USANews版 - Obama sounded the alarm on subprimes (zt) |
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P*********0
发帖数: 4321 | 1 http://www.politifact.com/truth-o-meter/statements/2008/oct/08/
Obama sounded the alarm on subprimes
Share this story:
As the U.S. and world economic systems continue to falter, both Sens. John
McCain and Barack Obama claim to have seen the crisis coming to some degree,
and tried to head it off.
McCain has cited his endorsement of legislation in 2006 that would have
reined in Fannie Mae and Freddie Mac somewhat. And at the second
presidential debate, Obama cited a letter he wrote to federal officials "two
years ago."
"Understand that the biggest problem in this whole process was the
deregulation of the financial system," Obama said during the Oct. 7, 2008
debate. "Senator McCain, as recently as March, bragged about the fact that
he is a deregulator. On the other hand, two years ago, I said that we've got
a subprime lending crisis that has to be dealt with.
"I wrote to (Treasury) Secretary (Henry) Paulson, I wrote to Federal Reserve
Chairman (Ben) Bernanke, and told them this is something we have to deal
with, and nobody did anything about it."
The last sentence appeared to refer to this letter that Obama sent to
Paulson and Bernanke on March 22, 2007.
Obama's comments in the debate suggest the letter warned about the then-
looming subprime lending crisis and its potential impact on the wider
economy.
So let's check the text.
"There is grave concern in low-income communities about a potential coming
wave of foreclosures," he wrote. "We cannot sit on the sidelines while
increasing numbers of American families face the risk of losing their homes.
"
He went on to suggest the two officials convene a homeownership-preservation
summit where banks, investors, regulators and consumers could forge a plan
to stave off foreclosures.
"Rampant foreclosures are in nobody’s interest... There is an opportunity
here to bring different interests together in the best interests of American
homeowners and the American economy," he wrote.
So yes, Obama characterized the letter accurately. In it, he not only called
for action to head off the unraveling of the subprime mortgage market, but
also warned about its impact on the nation's economy. He sent the letter
about 18 months ago, a time frame for which "two years" is a fair estimate.
We find his claim to be True. | y****t
发帖数: 10233 | 2 拉倒把
obama acorn lawyer, 跟银行打官司,逼着人家贷次贷的.
还alarm呢.
John
degree,
two
【在 P*********0 的大作中提到】
: http://www.politifact.com/truth-o-meter/statements/2008/oct/08/
: Obama sounded the alarm on subprimes
: Share this story:
: As the U.S. and world economic systems continue to falter, both Sens. John
: McCain and Barack Obama claim to have seen the crisis coming to some degree,
: and tried to head it off.
: McCain has cited his endorsement of legislation in 2006 that would have
: reined in Fannie Mae and Freddie Mac somewhat. And at the second
: presidential debate, Obama cited a letter he wrote to federal officials "two
: years ago."
| P*********0
发帖数: 4321 | 3 Proof, you clown.
【在 y****t 的大作中提到】
: 拉倒把
: obama acorn lawyer, 跟银行打官司,逼着人家贷次贷的.
: 还alarm呢.
:
: John
: degree,
: two
| m******n
发帖数: 6327 | 4 http://www.politifact.com/truth-o-meter/statements/2008/oct/13/
The country's economic woes were a somber topic at the presidential debate
in Nashville, Tenn., on Oct. 7, 2008, with both candidates explaining their
thoughts on the root of the crisis.
"I wrote to Secretary Paulson, I wrote to Federal Reserve Chairman Bernanke,
and told them this is something we have to deal with, and nobody did
anything about it."
It's undisputed that Obama wrote the two officials a letter on March 22,
2007.
"There is grave concern in low-income communities about a potential coming
wave of foreclosures," Obama wrote. "Because regulators are partly
responsible for creating the environment that is leading to rising rates of
home foreclosure in the subprime mortgage market, I urge you immediately to
convene a homeownership preservation summit with leading mortgage lenders,
investors, loan servicing organizations, consumer advocates, federal
regulators and housing-related agencies to assess options for private sector
responses to the challenge." ( Read the full text here .)
But Obama brought up this letter in the context of explaining the current
economic crisis. There's nothing to suggest in the letter that Obama had
early insights into the events that would unfold in 2008. His letter is
concerned with people losing their homes, not a systemic threat to the
economic system.
(See our story and other statements on potential causes of the economic
crisis here.)
We also checked news clips to look at Bernanke and Paulson's public
statements around the time after Obama sent his letter.
• On March 28, 2007, Bernanke testified before Congress, saying, "
Although the turmoil in the subprime mortgage market has created financial
problems for many individuals and families, the implications of these
developments for the housing market as a whole are less clear."
• On May 15, 2007, Bernanke gave a speech in which he discouraged new
regulation of derivatives, which played a role in the credit crisis of 2008.
" We should always keep in view the enormous economic benefits that flow
from a healthy and innovative financial sector," Bernanke said.
• On May 17, 2007, Bernanke said the Federal Reserve was considering
taking steps to rein in subprime lending, but would be cautious not to
overregulate. "We do not expect significant spillovers from the subprime
market to the rest of the economy or to the financial system," Bernanke said.
• On June 20, 2007, Paulson said, "We have had a major housing
correction in this country. ... I do believe we are at or near the bottom."
So it sounds like Obama's letter didn't make much of a splash. Certainly
Bernanke and Paulson were not sounding alarm bells.
We asked two economists, one with a right-leaning group and one with a left-
leaning group, if a warning issued in 2007 could have made a difference to
the problems of October 2008. Both of them said it was too late by then,
because the questionable loans and securities had been issued by that point.
"The horse was already out of the barn," said Dean Baker, an economist and
co-director of the left-leaning Center for Economic and Policy Research in
Washington.
"Everyone with a brain who was paying attention knew that there were big
problems associated with outstanding subprime risk," said Charles Calomiris,
a professor at Columbia Business School and a scholar at the conservative
American Enterprise Institute. But, he added, "There was little that the
Fed could have done after March 2007 to prevent the crisis from happening."
So Obama is right that he wrote the letter. Saying Bernanke and Paulson didn
't do anything about it sounds harsh, but it is a rough approximation of
what happened. But Obama's letter was largely confined to the problems of
low-income homeowners who were losing their homes. It was not an early
warning on the economic collapse of '08. We rate his statement Half True.
John
degree,
two
【在 P*********0 的大作中提到】
: http://www.politifact.com/truth-o-meter/statements/2008/oct/08/
: Obama sounded the alarm on subprimes
: Share this story:
: As the U.S. and world economic systems continue to falter, both Sens. John
: McCain and Barack Obama claim to have seen the crisis coming to some degree,
: and tried to head it off.
: McCain has cited his endorsement of legislation in 2006 that would have
: reined in Fannie Mae and Freddie Mac somewhat. And at the second
: presidential debate, Obama cited a letter he wrote to federal officials "two
: years ago."
| y****t
发帖数: 10233 | 5 why libtards are so lack of basic facts?
ok, how about this,
google
Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
and this is your homework.
【在 P*********0 的大作中提到】
: Proof, you clown.
| P*********0
发帖数: 4321 | 6 You know basic facts?
Why you didn't know GOP was backstabbing your founding fathers by mandates?
Back to the lawsuit. Who won and based on what?
See how well you did your homework.
【在 y****t 的大作中提到】
: why libtards are so lack of basic facts?
: ok, how about this,
: google
: Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
: Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
: State/Territory Illinois
: and this is your homework.
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