Posted on 07/24/2015 2:41:20 PM PDT by conservativejoy
Trump on '08 Financial Crisis: You Know, We Should Really Blame Bush Republicans Daniel Doherty | Jul 24, 2015 Daniel Doherty
We should? Well, Donald Trump thinks so. Fast forward to the 15:40 mark: Video Link at the end of article.
“I identify with some things as a Democrat…I was never a Bush fan. [When] the economy crashed so horribly under George Bush, because of mistakes they made having to do with banking and lots of other things, I don’t think the Democrats would have done that.”
No? Too bad Democrats weren’t in charge then. The crisis may have been averted.
By the way, former Democrat Donald Trump is a serial flip-flopper, in case you needed reminding. As several media outlets have already reported, he’s flip-flopped on at least three issues that conservatives care about: abortion, gun rights, and health care to name just a few. He’s also donated money to Hillary Clinton of all people as well as committees that specialize in electing Democrats. He is, in other words, an erstwhile progressive masquerading as a longstanding conservative warrior.
And yet, The Donald’s most passionate supporters are seemingly blind to this reality — or unwilling to face facts. Consider, for instance, this rather telling interview during which a number of Trump supporters are plainly — and indeed directly — confronted with the candidate's long and very public history of flip-flopping.
Here's how almost all of them responded: Video link bottom of article:
CNN anchor: “So you see it as adaptability, not flip-flopping?”
Trump supporters in unison: “That’s exactly right!!”
Riiiiight. Because Donald Trump doesn't flip-flop like every other candidate running for president, he merely adapts. Got it.
Yeah, but it was kabuki.
For six years of the Bush admin, he had both a Republican Senate and a Republican House.
...and how angry are we that a republican controlled house and senate keep ignoring us the voter?
We’ve seen first hand what congress will do, or not do.
Lobbyists pay Congressmen not Presidents. At the time we thought the Republican majorities were loyal to W. Are we so sure now. I wouldn’t trust people like McConnell with a pool toy.
Again, W. made mistakes but they all had a hand in it Dems included.
Ponder it in your sleep tonight.
My apologies, I misread what he said.
I thought it said he was blaming Bush alone.
I’ve been arguing from a flawed position.
I still think dems should get a shout out also, but he is mostly correct.
I do it all the time. After 3 beers I'm just plain stupid lol
I find this thread to be quite funny. A bunch of random internet people claiming to know more about finance and real estate than...Donald Trump? Lol!
You know that, and I know that, but most people in this country don't And Trump certainly doesn't.
By the way, I think most Freepers are critical of Bush, but not for the same reason the netroots, Code Pink, MSNBC, etc. were critical of Bush. And Trump's criticism came from the later.
Not sure if all his bombs were on target but he is at least 80% right because Bush was so loath to use the Veto pen and keep pushing his “compassionate conservatism” that he paved the way for the Dems to do the nasty with the People. Bush never made good use of the Bully Pulpit and never called the bad guys out by name. Silent complicity at best.
I thought I'd made myself clear. Bush did this for his true constituents, the Wall Street bankers. It was they who wanted to tap into this market segment.
How big?
The most significant recent waves of immigrants to this country, according to the 2000 Census, are from Latin American countries. This group's purchasing power is expected to almost double from $491 billion in 2000 to $926 billion by 2007.1 The international remittance market, particularly in Latin America and the Caribbean, also is expected to grow considerably. Billions of dollars are flowing from the United States to Mexico and other countries, and a significant share of these transactions is taking place outside the formal banking system. (See: Linking International Remittance Flows to Financial Services: Tapping the Latino Immigrant Market)
I’m glad you have always had every dime you needed when you needed it. For us to have saved for the down payment we would be buying it about now. 12 years of throwing away money on rent, and raising our daughter in an apartment.
Now you're just being hostile. You don't know me or my background. We can either keep this discussion civil or we can end it right now. Your choice.
The second point, I guess asking FM/FM to buy those mortgages might not have been the best idea, but letting those banks fail, that close to the economic damage of 911 would have been a good idea?
Why is it a good idea for the federal government to use taxpayer dollars to bail out the banks for their own speculative practices?
By the way, what is NATF, I find no reference to this anywhere on the web. Are you really implying that all the sub prime bought by FM/FM were illegals that year? Millions? All those illegals bought houses with sub prime mortgages in the 2 years Bush had been President?
New Alliance Task Force. (See: Linking International Remittance Flows to Financial Services: Tapping the Latino Immigrant Market)
Are you really implying that all the sub prime bought by FM/FM were illegals that year? Millions? All those illegals bought houses with sub prime mortgages in the 2 years Bush had been President?
First, Bush was President for 8 years, not 2. He was elected in 2000 and inaugurated in 2001. All of these policies were put into place during his first term.
Second, not all, but the vast majority of FM/FM sub-prime loans were targeted to Mexican illegal aliens.
From my link above:
Targeting the Unbanked Latino Immigrant Population
Several other key barriers contribute to the high number of unbanked immigrants, primarily a limited ability to understand and speak English and cultural distrust of financial institutions. These barriers create real challenges. However, in Chicago and other parts of the Midwest, organizations are bringing unbanked Latino immigrants into the financial mainstream with the right mix of innovative products, financial education programs, effective outreach programs, and a strong commitment from banks to serve this market, all of which are being facilitated by the development and activities of a few organizations, including the New Alliance Task Force (NATF).
| New Alliance Task Force |
|
The NATF was launched in May 2003 by the Consulate General of Mexico in Chicago and the Chicago Office of the FDIC's Community Affairs Program in support of the U.S.-Mexico Partnership for Prosperity. The NATF is a broad-based coalition of 62 members, including the Mexican Consulate, 34 banks, community-based organizations, federal bank regulatory agencies, government agencies, and representatives from the secondary market and private mortgage insurance (PMI) companies. The majority of the participating financial institutions are community banks in Illinois, Indiana and Wisconsin. The coalition's programs and initiatives address the critical need among Mexican immigrants, both established and recently arrived, to successfully develop asset-building strategies to improve their quality of life in the United States. This goal is critical as Latinos continue to have lower homeownership rates and less access to mainstream financial services and credit instruments.
In addition to promoting general educational opportunities for immigrants, NATF members sponsor financial education programs and are developing financial products that include remittance features and mortgage products that help immigrants overcome barriers to homeownership.
The NATF's Financial Education Working Group educates immigrants on the benefits and importance of holding accounts, the credit process, and mainstream banking as an alternative to the "fringe" banking system. Ten thousand immigrants have participated in financial education classes and workshops using the FDIC's Money Smart, a Spanish-language adult financial education curriculum, and similar financial education programs in the Chicago area. A number of delivery channels exist, including financial institutions, churches, housing organizations, job training centers, and community colleges. In addition to these programs, the Mexican Consulate of Chicago, in collaboration with local banks, launched a financial education program in Spanish in January 2004. Several institutions donated simulated ATMs to train immigrants on banking technologies.
The NATF Bank Products and Services Working Group encourages banks and thrifts to develop financial service products with remittance features as a strategy to reach the unbanked immigrant community. In recent years, banks in the Midwest have begun to realize the significant dollar amounts generated by remittance transfers and have taken steps to break down some of the barriers preventing immigrants' access to the banking system. Community banks in Chicago and Milwaukee, for example, have taken the lead in offering international remittance services. Second Federal Savings and First Bank of the Americas were the first community banks in the country to accept the Mexican Matricula Consular card and develop remittance products through dual ATM cards. Soon afterward, Mitchell Bank and North Shore Bank in Milwaukee followed suit. These institutions are aware that many immigrants, regardless of their current immigration status, will eventually settle in this country. This offers an opportunity for banks to cross-sell other products and offer a wider range of financial services.
Fifteen of the 34 NATF banks are now offering products with remittance services that allow immigrants to open bank accounts, avoid high-cost wire services, and incur lower remittance costs for sending money back home. Dual ATM cards or stored-value cards offer the lowest transfer cost: 1.5 percent of the amount sent.29 In the past two years, 50,000 new accounts totaling $100 million (with an average account balance of $2,000) have been opened at NATF banks in the Midwest. Many of these accounts were opened using the banks' remittance services. Other NATF banks, including South Central Bank and Lakeside Bank, are using the Federal Reserve System's recently unveiled FedAutomated Clearing House International Mexico Service as a cost-effective alternative to expensive wire transfers.30
Conclusion
Recent economic and demographic trends, coupled with increased financial flows across international borders, have significant implications for U.S. banks and thrifts. As more insured financial institutions reach out to the Latino immigrant market, these institutions are expected to experience more rapid deposit and loan growth. In the Midwest, both small and large banks are capitalizing on remittance flows as a short-term strategy to draw immigrants into the formal banking system. Leveraging these relationships will help these institutions offer a broader range of financial services, positively contributing to their bottom line.
Many Latino immigrants will eventually settle in the United States and raise families. Banks in the Midwest are taking steps to capitalize on the growing presence of this immigrant group. The continued success of the New Alliance Task Force demonstrates that unbanked Latin American immigrants can be brought into the financial mainstream. As a result, the FDIC is considering the feasibility of expanding the NATF pilot to other parts of the country where there are significant immigrant populations. These broad-based private-public sector alliances will help immigrants increase savings, build assets, and strengthen their financial security.
So, how many Mexican illegal aliens are we talking about? The link above gives us a general idea.
"As an example of the effectiveness of using this form of identification, Wells Fargo opened more than 400,000 new accounts for Mexican immigrants, using the Matricula Consular card between November 2001 and May 2004. In recent months, Wells Fargo has averaged 22,000 new accounts per month, many of which feature the bank's remittance product.20 For example, the bank offers InterCuenta Express, an account-to-account wire transfer service that charges $8 to transfer up to $3,000 per day directly into a beneficiary's bank account in Mexico. Transfers can be initiated at the bank's branch or ATM in the United States, and the receiving party can access monies via the bank's sizeable remittance distribution network of more than 4,000 banking offices and 10,700 ATMs in Mexico. According to the Mexican government, 178 banks in the United States accept the Matricula Consular card to open bank accounts; 86 of these institutions are in the Midwest."
Keep in mind this is just Wells Fargo and that sub-prime lending would not reach its peak until 2005-2007. This does not include all the other major banks, such as CitiGroup, Bank of America, Chase, Washington Mutual, or the hundreds of other smaller regional banks and lenders who were also taking part in this feeding frenzy.
100% correct.
Anyone who blames the Democrats for the real estate crash was asleep during both of Bush's terms.
Here’s the thing.
First I apologize for getting snarky. I was not having a good posting day yesterday.
The fact I was trying to make, and I know it’s anecdotal, was I knew far more blacks, and whites that took advantage of the sub prime loans, and down payment assistance than immigrants,(The foreclosure rates by race back this evidence) and trust me Charlotte, and all of NC has more than it’s fair share of immigrants, legal, and illegal. Ann Coulter uses NC as an example of child sex charges by immigrants. Also that my wife and I took advantage of the down payment assistance. I’m glad it was there. Might be selfish, might be non-conservative, but sometimes doing the right thing for your family moves way to the front of the priority line. Heck at least I contributed to it with my taxes.
Using taxpayer dollars to bail out banks, and businesses is not a good idea, but after 911 we were much closer than most ever knew to a real economic collapse. We used taxpayer dollars to help prop up a lot of industries.
The main point I was trying to make about the statement from Trump was, W wasn’t the only one who deserved blame for the sub prime crash.
“Several administrations, both Democratic and Republican, advocated affordable housing policies in the years leading up to the crisis. The Housing and Community Development Act of 1992 established, for the first time, an affordable housing loan purchase mandate for Fannie Mae and Freddie Mac, a mandate to be regulated by the Department of Housing and Urban Development (HUD). Initially, the 1992 legislation required that 30 percent or more of Fannie’s and Freddie’s loan purchases be related to affordable housing. However, HUD was given the power to set future requirements, and eventually (under the Bush Administration) a 56 percent minimum was established.[235] To fulfill the requirements, Fannie Mae and Freddie Mac established programs to purchase $5 trillion in affordable housing loans,[236] and encouraged lenders to relax underwriting standards to produce those loans.[235]
“The National Homeownership Strategy: Partners in the American Dream”, was compiled in 1995 by Henry Cisneros, President Clinton’s HUD Secretary. This 100-page document represented the viewpoints of HUD, Fannie Mae, Freddie Mac, leaders of the housing industry, various banks, numerous activist organizations such as ACORN and La Raza, and representatives from several state and local governments.”[237] In 2001, the independent research company, Graham Fisher & Company, stated: “While the underlying initiatives of the [strategy] were broad in content, the main theme … was the relaxation of credit standards.”
Turns out I misread the article, and that wasn’t what Trump said anyway (told you I was having a bad posting day yesterday). However clearly this ball started rolling during the Clinton Administration.
Yes W. made mistakes, but so did banks, and democrats, and the republicans in congress.
To me the biggest culprit in the sub prime incident was the education system in this country. We don’t teach kids how to read, not to sign a contract with out understanding what they read, simple economics, and budgeting, and we’ve become such a covetous society that people believe they deserve what their neighbor has whether they can pay for it or not. If we still had education, most people would know better than to sign a house note that was going to quadruple in 4 years.
Fair enough FRiend?, Again, I am like you and try to stay civil, and apologize again for snarling.
Apologies accepted. I understand completely. Sorry for not responding sooner, but I was away from the computer until now.
Using taxpayer dollars to bail out banks, and businesses is not a good idea, but after 911 we were much closer than most ever knew to a real economic collapse. We used taxpayer dollars to help prop up a lot of industries.
Yes, but propping up any industry, especially Wall Street banks, is bad for the country. The reason why the country was close to economic collapse was because of the bankers' greed and giving them taxpayer dollars is throwing good money after bad. If a company has no taxpayer-subsidized safety net, they'll be more conservative with their investments.
Keep in mind that breaking the economic back of the USA was, and still is the plan. The goal? North American Union.
That's why Bush pleaded with the Republican-controlled Congress to reform the mortgage industry and they did nothing. That's why Bush ordered the Border Patrol to stand down. That's why Bush implemented policies to enable Mexican illegal aliens to gain entry into the US banking system. That's why the Republican-controlled Congress authorized funding of a southern border wall, yet Bush did nothing to build it. That's why Bush was pushing Shamnesty.
The only way the NWO elites who want the NAU can win is if US citizens lose. The only way the NWO elites can win is if they keep the US citizens distracted with a Democrat vs. Republican "fight." Behind closed doors, the Rs and Ds don't fight. They're working together on planning ways to steal more freedoms and tax dollars from the citizenry.
The main point I was trying to make about the statement from Trump was, W wasn’t the only one who deserved blame for the sub prime crash.
The problem wasn't caused by Republicans or Democrats. The problems facing this country were caused by Republicans and Democrats.
Both parties rely on the team spirit to pit American against American. Meanwhile, they're both passing more onerous laws that rob us of our freedoms and our money.
If you take one side or the other you're playing right into the hands of the politicians, bureaucrats and NWO elite.
Yes, Carter is at fault. So is GHW Bush. As is Clinton. Same for GW Bush. Ditto for Obama. None does anything to undo the wrongs done by their predecessor because they're all on the same NWO elite team.
The only us vs. them that really matters is the citizens vs. the government.
The problem wasn’t caused by Republicans or Democrats. The problems facing this country were caused by Republicans and Democrats.
Amen brother. I have become keenly aware of that since the nomination of McCain.
It’s been particularly painful for we lifelong Republicans to realize our side has been playing for the other team. Democrats have no such problem, as their representative are doing exactly as they wish.
So what to do. We elect Trump/Cruz, or vice versa as a 3rd party, and they get to DC and can accomplish what? As a 3rd party the other 2 give them nothing as far as legislation because they’re equally disliked.
If I go too far down the road with this thinking I get really depressed, and start looking for property in Costa Rica.
I told the wife the other day, “For the first time in my life, I am really scared for the future of my Grandsons. I am truly afraid they will have to take up arms and fight or be destroyed by the country I have loved.”
I said at the beginning of this Prez cycle that my 3 issues are immigration, 2nd Amendment, and killing babies. Any candidate that doesn’t toe the line on any of these wouldn’t get my vote. So far Cruz is the guy.
Trump is doing yeoman’s work with the media, but to me he’s like one of those guys you’d have a beer with, but wouldn’t leave alone with your wife. So far he’s ok, but I don’t want to send him to the WH without adult (Conservative) supervision.
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