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Obama plugs damned hole

Though reports vary as to whether it was the 5th, the 9th or the 14th:

President Barack Obama spent Sunday on the golf course at Fort Belvoir, Va., according to White House pool reports.

The president was playing with regular links partner Marvin Nicholson and two others whose names weren't immediately known.

First lady Michelle Obama is set to visit the Gulf region Monday for the first time since the BP oil spill began. BP began a new containment procedure Saturday that the company's hopes will provide a tighter seal around the well leak, but in the meantime oil is flowing freely into the Gulf once again.

You know, we should cut the man some slack.

Destroying America as we now know it is stressful work.  In fact, I believe the man's on vacation next week which should be the 3rd vacation taken since the oil rig explosion. 

So that's 8 rounds of golf and three vacations since the oil started spilling I believe.

Being a thug, a divider, a Muslim self esteem builder, a tax and spender, a national debt increaser, a destroyer of capitalism... all these things are hard work. 

He deserves a break.

In November of 2012, we'll give the man a permanent one. 

With me?


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Comments (60)

"First lady Michelle Oba... (Below threshold)
914:

"First lady Michelle Obama is set to visit the Gulf region Monday for the first time since the BP oil spill began."


Translation: Barry's hiding behind the wookie's big guns.


Yeah we may send him packin... (Below threshold)
mpw280:

Yeah we may send him packing but we will be paying him and providing a security detail for a long long long time. Mores the shame. mpw

Even though Barry has been ... (Below threshold)
914:

Even though Barry has been a omnipotent failure as commander in chief. You can bet the minute BP manage's to cap the well Barry will drop the putter, leap in front of the camera's for a 'I stopped the leak' Presser.

I might want to add, He wil... (Below threshold)
914:

I might want to add, He will also throw in a line or 2 about the jobs he's creating in his days of malaise economy.

As far as I'm concerned, he... (Below threshold)
JLawson:

As far as I'm concerned, he can go play golf on courses around the country until he can beat Tiger Woods. It'd be a lot cheaper than anything else he'd do, even including his travel costs on AF-1!

Humm, I wonder why the medi... (Below threshold)
Rick13:

Humm, I wonder why the media hasn't reported on ALL of the golf and vacations? They sure jumped all over Bush when it came to his vacations....

Please take note of the sarcasm!

You guys are dreaming.... (Below threshold)

You guys are dreaming.

First, your anger at Obama playing golf, is ridiculous when compared to the constant and documented number of vacation days that Bush took. And you know it.

http://www.factcheck.org/2010/01/president-obamas-vacation-days/

Obama's at 26 days - by this point in his first year, GW Bush was already at 78. Literally THREE TIMES as many days.

So why do you even pretend to be outraged at Obama's break time? It's silly.

Second, for Obama to lose in 2012 would require the GOP to have someone the majority of America likes better. I know you love your guys, but honestly, who is that? Whoever it is will have to win over independents to win America - and Sarah Palin gives them the hives, McCain's already been rejected, Rand Paul's blown it by being too honest on his views on civil rights, and Ron Paul's blown it by being too crazy as well as too old. And Romney was less popular than McCain, and has also put his foot in it with his clueless comments about nuclear security.

For you guys to win in 2012, you'll need to convince America that the GOP's candidate and plan is better than what America saw in 2004 and 2008. But that won't happen until you guys develop a plan that is actually new and productive, as opposed to "tax cuts for businesses and the Magic Free Market Fairy's invisible hands will trickle pixie profit dust down on the hard-working".

You can always count on jim... (Below threshold)
GarandFan:

You can always count on jimx to jump in touting DNC talking points.

Hey jimmy, "It's the economy, STUPID".

And the DNC has nothing to crow about there.

jim x:"For you guys ... (Below threshold)
DaveD:

jim x:
"For you guys to win in 2012, you'll need to convince America that the GOP's candidate and plan is better than what America saw in 2004 and 2008."

jim, seriously now. The Democrats have been passing economically destructive legistlation in 2009 and 2010 hoping Americans have short memories and you think a GOP candidate's plan has to be better than what America saw in 2004 and 2008? My guess is those years might look pretty good compared to what's going to be going on in 2012. But, hey, that's just a guess.

Obama is trying to get expe... (Below threshold)
Neo:

Obama is trying to get experienced at his post-POTUS job.

#7"Second, for Oba... (Below threshold)
914:

#7

"Second, for Obama to lose in 2012 would require the GOP to have someone the majority of America likes better"

Dont be so incredibly naive. Even the dems are onto Barrys election fraud to get into office.

Barney the purple dinosaur would landslide Barry the red in 2012

DaveD,Without gett... (Below threshold)

DaveD,

Without getting into what I disagree with about your arguments: the GOP has to convince America they have a better plan.

And yes, I do think a GOP candidate has to offer something better than the GOP's offerings in 2004 and 2008. 2004 was the electorate giving the GOP one last chance via GWB - hence the 2006 landslide for Dems, and the 2008 drubbing received by McCain as Bush lite.

Of course, I'm just telling you how I see it. We'll see.

Nice tangent by jim x.<br /... (Below threshold)
Hank:

Nice tangent by jim x.
The topic is about Obama golfing all the time, not vacation days. Since Obama's excessive golfing cannot be defended, he switches to vacation days.

I'm not sure how much Obama has golfed. Lost count. But the same source that jim x relies on also noted that in his first nine months in office, Obama had already golfed more that W did in his first 2 years.

When he's not golfing, he's partying. When he's not doing either of those, he's campaigning. Just as well.

No one is listening to him anymore anyhow.

Hey Jim X, why in the artic... (Below threshold)
Rodney:

Hey Jim X, why in the article you linked is "vacation day" always in quotes ? Do you think that it might involve little things like President Obama giving a speech on Friday for an hour then spending the rest of the weekend golfing hence Friday was a work day? Do you think it could that he counts the weekly Saturday address as work day and then takes a comp day? How many parties has he thrown compared to President Bush? From what I read about a month age he was averaging a party every 3 days?

Also, isn't it about perception? If we perceive him as vacationing a lot, isn't he ? Or does that just go for Republicans?

The longer and further B. H... (Below threshold)
Constitution First:

The longer and further B. Hussein 0-Bummer is from the levers of power the safer the Republic is from "Radical Change".

I endorse a more extended and permanent type of vacation for the Marxist Usurper, if only one could be readily booked.

Until I got to the end of j... (Below threshold)
CODEKEYGUY:

Until I got to the end of jimx's first post, I really thougbht LEE WARD hasd been allowed back. Are jimx and Lee twins???

"For you guys to win in 201... (Below threshold)
apb:

"For you guys to win in 2012"

"You guys?" Do you mean ordinary (non-Socialist) US citizens? Those still unemployed due to the destruction of economic growth as a result of the Obammy/Pelosi/Reid cabal? Those that are to become more overtaxed effective Jan 1 (which DOES include all income levels)?

I know this is hard stuff for you, li'l jimmy; I'm sure the beaming rays emanating from the Jug-Eared Douche wash all those nasty troubles right out of your empty head - because you BELIEVE!

I'm sure the slowdown has its benefits for your barista gig - no too many customers to bother you, and you have more time to write poetry to commemorate that "we began to provide care for the sick and good jobs to the jobless; this was the moment when the rise of the oceans began to slow and our planet began to heal; this was the moment when we ended a war and secured our nation and restored our image as the last, best hope on earth."

Remember that? Boy, the Douche sure sucked in the Brainless-Americans!

Moronic little jimmy x is g... (Below threshold)
Michael:

Moronic little jimmy x is going to be sooooo depressed come November. So funny.

For us guys to win in 2012,... (Below threshold)
914:

For us guys to win in 2012, meaning America, the jug eared dooossshhh simply needs to keep doing what he's doing jim x.. Show his tru communist agenda and crash -n- burn with it.

Why am I comparing golf to ... (Below threshold)

Why am I comparing golf to vacation days? Because the inference being made by whining about Obama playing golf, is that he's being lazy when he should be paying attention to America's affairs.

So I'm comparing his work ethic to Bush's by a very measurable factor, vacation days, to point up the face that a much worse work ethic is no problem for you guys if it's a GOP president.

I mean, this isn't just a couple of more vacation days. It's at least THREE TIMES as many, if applying the same standard to both. If it's really the work ethic that bothers you, shouldn't you have been at least *equally* upset?

You guys?" Do you mean o... (Below threshold)

You guys?" Do you mean ordinary (non-Socialist) US citizens?

No. The majority of ordinary "non-Socialist" US citizens actually voted for Obama.

When I say "you guys", I mean you guys who *think* Obama is a "socialist", and that everyone who voted for him must be a "socialist". You guys are flinging around the word around so loosely you may just as well use "poopyhead" instead.

And, sigh, the economic cri... (Below threshold)

And, sigh, the economic crisis which wiped out the economy occurred in 2007. Sorry, guys, I know you want to keep pretending that the problems magically started in 2008. But Obama didn't even move into the White House and start affecting policy until late Jan 2009.

And I know you guys have a fallback position for this, which is to blame Fannie Mae and therefore the Democrats - which conveniently ignores the fact that a) Fannie Mae didn't create the housing bubble, and b) Fannie Mae had nothing to do with the deregulation that allowed credit-default swaps and criminal fraud.

So, you can keep trying, but I'm just going to keep reminding you when you're out of step with reality.

Most citizens voted for Oba... (Below threshold)

Most citizens voted for Obama because they didn't know he was a socialist (and because they were still mad at the GOP).
Now that Obama's socialism is indisputable (even if some of us call it by a different name), most citizens will not vote for him again.

jim x, what deregulation al... (Below threshold)
Hank:

jim x, what deregulation allowed credit-default swaps and criminal fraud?

I've heard a lot of my friends on the left talk about this so-called deregulation but they never provide the details.

What was the deregulation?

All it take's for Barryism ... (Below threshold)
914:

All it take's for Barryism to prevail is for good men to do nothing.

moronic little jimmy x is k... (Below threshold)
Michael:

moronic little jimmy x is kind of blabbery today.

No, Fanniemae was not solel... (Below threshold)
jim m:

No, Fanniemae was not solely responsible for the housing bubble. However the forces that did create it were largely of the dems doing. Things like the CRA that forced lenders into making hugely irresponsible loans were responsible for much of the bad debt that was built up.

Subsequently, it has been barry's own policies that have made it difficult for lenders to lend money agin and have kept the mortgage market in the doldrums. But then I suspect that barry wants the federal government to have the corner on that market just like he did with educational loans.

As for the GOP needing to have a better plan in 2012 than it did in 2004 and 2008, you are dead wrong. The GOP only has to have a plan that looks better than the dems(not necessarily barry because they may not renominte him). At the current rate unless the dems change course the GOP plan from 2004 and 2008 will start looking a hell of a lot better than what we have now.

The financial crisis starte... (Below threshold)
Big Mo:

The financial crisis started in 2007 -- after the Dems got control of congress, a congress that included Senator "voting present" Obama. And Congress itself -- regardless of party -- is more to blame than anything else.

And as for Bush's "vacations," no president is ever truly on "vacation." Hasn't been that way for a long time, a the modern president is on duty 24/7/365. Recall how Bush gave his stem cells speech in August 2001 -- when he was "on vacation."

What libs just don't realize -- or don't care to realize -- is that some of the stuff righties are doing now is just payback for the asinine, trite, mean and pretentious ways they treated Bush for 8 years. Hence, the jibes at Obama's playing golf as payback for the Michael Moore-on inspired jabs at Bush
s "vacations."

All presidents need a release. It's the suckiest job in the world. I don't mind Obama playing golf as long a libs man up and drop their idiotic criticism of Bush's "vacations" -- where often he was clearing brush on his ranch, which was HIS release.

jim m - the GOP had have a ... (Below threshold)
Big Mo:

jim m - the GOP had have a better plan than just "win." Otherwise we're sawpping out one lame horse for another.

The factcheck.org piece is ... (Below threshold)
Rick:

The factcheck.org piece is dated January of 2010... how many days has Obama been on vacation since?

I consider not doing the jo... (Below threshold)
914:

I consider not doing the job your paid to do and still getting paid anyways a vacation.

So everyday has been a vacation for the jobs slasher in cheif.

"So, you can keep trying, b... (Below threshold)
GarandFan:

"So, you can keep trying, but I'm just going to keep reminding you when you're out of step with reality."
22. Posted by jim x

Hahahahahahaha!!!!!!!!

Hahahahahahaha!!!!!!!!</... (Below threshold)

Hahahahahahaha!!!!!!!!

Ha! Yes, indeed. It really is funny that I have to keep doing this. Ah well.

Most citizens voted for ... (Below threshold)

Most citizens voted for Obama because they didn't know he was a socialist (and because they were still mad at the GOP).

Once again, you're showing a real lack of accuracy in using the word "socialism". Socialism has a very specific meaning, that simply does not apply to a corporate centrist like Obama.

Now that Obama's socialism is indisputable (even if some of us call it by a different name)

Words have specific meanings. If some people call the same thing a different name, that means one of you is using the wrong name.

, most citizens will not vote for him again.

Keep telling yourselves that if you like. But I'm telling you that the public won't accept the GOP until it actually offers a new and viable plan. One of us is right. We'll see in 2012, and after.

. . . the GOP has... (Below threshold)
iwogisdead:
. . . the GOP has to convince America they have a better plan.

The GOP has the best possible of plans--elect a Republican Congress, and the Democrats will no longer be in control of Congress. Elect a Republican president, and Obama will no longer be in the White House.

Codekeyguy"Until I... (Below threshold)
retired military:

Codekeyguy

"Until I got to the end of jimx's first post, I really thougbht LEE WARD hasd been allowed back"

Nope. no racism charges in Jim X post. So they arent the same.

The financial crisis sta... (Below threshold)

The financial crisis started in 2007 -- after the Dems got control of congress, a congress that included Senator "voting present" Obama.

And Congress itself -- regardless of party -- is more to blame than anything else.

So, does that mean the GOP congress was responsible for the stock crash of 2001?

I'm guessing you'll say no. And, I would actually agree with you. To say a group of people is responsible because they were in power when it happened, is a flawed and superficial analysis.

To prove a group responsible or not, you should look at specific policies and provide specific causes.

Hence, the jibes at Obama's playing golf as payback for the Michael Moore-on inspired jabs at Bush's "vacations."

"Payback" is a lame excuse - because, as explained, Bush had taken at least 3 times as many vacation days.

To put it in further perspective, Obama has taken fewer days off than Reagan, Bush 1 or Bush II - while Bush II has taken more days off than any president in recorded history .

Now if Obama had taken somewhere **near** the same amount of days off and liberals were silent, you might have a point. But since that's not the case, this whining about Obama is a clear double standard.

Hank, the problem is precis... (Below threshold)

Hank, the problem is precisely that *no regulation* was created to deal with the new product of credit default swaps. Instead this new financial product was allowed to flourish freely out of the principle of "let the market decide".

Deregulation and relying on the "invisible hand" of the free market, is a principle that is particularly pushed by conservatives in general and GW Bush and the GOP in particular.

When this lack of regulation brought down the market and very nearly plunged the entire world economy into a second Great Depression, now people are realizing that perhaps credit default swaps and many other aspects of the market *should* be regulated. Just as building codes should include fireproof construction, because a fire can not only destroy one person's house but can threaten an entire town.

Li'l jimmy x's try to play ... (Below threshold)
apb:

Li'l jimmy x's try to play smart again...

"No. The majority of ordinary "non-Socialist" US citizens actually voted for Obama."

Wrong again, li'l jimmy. The 52% majority included a large number of short-memoried independents that now understand for themselves the disastrous economic stupidity of the left; a now much-larger number of unemployed that are the result of the Douche's policies; a majority of the "where's mine" group of dependent, statist teat-suckers including SEIU, AFSCME and UAW; lastly, white guilters and racist blacks.

My, what a strong coalition. Reminds me of the moron woman who thought the Douche was going to pay for her gas and mortgage.

Jim M, once again the CRA w... (Below threshold)

Jim M, once again the CRA was not responsible for the housing bubble, nor was it responsible for the credit-default swaps and straight-out fraud ala Goldman Sachs that actually took out our economy.

So blaming it on Fannie Mae doesn't work.

If one single act is blame, I would say it's more the repeal of the Glass-Steagal act. Which is a bipartisan action that occurred at the end of the Clinton administration.

So there is plenty of blame to go around. It's just that to blame this solely on Democrats because of Fannie Mae is simply not backed up by the facts.

"No. The majority of ord... (Below threshold)

"No. The majority of ordinary "non-Socialist" US citizens actually voted for Obama."

Wrong again, li'l jimmy.

Oh?

So you're saying that majority of America is socialist?

Try again.

jim x - remember, the moder... (Below threshold)
Big Mo:

jim x - remember, the modern presdient is never really "on vacation." Oh, he can retreat to his home or hometown, or head out to the golf course, but he's never off duty. It's the nature of the job. So pointing out that Bush was "on vacation" more than Obama is a non-starter, because that's not the point here. That's tit-for-tat silliness.

And no, "payback" is not a "lame excuse" because I wasn't arguing that it was an excuse. Simply a "turn-about-is-fair-play" explaination to point out that when insipid and vapid charges are made, they will be returned in kind.

Jim x, when you see him, as... (Below threshold)
Jay Guevara:

Jim x, when you see him, as it appears you will soon, tell Flea Ward we said "Hey."

So you're saying t... (Below threshold)
Jay Guevara:
So you're saying that majority of America is socialist?

No, of course not. The majority of America is stupid, and easily duped by socialists, as we saw in Nov. 2008. Now they've seen the people they elected, and increasingly realize that they are socialists. Hurry, November.

Second point, re Presidential vacations. Bush went to Crawford, much as Reagan went to his Santa Barbara home, Nixon to San Clemente, Eisenhower to Gettsyburg, and Clinton to the Mustang Ranch, i.e., their home away from the White House, where they essentially could - and doubtless did - carry out the same functions that they did in Washington.

Buraq hasn't done that. He only went to Chicago recently, for the first time as President. Otherwise he's off on the golf course here there and everywhere (including all the way to Hawaii). It is not possible to conduct the business of government on a golf course, or on a date in NYC, but it is in a second office.

(Oh, and btw, Buraq sucks as a golfer. Absolutely sucks.)

Jim M, once aga... (Below threshold)
Jay Guevara:

Jim M, once again the CRA was not responsible for the housing bubble, nor was it responsible for the credit-default swaps and straight-out fraud ala Goldman Sachs that actually took out our economy.

Simply not true. The meltdown of the mortgage lending industry led to a credit squeeze that clobbered many banks, and ultimately collapsed the economy. And why did the mortgage lending industry meltdown?

CRA is central to the whole morality play. CRA (remember the campaigns against "redlining?") was intended to force banks to make loans to people who were considered poor credit risks - as in fact they turned out to be. (And don't start with the "racist" crap; banks will loan money to Lucifer if they think he will repay it.)

Banks were reluctant to make such loans until and unless the government would stand behind the loans. Enter Fannie and Freddie, who bought the shitty loans from the banks. Banks figure, "No problem," and go nuts loaning to everybody, because they thought they wouldn't be on the hook. Fannie and Freddie packaged the shit and sold it to investors (banks, mostly, but also those numbskulls in that Norwegian village) who didn't realize how bad the underlying loan portfolio actually was (the analysts used historical default rates, back from when lenders actually used reasonable standards. Oops.) Banks, of course, put most of their money to work (fractional reserve banking), so the first doubts about solvency and credit risks caused a panic.

Fannie and Freddie got hammered because they stupidly tried to get in on the game by not just packaging shitty loans, but actually buying them for their own account. They were, in effect, on both sides of the deal, selling and buying their own debt.

straight-out fraud ala Goldman Sachs

Ah, so you agree Goldman Sachs is a malefactor in all this? Let's see, with which party is Goldman Sachs joined at the hip, shall we?

Check this out from the Huffington Post , no less:

Goldman Sachs employees gave just shy of a million dollars to the Obama campaign, ranking second in contributions. Citigroup and JPMorgan ranked sixth and seventh. Goldman Sachs gave Obama four times more than they gave McCain.


...by the end of June, Wall Street had already given Obama $9.5 million, that four out of his top five contributors are employees of financial industry giants, with Goldman Sachs at the top of the list.


From Firedoglake

The Obama administration is infested with people with ties to Goldman Sachs. Goldman was Obama's biggest campaign contributor ($994,795) in 2008 and before that as a candidate to the Senate. Rahm took in $80,000 from Goldman Sachs as a Congressman and was on a $3,000 a month retainer from Goldman while he worked as Bill Clinton's chief fund raiser. So how real is the Obama/Democratic party's supposed new toughness on big banks?


So blaming it on Fannie Mae doesn't work.

It absolutely works, because it's the truth. What doesn't work is trying to avoid pinning blame for the shoddy lending practices on government intervention in the mortgage industry by Democrats. They created this problem 100% on their own.

Honestly, we're better off ... (Below threshold)
Caesar Augustus:

Honestly, we're better off with Obama on the golf course. Having him sit in the Oval Office making decisions is far worse for the country.

Jay G, I stated that Fannie... (Below threshold)

Jay G, I stated that Fannie Mae was not responsible for the housing bubble, nor credit-default swaps or Goldman Sachs' outright deceit towards its clients

You responded by saying this was "simply not true" - but you did not address any of the statements. Instead you reiterated a bunch of things relating to Fannie Mae - which have nothing to do with the housing bubble, credit default swaps or Goldman-sachs fraud. Let alone Lehman Brothers, AIG et al.

Fannie Mae was at most a portion of the economic meltdown. For you to blame the entire meltdown solely on Fannie Mae (and therefore solely blame the Democrats, which would then be a further stretch), you would have to:

a) explain how Fannie Mae created the housing bubble AND
b) then popped it AND
c) forced banks to create credit default swaps AND
d) forced banks to sell them to other banks and private investors AND
e) forced some institutions such as Goldman Sachs to intentionally defraud investors by pushing these and similar products **and then bet that their clients would lose**

In your recitation of reasons to blame Fannie Mae, you have yet to even get to step a - explain how Fannie Mae is responsible for the housing bubble.

Bush went to Crawford, m... (Below threshold)

Bush went to Crawford, much as Reagan went to his Santa Barbara home, Nixon to San Clemente, Eisenhower to Gettsyburg, and Clinton to the Mustang Ranch, i.e., their home away from the White House, where they essentially could - and doubtless did - carry out the same functions that they did in Washington.

Buraq hasn't done that.

So there's something magical about clearing brush on some magical pretend-ranch-without-animals, that enables you to be available on a phone when golfing does not?

Does that make sense to you?

That's tit-for-tat silli... (Below threshold)

That's tit-for-tat silliness.

It would be, if Obama and Bush were away from the White House for anywhere near the same amount of time.

But Bush was, even by his own admission, *extremely* detached from the details of his job. He left most of them to Cheney. Which wouldn't be a problem if Bush had a general vision that worked, and Cheney had a knack for implementing them with good details.

Instead, we have a detached president who spent more days away from his actual post than any other President in modern history - perhaps ever. And we have Cheney making it worse by being Cheney.

Comparing this track record with Obama golfing on occasional Sundays is attempting to counter a valid critique with a superficial observation. You may not like Obama's policies - but you cannot say he is anywhere near as uninvolved with the details as was Bush.

I stated that Fann... (Below threshold)
Jay Guevara:
I stated that Fannie Mae was not responsible for the housing bubble, nor credit-default swaps or Goldman Sachs' outright deceit towards its clients

CRA was responsible for the housing bubble, aided and abetted by Fannie and Freddie. Of that there is no question whatever among serious people. The case is settled.

Instead, we have a... (Below threshold)
Jay Guevara:
Instead, we have a detached president who spent more days away from his actual post than any other President in modern history - perhaps ever.

Yes, we do. Soros shouldn't give him so much time off.

But cut him some slack. It'... (Below threshold)
Jay Guevara:

But cut him some slack. It's his first job.

Also, no one told him that the White House isn't a vacation timeshare.

CRA was responsible for ... (Below threshold)

CRA was responsible for the housing bubble, aided and abetted by Fannie and Freddie. Of that there is no question whatever among serious people. The case is settled.

No, that's actually not true.

As only one example, the writers of Businessweek are suitable examples of "serious people". Note that Businessweek is put out by Bloomberg, the respected financial news network which was created by Republican NY Mayor of the same name.

http://www.businessweek.com/investing/insights/blog/archives/2008/09/community_reinvestment_act_had_nothing_to_do_with_subprime_crisis.html

Fresh off the false and politicized attack on Fannie Mae and Freddie Mac, today we're hearing the know-nothings blame the subprime crisis on the Community Reinvestment Act -- a 30-year-old law that was actually weakened by the Bush administration just as the worst lending wave began. This is even more ridiculous than blaming Freddie and Fannie.

The Community Reinvestment Act, passed in 1977, requires banks to lend in the low-income neighborhoods where they take deposits. Just the idea that a lending crisis created from 2004 to 2007 was caused by a 1977 law is silly. But it's even more ridiculous when you consider that most subprime loans were made by firms that aren't subject to the CRA. University of Michigan law professor Michael Barr testified back in February before the House Committee on Financial Services that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations. As former Fed Governor Ned Gramlich said in an August, 2007, speech shortly before he passed away: "In the subprime market where we badly need supervision, a majority of loans are made with very little supervision. It is like a city with a murder law, but no cops on the beat."

So, sorry jay G. You've been fed some information which is at best contra-indicated by actual experts.

Yes, we do. Soros should... (Below threshold)

Yes, we do. Soros shouldn't give him so much time off.

Yes. After all, it's nearly 1/3 of the amount of free time that Richard Mellon Scaife gave Bush II off.

Barry could use the time of... (Below threshold)
Jay Guevara:

Barry could use the time off to pick up some extra some cash as a skycap at O'Hare.

After some training, of course.

There is no question: Democ... (Below threshold)
Jay Guevara:

There is no question: Democrat/Communist policies generated the economic meltdown out of whole cloth. Squirm, weasel, and twist all you want, but do-gooderism run amok among well-meaning but not too bright liberals, coupled with perfidy among communists who were bright but not too well-meaning, caused the recession for which we were due to become the present clusterfark.

Which will continue for the forseeable future because those evil, nasty reactionaries who actually hire the proletariat ...won't, until Buraq is out of office. Too much uncertainty, too much risk. Well done, comrade!

Well, as long as Barry impr... (Below threshold)
914:

Well, as long as Barry improves that nasty duck hook of his everything else will work itself out just fine.

You, like the apparatchik a... (Below threshold)
Jay Guevara:

You, like the apparatchik above, have missed the point entirely, which is: having the government stand behind loans of dubious quality guarantees that more such loans will exist, because lenders figure that they won't be on the hook when the loan turns to shit.

The CRA didn't cause the financial meltdown on its own, but by giving downfield blocking to the factors that did. Once the likelihood of getting a loan was uncoupled from the likelihood that the borrower would repay the loan - in short, once banks themselves figured that they were off the hook - it was game on.

Put it another way: do you agree that subprime loans triggered the financial meltdown? Yes or no?

There is no question: De... (Below threshold)

There is no question: Democrat/Communist policies generated the economic meltdown out of whole cloth.

Ahem - sorry Jay G., but as per the article I cited which you would rather ignore, there IS AT LEAST "question".

Just because you don't like it, doesn't mean it isn't true.

Squirm, weasel, and twist all you want,

Posting facts that prove you wrong is, in fact, the exact opposite of "Squirm, weasel, and twist". In fact, if anyone is doing that, we both know it's you.

Well done, comrade!

Yes, thank you! It was fun to utterly defeat you by merely citing facts you could find easily in Google, Obersturmführer.

But finally, as per # 58:</... (Below threshold)

But finally, as per # 58:

Put it another way: do you agree that subprime loans triggered the financial meltdown? Yes or no?

I don't have a problem with that. But subprime loans were themselves only the pebble that started the avalanche - and only a portion of those subprimes were from Fannie Mae - and only a portion of those Fannie Mae actually defaulted. Which is why, as I stated previously:

Fannie Mae was at most a portion of the economic meltdown. For you to blame the entire meltdown solely on Fannie Mae (and therefore solely blame the Democrats, which would then be a further stretch), you would have to:

a) explain how Fannie Mae created the housing bubble AND
b) then popped it AND
c) forced banks to create credit default swaps AND
d) forced banks to sell them to other banks and private investors AND
e) forced some institutions such as Goldman Sachs to intentionally defraud investors by pushing these and similar products **and then bet that their clients would lose**

In your recitation of reasons to blame Fannie Mae, you have yet to even get to step a - explain how Fannie Mae is responsible for the housing bubble.





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