{"id":32829,"date":"2018-03-15T11:14:08","date_gmt":"2018-03-15T15:14:08","guid":{"rendered":"http:\/\/www.rightwinggranny.com\/?p=32829"},"modified":"2018-03-15T11:36:32","modified_gmt":"2018-03-15T15:36:32","slug":"undoing-the-economic-damage-done-by-president-obama","status":"publish","type":"post","link":"https:\/\/www.rightwinggranny.com\/?p=32829","title":{"rendered":"Undoing The Economic Damage Done By President Obama"},"content":{"rendered":"<p>Like him or not, President Trump is a businessman. He has also encouraged Congress to do things that make sense from a business perspective. He worked hard to undo the damage done by the economic policies of the Obama administration&#8211;he has decreased regulation, lowered corporate taxes, and it working hard to put <a class=\"zem_slink\" title=\"United States\" href=\"http:\/\/maps.google.com\/maps?ll=38.8833333333,-77.0166666667&amp;spn=0.1,0.1&amp;q=38.8833333333,-77.0166666667 (United%20States)&amp;t=h\" target=\"_blank\" rel=\"geolocation noopener\">Americans<\/a> back to work. Well, it looks as if Congress has also decided to help encourage the <a class=\"zem_slink\" title=\"Economy of the United States\" href=\"http:\/\/en.wikipedia.org\/wiki\/Economy_of_the_United_States\" target=\"_blank\" rel=\"noopener wikipedia\">American economy<\/a>.<\/p>\n<p><a class=\"zem_slink\" title=\"The Daily Caller\" href=\"http:\/\/en.wikipedia.org\/wiki\/The_Daily_Caller\" target=\"_blank\" rel=\"noopener wikipedia\">The Daily Caller<\/a> reported yesterday that the Senate had voted 67-31 to roll back some of the provisions of the <a class=\"zem_slink\" title=\"Dodd\u2013Frank Wall Street Reform and Consumer Protection Act\" href=\"http:\/\/en.wikipedia.org\/wiki\/Dodd%E2%80%93Frank_Wall_Street_Reform_and_Consumer_Protection_Act\" target=\"_blank\" rel=\"noopener wikipedia\">Dodd-Frank bill<\/a>. At this point I need to mention that the Dodd-Frank bill was a supposed solution to the housing bubble, but never actually addressed the read source of the problem. The video below explains the true source of the problem.<\/p>\n<p>Below is a nine-year old <a href=\"https:\/\/www.youtube.com\/watch?v=1RZVw3no2A4\" target=\"_blank\" rel=\"noopener\">YouTube<\/a> video I have repeatedly posted. It is the most honest history of the housing bubble I have seen. It is embedded because I am afraid that someday YouTube will take it down:<\/p>\n<p><iframe loading=\"lazy\" src=\"https:\/\/www.youtube.com\/embed\/1RZVw3no2A4\" width=\"560\" height=\"315\" frameborder=\"0\" allowfullscreen=\"allowfullscreen\"><\/iframe><\/p>\n<p>The DC Caller Article reports:<\/p>\n<p style=\"padding-left: 30px;\"><strong>Seventeen Democratic senators joined Republicans in the Senate to approve the roll back.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>The <a href=\"https:\/\/www.congress.gov\/bill\/115th-congress\/senate-bill\/2155\" target=\"_blank\" rel=\"noopener\">bill<\/a> is the brainchild of\u00a0<a class=\"zem_slink\" title=\"United States Senate Committee on Banking, Housing, and Urban Affairs\" href=\"http:\/\/en.wikipedia.org\/wiki\/United_States_Senate_Committee_on_Banking%2C_Housing%2C_and_Urban_Affairs\" target=\"_blank\" rel=\"noopener wikipedia\">Senate Banking Committee<\/a> Chairman <a class=\"zem_slink\" title=\"Mike Crapo\" href=\"http:\/\/en.wikipedia.org\/wiki\/Mike_Crapo\" target=\"_blank\" rel=\"noopener wikipedia\">Mike Crapo<\/a> and\u00a0aims to rework\u00a0a number of the protective barriers Dodd-Frank put between consumers, banks and the greater economy in the wake of the 2007-2009 <a class=\"zem_slink\" title=\"Great Recession\" href=\"http:\/\/en.wikipedia.org\/wiki\/Great_Recession\" target=\"_blank\" rel=\"noopener wikipedia\">Great Recession<\/a>.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>\u201cThis bill has received widespread support for good reason: the cycle of lending and job creation has been stifled by onerous regulation,\u201d Crapo said on the <a class=\"zem_slink\" title=\"United States Senate chamber\" href=\"http:\/\/en.wikipedia.org\/wiki\/United_States_Senate_chamber\" target=\"_blank\" rel=\"noopener wikipedia\">Senate floor<\/a> prior to Wednesday evening\u2019s vote.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>Dodd-Frank was originally <a href=\"https:\/\/corpgov.law.harvard.edu\/2012\/11\/16\/dodd-frank-principles-and-provisions\/\" target=\"_blank\" rel=\"noopener noreferrer\">intended<\/a> to increase transparency by implementing a consistent set of regulations aimed at closing loopholes and making firms accountable for their own mistakes. The bill attempted\u00a0to\u00a0shift the burden of major financial mistakes\u00a0from taxpayers to market participants, ensuring those who partake in risky investment\u00a0practices\u00a0would bear the financial burden of their mistakes. Dodd-Frank <a href=\"https:\/\/www.govtrack.us\/congress\/bills\/111\/hr4173\/text\" target=\"_blank\" rel=\"noopener noreferrer\">promised<\/a> to \u201cend too big to fail\u201d and \u201cpromote financial stability.\u201d<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>Large banking institutions have <a href=\"https:\/\/www.wsj.com\/articles\/after-five-years-dodd-frank-is-a-failure-1437342607\" target=\"_blank\" rel=\"noopener noreferrer\">grown<\/a> dramatically since the passage of Dodd-Frank despite\u00a0the act\u2019s intentions, and small community banks have incurred serious <a href=\"http:\/\/www.washingtonexaminer.com\/dodd-frank-at-5-helping-big-banks-get-bigger\/article\/2568637\" target=\"_blank\" rel=\"noopener noreferrer\">losses<\/a>\u00a0as they try to keep up. Crippling regulations saddled smaller banks, forcing American consumers to market with\u00a0fewer investment vehicles and greater costs.<\/strong><\/p>\n<p>Even if Dodd-Frank were actually attempting to address the true cause of the housing market collapse, it failed miserably.<\/p>\n<p>There is some question as to whether or not the bill can pass in the House of Representatives.<\/p>\n<p>Just as a reminder, I would\u00a0 like to post the content of an article that I wrote in March of 2009 here:<\/p>\n<div class=\"entry-content\">\n<p style=\"padding-left: 30px;\"><strong>I don\u2019t have a link on this because I don\u2019t want to get people in trouble.\u00a0 This is a true story, but I will leave the specific names out.\u00a0 This is truly a tale of the upside down world we currently live in.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>There is a small local bank in a city in Massachusetts.\u00a0 It is not a rich city, and the city has the reputation of being a rather \u2018rough\u2019 city.\u00a0 The bank is a small local bank that has probably been in business for twenty or thirty years.\u00a0 The bank has had no foreclosures on property that it owns this year.\u00a0 The bank had made a small profit\u00a0last year.\u00a0 Almost (if not) all of the mortgages the bank has given out are current.\u00a0 No property is currently in foreclosure.\u00a0 This rather quiet little\u00a0bank is simply doing its job of being a small, local bank as best it can.<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>Last week the bank got a letter from the federal agency that regulates the bankling industry in this country.\u00a0 The letter had done its annual review of the bank and was sending the results to the bank.\u00a0 The letter was highly critical of the bank\u2013the agency felt that the bank had not created enough <a class=\"zem_slink\" title=\"Subprime lending\" href=\"http:\/\/www.wikinvest.com\/concept\/Subprime_lending\" target=\"_blank\" rel=\"noopener wikinvest\">sub-prime mortgages<\/a> and that it had not done enough lending to people in lower income brackets with bad credit ratings.\u00a0 Duh.\u00a0 That\u2019s why the bank is not in need of bailout money!!<\/strong><\/p>\n<p style=\"padding-left: 30px;\"><strong>The time has come for a little common sense on the part of the government.<\/strong><\/p>\n<p>The real cause of the housing crisis was the federal government. How can we manage to get them under control?<\/p>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Like him or not, President Trump is a businessman. He has also encouraged Congress to do things that make sense from a business perspective. He worked hard to undo the damage done by the economic policies of the Obama administration&#8211;he &hellip; <a href=\"https:\/\/www.rightwinggranny.com\/?p=32829\">Continue reading <span class=\"meta-nav\">&rarr;<\/span><\/a><\/p>\n","protected":false},"author":3,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[9804,1407,6251,11511,11510,11512,7015],"class_list":["post-32829","post","type-post","status-publish","format-standard","hentry","category-uncategorized","tag-american-economy","tag-doddfrank-wall-street-reform-and-consumer-protection-act","tag-great-recession","tag-mike-crapo","tag-senate-banking-committee","tag-sub-prime-mortgages","tag-the-daily-caller"],"_links":{"self":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/32829","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/users\/3"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=32829"}],"version-history":[{"count":2,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/32829\/revisions"}],"predecessor-version":[{"id":32831,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=\/wp\/v2\/posts\/32829\/revisions\/32831"}],"wp:attachment":[{"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=32829"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=32829"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rightwinggranny.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=32829"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}