ADL Honors George W. Bush With Its Highest Award

[MuyLocoNC]

Mr. Bush did foresee the danger posed by Fannie Mae and Freddie Mac, the government-sponsored mortgage finance giants. The president spent years pushing a recalcitrant Congress to toughen regulation of the companies, but was unwilling to compromise when his former Treasury secretary wanted to cut a deal. And the regulator Mr. Bush chose to oversee them — an old prep school buddy — pronounced the companies sound even as they headed toward insolvency.
As early as 2006, top advisers to Mr. Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Mr. Bush and his team misdiagnosed the reasons and scope of the downturn; as recently as February, for example, Mr. Bush was still calling it a “rough patch.”
The result was a series of piecemeal policy prescriptions that lagged behind the escalating crisis.
“There is no question we did not recognize the severity of the problems,” said Al Hubbard, Mr. Bush’s former chief economics adviser, who left the White House in December 2007. “Had we, we would have attacked them.”
Looking back, Keith B. Hennessey, Mr. Bush’s current chief economics adviser, says he and his colleagues did the best they could “with the information we had at the time.” But Mr. Hennessey did say he regretted that the administration did not pay more heed to the dangers of easy lending practices. And both Mr. Paulson and his predecessor, John W. Snow, say the housing push went too far.
“The Bush administration took a lot of pride that homeownership had reached historic highs,” Mr. Snow said in an interview. “But what we forgot in the process was that it has to be done in the context of people being able to afford their house. We now realize there was a high cost.”
For much of the Bush presidency, the White House was preoccupied by terrorism and war; on the economic front, its pressing concerns were cutting taxes and privatizing Social Security. The housing market was a bright spot: ever-rising home values kept the economy humming, as owners drew down on their equity to buy consumer goods and pack their children off to college.
Lawrence B. Lindsey, Mr. Bush’s first chief economics adviser, said there was little impetus to raise alarms about the proliferation of easy credit that was helping Mr. Bush meet housing goals.
“No one wanted to stop that bubble,” Mr. Lindsey said. “It would have conflicted with the president’s own policies.”
Today, millions of Americans are facing foreclosure, homeownership rates are virtually no higher than when Mr. Bush took office, Fannie and Freddie are in a government conservatorship, and the bailout cost to taxpayers could run in the trillions.
http://www.nytimes.com/2008/12/21/business/21admin.html?pagewanted=all&_r=0


HEY HOW ABOUT CITING YOUR SOURCE?

Maybe you missed it. I was going for a Cheesy style C&P, devoid of source.

But, since you asked, it was Whitehouse.gov.

 

[ChesusRice]

So Mr. Bush had to, in his words, “use the mighty muscle of the federal government” to meet his goal. He proposed affordable housing tax incentives. He insisted that Fannie Mae and Freddie Mac meet ambitious new goals for low-income lending.
Concerned that down payments were a barrier, Mr. Bush persuaded Congress to spend up to $200 million a year to help first-time buyers with down payments and closing costs.
And he pushed to allow first-time buyers to qualify for federally insured mortgages with no money down. Republican Congressional leaders and some housing advocates balked, arguing that homeowners with no stake in their investments would be more prone to walk away, as Mr. West did. Many economic experts, including some in the White House, now share that view.
The president also leaned on mortgage brokers and lenders to devise their own innovations. “Corporate America,” he said, “has a responsibility to work to make America a compassionate place.”http://www.nytimes.com/2008/12/21/business/21admin.html?pagewanted=all&_r=0

 

[ChesusRice]

Maybe you missed it. I was going for a Cheesy style C&P, devoid of source.

But, since you asked, it was Whitehouse.gov.

Then link directly to everything you cited.

And talk about revisionist

I source almost everything I paste.
Doesnt matter you still complain

 

[UncleBuck]

barney frank singlehandedly and secretly controlled both chambers of congress and the presidency.

nevermind that HW boooo0000ooo0oo0o0o0osh signed into law the lending practices in question.

nevermind that W booo0o0o0o0o0o0o0o0sh was president with two republican chambers of congress when things were getting out of hand.

nevermind that glass steagall repeal was a GOP law that would have been signed into law by booo0o0oo0oo0o0osh had clinton not done it.

it was all barney frank's fault, and barney frank is GHHHHEEEEEEEEEYYYYYYYYYYYYYYYYY.

 

[MuyLocoNC]

Shit, you have a NY Times article (lol), all I've got is proof of 6+ years of submitted plans and warnings that were PUBLICLY scoffed and laughed at by Democrat leaders. You know, the ones that had the actual ability to make changes that could have prevented the entire debacle. But hey, you got an article from a liberal rag that blames Bush, doesn't even touch on his repeated plans and warnings and lets the Dems responsible off the hook.

You sure showed me. I guess in ten years it's gonna Boehner who said "You can keep your health care plan..." Look, I got a NY Times article that says so, it MUST be accurate.

Your mistake is trying to peddle that bullshit to someone who was involved and aware during the time period in question. You need to sell that crap to people my kid's ages, they have no idea how full of shit you are. I know, let's get it in a history book and have complicit, liberal douchebag profs peddle it for us. I got a NY Times article AND my Prof told me so, Boehner said it.

 

[MuyLocoNC]

barney frank singlehandedly and secretly controlled both chambers of congress and the presidency.

nevermind that HW boooo0000ooo0oo0o0o0osh signed into law the lending practices in question.

nevermind that W booo0o0o0o0o0o0o0o0sh was president with two republican chambers of congress when things were getting out of hand.

nevermind that glass steagall repeal was a GOP law that would have been signed into law by booo0o0oo0oo0o0osh had clinton not done it.

it was all barney frank's fault, and barney frank is GHHHHEEEEEEEEEYYYYYYYYYYYYYYYYY.

Im SURE you didn't read any of it. But, the part where Harry Reid REFUSED to consider, let alone address the plans and warning might interest you. Barney barely matters, he's just a fat liberal jackass that happens to be dumb as fuck. His sexual preference only matters to bigot baiters™.

 

[UncleBuck]

...Democrat leaders. You know, the ones that had the actual ability to make changes...

oh, you mean the democrat leaders who were the minority on both chambers of congress and who had no control over the executive while bush went around for years promoting record high home ownership in SOTU speeches and reelection ads?

 

[NoDrama]

I source almost everything I paste.

yes, you almost source everything, almost all the time. Almost.

 

[Dr Kynes]

yes, you almost source everything, almost all the time. Almost.

he ALMOST sources Some of the shit he copy/pastes.

i'm sure he considers copying the URL or providing the name of the author and the publication where he read it, but thats so much work...

but he really considered going that extra inch and sourcing that shit, and that certainly counts for something, doesnt it?

 

[ChesusRice]

Im SURE you didn't read any of it. But, the part where Harry Reid REFUSED to consider, let alone address the plans and warning might interest you. Barney barely matters, he's just a fat liberal jackass that happens to be dumb as fuck. His sexual preference only matters to bigot baiters™.

Blah blah blah

Still waiting for that hot link to the C&P you claim came from Whitehouse.gov

 

[Dr Kynes]

Blah blah blah

Still waiting for that hot link to the C&P you claim came from Whitehouse.gov

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, 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 with the GSEs.

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 Budget Analytic Perspectives, pg. 142)

2002


May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003


February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.




September: Then-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.




September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)




October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)




November: Then-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 calls 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: Then-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)




April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)




June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls 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: Then-Secretary 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)




July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)
2007


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)




August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)




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)
2008


February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "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, 2/7/0

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, 3/14/0

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, 4/14/0

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, 5/3/0

"[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, 5/19/0

"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, 5/31/0

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., 6/6/0

July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.




September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/0

http://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html

that was super easy. only one source turned up in the googles.

it wasnt a book review which had been parroted verbatim, by dozens of sources, both "legitimate" and suspect, with no apparent purpose other than to make the numerous plagiarizing "authors" seem well read...

 

[UncleBuck]

look how worried shrub claims he was, when he wasn't too busy boasting of record home ownership in state of the union speeches or making campaign reelection ads about home ownership!

 

[UncleBuck]

you should see the glove box on my car, it's huge.

 

[Uncle Ben]

you should see the glove box on my car, it's huge.

...and filled with tissues.

 

[UncleBuck]

...and filled with tissues.

yes, i keep them around for republican crybabies.

 

[Uncle Ben]

yes, i keep them around for republican crybabies.

You keep them around cause you're some twisted wanker who can't debate without using the same old lame and boring bigot or racist slogans.

 

[UncleBuck]

You keep them around cause you're some twisted wanker who can't debate without using the same old lame and boring bigot or racist slogans.

you about done crying yet?

 

[Uncle Ben]

you about done crying yet?

you done wanking yet?

Both hands on the keyboard.....ya perverted thug.

 

[canndo]

I think in 100 years, w. Bush will be remembered as a pretty good president.

We had a pretty serious recession that he steered us through very well, had a very good recovery.

He was great post/911, he had like 90% approval.

Then he goes to Iraq. It ended up being a lot worse than anyone thought. And because we had like 9 months of saying "were going to invade Iraq because of their WMDs," they were all gone when we got there.

The Afghanistan campaign went well under his watch.

So, in all, he gave us safety, a good economy, and he had his share of challenges. Compared to mr. Clintons presidency before his, who never had much of anything in the way of problems to deal with.

The collapse of 08 will eventually be seen for what it was, no one particulars fault. Bush just happened to be in the chair when the shoe fell.

Here it is again - "shit happens". Never mind the facts. Bush was warned before 9/11. It seems that everyone on the left figured this WMD hunt turned nation building would be very expensive, but the right still says "shit happens", "how could we have known"?

"they were all gone"? Here is some belated news for you. They were never there. Or did you forget that Bush & CO believed the song and dance of A. Chalabi and "curveball".

The economy began to crash at the end of his term. No one in particular's fault and Bush just happened to be there? It must be very convenient to have such a blatant disregard for history.

(Mind you I don't blame the economic mess on Bush alone - we are going to have to go all the way back to the patron saint of conservatives everywhere for that, Mr. Reagan)

 

[NoDrama]

(Mind you I don't blame the economic mess on Bush alone - we are going to have to go all the way back to the patron saint of conservatives everywhere for that, Mr. Reagan)

I would heap the most scorn on Nixon.