Trade Wars and Tariffs

#3,652
#3,652
theFallGuy said:
I think Bush was also part of that. The government wanted to push out home loans to people who didn't need home loans. They pressured banks and their lending standards and the whole thing blew up
Click to expand...
Bush gets a raw deal on this


2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." (2002 Budget Analytic Perspectives, pg. 142)
2002

May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.


September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.


September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "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." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)


October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)


November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)


February: Then-CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)


April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)


June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005

April: Then-Secretary Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)


July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)
2007

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)


August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)


December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)
 
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#3,653
#3,653
volfanhill said:
Bush gets a raw deal on this


2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." (2002 Budget Analytic Perspectives, pg. 142)
2002

May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.


September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.


September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "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." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)


October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)


November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)


February: Then-CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)


April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)


June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005

April: Then-Secretary Snow repeats his call for GSE reform, saying "Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)


July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)
2007

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)


August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)


December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)
Click to expand...

Neither Bush nor Congress during the time tried to repeal or modify the Gramm Leach Bliley act, Commodity Futures Modernization act, both of which had as much of an impact on the 2008 housing crises as any policies put forth by Fannie Mae and Freddie Mac.

Add in the 2004 SEC investment bank leverage ratio increase and it was like pouring gasoline into your propane grill.

None of the politicians concerned about the risk at the time, as long as their donors were raking in the money, and contributing to their campaigns.
 
#3,654
#3,654
MontyPython said:
Where are all the Trump cheerleaders today?

That ****ing dumbass. Attacking Powell is so demonstrably asinine. The markets don't lie, Orangeblob. You're ****ing everything up you moronic twit.

Stocks fell again on Monday as President Donald Trump ramped up his attacks on Federal Reserve Chair Jerome Powell, raising questions about the central bank’s independence, while traders received few signs of progress on global trade talks.

The Dow Jones Industrial Average dropped 971.82 points, or 2.48% to close at 38,170.41. The S&P 500 shed 2.36% and ended at 5,158.20, and the Nasdaq Composite lost 2.55% to settle at 15,870.90.

“Magnificent Seven” tech titans dragged the major indexes lower, with Tesla and Nvidia respectively losing 5.8% and more than 4%. Amazon shed 3%, as did Meta Platforms. Equipment manufacturer Caterpillar declined 2.8%.

In a Truth Social post, Trump claimed that the economy would slow unless Powell — who he referred to as “Mr. Too Late, a major loser” — lowered interest rates immediately. This follows another post last week in which Trump also called for the Fed to lower rates, even hinting at Powell’s “termination” — something White House economic advisor Kevin Hassett said the president’s team was studying.

The dollar was also under pressure, hitting a three-year low as the threats ramped up. Gold, meanwhile, soared to record highs above $3,400 per ounce.
Click to expand...

Now do today’s equity market index averages.
 
#3,655
#3,655
lawgator1 said:
That's the problem. The Dow was down 1100 yesterday, up just under that amount today. Not that we haven't had swings before, but the last three weeks have been all over the map because the lack of stability coming from President Chaos and his minions prevents industry from planning.
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You’re giving too much credit to Trump for the volatility. Markets were historically way overvalued at an almost 30x multiple. Plus it’s been a while since the last correction after COVID reset the floor and equities have been appreciating off of it.

Earnings will drive US stocks higher. Lower interest rates and permanent tax relief will do that. Tariffs are just an excuse for markets to sell off.
 
#3,656
#3,656
utvolpj said:
Are you trying to claim that any criticism of Trump that also happens to be shared on those networks is simply a leftist talking point? Seriously?

Trump is having some truly magnificent failures right now. Trying to shrug those off as just leftist talking points is really a pathetic stance.
Click to expand...

No. Not what I posted.

The TDS crowd chimes in in unison with their usual crap anytime they can work it into the narrative.

The magnificent failure was the administrations over the last 50 years allowing the manufacturing, jobs, and critical supply chains to exit while leaving access to the US consumer wide open. At least a few years ago one of them opened a window to repatriate the earnings that were sitting in foreign subsidiaries to avoid US taxes.

What Trump is working on won’t be resolved in the near term. It will take years, not weeks. It is also pissing off the free loaders and is a threat to their well compensated (campaign contributions/advertising purchases) mouthpieces. At least he’s not ignoring it like the politicians before him.

Running the country like a business entity with accountability instead of as the bloated wealth redistributing, debt choked, welfare organization that it’s become. What a novel concept.
 
#3,658
#3,658
rekinhavoc said:
www.breitbart.com

Chevron CEO: 'No Signs' We Are in or Close to a Recession

Tuesday, during an appearance on CNBC's "Squawk Box," Chevron CEO Mike Wirth downplayed the possibility of a recession. | Clips
www.breitbart.com www.breitbart.com
Click to expand...

Oil is so inexpensive right now that the drillers are having difficulty making a profit on what they can extract. That will keep inflation in check. Which should bring lower interest rates. Which should stimulate home construction. Which makes housing more affordable. But hold on. The s**t from China at DollarTree is going to cost more.
 
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#3,660
#3,660
Cue up the Trump lied, flip-flopped, changed direction narratives. And the sarcastic “4-D chess” comments since “winning” doesn’t fit today.
 
#3,662
#3,662
Thunder Good-Oil said:
No. Not what I posted.

The TDS crowd chimes in in unison with their usual crap anytime they can work it into the narrative.

The magnificent failure was the administrations over the last 50 years allowing the manufacturing, jobs, and critical supply chains to exit while leaving access to the US consumer wide open. At least a few years ago one of them opened a window to repatriate the earnings that were sitting in foreign subsidiaries to avoid US taxes.

What Trump is working on won’t be resolved in the near term. It will take years, not weeks. It is also pissing off the free loaders and is a threat to their well compensated (campaign contributions/advertising purchases) mouthpieces. At least he’s not ignoring it like the politicians before him.

Running the country like a business entity with accountability instead of as the bloated wealth redistributing, debt choked, welfare organization that it’s become. What a novel concept.
Click to expand...
Accountability? He blames everyone else for the problems (kinda like you did). He seems to have no idea what he's doing and surrounds himself with what seems to be complete incompetence. He's threatening ww3 at Israel's request. The govt is expanding and doge is a lie/ fraud

TDS needs to stand for Trump Delusion Syndrome because that's the only way I can see supporting this admin in its current state
 
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#3,663
#3,663
utvolpj said:
Accountability? He blames everyone else for the problems (kinda like you did). He seems to have no idea what he's doing and surrounds himself with what seems to be complete incompetence. He's threatening ww3 at Israel's request. The govt is expanding and doge is a lie/ fraud

TDS needs to stand for Trump Delusion Syndrome because that's the only way I can see supporting this admin in its current state
Click to expand...

NGOs lack accountability.
 
#3,668
#3,668
utvolpj said:
So does the Pentagon. Your point?

It's not tds or some leftist talking point to say this admin is a trainwreck
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My point is that there’s now an huge initiative to make the government accountable to the taxpayers. You’re the one that’s moving the goal posts by flexing that into Trump isn’t accountable for his actions or words.

Exactly what is the train wreck? He’s doing what he said he would.
 
#3,669
#3,669
Thunder Good-Oil said:
Tarriffs at 145%? He’s destroying the economy. He’s killing your retirement accounts.

Tarriffs lowered? “He’s walking it back. He blinked.”

Typical leftist crap being spread. They really want the country to fail and it’s pathetic.
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You've got more spins in your game than Earl Monroe had in his game.😉 His were sleek and effective. Yours, not so much🤭
 
#3,671
#3,671
Thunder Good-Oil said:
My point is that there’s now an huge initiative to make the government accountable to the taxpayers. You’re the one that’s moving the goal posts by flexing that into Trump isn’t accountable for his actions or words.

Exactly what is the train wreck? He’s doing what he said he would.
Click to expand...
If you need to ask "what is the train wreck?", you haven't been paying attention
 
#3,675
#3,675
BernardKingGOAT said:
If you need to ask "what is the train wreck?", you haven't been paying attention
Click to expand...
I’m curious about what people think is so bad right now. Gas prices down. Inflation is flat …..regardless of the doom and gloom predicted……nothing has happened at the register. Market is on sale. I’m actually going to make out pretty good on this deal…..so what’s this train wreck I keep hearing about?


It’s not like 18% inflation in 3 years is it?
 
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