earned 'paper' money. BTW the trucks are already on the move and not all of them are hauling watermelons into Canada. The Obama 'Jonestowners' MSM are not reporting it but it's been going on for a couple of years. Ask any Canadian border agent what's in those thousands of trucks.
Suppose I'm wrong and Obama is reelected and by-golly the economy really truly starts recovering for some inexplicable reason. You can always sell your gold, which will have already made you some money, and get back into investments. If you're smart enough to actually still have money to invest you're smart enough to follow your 'gut'.
I honestly believe that if Obama gets another four years large parts of the US landscape will look like rural China and there will be a VERY violent mass exodus from the cities into the country by millions of people who will be prepared to do literally anything to survive but have zero practical skills. That makes for anarchy. Good luck to anyone who thinks they can defend themselves from a thousand starving desperate former city dwellers. I know all this sounds far fetched but the possibility of complete social/economic collapse might be only a year away.