Wall Street Watchdog Too Broke to Do Its Job Thanks to GOP Cutbacks

and bush could have reined it in if he had wanted to

 

The banks were complaining to Congress that European banks were getting into investments that they have been kept out of for years through the Glass-Steagall Act and stealing much of the business. To help them out, Congress repealed part of that act. ( repealing the Glass-Steagall Act was passed in both the House and the Senate with large majorities. President Bill Clinton signed the legislation into law in late November, 1999.). Now Congress was aware of the dangers of doing this, but didn't monitor the banks.

 

It was designed to fail from the start? Either Democrats are failures and inept or they are purposely trying to screw over the country. Which is it?

Democratic fingerprints are all over the economic mess we are in now. It wasn't Bush or the Republican congresses of the 90s and 00s that pushed banks to qualify people who were unqualified for home loans. It was Clinton and the Democrats.

 

Much of the damage had already been done by the time Bush even came into office. Hundreds of thousands of bad loans coming back. Why do you think he was warning Congress about F/M back in 2001?

 

Funny how Democrats like to say they are much more informed than dumb Republicans, but they seem to know nothing about how they and Clinton pushed banks to lend money to people who couldn't afford it and want to blame Bush for everything. Not saying the Republicans are innocent, they aren't. But Democrats were right in the thick of helping to bring this economy down. Obama is pushing for more home loans for the poor even now.

 

Sound familiar?

The Obama administration is engaged in a broad push to make more home loans available to people with weaker credit, an effort that officials say will help power the economic recovery but that skeptics say could open the door to the risky lending that caused the housing crash in the first place.

President Obama’s economic advisers and outside experts say the nation’s much-celebrated housing rebound is leaving too many people behind, including young people looking to buy their first homes and individuals with credit records weakened by the recession

http://www.politisite.com/2013/04/0...o-make-home-loans-to-people-with-poor-credit/

 

Take the (*)(*)(*)(*)ing hundreds of millions spent on a useless joke of a internet site and add them to a (*)(*)(*)(*)ing gazillions wasted on dead liberals and illegal aliens whom IRS loves to send checks, and we'll have enough to fund that, and any other essential government program.

 

I'm sick of reading Bush this and Bush that. Bush is not a president; why aren't we talking about the schmuck of the White House? Last I checked, he was in charge....

 

President Obama's economic advisers, isn't that a scarry thought? Are we going to have another Clinton, forcing banks to loan to people who can't afford it?

 

Actually for the first time ever I am seeing in nominally left tilted media outlets genuine criticism of Obama and an admission -- finally! -- that he's not even particularly competent at his job. For instance:

http://news.yahoo.com/president-obama-used-popular-guy-now-not-much-201659770.html

It is at least a start. A very much long overdue start by a media that has acted like a lap dog of Obama's for far, far too many years.

 

what a bunch of malarkey

 

Well sir, I challenge you to refute anything I said. Notice I backed it all up with web sites that you can read or check on.

 

The other day I've got the same reply (not from you) on my statement "Obama is incompetent"

 

LOL...Agent.....you are a frikkin laugh...if Dem's would have stopped the stupid "lets pressure banks to give loans to people no matter what their ability to pay it back is" scheme we wouldn't be in the mess we are in now.......BUT THEY REFUSED! Thank Barney and Chris for that.....you're welcome.

 

Ah, lets play for awhile anyway.

New Prosperity Initiative
April 11, 2000
“I propose a New Prosperity Initiative…A plan to
help remove obstacles on the road to the middle class…
Instead of helping people cope with their need, we will
help them to move beyond it. With the same energy and
activism that others have brought to expanding government,
we must expand opportunity.”
Governor George W. Bush

 

The biggest hurt is what we lost to NAFTA and Free Trade. I don't know how we can bring this economy back unless we do more to bring jobs back. I can see us getting over the housing disaster and even the banking scandal. But how can we bring back the economy without good paying jobs and that seems to be on Obama's back burner. He blew billions trying to get his union police, fire and teachers back to work after layoffs, but when that money was gone they got laid off again. He would have been better served if he had used it building infrastructure and let all those tax dollars bring back the police, fire and teachers. Now with billions wasted, we have nothing to show for it. Especially no infrastructure.

 

So? Give them the opportunity to get ahead and they can fill their own needs. Sort of like giving the poor a fish each day. Give him a fishing poll, teach him how to use it and he can catch his own fish.

 

Yawn: http://georgewbush-whitehouse.archives.gov/news/releases/2004/08/20040809-9.html

Check the date. Bush absolutely pushed the banks. The 2004-2006 housing bubble was stoked by the Republicans, no question.

 

Which calls for approving toxic loans...where, exactly?

- - - Updated - - -

He called fror toxic loans,and further involvement of the GSEs?

Please quote those two claims, please,which is what it will take to make your attempted point.

 

By "unqualified" do you mean poor and mostly minority citizens? Because the first loans that imploded were exotic loans that middle class americans were using as tools to turn their increasing equity into income, with the false belief that they'd always be able to refinance before that bubble payment or rate adjustment came to pass. If any one large demographic is to blame, it's middle class people who, in order to keep up with the Ameican Dream™ had to use their home equity to offset stagnating wages so they could afford jetskis and vacations to Maui. I get that Wall Street is just doing its job by fighting legislation and spending millions scaling back regulations, however socially undesirable the results have been.

 

Anything a conservative says is Malarkey...

 

This is not an actual answer. Their entire purpose for existing at this point is just to handle this. They do not because they are corrupt, not broke. If the inaction over price fixing and Libor wasn't enough to show you... here... do some background from your own source.
http://www.huffingtonpost.com/news/commodity-futures-trading-commission/

This isn't left vs right... it is corruption at the highest levels vs the interests of the American people.

 

Sorry but your entirely wrong. I have already showed where Clinton was pushing banks to make loans to the poor back in early 1990's He didn't seem to care if they could afford the payments or not. Bush's
The American Dream Down payment Initiative (ADDI) Program is designed to assist poorer first-time home buyers His administration would help pay the down payment and closing cost. BUT there was some qualifications that went with it the Democrats never asked for in their push for homes for the poor.

Applicants may be awarded up to $5,000 in the form of a five-year forgivable loan that can only be used for a down payment and/or closing costs.BUT

The buyer must:
•be a first-time homebuyer
•be at or below 80% of the median area income
•complete homebuyers counseling through a HUD approved agency
•provide valid documentation of all sources of income (employment and benefits)

•pass a local housing code inspection (conducted by the City Building Department)

Bush wanted to help the poor, but wanted to make sure they could afford the payments and the home was in good condition and not cost a fortune to fix. Much different than what the Democrats were pushing

 

......

Why are republicans always playing the blame game and trying to place the blame elsewhere? Look how the current rabid republican groupies are lauding the glitches appearing in the tech rollout of Obamacare...that will also backfire against the republican party because American citizens are weary of the back biting, put the blame anywhere but on any republican agenda, and their totally unacceptable behavior in shutting down the government because theur histage taking didn't work!!

btw: I don't need to 'play games'...the truth always suffices.

 

Welll if we look at enough Liberal posts, you can easily see that Liberals aren't innocent of placing blame on Republicans. Much like putting all the blame on Bush for bringing down this economy and the housing fiasco. It just isn't true.

Now I agree the Republicans have run the health care sign up in the ground and I am sure it will eventually be fixed. I heard that Obama will delay signups for a few weeks because of it, I hope it's true. The most important thing is if Obama care will be fordable to buy and if the government can afford it. Only time will tell there. I also didn't believe in the government shut down. But it's for sure Obama has made a lot of promises that just isn't true. He has also fought almost all cuts. We can't keep running up debt when we can't pay for what we have now.