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Spending More, Enjoying It Less

January 5, 2013

Are you spending twice as much as you did 10 years ago? Probably not; you’d either feel as if you’d struck it rich or your creditors would be forming a posse to come after you if you wer....

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Jan-05-13 3:28 AM

The author in selectively outlining his dislike of the legislation (which no one likes) forgets to mention that cost reduction has yet to be addressed. It wasn't addressed as part of the bill, because the House and Senate couldn't agree because of issues surrounding entitlements, which is what created the ugly automatic austerity cuts planned to take place in 2 months. If the cuts are left to go into effect (on top of the 2 War spending reduction) would substantially reduce government spending to the point we would have sustainable deficit reduction.

Now lets look at the real issue. Back in the late 90s we had a working deficit reduction plan in place. Then we got Bush tax deferments while at the same time the President was authorizing two wars leaving them unfunded, then he created the real estate bubble through the "everyone should buy a home even if they can't afford it plan", where the bubble burst right before he left office, leaving the economy/country in shamble

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Jan-05-13 9:34 AM

"then he created the real estate bubble through the "everyone should buy a home even if they can't afford it plan"

While early in his admin I believe Bush spoke favorable of CRA requirements he did try to reign in Fannie/Freddie. From the NY Times 2003, "The Bush administration today recommended the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago.

Under the plan, disclosed at a Congressional hearing today, a new agency would be created within the Treasury Department to assume supervision of Fannie Mae and Freddie Mac, the government-sponsored companies that are the two largest players in the mortgage lending industry."

"The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. .......

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Jan-05-13 9:37 AM

Brian, now let’s look at the REAL issues.

Under the Bush Tax Cuts tax revenues INCREASED. Barry Obumbler signed bills to renew them TWICE, so not only were they a good idea, but they’re now officially the OBAMA TAX CUTS, ROUND TWO.

The CONGRESS, WITH LARGE BIPARTISAN MAJORITIES, authorized the two wars in two separate “Authorization to use Military Force” bills, leaving them unfunded since CONGRESS writes the funding bills.

The CONGRESS created the real estate bubble through the "everyone should buy a home even if they can't afford it plan." Then the CONGRESS-created bubble burst right before Bush left office, allowing the CONGRESS to blame Bush for leaving economy/country in shambles.

Blaming one President for this mess is simply juvenile.

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Jan-05-13 10:02 AM

...."A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates."

The proposed legislation was voted down along party lines.

Barney Frank stated, "'These two entities -- Fannie Mae and Freddie Mac -- are not facing any kind of financial crisis,' 'The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.'

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