The Obama Administration thread

[SLCPUNK]

Lets talk economy. He appointed a person who's major responsibility is the protection of the dollar, and in a world televised press conference he created doubt in the strength of the dollar by lending credence to a world currency... which in turn dropped the stock market (which had been in a minor upturn) into a 300 point tailspin.

I understand that the last 8 years weren't the greatest 8 in the history of the US, but the current administration has made some colosal blunders in the first 90 days. just because he hasn't packed 8 years of mistakes into his first 90 days doesn't mean that we are on the right course.

A significant amount of his cabinet appointees were tax evaders (funny considering he plans on raising taxes in that bracket... suppose it helps when you don't plan on paying them). He insulted the British Prime Minister and Citizens by handing a political gift back over because of a personal gripe (then when meeting him for the first time stupidly game him a gift of DVD's that can;t be played in England)... to follow that up he gave the Queen of England and iPod (are you fucking kidding me... an iPod??). In his continuing goal to make government as large as possible the government is in the process of handling auto warranties??? So at this point I don't have to work, I can get free insurance, they'll pay my mortgage and fix my car? but based on his current plan if I'm young enough I will have mandatory volunteerism (which kind of kills the volunteer part).

I could go on.. but I suppose that would be mindless pilling on (which is completely different than moveon.org's MO the past 6 years).

I'm still waiting for you to talk about the economy....

[Smoking Guns]

Lets talk economy. He appointed a person who's major responsibility is the protection of the dollar, and in a world televised press conference he created doubt in the strength of the dollar by lending credence to a world currency... which in turn dropped the stock market (which had been in a minor upturn) into a 300 point tailspin.

I understand that the last 8 years weren't the greatest 8 in the history of the US, but the current administration has made some colosal blunders in the first 90 days. just because he hasn't packed 8 years of mistakes into his first 90 days doesn't mean that we are on the right course.

A significant amount of his cabinet appointees were tax evaders (funny considering he plans on raising taxes in that bracket... suppose it helps when you don't plan on paying them). He insulted the British Prime Minister and Citizens by handing a political gift back over because of a personal gripe (then when meeting him for the first time stupidly game him a gift of DVD's that can;t be played in England)... to follow that up he gave the Queen of England and iPod (are you fucking kidding me... an iPod??). In his continuing goal to make government as large as possible the government is in the process of handling auto warranties??? So at this point I don't have to work, I can get free insurance, they'll pay my mortgage and fix my car? but based on his current plan if I'm young enough I will have mandatory volunteerism (which kind of kills the volunteer part).

I could go on.. but I suppose that would be mindless pilling on (which is completely different than moveon.org's MO the past 6 years).

I'm still waiting for you to talk about the economy....

Historically Speaking printing more money leads to inflation.  Historically speaking inflation caused from printing more money isn't a good thing.

[SLCPUNK]

This thread only goes to show what an amazing group of biter hypocrites you all are.

[C0ma]

I'm still waiting for you to talk about the economy....

Lets talk economy. He appointed a person who's major responsibility is the protection of the dollar, and in a world televised press conference he created doubt in the strength of the dollar by lending credence to a world currency... which in turn dropped the stock market (which had been in a minor upturn) into a 300 point tailspin.

If you don't think his appointment of Geitner has a direct effect on the economy... and thus far in a less than positive way... you are looking at this with blinders.
We have a person running the Treasury (in a time where the President is looking to raise taxes and lower possible deductions for the rich) who has had significant tax issues dating back to 2001...
This man directly effected our economy just 2 weeks ago by lowering confidence in the dollar durring an international press conference... I can't stress enough that his whole job is protect the dollar.

[SLCPUNK]

The appointment hasn't done a thing for or against the economy (which you seem to be under the impression is represented solely by the DOW.)

[C0ma]

It's not represented soley by the DOW, but the strength of the dollar does directly effect the US economy. He lowered confidence in the corner stone of our economy.

[SLCPUNK]

It's not represented soley by the DOW, but the strength of the dollar does directly effect the US economy. He lowered confidence in the corner stone of our economy.

Yes, despite the bi-polar volatility of the markets and the fact that the US dollar is but one aspect of a highly interwoven global economy, his words have done us in.

You grinding up Oxys with Rush or what?

[C0ma]

I point out his blunder and I'm doing oxy's with Rush...

Did I say Geitner did us in? no.
Have I lost any trust I may have had in him because he apparently doesn't fully understand his job? yes.
Am I worried that Barack Obama is creating a Government with far too much control over everyday life in America? yes.
Do I think the Government should be firing CEO's of private companies? No
Do I think the Government should be in the business of Auto Warranties? No
Do I think the Government should be dictating the role of Public Service for Private Citizens? No
Do I think the Goverment on a whim should be determining that a very specific group of people should be taxed at 90 percent (even though the bailout determined they were owed said money)? no

*Sorry the Oxy's got me off topic there*

I suppose thats all due to my Oxy problem, because those are all non issues or I am just making them up and/or blowing them out of proportion.


Edit: This (not this specific topic but the political discussion in general) reminds me of a funny joke I heard on the radio today... (I;m sure I'll butcher this)

A Republican and his two Liberal friends (Husband and Wife) are at a cookout. The Liberals 8 year old daughter comes over to say hi to th Republican friend. He asks the daughter what she wants to be when she grows up... she thinks for a second and says President of the United States. He then asks her what she would do as President. She responds "I would give houses and food to all homeless people"... He then tells her that she can do that right now. He'll bring her back to his house where she can mow his lawn and clean his house. He will then give her 50 dollars which she can then bring down to the center of town so she can give the fifty dollars to a homeless man for food. She looks puzzled and asks the Republican why the homeless man just doesn;t come to his house and mow the lawn for the 50 dollars... he looks down and says "Welcome to the Republican Party!". Her parents then stomped away with her.

[jarmo]

A Republican and his two Liberal friends (Husband and Wife) are at a cookout. The Liberals 8 year old daughter comes over to say hi to th Republican friend. He asks the daughter what she wants to be when she grows up... she thinks for a second and says President of the United States. He then asks her what she would do as President. She responds "I would give houses and food to all homeless people"... He then tells her that she can do that right now. He'll bring her back to his house where she can mow his lawn and clean his house. He will then give her 50 dollars which she can then bring down to the center of town so she can give the fifty dollars to a homeless man for food. She looks puzzled and asks the Republican why the homeless man just doesn;t come to his house and mow the lawn for the 50 dollars... he looks down and says "Welcome to the Republican Party!". Her parents then stomped away with her.

Except the Republican would shoot the homeless person on his lawn before any mowing even begun.....

Right to bear arms and all that.





/jarmo

[Smoking Guns]

A Republican and his two Liberal friends (Husband and Wife) are at a cookout. The Liberals 8 year old daughter comes over to say hi to th Republican friend. He asks the daughter what she wants to be when she grows up... she thinks for a second and says President of the United States. He then asks her what she would do as President. She responds "I would give houses and food to all homeless people"... He then tells her that she can do that right now. He'll bring her back to his house where she can mow his lawn and clean his house. He will then give her 50 dollars which she can then bring down to the center of town so she can give the fifty dollars to a homeless man for food. She looks puzzled and asks the Republican why the homeless man just doesn;t come to his house and mow the lawn for the 50 dollars... he looks down and says "Welcome to the Republican Party!". Her parents then stomped away with her.

Except the Republican would shoot the homeless person on his lawn before any mowing even begun.....

Right to bear arms and all that.





/jarmo

Axl strongly believes in a the right to bear arms.

[jarmo]

What's that got to do with anything?






/jarmo

[C0ma]

A Republican and his two Liberal friends (Husband and Wife) are at a cookout. The Liberals 8 year old daughter comes over to say hi to th Republican friend. He asks the daughter what she wants to be when she grows up... she thinks for a second and says President of the United States. He then asks her what she would do as President. She responds "I would give houses and food to all homeless people"... He then tells her that she can do that right now. He'll bring her back to his house where she can mow his lawn and clean his house. He will then give her 50 dollars which she can then bring down to the center of town so she can give the fifty dollars to a homeless man for food. She looks puzzled and asks the Republican why the homeless man just doesn;t come to his house and mow the lawn for the 50 dollars... he looks down and says "Welcome to the Republican Party!". Her parents then stomped away with her.

Except the Republican would shoot the homeless person on his lawn before any mowing even begun.....

Right to bear arms and all that.





/jarmo

  I said I might butcher it... that was the logical next step in that story.

[SLCPUNK]

I point out his blunder and I'm doing oxy's with Rush...

No, what you're doing is manufacturing outrage at any faux pas you can get your hands on.

Edit: The DOW has had it's best month run in months because of unexpected good news coming from financials and other reports. The irony of you hypocritical claim is that the dollar was decimated under Bush and has remained volatile for sometime since. It's like claiming that Obama is directly responsible for the DOW dropping a month after he takes office (which the GOP media outlets have done), never mind that it dropped 5000 points before he took office.

[C0ma]

I would agrue that the current financial mess and plumet of the market over the last 6-9 months has less to do directly with the Bush Administration and more to do with the following:

http://www.boston.com/bostonglobe/editorial_opinion/oped/articles/2008/09/28/franks_fingerprints_are_all_over_the_financial_fiasco?mode=PF

Frank's fingerprints are all over the financial fiasco
By Jeff Jacoby , Globe Columnist  | 


'THE PRIVATE SECTOR got us into this mess. The government has to get us out of it."

That's Barney Frank's story, and he's sticking to it. As the Massachusetts Democrat has explained it in recent days, the current financial crisis is the spawn of the free market run amok, with the political class guilty only of failing to rein the capitalists in. The Wall Street meltdown was caused by "bad decisions that were made by people in the private sector," Frank said; the country is in dire straits today "thanks to a conservative philosophy that says the market knows best." And that philosophy goes "back to Ronald Reagan, when at his inauguration he said, 'Government is not the answer to our problems; government is the problem.' "

In fact, that isn't what Reagan said. His actual words were: "In this present crisis, government is not the solution to our problem; government is the problem." Were he president today, he would be saying much the same thing.

Because while the mortgage crisis convulsing Wall Street has its share of private-sector culprits -- many of whom have been learning lately just how pitiless the private sector?s discipline can be -- they weren't the ones who "got us into this mess." Barney Frank's talking points notwithstanding, mortgage lenders didn't wake up one fine day deciding to junk long-held standards of creditworthiness in order to make ill-advised loans to unqualified borrowers. It would be closer to the truth to say they woke up to find the government twisting their arms and demanding that they do so - or else.

The roots of this crisis go back to the Carter administration. That was when government officials, egged on by left-wing activists, began accusing mortgage lenders of racism and "redlining" because urban blacks were being denied mortgages at a higher rate than suburban whites.

The pressure to make more loans to minorities (read: to borrowers with weak credit histories) became relentless. Congress passed the Community Reinvestment Act, empowering regulators to punish banks that failed to "meet the credit needs" of "low-income, minority, and distressed neighborhoods." Lenders responded by loosening their underwriting standards and making increasingly shoddy loans. The two government-chartered mortgage finance firms, Fannie Mae and Freddie Mac, encouraged this "subprime" lending by authorizing ever more "flexible" criteria by which high-risk borrowers could be qualified for home loans, and then buying up the questionable mortgages that ensued.

All this was justified as a means of increasing homeownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank of Boston advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.

As long as housing prices kept rising, the illusion that all this was good public policy could be sustained. But it didn't take a financial whiz to recognize that a day of reckoning would come. "What does it mean when Boston banks start making many more loans to minorities?" I asked in this space in 1995. "Most likely, that they are knowingly approving risky loans in order to get the feds and the activists off their backs . . . When the coming wave of foreclosures rolls through the inner city, which of today's self-congratulating bankers, politicians, and regulators plans to take the credit?"

Frank doesn't. But his fingerprints are all over this fiasco. Time and time again, Frank insisted that Fannie Mae and Freddie Mac were in good shape. Five years ago, for example, when the Bush administration proposed much tighter regulation of the two companies, Frank was adamant that "these two entities, Fannie Mae and Freddie Mac, are not facing any kind of financial crisis." When the White House warned of "systemic risk for our financial system" unless the mortgage giants were curbed, Frank complained that the administration was more concerned about financial safety than about housing.

Now that the bubble has burst and the "systemic risk" is apparent to all, Frank blithely declares: "The private sector got us into this mess." Well, give the congressman points for gall. Wall Street and private lenders have plenty to answer for, but it was Washington and the political class that derailed this train. If Frank is looking for a culprit to blame, he can find one suspect in the nearest mirror.

Jeff Jacoby can be reached at jacoby@globe.com.

No, what you're doing is manufacturing outrage at any faux pas you can get your hands on.

I fail to see how my pointing out the pitfalls and shortcomings of the current administration is any different than the tatics employed by 'your side' durring the past 8 years. If Bush so much as walked funny across the South Lawn there were three pages of posts that read like a moveon.org rally. I simply point out that the Head of the Treasury, who's primary responsibility is the strength of the dollar, managed to undermine what little strength it had by lending credence to a World Currency and I am 'manufacturing faux paus'... If his job is the protection of the dollar, I find what he did to be gross negligence.

[SLCPUNK]

Yes, it's the fault of the poor people! Also it's Frank's fault.. who was the minority party at the time. Please tell me Coma how the Minority party was able to block a veto proof GOP Congress? I'd love to hear that one. Why didn't Bush's Congress put a stop to all this in 2001 then?

Also, this guy clearly doesn't have a clue about what the CRA does and what banks must adhere to in order to be a participant in their programs.

Alt A loans are now defaulting before reset, how is that the fault of lower income poor credit individuals?

Yes, you are manufacturing outrage and clearly missed the point. In light of everything that is happening right now, the fact that you would find something so trivial and claim that was undermining (Hmmm where have I heard that word before?) the strength of the dollar is not just preposterous it's totally fucking stupid.

[SLCPUNK]

Crack me up man, you Republicans are such a bunch of clowns. My cousin blames the poor people too for this mess, yet his eight properties, EIGHT, are all going back to the bank.

[D]

so if someone were doing a paper on the economy, what would u say are the three main things that have led to this?

I don't think it is fair for anyone to blame Obama right now. This certainly isn't his mess and the fact he is taking on this seemingly impossible task is admirable.

[SLCPUNK]

Newt thinks Obama should have the ship turned around already, which in itself is ridiculous.

[C0ma]

Yes, it's the fault of the poor people! Also it's Frank's fault.. who was the minority party at the time. Please tell me Coma how the Minority party was able to block a veto proof GOP Congress? I'd love to hear that one. Why didn't Bush's Congress put a stop to all this in 2001 then?

It's not the fault of the poor people... it's the fault of the people who made it everyone's 'right' to own a home (rich, middle class, or poor). I don't fault someone who over extended themselves because they were led to believe that these convoluted programs weren't going to have them so upside down that there would be no recovering.

http://gatewaypundit.blogspot.com/2008/09/bush-called-for-reform-of-fannie-mae.html#links

     ?For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted.
     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.
http://www.whitehouse.gov/news/releases/2008/09/20080919-15.html *** this content has been removed since Obama Changed Office

     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)

cont.

[C0ma]

cont...

** 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.
http://hotair.com/archives/2008/09/17/mccains-attempt-to-fix-fannie-mae-freddie-mac-in-2005/

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://astuteblogger.blogspot.com/2008/09/sub-prime-slime-obama-and-pritzker-and.html

UPDATE: The media is not reporting that the failed financial institutions are big Obama donors.
http://newsbusters.org/blogs/warner-todd-huston/2008/09/21/media-not-reporting-failed-financial-agencies-are-big-donors-oba