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In reply to the discussion: Why can't Obama be more like Bush? Who is missing Dubya? [View all]ProSense
(116,464 posts)41. Do you
"See the first graph in this OP."
...mean the "first graph" that shows cases under Bush dropping to less than half?
Bush set up the economy to fail, and did everything to ensure that it did. Bush is responsible for triggering the mortgage crisis.
As I posted above, here is Kerry addressing some of the issues in 2004 and again in 2007
<...>
A California law imposed this standard, but credit card issuers challenged it in court in 2002, and the Bush administration's Office of the Comptroller of the Currency sided with the issuers. The comptroller argued that only federal regulators could impose such a restriction on nationally chartered banks and that his office did not plan to do so. The state lost the case.
Mr. Gordon said that some minimum payments were so low that they barely kept up with interest costs or fell behind them, in which case the balance could never be repaid.
Other changes proposed by the Kerry campaign would require lenders to forgo penalty charges when they allowed card holders to go beyond their borrowing caps. A cardholder with a $5,000 credit limit, for example, can face a penalty for reaching $5,200 even if the card company approved the charge that put the total over $5,000.
Mr. Kerry's principal mortgage proposal would prohibit lenders from using balloon mortgages in most subprime loans, which often go to low-income people at higher rates.
http://www.nytimes.com/2004/08/27/us/2004-campaign-democratic-platform-kerry-sees-credit-card-abuses-promises-steps.html
A California law imposed this standard, but credit card issuers challenged it in court in 2002, and the Bush administration's Office of the Comptroller of the Currency sided with the issuers. The comptroller argued that only federal regulators could impose such a restriction on nationally chartered banks and that his office did not plan to do so. The state lost the case.
Mr. Gordon said that some minimum payments were so low that they barely kept up with interest costs or fell behind them, in which case the balance could never be repaid.
Other changes proposed by the Kerry campaign would require lenders to forgo penalty charges when they allowed card holders to go beyond their borrowing caps. A cardholder with a $5,000 credit limit, for example, can face a penalty for reaching $5,200 even if the card company approved the charge that put the total over $5,000.
Mr. Kerry's principal mortgage proposal would prohibit lenders from using balloon mortgages in most subprime loans, which often go to low-income people at higher rates.
http://www.nytimes.com/2004/08/27/us/2004-campaign-democratic-platform-kerry-sees-credit-card-abuses-promises-steps.html
Kerry Pushes Treasury on Housing Crunch, Requests Emergency Response
WASHINGTON D.C. Senator John Kerry wrote to Treasury Secretary Paulson, asking him to provide a plan to address the national foreclosure crisis. Today, more than two million American families, including thousands in Massachusetts, risk losing their homes to foreclosure in the near future.
Im asking Secretary Paulson to take overdue action now before todays housing crunch becomes tomorrows recession. They need to take aggressive action to save homeowners from foreclosure. So far, the Bush Administration has responded to the mortgage crisis just as they respond to most challenges - they protect their friends first while they play a shell game with those being hit hardest. The steps taken so far only scratch the surface of what the government could be doing to respond. Instead of helping banks and bondholders stay on top at all costs, the Treasury should be ensuring American families do not lose the roof over their heads.
Only a paltry 1 percent of troubled subprime mortgages have been restructured by lenders. Kerry joined Sheila Bair, Chair of the FDIC, in asking for immediate action to develop a systematic approach for lenders to make loan modifications so creditworthy families can stay in their homes.
Kerry also called to immediately increase the portfolio caps for Fannie Mae and Freddie Mac by ten percent on a temporary basis, to insure that more families get access to fair, non-predatory mortgages. Unfortunately, this has been opposed by the Bush Administration.
Finally, he is pushing Congress to enact legislation to prohibit the most abusive and predatory lending practices that disclosures cannot protect against. Unfortunately, the Bush Administration has also opposed legislation to stop predatory lending.
WASHINGTON D.C. Senator John Kerry wrote to Treasury Secretary Paulson, asking him to provide a plan to address the national foreclosure crisis. Today, more than two million American families, including thousands in Massachusetts, risk losing their homes to foreclosure in the near future.
Im asking Secretary Paulson to take overdue action now before todays housing crunch becomes tomorrows recession. They need to take aggressive action to save homeowners from foreclosure. So far, the Bush Administration has responded to the mortgage crisis just as they respond to most challenges - they protect their friends first while they play a shell game with those being hit hardest. The steps taken so far only scratch the surface of what the government could be doing to respond. Instead of helping banks and bondholders stay on top at all costs, the Treasury should be ensuring American families do not lose the roof over their heads.
Only a paltry 1 percent of troubled subprime mortgages have been restructured by lenders. Kerry joined Sheila Bair, Chair of the FDIC, in asking for immediate action to develop a systematic approach for lenders to make loan modifications so creditworthy families can stay in their homes.
Kerry also called to immediately increase the portfolio caps for Fannie Mae and Freddie Mac by ten percent on a temporary basis, to insure that more families get access to fair, non-predatory mortgages. Unfortunately, this has been opposed by the Bush Administration.
Finally, he is pushing Congress to enact legislation to prohibit the most abusive and predatory lending practices that disclosures cannot protect against. Unfortunately, the Bush Administration has also opposed legislation to stop predatory lending.
http://www.democraticunderground.com/discuss/duboard.php?az=view_all&address=389x2087387
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You're not convinced by the mountains of conclusive evidence that Prosense provided but Taibbi's
stevenleser
Apr 2014
#7
That person read the better part of 30 articles in admittedly less than three minutes
Number23
Apr 2014
#48
LMAO, good catch. Shows who are the actual sycophants around here. Taibbi's fans won't even read
stevenleser
Apr 2014
#70
I'm convinced you have no intention of reading anything and are here to distract from the OP. I'm
Cha
Apr 2014
#52
but the little libertarian taibbi said so.. so the followers praise him to high hell.. Bad Obama..
Cha
Apr 2014
#55
As I noted in the other thread, Taibbi's articles look good on superficial inspection. When you
stevenleser
Apr 2014
#6
Bush exploited and expanded the changes in the laws that led to the crisis. n/t
ProSense
Apr 2014
#14
K&R I can't believe people here seriously think Bush was tougher than Obama on corporate malfeasance
DanTex
Apr 2014
#12
laws have to be enforced as well. the Sherman Anti-Trust Law is still on the books
yurbud
Apr 2014
#44
Still, that's like comparing intentionally crashing the economy to helping its recovery. n/t
ProSense
Apr 2014
#46
So does that mean we have to direct our 2 minute hate towards Gold...Taibbi today?
Vashta Nerada
Apr 2014
#29
Still, what does that have to do with this claim: "elevate Obama to god status"?
ProSense
Apr 2014
#42
Exactly. This all seems more like Taibbi's fans have elevated HIM to god status.
stevenleser
Apr 2014
#71
it sounds more like frustrated hyperbole on Taibbi's part for Obama not prosecuting the big dogs
yurbud
Apr 2014
#36
I can't see how any progressive Democrat can say that Bush was tougher on corporations than Obama
Chathamization
Apr 2014
#49