First, why are you answering for iguanaman ? Trust me, he's perfectly capable of posting irreverent Liberal data and ignoring reality.
Second, why don't you just call it what it is ? The reason I questioned your use of the phrase "common good" is Libz are notorious for corrupting the actual meaning of the phrase " promote the General Welfare " You know, like when they use it to justify building voter farms by institutionalizing generational dependence, or when they do something completely ridiculous like Obama's running food stamp "how to" add's on Mexican Tv Stations....
The Obama Administration Works With Mexico To Increase Food Stamp Usage - Investors.com
The last time I tried to explain this to you you hacked a Krugman article that tried to mitigate the undeniable and easily provable point that the market that enabled the sub-prime collapse was manufactured by Clinton and his Liberal politicians.
For Example..In 1992 an Affordable Housing Mandate was put on Fannie and Freddie ( in Title XIII of the Housing and Community Development Act of 1992 ) which was enforced through HUD ( Housing Urban Development ) regulations by placing them under a Quota System which started at 30% , then 40% and 50% under Clinton and then 55% under Bush.
From 1993 to 1998 Clinton replaced all of the GSEs higher ups with his own people....Franklin Reigns....and they made millions in bonus's as the GSEs bought low quality loans, bundled those low quality loans with good loans and then pushed them out into the market as AAA Securities onto the investors.....but you folks blame the banks, nice.
Your a Krugman fan so here, from 1997......From the NYT,
...." “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.”
HUD Secretary Andrew Cuomo in 2000 pledged two trillion to the affordable housing...
"
Andrew Cuomo, the youngest Housing and Urban Development secretary in history, made a series of decisions between 1997 and 2001 that gave birth to the country’s current crisis. He took actions that — in combination with many other factors — helped plunge Fannie and Freddie into the subprime markets without putting in place the means to monitor their increasingly risky investments. He turned the Federal Housing Administration mortgage program into a sweetheart lender with sky-high loan ceilings and no money down, and he legalized what a federal judge has branded ‘kickbacks’ to brokers that have fueled the sale of overpriced and unsupportable loans. Three to four million families are now facing foreclosure, and Cuomo is one of the reasons why."
Cuomo gets elected NY's Governor for his hand in nearly collapsing our economy. Typical Washington corruption. If you run a pyramid scam in NY and defraud investors out of 18 billion, you die in jail. You become a critical component of a policy that ultimately defrauded people out of their homes, the market out of close to 6 trillion in wealth and nearly collapse the national economy and they give you a Governorship.
And....“
In 1994, at the President’s request, the U.S. Department of Housing and Urban Development (HUD) began work to develop a National Homeownership Strategy with the goal of lifting the overall homeownership rate to 67.5 percent by the end of the year 2000. While the most tangible goal of the National Homeownership Strategy was to raise the overall homeownership rate, in presenting the strategy HUD pointed explicitly to declines in homeownership rates among low-income, young, and minority households as motivation for these efforts.” - U.S. Department of Housing and Urban Development Office of Policy Development and Research website
Your Bush Blame ? There is empirical data upon data that shows he tried to corral the GSE's as he knew early on that they were effectively financing the crisis and the next housing bubble. You guys don't realize, or you refuse to realize that without the GSE's being mandated to buy up crap from the banks there would have been zero sub-prime collapse. Proof ? Obama and Holder actually made the CRA compliance laws stronger. Now banks can be investigated by the Justice Department for failing to comply. I'll post a few, but I've got pages of these by the way..
April: 2001 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.”
May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and
Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
January: Freddie Mac announces it has to restate financial results for the previous three years.
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)
September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.
September: 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.
October: Fannie Mae discloses $1.2 billion accounting error.
November: 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)
They go up to 2007. Bush's continued effort throughout his Presidency to reign in the disaster were met with Democrat cries of "discrimination" and nothing was done until it was to late. Liberal's went into damage control, the GSE heads made off with millions in bonus's and the American tax payer get's the shaft.
"We take more from those that have alot and none from those with none to spare. That seems wrong to you? Taking money from those that have it? " He doesn't understand the increasing tax's on the rich, investors or corporations usually has detrimental effects on the economy, causes revenue to drop and the poor to incur hardship due to chronic unemployment.
You think the preamble establishes rights ? It's just a generic description of what's to follow.
The General welfare clause establishes restrictions on the Fed, not giving them arbitrary power to first isolate as not part of the power layed out in Article 1 Section 8 and then use it to justify new legislation.
Any additional powers not enumerated by the Constitution fall directly under States Authority. The 10th amendment.
It's how the Federal Government instituted social welfare legislation that through further legislation caused or enabled generational dependency, poverty, crime and the destruction of the black family. Places like Cabrini Green, QUeensbridge, Robert Taylor Homes, The Dearborn Homes etc.
I don't disagree with a social safety net. But when the Libs refuse to make any changes to a entitlement system that has caused a incalculable amount of suffering, then I have a problem with it. QUOTE
