New study confirms economy was destroyed by Democrat policies

[WinOne4TheGipper]

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 the economy.

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

Again, let's review:

-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.

-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.

Continue reading

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

Posted here by special request from SSB.

[Bud]

The article you linked to is posted on a conservatively biased site. Yeah, I know where I am but that's beside the point. Let me also say that when I clicked on the link I got three pop-up ads right off the bat before I could do anything. After running around a bit, I found the NBER paper that the article cites but also found that if I wanted to view the whole paper and confirm anything it had to say I had to buy it.

Also, judging by your headline, you seem to think it was merely the housing bubble that got us into economic problems when you also have to figure in things like oil prices, receding business expansion, and inflation. Then you have to consider that the economy is not actually ruined in the first place as it seems to be showing signs of improvement.

[NHSparky]

And what "signs of improvement" might those be, noob?

[andhe78]

And what "signs of improvement" might those be, noob?

But...but....but, our fearless leader says the economy is improving!!

[ChuckJ]

The article you linked to is posted on a conservatively biased site. Yeah, I know where I am but that's beside the point. Let me also say that when I clicked on the link I got three pop-up ads right off the bat before I could do anything. After running around a bit, I found the NBER paper that the article cites but also found that if I wanted to view the whole paper and confirm anything it had to say I had to buy it.

Also, judging by your headline, you seem to think it was merely the housing bubble that got us into economic problems when you also have to figure in things like oil prices, receding business expansion, and inflation. Then you have to consider that the economy is not actually ruined in the first place as it seems to be showing signs of improvement.

More people getting on food stamps is not really considered economic improvement.

[Revolution]

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

Posted here by special request from SSB.

Thus confirming what most of us in this here site already knew. Hi5.

[J P Sousa]

 Arguably the most direct way in which government policies helped spur the housing bubble
was through the affordable housing mission given to the government sponsored enterprises (GSEs)
Fannie Mae and Freddie Mac by Congress in 1992 in order to expand housing opportunities for
low- and moderate-income families.  

http://www.nber.org/papers/w15404.pdf?new_window=1

EDIT:

  The GSEs could not
guarantee subprime mortgages directly in order to fulfill their affordable housing mandate. Instead
they were allowed to purchase ostensibly safe tranches of private label MBS securities backed by
subprime mortgages and count these investments toward their obligations to lend to lower-income
home buyers. 

 The ability to lever up 40 times, meant that the GSEs’ retained portfolios (much of it subprime) quickly grew
to gigantic proportions and on the eve of the crisis in 2007 the GSEs, with more than a trillion
dollars in their retained portfolios, were the single largest subprime investors.37  

It's (the study) a FREE PDF.   (From 2009)
.

[Maxiest]

I didn't need an article to tell me this.

And Bud if you are still around, just take 2 minutes out of your little life at DU to watch this video.

I will explain it for the ignorant DU guest we get browsing our forums.

Republicans in 2004 warn of Fannie Mae and Freddie Mac's illegal book keeping and asking for more regulation and reform.

Maxine waters and Barney frank telling us there is nothing wrong.  OHREALY??????  There is more... but fast forward to the whole housing crisis.

[youtube=425,350]http://www.youtube.com/watch?v=-ohyu7-b7F8[/youtube]

[thundley4]

Government creates a problem where none existed and their continuing effort to fix it only make it worse.

[Eupher]

Government creates a problem where none existed and their continuing effort to fix it only make it worse.

They have to justify their existence in some way as to appear like they're involved, they're on top of things, and they care.  

[thundley4]

They have to justify their existence in some way as to appear like they're involved, they're on top of things, and they care.  

How are the victims of Sandy doing?  Obama can't even do that right.

[Conservative Libertarian]

I didn't need an article to tell me this.

And Bud if you are still around, just take 2 minutes out of your little life at DU to watch this video.

I will explain it for the ignorant DU guest we get browsing our forums.

Republicans in 2004 warn of Fannie Mae and Freddie Mac's illegal book keeping and asking for more regulation and reform.

Maxine waters and Barney frank telling us there is nothing wrong.  OHREALY??????  There is more... but fast forward to the whole housing crisis.

[youtube=425,350]http://www.youtube.com/watch?v=-ohyu7-b7F8[/youtube]

You are wasting your time. DUmmies are incapable of understanding facts.

[NHSparky]

Government creates a problem where none existed and their continuing effort to fix it only make it worse.

Look at what government has turned into a soup sandwich over the last 50 years: education, immigration, poverty, healthcare, energy, the list goes on, and on, and on.

I had an Econ professor back in my college days who basically said, "If you paid me $50K/year (then a damn good salary) to solve your problem, I could guarantee you one result--it would NEVER get solved."

Such is the federal government.  We look to THEM to solve problems they've created, but in reality, WE hold the solution, starting with getting rid of most of those idiots.

[Eupher]

How are the victims of Sandy doing?  Obama can't even do that right.

Victims of what? Who?

We've had to move on, my good man. The country needs us. 

[thundley4]

Victims of what? Who?

We've had to move on, my good man. The country needs us. 

The recent bill passed to deal with Sandy included money for Alaskan fisheries.  Must have been a bigger storm than they told us if it damaged Alaska.

[Eupher]

The recent bill passed to deal with Sandy included money for Alaskan fisheries.  Must have been a bigger storm than they told us if it damaged Alaska.

Why am I not surprised to hear this?

[thundley4]

Why am I not surprised to hear this?

One out of every $20 spent in a new bill to aid victims of Hurricane Sandy will go to "non-relief-related pork," says American Majority Action Spokesman Ron Meyer in an email to Breitbart News.

On Friday, the U.S. Senate passed a $60.4 billion bill that contains expenditures for areas that were unaffected by the storm, including $2 million roof repairs for Smithsonian Institution museums, $150 million for Alaskan fisheries disasters, and $58 million in taxpayer dollars to plant trees on private property in areas where Sandy never touched down. 
Sen. Tom Coburn (R-OK) attempted to remove the $150 million fisheries “pork” spending from the bill, but his amendment was defeated.  Sen. John McCain (R-AZ) tried to strike down the tree subsidies but his amendment failed as well.

Breitbart

[Eupher]

Breitbart

And they wonder why we get pissed.

From a decidedly liberal news slant (Yahoo - who could be surprised?)

"We beat back all of the crippling amendments," said Senator Charles Schumer, a Democrat from New York, which suffered the largest monetary damage in the storm.

http://news.yahoo.com/senate-approves-60-4-billion-superstorm-sandy-reconstruction-000707603.html

Some of it goes to fisheries in American Samoa, apparently impacted by a tsunami FOUR YEARS AGO:

http://heritageaction.com/2012/12/sandy-funding-to-american-samoa/

Top Ten Reasons to Oppose Sandy's Spending:

Funding to American Samoa.  On January 16, 2012, “as a result of the September 2009 tsunami,” then-Secretary of Commerce John Bryson declared, “a commercial fishery failure did occur for the bottomfish fishery.”  The Sandy disaster bill contains “$150 million for fishery disasters declared by the Secretary of Commerce in 2012.”
Shortchanging FEMA.  Okay, the Federal Emergency Management Agency’s disaster relief fund isn’t being shortchanged.  It still has roughly $5.4 billion in reserve.  Nonetheless, just 19% of the total – or $11.5 billion – would go towards the fund.  The rest goes to a myriad of other spending initiatives, as opposed to providing direct assistance to areas hard hit by Sandy.
Community Development Block Grants.  Long known for its waste and ineffectiveness, CDBG program would receive $17 billion in un-offset “emergency” spending.  Of that, just 21% would be spent over the next 21 months.
Big Business Loans.  According to the summary, the $760 million for the Small Business Administration’s disaster loan program will “support lending” to “businesses of all sizes suffering physical damage.”
Emergency Global Warming Mitigation.  Of the $5.35 billion requested for the Corps of Engineers, just $1.838 billion – or 34% – is for “disaster recovery.”  The remaining $3.512 billion is for mitigation efforts, which the Obama administration request says would be used to address “impacts associated with a changing climate.”
AMTRAK Pork.  Of the Department of Transportation’s (DOT) $12.070 billion, less than $1 billion go towards roads.  The remainder goes to mass transit, including $366 million for taxpayer-supported AMTRAK that will, among other things, be used to “increase capacity into New York City.”
Guess Work.  Many of the provisions include transfer authority, but the $200 million for the National Institute of Health (NIH) is extremely suspect.  The President’s request acknowledges, “at this time it is too early to know exact response and recovery needs for the relevant HHS programs.”
Feds First.  As outlined in the administration’s request, roughly $3 billion would go toward replacing or repairing federal assets.  Such requests should be debated in the upcoming budget season, not lumped in with response and recovery activities for states, localities, businesses and citizens.
Willful Fiscal Negligence.  Heritage explains that when you “remove unnecessary items from the Administration’s request, and you’re left with a request of $12.8 billion in supplemental funds.”  That’s just 21% of the version approved by the Senate appropriations committee.
No Spending Offsets.  America’s dire fiscal condition necessitates any additional spending be offset with spending reductions.  It’s easy. Really. Heritage recently identified $150 billion in annual spending reductions.

http://heritageaction.com/2012/12/top-ten-reasons-to-oppose-senates-sandy-spending/

I have tried without success to come up with a list of the senators who voted on this POS bill. I know it was done on a voice vote, but somebody more skilled than I will need to search THOMAS or other source and come up with that list of 12 Republican senators who fellated Dingy Harry on this one.

[Wineslob]

New study confirms economy was destroyed by Democrat policies

Un-possible. It's Bu$hes fault and any other explanation is racist.

[Dori]

Then you have to consider that the economy is not actually ruined in the first place as it seems to be showing signs of improvement.

Where is it showing signs of improvement?  Borrowing 43% of what we spend, people falling off of unemployement (no longer being counted as unemployed) doesn't show signs of improvement. 

Low inflation? Seen how much money the Feds print every month? 

[Maxiest]

Where is it showing signs of improvement?  Borrowing 43% of what we spend, people falling off of unemployement (no longer being counted as unemployed) doesn't show signs of improvement. 

Low inflation? Seen how much money the Feds print every month? 

http://www.bls.gov/news.release/empsit.nr0.htm

The unemployment rate edged down to 7.7 percent in November. The number of unemployed
persons, at 12.0 million, changed little.

[/DUMODE OFF]