Bush Administration Adds $4 Trillion To National Debt
September 29, 2008
http://www.cbsnews.com/bl...candco/entry4486228.shtml
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Strange Flute |
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I can't imagine that Vicc.
Bush Administration Adds $4 Trillion To National Debt September 29, 2008 http://www.cbsnews.com/bl...candco/entry4486228.shtml |
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DelosWorld |
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Whenever I hear about the gubbermint spending a billion $ I figure my share of that is about $4.00 out of my pocket, more or less. A trillion would be
$4000 bucks. 10 trillion would be $40,000. Personally I owe zero $$. No mortgage and no credit card balance. Maybe I should
run for President and get this spending under control. Elect more tightwads like me!
----------- Edirted to fix math error...
Last Edited By: DelosWorld
10/09/08 10:37 AM.
Edited 1 times.
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SurvivorArctic |
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For Vicc...
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Hotlantan |
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"Keep The Ni**er Out Of Office"Cops: Man threatened voter officials over tardy registration cardOCTOBER 8--Angered by a delay in the receipt of his voter registration card, a Louisiana man today threatened to shoot election officials, claiming that he
urgently needed to cast a ballot to "keep the ni**er out of office," according to police. Wade Williams, 75, was arrested this morning on a felony
terrorizing charge after allegedly calling the Registrar of Voters and warning that he would come to the state office and empty his shotgun unless he got his
registration card.
Using profanity and racial slurs, Williams told a state official "about needing to vote to 'keep the ni**er out of office," according to an Ouachita Parish Sheriff's Office affidavit, a copy of which you'll find here. Though the document does not name the candidate to which Williams is so violently opposed, it seems likely he was referring to Democratic presidential candidate Barack Obama. After being arrested at his Monroe home, Williams was booked into the Ouachita Correctional Center, where the below mug shot was snapped. En route to the jail, he "continued his 'tirade' about ni**ers and also stated that he had a shotgun, but had it hidden at his residence," reported Lt. Michael Judd.
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Strange Flute |
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Hotlantan wrote: [Tobacco Rhoda] Since he didn't say who he was voting for, it doesn't mean he's a racist. [/Virgin Murray] |
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GnarlsInCharge |
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He could have meant state comptroller candidate Jamal Smith who is African American.
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TobaccoRhoda |
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Oh dear, damn the internets for saving this shit.
Fannie Mae Eases Credit To Aid Mortgage Lending By STEVEN A. HOLMES Published: September 30, 1999 In a move that could help increase home ownership rates among minorities and low-income consumers, the Fannie Mae Corporation is easing the credit requirements on loans that it will purchase from banks and other lenders. The action, which will begin as a pilot program involving 24 banks in 15 markets -- including the New York metropolitan region -- will encourage those banks to extend home mortgages to individuals whose credit is generally not good enough to qualify for conventional loans. Fannie Mae officials say they hope to make it a nationwide program by next spring. Fannie Mae, the nation's biggest underwriter of home mortgages, has been under increasing pressure from the Clinton Administration to expand mortgage loans among low and moderate income people and felt pressure from stock holders to maintain its phenomenal growth in profits. In addition, banks, thrift institutions and mortgage companies have been pressing Fannie Mae to help them make more loans to so-called subprime borrowers. These borrowers whose incomes, credit ratings and savings are not good enough to qualify for conventional loans, can only get loans from finance companies that charge much higher interest rates -- anywhere from three to four percentage points higher than conventional loans. ''Fannie Mae has expanded home ownership for millions of families in the 1990's by reducing down payment requirements,'' said Franklin D. Raines, Fannie Mae's chairman and chief executive officer. ''Yet there remain too many borrowers whose credit is just a notch below what our underwriting has required who have been relegated to paying significantly higher mortgage rates in the so-called subprime market.'' Demographic information on these borrowers is sketchy. But at least one study indicates that 18 percent of the loans in the subprime market went to black borrowers, compared to 5 per cent of loans in the conventional loan market. In moving, even tentatively, into this new area of lending, Fannie Mae is taking on significantly more risk, which may not pose any difficulties during flush economic times. But the government-subsidized corporation may run into trouble in an economic downturn, prompting a government rescue similar to that of the savings and loan industry in the 1980's. ''From the perspective of many people, including me, this is another thrift industry growing up around us,'' said Peter Wallison a resident fellow at the American Enterprise Institute. ''If they fail, the government will have to step up and bail them out the way it stepped up and bailed out the thrift industry.'' Under Fannie Mae's pilot program, consumers who qualify can secure a mortgage with an interest rate one percentage point above that of a conventional, 30-year fixed rate mortgage of less than $240,000 -- a rate that currently averages about 7.76 per cent. If the borrower makes his or her monthly payments on time for two years, the one percentage point premium is dropped. Fannie Mae, the nation's biggest underwriter of home mortgages, does not lend money directly to consumers. Instead, it purchases loans that banks make on what is called the secondary market. By expanding the type of loans that it will buy, Fannie Mae is hoping to spur banks to make more loans to people with less-than-stellar credit ratings. Fannie Mae officials stress that the new mortgages will be extended to all potential borrowers who can qualify for a mortgage. But they add that the move is intended in part to increase the number of minority and low income home owners who tend to have worse credit ratings than non-Hispanic whites. Home ownership has, in fact, exploded among minorities during the economic boom of the 1990's. The number of mortgages extended to Hispanic applicants jumped by 87.2 per cent from 1993 to 1998, according to Harvard University's Joint Center for Housing Studies. During that same period the number of African Americans who got mortgages to buy a home increased by 71.9 per cent and the number of Asian Americans by 46.3 per cent. |
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Miles Edgeworth |
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Yea he wasn't too specific about which one he wanted to keep out of office.
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Miles Edgeworth |
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Vicconius wrote:So Obama treats the press like shit, while Mccain is awesome with the press and yet the press is biased against McCain. |
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HaroldBalzaccio |
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TobaccoRhoda wrote:I hope you don't mind me editing for brevity. |
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Fucking Sucks |
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Once again I'd like to blame Bill Clinton for the shitty decade of music that was the 1990s.
It's all Clinton's fault. |
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RazorrzzEdge |
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If presidents are responsible for the music released during their tenure, then Bush is the worst world leader in history.
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Fucking Sucks |
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RazorrzzEdge wrote:Interesting point. However, I'd take Iron Maiden's albums this decade over the long squirt of shit they squeezed out through the 90s. |
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candi7of9 |
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RazorrzzEdge wrote: Is hip hop worse than disco? |
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Fucking Sucks |
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I'd sooner purchase a Bee Gees record than a 50 Cent CD.
Rap pretty much pounded sand throughout the 90s too. The only modern rappers I can stand to listen to are Necro and MF Doom. |
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ZombieLinda |
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She's a part of British and American royalty <3 and lol @ Cheney and Obama being related |
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SurvivorLDog93 |
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Some of those folks are mildly amusing. Some are just ignorant. Some of those folks are downright frightening. |
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Trixie Delight |
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You can bold that all you want Harold, but it's obvious nobody here gets the implication. If they can't blame Bush or McCain it's not worth
discussing apparently.
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Strange Flute |
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So it WAS Clinton who created this subprime mess. I thought it was the poor schmucks who couldn't meet their payments? Which is it?
No, Freddie and Fannie's role in this mess didn't begin until 2004, when republicans controlled the Congress and Whitehouse. From the conservative WSJ: Blame Fannie Mae and Congress For the Credit Mess http://online.wsj.com/art...SB122212948811465427.html How did we get here? Let's review: In order to curry congressional support after their accounting scandals in 2003 and 2004, Fannie Mae and Freddie Mac committed to increased financing of "affordable housing." They became the largest buyers of subprime and Alt-A mortgages between 2004 and 2007, with total GSE exposure eventually exceeding $1 trillion. In doing so, they stimulated the growth of the subpar mortgage market and substantially magnified the costs of its collapse. |
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Trixie Delight |
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Which way is it with you?
In 2005 when McCain called for more oversight with Freddie and Fannie, he was accused of being racist. |
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