UncleBuck
Well-Known Member
ginwilly is one of the best voices on the right, and yet that is all he is capable of.
sad.
The truth about minimum wage and income inequality
- Thread starter Rancho Cucamonga
- Start date
sad.
ginwilly
Well-Known Member
http://en.wikipedia.org/wiki/Federal_takeover_of_Fannie_Mae_and_Freddie_Mac
On September 6, 2008, the director of the Federal Housing Finance Agency (FHFA), James B. Lockhart III, announced his decision to place two Government sponsored enterprises (GSEs), Fannie Mae (Federal National Mortgage Association) and Freddie Mac (Federal Home Loan Mortgage Corporation), into conservatorship run by the FHFA.[SUP][1][/SUP][SUP][2][/SUP][SUP][3][/SUP]
I'm confused. Is NGO and GSE the same thing?
cannabineer
Ursus marijanus
I don't read it that way. I read it as saying that it highlights the difficulty balancing enough jobs against sufficiently-paying jobs in the places where the most young blacks (or Blacks) are found ... the inner cities.
Saltrock
Active Member
Sounds like after they fucked up they got converted to a GSE. Which leads me to believe they were a NGO prior to Sept 6, 2008.
Peace
Salt
ginwilly
Well-Known Member
It's just a number, pick 10 bucks, pick 1million. The reality and sentiment is the same. Minimum wage doesn't do what you think it does.
UncleBuck
Well-Known Member
tell that to the kids in bangladesh making your shirts.
ChesusRice
Well-Known Member
Fine then you go work in a sweat shop for 4 bucks an hour
nontheist
Well-Known Member
Clearly you don't know what the fuck you're talking about. You should bow out before you get embarrassed even more...
Again embarrassing yourself.
As we can see from your statement how intellectual you are. You cannot even find the hypocrisy of calling someone a bigot while being a bigot.
Sure it did that's why we're in stagflation.
UncleBuck
Well-Known Member
nothing substantial here, just more dark triad, ugly chick humping bullshit.
try again, you bigoted southerner. summon all the force of the dark triad.
Dr Kynes
Well-Known Member
yes. fannie mae and freddie mac were NGO's
non governmental organizations created by, administered by and guaranteed by the US Congress.
so independent they were. so very independent.
so independent that they were subject to direct senate oversight.
why must you repeat a lie already debunked in another thread?
UncleBuck
Well-Known Member
same challenge to you as nonsesnseist: what did the senate tell fannia and freddie to do, specifically?
and, pray tell, do you think fannie and freddie actually followed those directions?
the question that never gets answered. this time i'll answer it myself if need be.
nontheist
Well-Known Member
Exactly how far back do you want to go? 1992 when the democratic sponsored Housing and Community Development Act of 1992 was signed? Or maybe 1999 when Clinton leaned on Fannie for not enough risky mortgages in intercity areas? Should we also include how many time during the Bush's presidency that it was pointed out exactly what was going on and democrats screamed it was an attack on minorities? Seems like everyone knows what happened except you but no real surprise there.
UncleBuck
Well-Known Member
just go ahead and post it, you yapping halfwit bigot.
lol.
what a fucking moron.
nontheist
Well-Known Member
Talk about halfwit you posted that same pic in different threads and it still has no basis. The Bush administration pointed out exactly what was going on for years urging congress to patch the sinking ship. Democrats went flapping about attacking minorities blah blah. Do you deny democrats fought Bush on trying to reign in Fannie and Freddie?just go ahead and post it, you yapping halfwit bigot.
lol.
what a fucking moron.
UncleBuck
Well-Known Member
i see you've given up on posting congress' instructions to fannie and freddie.
[youtube]ZVdTzPEYvH4[/youtube]
nontheist
Well-Known Member
HAHA still posting fucking elections ads I see! Can't you read blithering moron? I am surprised you can't remember the last time you made a complete fool on yourself on exact same subject. What can I expect from someone that doesn't know what a government sponsored enterprise is.
UncleBuck
Well-Known Member
fannie and freddie were NGOs, you blithering fucktard.
and since you don't want to post the instructions they were given, i will.
tell me if you think those private, non-governmental organizations followed their directions:
n 1992, President George H.W. Bush signed the Housing and Community Development Act of 1992.[SUP][15][/SUP]*The Act amended the charter of Fannie Mae and Freddie Mac to reflect the Democrat Congress' view that the*GSEs*"... have an affirmative obligation to facilitate the financing of affordable housing for low- and moderate-income families in a manner consistent with their overall public purposes, while maintaining a strong financial condition and a reasonable economic return;"[SUP][16][/SUP]
nontheist
Well-Known Member
and don't leave out Clinton admin in 1999 pressuring Fannie Mae to make more subprime loans.
and
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)
- 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)
- 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)
- 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)
- 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)
- 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)
- 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
- "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
- 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.
My favorite
- September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Doddquestions "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. HAHA" (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/0
Step right up bucky and take your reward.
UncleBuck
Well-Known Member
lol, introduced and referred to committee in the same day.*
that's some politicking!
they had control over congress for years and years and years and that was all they did.
meanwhile, bush bragged about his "ownership society" the whole time and bragged about home ownership in his SOTU addresses.
but that one lowly bill, introduced and referred to committee to die a slow death in the same day makes it all better.
and glass steagall repeal had nothing to do with any of this. nor did the credit rating agencies. nor did the private companies who bundled junk mortgages, sold them, bet against them, bought them again, sold them, bought them, bet against them ad infinitum.
nope, it was just all poor people being forced by fannie and freddie to get loans. that was it
that, and kids should be given speeding tickets if their daddy speeds on the way to a "greese" trap repair.
oh, the magic of a southern bigot's logic.
that's some politicking!
they had control over congress for years and years and years and that was all they did.
meanwhile, bush bragged about his "ownership society" the whole time and bragged about home ownership in his SOTU addresses.
but that one lowly bill, introduced and referred to committee to die a slow death in the same day makes it all better.
and glass steagall repeal had nothing to do with any of this. nor did the credit rating agencies. nor did the private companies who bundled junk mortgages, sold them, bet against them, bought them again, sold them, bought them, bet against them ad infinitum.
nope, it was just all poor people being forced by fannie and freddie to get loans. that was it
that, and kids should be given speeding tickets if their daddy speeds on the way to a "greese" trap repair.
oh, the magic of a southern bigot's logic.