Obama and his fellow Dems in control of the Congress forced banks to make sub-prime loans. When they failed, Obama blamed Bush. Obama then gave a trillion dollars to his banker friends as their reward.
Since the election, Obama switched from sub-prime mortgages to sub-prime green energy – in order to reward his campaign donors.
45% of Americans support him, largely because of the color of his skin. We used to call that racism, but now it is called being progressive.
Chicago Bears’ Lovie Smith Calls on Blacks to Back Obama – ABC News
The Bears have a new general manager as of this off season, Barring a deep play-off run Lovey is in his last year.
Ahh, the fresh smell of racism in the morning. So, are we back to judging people by the color of their skin? Is content of character a passe thought?
Is the “disappointment” they feel related to the scarcity of “Obama money” – free handouts on the street?
I’ve followed a wide variety of stories about Obumster’s past. This story fits remarkably with a number of them, and is one of the most disturbing I’ve read –
http://www.americanthinker.com/2012/03/what_the_mailman_knows_about_ayers_and_obama.html
TARP was passed during the Bush Administration.
Senator Obama voted for TARP.
Yep.
So here we are.
Yes John but Obama is the one putting the USA at further risk by increasing debt to allow Wall Street and Banks to use other government loans to exit their TARP liabilities. This ‘Hide Go Seek’ accounting is government abuse of the taxpayer. We need to fire Obama to limit the damage he is doing. I made the mistake of voting for him as my senator and I won’t be fooled again.
See here:
Banks are paying back taxpayers money provided to them under the Troubled Asset Relief Program (TARP) rescue fund by borrowing from the government itself.
Of the $414 billion in taxpayer money lent out under TARP, some $120.7 billion remains outstanding, the Washington Post reports, citing Government Accountability Office data.
However, money settling accounts in one area of the government is opening up fresh liabilities in other government agencies.
“It turns out that over 130 bailed-out institutions paid back their TARP money simply by taking out loans from yet another government program, suggesting that the government — and taxpayers — actually haven’t gotten paid back yet,” the newspaper reports.
“Forty percent of the 341 institutions that have exited TARP’s biggest single initiative — the $205 billion Capital Purchase Program — simply refinanced their loans through a separate, $30 billion government program known as the Small Business Loan Fund.”
Read more: Washington Post: Banks Use Government Loans to Repay TARP
Good point John. IMO, the republicans are willing to steal just slightly less than the democrats. The federal government is completely out of control and needs to have its budget radically cut. Dave Ramseys comparison to the average family budget is sobering…
http://www.daveramsey.com/article/federal-budget-vs-household-budget-how-do-they-compare/lifeandmoney_budgeting
How lovey dovey of Lovie to stand by his man. For me it is akin to an NFL coach with a 3 and 13 record in the final year of his contract. His supporters are suggesting that he be given a contract extension, asking owners to ignore failure and incompetance, and to only consider skin color and his excuse that it was all the last coaches fault!!!!! ROTF
Whites should only vote for the whitest dude they can vote for: Rutherford Hayes.
Above I posted on how Obama is supporting double dipping by banks and now here is another example of how Obamanomics allows uncompetitive green companies double dip at the green subsidy trough. Yummy and thank you stupid American taxpayers!!!!
“A small corporation called St. Clair Solar owned the wind farm and was the Canadian company buying First Solar’s panels. But St. Clair Solar was a wholly owned subsidiary of First Solar. So, basically, First Solar was shipping its own solar panels from Ohio to a solar farm it owned in Canada, and the U.S. taxpayers were subsidizing this “export.”
First Solar spokesman Alan Bernheimer defended this maneuver, saying this really was an export, pointing out that First Solar paid sales taxes on the transaction.
But this subsidy undermines the arguments for Ex-Im’s existence. Ex-Im, whose authorization expires May 31, is supposed to be a job creator, helping U.S. manufacturers beat foreign manufacturers by having U.S. taxpayers backstop the financing.”
http://campaign2012.washingtonexaminer.com/article/firm-sells-solar-panels-itself-taxpayers-pay/434251
So, now up to nearly $16 trillion in debt and counting. Yet the economy is making at least a mild recovery. How much longer can this go on before the whole Ponzi scheme unravels?
@Andy – are you ignorant or deluded? Do you know what a Ponzi scheme is?
Tell me, if the government owed 100 trillion dollars and it was due today – could we pay it?
http://noconsensus.wordpress.com/2012/03/17/conservative-fantasy-world/
Did Obama give you an advance copy of his budget OKneel?
“Obama and his fellow Dems in control of the Congress forced banks to make sub-prime loans.”
Yep, absolutely forced them held a gun to their heads. You’re an idiot. And please, don’t point to Fannie and Freddie or the Community Reinvestment Act. That zombie lie has been shot down numerous times already. It’s a conservative myth that just shows you live in fantasy-land.
Wanna see how simple it is to shoot down:
There was no federal act driving banks to lend money for office parks and shopping malls – i.e., commericial real estate; Fannie and Freddie weren’t in the CRE loan business; yet 55 percent — 55 percent! — of commercial mortgages that will come due before 2014 are underwater. So blame the people who made the loans – not the government.
Buy a clue. Join a monastery. Do something other than writing ignorant lies, Mr “Arctic Fraud“
lol, gee Kevin, that’s fascinating news….. so 55% of commercial endeavors are in trouble during a recession……. whooda thunk it? Commercial endeavors count on a favorable economy. It really isn’t that complicated, perhaps if you gave it some thought just for a second.
You should also quit pretending the CRA didn’t have a hand in the recession or that there wasn’t undo pressure on banks to loan people money who would otherwise be rejected for the loan.
Next, you’re going to state that Freddie and Fannie were just fine and had no hand in this mess.
When people have less disposable income or less access to credit, commercial enterprises fail. Its called a cascading effect.
@suyts – There’s *mountains* of evidence saying that the CRA had nothing to do with the real estate bubble. Note, how did Fannie & Freddie instigate real estate bubbles in other countries? You (yet again) have zero evidence – just another opinion backed up by null-logic.
Hey – what *are* the odds that 15 public opinion polls would all be wrong by 10 to 20 standard deviations? LOL
More than all the atoms in the universe to 1? ROFLMAO
Nutcase.
lol, yeh, I’m a nutcase for pointing out a cascading effect.
Virtually every home mortgage lender, from giants like Citigroup to the smallest local banks, relies on Fannie Mae and Freddie Mac to grease the wheels of the mortgage market. Virtually every Wall Street bank does business with them. And investors around the world own $5.2 trillion of the debt securities backed by the companies.
http://www.nytimes.com/2008/07/11/business/11ripple.html?ex=1373515200&en=8ad220403fcfdf6e&ei=5124&partner=permalink&exprod=permalink
Of course there’s also the slight problem that the CRA was passed into law in 1977. How it suddenly caused a housing bubble 25+ years later has never been explained.
Barack Obama, meanwhile, didn’t even become a Senator until 2005. Or President until 2009. While a Senator the GOP controlled both the Presidency and both the House and the Senate. And Dubya was President when the bailout was passed. It’s a very strange timeline that manages to blame Obama for any of this. This was a very simple case of unregulated capitalism run-amok.
lol, that wasn’t capitalism you twit. That was socialist intervention into capitalism. Yes, the CRA was passed in 1977. And fiddled with ever since. It was legislatively revised at least a dozen times since then.
No, Obama isn’t the only one to blame, there are thousands to blame, including Bush, but pretending Obama didn’t support this madness is silly. And, while TARP was passed under Bush, it was Obama who specifically asked Bush to release the 2nd half of it before he took office. Bush complied with Obama’s wishes.
The problem was and is that while the issue is an economic and finance issue, it is politicized. Anyone who raised a red flag about the viability of the loans of Fannie was demonized in the press and politically at risk.
http://findarticles.com/p/articles/mi_m0EIN/is_2001_May_7/ai_74223918/
This was some great news!!!
The explanation is, we reached a “tipping point” after years of irresponsible behavior giving people homes they could not afford. Texas has had a much lower foreclosure rate due to a requirement to take personal responsibility and put 20% down on the home before getting the loan.
You really are a paranoid idiot. SCOAMF was senator from 2005-2009. Guess how many of those years were in a majority GOP Senate. Go on, guess.
And if you’re dumb enough to think that “unregulated capitalism” is what existed during any of the times you’re trying to discuss, I’d welcome you to demonstrate it. (hint: “unregulated capitalism” is a stupid phrase mostly used by the dim bulbs who post on fark & dkos)
Kevin, better to close your mouth and appear witless than to open it and remove all doubt.
How did Clinton balance the budget by himself? What a remarkable feat!
The House controls the purse, and it was Gingrich and “Contract with America” legislation (That Clinton signed), including a REDUCED Cap Gains Tax, and a(n) (accentuated?) bubble market that balanced the budget in the late 90s. Changes pushed by the GOP and LOATHED by people like you are what brought that surplus. Yet even as you spat on it, you want Clinton to get the credit.
As Suyts notes, the CRA was pumped on steroids during the Clinton Administration. In 1992 and again in 1999. His officials bragged about it:
http://www.youtube.com/watch?v=Lr1M1T2Y314
Listen as Cuomo claims discrimination in lending to those of color, THEN explains the settlement provides loans to those who would otherwise be UNQUALIFIED. Not victims of discrimination. Unqualified.
Remember all those great Ninja (No income, No Job or Accountability) loans of the 1980s? Of course not. They didn’t exist. You needed 20% down for conventional financing, and conservative income ratios of 28 and 36 percent (debt to income)
No, It wasn’t merely the poor who collapsed the RE market. It was the explicit order of Congress mandating blindness in Lending, and ordering Fannie and Freddie to buy those loans – that changed the demographics of who could or could not buy. And when some saw the impending doom, it was your beloved Democrats who circled the wagons around this pot of excrement to protect it.
http://www.youtube.com/watch?v=LPSDnGMzIdo
The resulting surge in borrowing reached its apex when even a pizza delivery kid could buy millions in RE with nothing down….. or even cash back.
When this new paradigm reached its limit, the bubble burst.
You claim these realities are somehow disproven, yet they are a matter of Congressional Record, with video to boot.
Incredible statement (surely he had to stifle a coughing fit while narrating this) by Tom Hanks in Obama’s new campaign video: http://www.realclearpolitics.com/video/2012/03/16/tom_hanks_in_obama_documentary_he_would_not_dwell_in_blame.html
More lies: http://www.washingtonpost.com/blogs/fact-checker/post/the-road-weve-traveled-a-misleading-account-of-obamas-mother-and-her-insurance-dispute/2012/03/18/gIQAdDd4KS_blog.html
Can anyone think of others who have deceived the American public above and beyond standard partisan politics (i.e. overt lies)?
Among other things, since taking office Obama has:
- Signed the NDAA into law — assassination of US citizens now legal
- Waged war on Libya without congressional approval
- Started a covert, drone war in Yemen
- Escalated the proxy war in Somalia
- Escalated the CIA drone war in Pakistan
- Will maintain a presence in Iraq even after “ending” war
- Sharply escalated the war in Afghanistan
- Secretly deployed US special forces to 75 countries
- Sold $30 billion of weapons to the dictatorship in Saudi Arabia
- Signed an agreement for 7 military bases in Colombia
- Touted nuclear power, even after the disaster in Japan
- Opened up deepwater oil drilling, even after BP disaster
- Did a TV commercial promoting “clean coal”
- Defended body scans and pat-downs at airports
- Signed the Patriot Act extension into law
- Continued Bush’s rendition program
Thats just from a peacenik site.
That is sickening enough….Then there are the monetary issues. The guy and his cronies are fiscally complete morons. Even worse than Bush!!!!
Then there is the standard of living as a net basket of population…
I’m now feeling so sick I need hospital…… Was that the plan?
“It’s Obama’s fault” Here is Obama admitting his role in the credit crisis believing that high risk loans were a good idea.
http://www.getbig.com/boards/index.php?topic=407315.0