FHA subprime defaults hit 9% in California

May 18, 2012

By Chriss Street

The American taxpayer is about to be saddled with another multi-billions bailout of subprime mortgage loan losses  from the stealth Federal Housing Authority lending program that has been offering ultra-low 3.5 percent down payments since 2009.  Delinquency rates are already at 9 percent in California and expanding rapidly across the United States.

Subprime lending drove the U.S. housing bubble from 1998 until its collapse beginning in 2007.  Since that time, real estate prices have fallen by 35 percent across the United States.  Subprime was first hailed for its expansion of the number of people who could qualify for a mortgage.  But many of those borrowers fudged on their income and net worth levels in order to borrow more than their true incomes would allow them to repay.

Since the bubble burst and many sub-prime borrowers defaulted, the U.S. government has provided bank bailouts, a deficit-spending stimulus that will double the national debt from $9 trillion in 2007 to $18 trillion next year.

A Rasmussen poll taken just after the recent JP Morgan Bank derivative fiasco reported that 71 percent of Americans say the government should let banks that get into financial trouble be required to fail.  Banks are still blamed for causing the housing crash by lowering traditional mortgage loan requirements of 20 percent down payment and a 680 FICO credit score.

Taxpayers liable

Unfortunately, taxpayers are about to learn they are increasingly liable for another multi-billion-dollar subprime bailout.  The U.S. Department of Housing and Urban Development website trumpets: “FHA Loans Help You.”  In smaller print, that help is described as insuring your loan so your lender can offer you mortgage down payments of 3.5 percent of the purchase price that includes closing costs and fees in the loan.  And the FHA will allow you to buy a home, remodel and refinance your existing home or convert your equity into cash through a reverse mortgage if you are 62 or older.

All this FHA hoopla sounds a lot like subprime lending, because it is subprime lending!

Any bank that made this type of loan on its own would be required by regulators to classify the loan as a non-conforming investment and reserve approximately 25 percent of the amount of the loan in cash as protection against a potential subprime borrower default.  But the beauty of the FHA insured loan program is that banks collect fees for the risk-free processing of loans, and then sell the loans to Federal National Mortgage Corporation (Fannie Mae) or The Federal Home Loan Mortgage Corporation (Freddie Mac) for another profit.

Of course, both of these government sponsored enterprises have been operating in conservatorship (nice word for bankruptcy) since September 6, 2008 as a result of subprime loan losses.  Then-Treasury Secretary Henry Paulson said the next day:

I attribute the need for today’s action primarily to the inherent conflict and flawed business model embedded in the GSE structure, and to the ongoing housing correction.”

That correction has resulted in 5 million completed foreclosures and another 8 million mortgages that are more than 30 days delinquent or in foreclosure.

Down payments

The Center for Responsible Lending, founded by ACORN, recently published a study reporting that requiring a 20 percent down payment would prevent 60 percent of all FHA borrowers from qualifying for a residential mortgage.  To analyze what it would take for a typical FHA borrower to qualify for a traditional mortgage, CRL selected an average family household led by a police pfficer, a teacher and tirefighter.  Relying on the Department of Labor Occupational Employment wage scales, assuming the average family could dedicate half of their 5.2 percent average savings toward a down payment on a 6 percent loan for an average hous,.  CRL estimated the typical American family would have to save for 14 years to afford a traditional 20 percent down payment loan.

Real estate experts have warned for years about the potential dangers of FHA mortgages because the 1 percent loan fee, 0.5 percent insurance costs and 6 percent real estate sales commission are all rolled into a 3.5 percent down payment.  Lenders refer to this as “hiding of the pickle,” because the borrower already has 4 percent negative equity when the mortgage is funded.

Falling prices

As home prices have continued to fall since 2009, most FHA borrowers are now saddled with mortgages that are substantially greater than the fallen value of their homes.  Many of these FHA borrowers are public-sector police officers, teachers, firefighters and others who expected to enjoy lifetime employment.  But local governments have cut 482,000 jobs since the beginning of 2009 and public sector layoffs are accelerating in the nation’s weakest real estate markets of California, Florida, Illinois, New York, Texas and New Jersey.

The Obama administration’s Office of Management and Budget estimated in October 2011 that  FHA’s $4.7 billion capital reserves will be wiped out this year, forcing the FHA to seek at least $700 million bailout from the U.S. Treasury.  Americans are justifiably angry at being required to bailout the banks’ irresponsible subprime lending.  Think how angry they are going be this election season, when they have to bailout the government’s irresponsible subprime lending.

Feel free to forward this Op Ed and follow our Blog at www.chrissstreetandcompany.com.

If you Chriss Street to speak to your organization, contact [email protected].

Chriss Street’s latest book: “The Third Way,” now available on  www.amazon.com

50 comments

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  1. Ted Steele-- Poodle slayer
    Ted Steele-- Poodle slayer 18 May, 2012, 09:48

    another present from Wall Street— geez— we don’t need any more financial regulation. Hmmmmmmmmmmmmmmmmmmmmmmmmmm

    Reply this comment
  2. Ted Steele-- Poodle slayer
    Ted Steele-- Poodle slayer 18 May, 2012, 09:49

    by the by— kinda like that Craftsman fixer upper in the pic!

    Reply this comment
  3. Ulysses Uhaul
    Ulysses Uhaul 18 May, 2012, 10:15

    There were so many crook loan brokers and unprofessional escrow and real estate agents doing fradulent actions…it was an industry joke!

    Wall Street was wrong….your local real estate people still out there looking for more pigeons…you are bound to get ripped at some point!!!

    Awful!

    Reply this comment
  4. Beelzebub
    Beelzebub 18 May, 2012, 10:34

    You’re a smart guy, Mr. Street. You know that there were about $3T in losses from the housing meltdown vis a vis the subprimes, Alt-A’s, CDO’s etc…. You also know that only about $1T of that $3T has been accounted for and addressed. In other words, there is still about $2T in losses being hidden somewhere – off the official books. And you know the way derivatives work, don’t you, Mr. Street. You understand that for every winner there MUST be a loser, right?

    And we know that companies like JP Morgan have been buying up the euro mortgage-backed bonds, CDO’s and other complex debt securities for the last 3 years – backed by derivative insurance packages, according to the financial media sources. heh. How’s that going to work out when the ball of string start to unwind……huh?

    So when the bets go bad and we have $2T in losses off the balance sheets – what happens when the EU blows up, Mr. Street?

    You think the 9% foreclosure rate in California has seen it’s top??? heh.

    This is the reason you are seeing the police state heat up IMO – the pols are probably going to expect the cops to restore order once the big ball drops. What you see today is probably only a rehearsal. I certainly hope not. But my instincts are right more than wrong.

    You think Saverin is expatriating just to avoid taxes??? heh.

    Reply this comment
  5. Ted Steele-- Poodle slayer
    Ted Steele-- Poodle slayer 18 May, 2012, 10:49

    …”once the big ball drops” !! LMAO !!! You go girl!!!! ™

    Reply this comment
  6. Beelzebub
    Beelzebub 18 May, 2012, 10:59

    The cops weren’t even able to restore order in 1992. heh. They are worthless overpaid con men. We might as well have Rhesus monkeys dressed in blue uniforms with badged.

    Once the big ball drops – forget it. The cops will run in the opposite direction. Just like they did in South Central. When really needed they are as worthless as mammary glands on a bull steer. heh. 🙂

    Reply this comment
  7. Ted Steele-- Poodle slayer
    Ted Steele-- Poodle slayer 18 May, 2012, 12:06

    LOL— Great Beezy!!!!

    “…uniforms with badged (sic)”

    The big ball is a droppin !! Who hoooooooo! ™

    Reply this comment
  8. Dyspeptic
    Dyspeptic 18 May, 2012, 12:58

    How many times have the headlines blared “Greek Crises Solved”? How many times have we been told by Krugman and his ilk that just a few trillion more in stimulus will do the trick? How many deadbeats, suckers and crooks will get bailed out? How many times has the can been kicked down the road? It can’t go on forever. When the music stops no amount of bread and circuses will be enough.

    First the overlords will seize all private savings, for our own good of course. Then they will nationalize all mortgages and what ever else looks tempting. Then they will inflate, inflate and then inflate some more. Then they will institute wage and price controls. Then there will be widespread shortages and rationing. Unnamed speculators and foreign governments will be blamed for the chaos and misery.

    The peasants will march pitchfork in hand, torches blazing with indignation. They will be met by a blue uniformed phalanx of well armed and armored donut munchers. Robotic police drones will circle overhead targeting key demonstrators for elimination. National martial law will be declared late on a Friday night with little mention from an infotainment industry still obsessed with Octomom and Mit Romneys dog misadventure. Move along now people, move along now, nothing to see here unless you want your skull cracked. Can you say sieg heil mein Fuhrer?

    Reply this comment
  9. Beelzebub
    Beelzebub 18 May, 2012, 13:23

    “How many times have the headlines blared “Greek Crises Solved”?”

    Answer: Probably at least 10. More evidence of a complicit media.

    “How many times have we been told by Krugman and his ilk that just a few trillion more in stimulus will do the trick?”

    I have personally read at least a dozen articles that he either wrote or was quoted to say that we should be spending much more. In fact he was quoted to say that “deficits don’t matter”. He’s a complete moron. An educated moron.

    “How many deadbeats, suckers and crooks will get bailed out?”

    If you add in all the deadbeats who knowingly took out loans that they knew they couldn’t pay back – millions. On Wall Street? Thousands.

    “How many times has the can been kicked down the road?”

    OMG. You mean since 2008??? Dozens of times. But eventually they run out of road. Watch Greece.

    “They will be met by a blue uniformed phalanx of well armed and armored donut munchers”

    Those donut munchers aren’t as brave as they purport to be. When crap really hits the fan they tuck tail and run…..just like they did in So. Central in 1992. When the ball finally drops they will be in full retreat. Trust me on that. I suppose they’ll have to call in the military. The cops will be hiding under their desks back at the precinct.

    Reply this comment
  10. Dyspeptic
    Dyspeptic 18 May, 2012, 13:39

    B’bub, those were rhetorical questions of course. But I guess there’s no rule sez you can’t answer them anyway. With regard to the jackboots, they don’t need to bravely confront the angry peasant hordes anymore. They have robots and drones and all kinds of high tech gizmo’s to do there dirty work.

    Speaking of riots, my neighbor is a fireman. Needless to say I don’t venture to opine about gov. sector unions around him. Anyway, he was in the National Guard and got sent to South Central during the Rodney King Unpleasantness. He says they were never given any ammo for their M-16’s and basically just stood around watching the mayhem and trying to stay out of the way.

    Reply this comment
  11. Beelzebub
    Beelzebub 18 May, 2012, 14:22

    “He says they were never given any ammo for their M-16′s and basically just stood around watching the mayhem and trying to stay out of the way”

    Had I been in his unit and they made me carry an M-16 without any ammo – I would’ve refused a direct order. I would have either asked for alternative duty and requested to leave the area. Nobody would put a gun in my hands without ammo. Nobody. That would turn me into a sitting duck. Looters and torchers would see me with a rifle and assume I was locked and loaded. They would pop off rounds at me to protect themselves. And I would be a dead man. Sorry – those games I don’t play.

    Reply this comment
  12. Ted Steele, Beet Framer
    Ted Steele, Beet Framer 18 May, 2012, 16:48

    Wow— Beezyboo — refuse a direct order! You go girl!

    Reply this comment
  13. eqauloportunityoffender
    eqauloportunityoffender 18 May, 2012, 16:56

    A lot of blame on banks and realtors. Don’t forget the “Home Apraisers” who lied through thier teeth bout the “Value” of the home. Them and the realtors sucked each other off!

    Reply this comment
  14. Beelzebub
    Beelzebub 18 May, 2012, 22:55

    “…”once the big ball drops” !! LMAO !!! You go girl!!!! ™”

    You didn’t place a “TM” after LMAO. And I never gave you permission to quote me. I’m going to report you. 😀

    Reply this comment
  15. Ulysses Uhaul
    Ulysses Uhaul 19 May, 2012, 07:24

    The real estate industry does a poor job getting rid of rip off artists.

    Beware. You can do better yourself…or face picking a nightmare for an agent.

    Reply this comment
  16. Beelzebub
    Beelzebub 19 May, 2012, 13:20

    I just read that since Obama signed the debt ceiling increase in 2011 and promised us that the Stupid….er…..Super Committee that he formed would save us ……. that the national debt has increased a full $1.5T dollars or about $13,000 per American household!!! heh. Today the national debt stands just short of $16T. heh. What a masterful fiscal leader he is, eh??? Obama and Jerry Clown should get together and celebrate their superb mathematical skills. Both are two of the the finest long-legged mac daddies we’ve ever had in charge of the nation and state to be sure!!! 😀

    Reply this comment
  17. Ted
    Ted 19 May, 2012, 19:44

    zzzzzzzzzzz your post says nothing, well, as always………of course the national debt was 10 tril when he took office! Pres Reagan tripled the debt when he was in office! LOL———–I love these angry clown posters! ™

    Discuss-

    Reply this comment
  18. Beelzebub
    Beelzebub 19 May, 2012, 20:48

    It took 55 years (1940-1995) to grow the national debt to $5T dollars.

    Obama added more than $5T to the national debt in about 3 years. HAH!

    He spends our tax dollars like a prostitute charges her lingerie at Bling-Bling R Us. HAH!

    Had he balanced the budget by making the necessary cuts and thrown a bus load of Wall Street crooks in jail we would be back on the road to recovery by this time. Instead we are damn close to falling right off the fiscal cliff.

    People think Obama is smart. No he’s not. He’s a puppet who follows instructions. He knows next to nothing about how to manage a nation’s finances. He’s just a mouthpiece with a slick line of BS. Take away his telepromter and he’s not even slick. He a con artist. I’ve met people like him in my life before. I read him like a cheap Penguin paperback.

    Reply this comment
  19. The Ted Steele System
    The Ted Steele System 20 May, 2012, 19:29

    I did not bother to read our entire post– well, never do. But as always you are incorrect madam. When President Obama took office the debt was 10 tril. It is now almost 16. Get your facts right sleepy.

    This thread is about subprime defaults sleepy troll! Stay on point.

    Reply this comment
  20. The Ted Steele System
    The Ted Steele System 20 May, 2012, 19:30

    “like a cheap Panquin paperback”??

    Who reads it to you?

    OOOOOOuch! ™

    Reply this comment
  21. Beelzebub
    Beelzebub 20 May, 2012, 19:55

    “I did not bother to read our entire post– well, never do. But as always you are incorrect madam. When President Obama took office the debt was 10 tril. It is now almost 16. Get your facts right sleepy”

    You must have the comprehension skills of a Crapbug.

    READ SLOWLY: I said that it took the US deficit 55 years (1940-95) to reach $5T. Obama the long-legged mac daddy added $5T to our national debt in about 3 years into his presidency. Can you comprehend all that in one sitting or do you have to take a break inbetween sentences? If you need some help ask any 5th grader. Even the California ones can explain it to ya. 😀

    “This thread is about subprime defaults sleepy troll! Stay on point”

    It’s all inter-related, Professor.Subprime, spending deficits, the long legged mac daddy’s IQ, etc… It all falls into the same basket of disaster. Add it all up and you get financial armageddon. 🙂

    Reply this comment
  22. The Ted Steele System
    The Ted Steele System 20 May, 2012, 20:20

    Man oh man– if you are going to try to trash the President (a man you are unworthy to shine the shoes of…) you need to get your facts straight!

    LOL

    and pleaseTRY to stay on topic! Yikes.

    Reply this comment
  23. Beelzebub
    Beelzebub 20 May, 2012, 20:45

    “Man oh man– if you are going to try to trash the President (a man you are unworthy to shine the shoes of…) you need to get your facts straight!”

    So tell me what facts I stated are not facts, little Einstein?

    Are you claiming that the long-legged mac daddy added $6T instead of $5T to the national debt? Yes, you are correct. But in 3 years he added just a little over $5T (as I stated). And it took 55 years from year 1950 for the national debt to accumulate $5T.

    If you don’t reply to my question and specifically tell me what fact of mine is wrong – I will assume you are a liar.

    Reply this comment
  24. The Ted Steele System
    The Ted Steele System 20 May, 2012, 20:49

    wow you’re soooooo angry….relax little fella……..and try to remember that President Reagan tripled the national debt!

    Oh my!

    mmmmmmmmmmmmmm

    (tm)

    Here’s a few numbers you hate— 10 bil nat debt on the day President Obama took office.
    Calpers 230 billion strong!

    Sorry!

    Hey— and why won’t you answer my question—- who demolished WTC building 7?

    Reply this comment
  25. The Ted Steele System
    The Ted Steele System 20 May, 2012, 20:50

    good night !!

    Reply this comment
  26. Beelzebub
    Beelzebub 20 May, 2012, 22:09

    “……..and try to remember that President Reagan tripled the national debt!”

    Under 8 years of Reagan the deficit went from about $1T to $2.8T. Not even $2T total. Under long legs the deficit has gone up by nearly $6T in 3.5 years. heh. If he is reelected (God forbid) and keeps this pace up the “Big O” will add more to the deficit than the total deficit amount when he took over! heh.

    “Here’s a few numbers you hate— 10 bil nat debt on the day President Obama took office”

    Yes, the deficit grew from $5T to $10T from 1995-2008 (13 years). Long legs added nearly $6T in only 3.5 years. Nice track record, eh??? 😀

    “Calpers 230 billion strong!”

    No, you’re wrong again as usual. CalPERS is @ $227.6B and falling like a stone. heh. In 2007 CalPERS was @ over $260B. heh. So your five year return is over negative $30B. heh. How’s that for pension confidence? Pack that in your Scotland Yard style pipe and take a hit!!! 😀

    “Hey— and why won’t you answer my question—- who demolished WTC building 7?”

    As far as I know the towers came down due to commercial airliner impacts. If th facts change I reserve the right to change my opinion tho. What’s that got to do with Obama’s BC, selective service registration card and SS card all of which are phonier than a $3 bill?

    Reply this comment
  27. The Ted Steele System
    The Ted Steele System 21 May, 2012, 06:49

    Wow Beezy

    A. Still wrong on the facts despite your PhD in Googlology, and

    B. Tell me again why you are hijacking this thread about subprime and what this has to do with the Harvard Law graduate President of the United States? Hmmmmm

    LOL

    Reply this comment
  28. The Ted Steele System
    The Ted Steele System 21 May, 2012, 07:05

    and beezyboob—- once you’ve explained how this relates to the thread—- give me your math on how Pres Regan didn’t triple the national debt? 900 bil to 2.8 is MORE than triple in Earth math ™ little buddy! Ask your math teacher at school today!

    Oh my this is easy!

    Reply this comment
  29. Beelzebub
    Beelzebub 21 May, 2012, 08:06

    “Still wrong on the facts despite your PhD in Googlology”

    Saying that the presented facts are wrong makes you look stupid unless you point out the errors. I suspect all the CWD readers are laughing at you. I know I am.

    “Tell me again why you are hijacking this thread about subprime and what this has to do with the Harvard Law graduate President of the United States? Hmmmmm”

    The POTUS has a direct fiduciary responsibility, moral and legal, to the American people. The high foreclosure rates in California are a direct result of fraud within the system. Yet the POTUS does nothing to punish the fraud. He does nothing to reverse the culture of corruption that got us into this mess in the first place. Therefore, invoking him under this thread is totally appropriate. But why would a POTUS who uses a fake BC, a fake selective service registration card and a fake SS number from Connecticut care about reversing fraud??? heh. 😀 Answer that one, snuffaluffagus. 😀

    “and beezyboob—- once you’ve explained how this relates to the thread—- give me your math on how Pres Regan didn’t triple the national debt? 900 bil to 2.8 is MORE than triple in Earth math ™ little buddy!”

    Let me put this is very simple terms that a person with a stunted intellect can understand:

    Let’s say 2 schoolyard bullies stole money from you. On Tuesday one stole $1.90 [$2.80 – $0.90] and on Thursday the other stole $5.70 [$15.7 – $10] from you.

    Which schoolyard bully would be worse IYO?

    Now go consult with a 5th grader to make sure you get the answer correct. 😀

    Reply this comment
  30. Ted Steele, Beet Framer
    Ted Steele, Beet Framer 21 May, 2012, 09:04

    Boobybeez–

    Well, your tangent to this thread is very weak indeed. I suppose on that “logic” that eventualy you’ll tie in the World Court and the Magna Carta ™.

    But your math reasoning is clueless little buddy. President Reagan
    tripled the national debt. It was 900 bil when he got hired and 2.8 tril when he left. Sorry.

    Now by those standards, President Obama is doing well. To triple the 10 tril debt he inherited he’d have to get to 30 tril. (ask an adult friend to help you with the math)

    Oh my this is so easy!

    Reply this comment
  31. Beelzebub
    Beelzebub 21 May, 2012, 09:35

    “President Reagan
    tripled the national debt. It was 900 bil when he got hired and 2.8 tril when he left. Sorry”

    Didn’t you tell us once that you had a college degree? heh. It just goes to show how education in these United States of America has been devalued and dumbed-down.

    When you talk about deficits you have to compare them to something. Just saying that the deficit “tripled” under Reagan and consequently long-legs is doing a much better job since he has not “tripled” the deficit is a statement that either an imbecile would make or a very disingenuous poster would make.

    When you speak of spending deficits you must compare them to total GDP – otherwise it’s really meaningless.

    Under Reagan the average % of deficit to GDP averaged 4.2%.

    Under the long-legged mac daddy it has been as high as 12% and is currently 10%.

    “Now by those standards, President Obama is doing well”

    So how is deficit spending @ 10-12% (over 3.5 years) of GDP better than deficit spending at an average of 4.2% (over 8 years) of GDP, Mr. Potatohead?

    Please explain that to me and the other readers, won’t ya??? heh. 😀

    Reply this comment
  32. Ted Steele, Beet Framer
    Ted Steele, Beet Framer 21 May, 2012, 09:43

    Bwahahaha—— LOL—- Can’t admit when you’re wrong?? Oh MY !!

    He tripled the national debt and THAT fact in and of itself is important….You have a PhD in Google– Google “Reagan tripled the national debt and see how important other commentators think it is little guy.

    And on another note— don’t you feel kind of ashamed to continue to use that phrase over and over again that many people feel is a racist phrase?

    Interesting.

    Reply this comment
  33. Beelzebub
    Beelzebub 21 May, 2012, 12:24

    “He tripled the national debt and THAT fact in and of itself is important….You have a PhD in Google– Google “Reagan tripled the national debt and see how important other commentators think it is little guy”

    Oh, you said that you were a philosophy major in college and your career was in government, right Mr. Brilliance? heh. Any idiot who knows anything about economics understands that deficit spending must ALWAYS be measured as a percentage of GDP to make any sense. The reason is self-explanatory. Only a philo major would be stupid enough to measure multiples of deficit spending as a measuring stick. I can honestly say now without reservation that you are economically stupid. Thanks for allowing me the pleasure! 😀

    “And on another note— don’t you feel kind of ashamed to continue to use that phrase over and over again that many people feel is a racist phrase?”

    How could it be a ‘racist phrase’ if I called both George W. Bush and Jerry Clown ‘long-legged mac daddies’ on this very board, you race baiter!!! heh. Foiled again!!! 😀

    Reply this comment
  34. Beelzebub
    Beelzebub 21 May, 2012, 12:28

    “LOL— this is just too easy!”

    Btw, you have never seen me praise Reagan on these boards so I am not one of his worshipers, dummy. However, with that said, comparing Reagan to Obama is like comparing little baby Jesus with Lucifer. And I can say that for a fact and without reservation.

    Reply this comment
  35. Ted Steele, Beet Framer
    Ted Steele, Beet Framer 21 May, 2012, 12:31

    lol– well that proves it— you can’t do the math!

    Reply this comment
  36. Beelzebub
    Beelzebub 21 May, 2012, 13:50

    “lol– well that proves it— you can’t do the math!”

    I am the one offering all the numbers on our discussion. Look at the posts. I am the one who offers the proof. All you say is “Well, duh, Reagan tripled the deficit, duh. Dat proves he was the worst. duh.” You say this without even thinking about what you are saying. And when I prove you wrong you post links to dailykos and some other liberal think tank. HAH! It is really embarrassing for ME to be associated with a nation that graduated YOU from college with a degree!!! HAH! 😀

    Reply this comment
  37. Ted Steele, Beet Framer
    Ted Steele, Beet Framer 21 May, 2012, 14:13

    Hah ™ ! I never said he was the worst…. I am posting the facts— YOU DECIDE !

    Fair and balanced ™

    and given that you’ve lost yet another argument with me…how on earth does your position relate to the estimated 4.7 bil that will be wiped out from the sub prime fiasco????? Please try to stay on point little buddy!

    Reply this comment
  38. Beelzebub
    Beelzebub 21 May, 2012, 17:24

    “Hah ™ ! I never said he was the worst…. I am posting the facts— YOU DECIDE !”

    You aren’t posting facts. You are propogating misinformation and inaccuracies that make little sense to an informed reader. I have already proven that beyond a reasonable doubt.

    The fact that you are a college graduate from an American university embarrasses me.

    Reply this comment
  39. Rex The Wonder Dog!
    Rex The Wonder Dog! 21 May, 2012, 18:03

    Beels, Teedy is a trough feeding GED cop, crossing guard, whatever-why would you think he has ANY brain power at ALL> 🙂

    Reply this comment
  40. The Ted Steele System
    The Ted Steele System 21 May, 2012, 21:05

    LOL poodle— sorry for you girl….

    BEEZY——- Name any wrong facts in what I posted. LOL You guys HATE the truth! LOL ™

    Reply this comment
  41. The Ted Steele System
    The Ted Steele System 21 May, 2012, 21:10

    Bush DOUBLED our debt from 5.7 to 10.6 trillion – (91%) – an increase of 11% EVERY YEAR

    Reagan TRIPLED our debt from 934B to 2.6 Trillion – (189%) – an increase of 24% EVERY YEAR

    (Data from the US Treasury Bureau of Public Debt – http://www.treasurydirect.gov/NP/NPGateway

    LOL ™

    Deal with it trolls!

    Reply this comment
  42. Beelzebub
    Beelzebub 21 May, 2012, 23:18

    “Bush DOUBLED our debt from 5.7 to 10.6 trillion – (91%) – an increase of 11% EVERY YEAR”

    It took Bush 8 years to add $5T to the national debt. It took long-legs 3 years to add $5T. There is your difference, Mr. GreyMatter. heh.

    “Reagan TRIPLED our debt from 934B to 2.6 Trillion – (189%) – an increase of 24% EVERY YEAR”

    Reagan added $2T to the national debt in 8 years. It took long-legs 3 years to add $5T.

    If I were you I would go back to my alma mater and demand a refund. heh. 😀

    Reply this comment
  43. The Ted Steele System
    The Ted Steele System 22 May, 2012, 05:59

    LOL Beezyqueen—– You still can’t deal with the numbers can you??????

    Oh my !

    Reply this comment
  44. Beelzebub
    Beelzebub 22 May, 2012, 11:43

    “LOL Beezyqueen—– You still can’t deal with the numbers can you??????”

    I just dealt with them. Read my posts.

    Obviously you can’t add or subtract the numbers. Like I said – go back to your alma mater’s business office and demand a refund. Nobody there taught you how to analyze or discern situations. They either screwed up your thought process or you didn’t have one to start with. 🙂

    Reply this comment
  45. Ted Steele, Beet Framer
    Ted Steele, Beet Framer 22 May, 2012, 12:30

    LOL Poor Beezy! You still can’t accept that the numbers are real!!! LMAO God bless ya!

    How about that RR tripling the debt! 1 to 3 little buddy! Weeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeeee

    Reply this comment
  46. Beelzebub
    Beelzebub 22 May, 2012, 13:06

    You’re like trying to debate an old 78 rpm single that’s stuck on stupid!!!

    😀 😀

    Reply this comment
  47. Ted Steele, Beet Framer
    Ted Steele, Beet Framer 22 May, 2012, 16:02

    The reason you have a hard time debating is obvious little buddy!

    Reply this comment
  48. Beelzebub
    Beelzebub 22 May, 2012, 18:53

    I am the one who debates. You’re the one who attacks the messenger. I really don’t think you have the cognitive capacity to debate. You throw barbs and vitriol. That’s the extent of your debate. And you even do that poorly!!! 🙂

    Reply this comment

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