Quote:
Originally Posted by Slingin Sammy 33
When our national debt is over $10 Trillion it's not the time for new(or expanded) social programs and bailouts.
U.S. National Debt Clock
Halving the deficit still means the national debt increases by over $ 500B / yr. SS, Medicare and interest on the national debt eat up over 50% of the U.S. budget. If Obama and the Dems want to leave a legacy and truly change the U.S., they need to stop the wasteful spending, overhaul the tax code, overhaul SS & Medicare, pass a balanced budget ammendment, and any tax increases should be used to pay down the national debt.
Before the lefties yell, what about Bush, Bush increased this and left Obama with that, I'm just stating what needs to be done, not placing blame on any party. The Dems have almost complete control of the Gov't. They have the ability to do the right things. |
Everyone was pissed off when Bush was running up the debt and the democrats always criticized it, and now they doubled the deficit and want to keep spending more. Now Obama is talking about cutting the deficit in half, right after he doubled it. His goal is to get it down to where Bush had it. The only way he is going to meet the goal is to raise taxes and for the economy to recover, but raising taxes is going to make it harder for it to recover.
The goverment is like a parasite to the economy. All tax money is just money being taken out of the economy, and now the goverment is taking over more and more of the economy, which never works. Politicians do not know how to run businesses. They do things for political reasons, not for the business to be successful. Look what they did to the mortgage industry. The housing crisis is the governments fault.
Quote:
|
Originally Posted by New York Times 9/30/99
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.''
...
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.''
|
Fannie Mae Eases Credit To Aid Mortgage Lending - New York Times
I know this isn't all about Obama's speech, but it needed to be said.