It was GW that exploited the policy however. It's a known fact the MBS market exploded under Bush

The mortgage crisis was caused by the Clinton administration requiring banks to make loans to people with poor and nonexistent credit histories and made widespread homeownership a national goal. This all led to the home buying frenzy and an explosion of subprime and other non-prime mortgages, which banks and Fannie and Freddie bundled into dubious securities and peddled to investors worldwide. Hovering in the background was the knowledge that the federal government would bail out troubled "too big to-fail" financial corporations, including Fannie and Freddie. Which the Obama administration did bail them out.

Started by Dems, shoved onto MBS and washed under the rug by Dems.

I've seen hundreds of dicks in my life.

Nah Doesn’t jive with the facts. Truth is Bush Administration pushed for those loans because they fallaciously believed that the debt from packaged and bundled Securities could be pushed off into other financial markets as the loans became "toxic". The purpose of the loans wasn't so much to put buyers that couldn't afford to pay into homes as much as it was to stimulate the Real Estate industry. The purpose of the loans was to drive up Home Prices. Deregulation is fundamental Republican economic principle of Republicans which Clinton co opted.
However it was the Clinton Administration which drastically upped the amount of those loans into circulation. The MBS market was virtually created by the Bush Administration

I've seen hundreds of dicks in my life.

It was GW that exploited the policy however. It's a known fact the MBS market exploded under Bush

I don't find that relevant. He is the guy people voted for four months ago.

You can say "shame on us" for voting for him, but we did vote for this Joe Biden

The future holds the possibility to be great or terrible, and since it has not yet occurred it remains simultaneously both.

we went over this a few years ago. there was and may still be a time when W wouldn't know if he is buying 80 acres of cactus and tumbleweed or the clampetts' oil rich property.

i blame the bankers who buffaloed their way into comingling the 'safe' funds of depositors' with risky investments and the potential for making way more $$ off of risky real estate instead of boring t-bills. the think-tanks provided the excuse; you don't say my net worth is $55 million and i want to be worth $200 million. you say that you want to give mortgages to minorities and low-income buyers, who would have never qualified for buying a treehouse.

I've seen hundreds of dicks in my life.

There were far more people who utilized the MBS scam than simply minorities.

when did glass-steagall get repealed?

The mortgage crisis was caused by the Clinton administration requiring banks to make loans to people with poor and nonexistent credit histories and made widespread homeownership a national goal. This all led to the home buying frenzy and an explosion of subprime and other non-prime mortgages, which banks and Fannie and Freddie bundled into dubious securities and peddled to investors worldwide. Hovering in the background was the knowledge that the federal government would bail out troubled "too big to-fail" financial corporations, including Fannie and Freddie. Which the Obama administration did bail them out.

Started by Dems, shoved onto MBS and washed under the rug by Dems.

Because this is still nominally a radio board, I should note that Joe Biden voted for the Telecommunications Act of '96.

Senators who voted against it: Pat Moynihan, Harry Reid, Barbara Boxer, Paul Simon, Russ Feingold, Patrick Leahy, Paul Wellstone, and go figure, John McCain.

LTG and I have had this discussion before....W absolutely owns the MBS, but he shares it with Clinton. That bullshit started and was in full exploit well before 2000. I'm the first admit Clinton was the best POTUS of my lifetime, but he's got a lot of warts.

I've seen hundreds of dicks in my life.

Biden Administration Offers Fewest Offshore Oil and Gas Leases in History. A new plan to sell offshore drilling rights will be limited to three spots, all in the Gulf of Mexico.

Recent claims suggesting that the Biden administration has granted 50 percent more oil and gas drilling permits on federal land compared to the Trump administration have been circulating in the media – and while that data is accurate, it’s a lot more complex. A closer look at the 2023 data reveals that many of the permits approved by the Biden administration were granted on land that was leased during the Trump administration. The Biden administration, on the other hand, has held the absolute minimum lease sales possible.

Viewed in that light, claims of mass permit approval from the Biden administration more accurately describe a time delay in processing the glut of permits pending before the Department of Interior.

Permitting slow among bureaucratic backlogs

Understanding the intricacies of federal land permitting is crucial to understanding permitting data. The multi-year, multi-step process for developing federal land can span several administrations and requires a multitude of different evaluations, approvals, and permitting steps before energy production can even begin.

Based on the federal onshore land development timeline below, it is evident that before entering the permitting phase, there is a comprehensive and lengthy process for pre-leasing and exploration stages. This process, which can take up to a decade to complete, includes in-depth environmental, seismic, and production analyses to ensure viability. Legal challenges from environmental activist groups at nearly every stage of the process can add additional years to the already lengthy process.



At the end of the 2020 fiscal year, right before President Biden took office, a total of 6,234 applications for permit to drill were pending approval. Recent media reports claim that in the last three years, the Biden administration has approved 9,522 permits to drill – which would make up the permit backlog, plus some.

Still, according to the latest BLM data, there are still 5,366 permits currently pending approval before the agency. In part due to the massive slowdown in leasing under the Biden administration, BLM had received a paltry 452 new permit applications year-to-date as of October 2023 – indicating the chilling effect that the bureaucratic slog can have on the industry.

Reminder: one of Biden’s first moves upon taking office was pausing lease sales, resulting in the number of leases for development on federal land slowing down significantly during the Biden administration compared to previous administrations. Delays in sales, ongoing appeals, and settlements with activist groups further contribute to the decline. New Mexico, North Dakota and Colorado have been among the states with lease sales postponed or canceled resulting in a significant economic impact. This impact has affected local and state revenues and budgeting, particularly for these states heavily reliant on oil and gas revenue. Meanwhile, the Biden administration also settled with activist groups and agreed to re-evaluate the National Environmental Policy Act reviews for nearly all of the leases issued under the Trump administration in Wyoming and a significant number across Utah, Colorado, New Mexico and Montana. As the Wyoming Tribune Eagle explains back in 2022 when the news broke:

“None of the leases have been vacated, but their future is uncertain. The Department of the Interior now has to reevaluate and retroactively justify more than two dozen lease sales. If it decides it can’t, or its reasoning doesn’t satisfy the court, the sales could be reversed and any existing permits revoked.”

This ongoing NEPA review has been used as rationale for the Bureau of Land Management failing to authorize Wyoming’s November 2020 leases from the state’s last sale under the Trump administration. For perspective, that’s a nearly $7 million sale that’s been in limbo for more than three years.

The Biden administration’s pace of oil and gas leasing isn’t just slow – it’s the slowest in half a century. A Wall Street Journal analysis of federal acres leased for oil and gas production over the past 50 years revealed that the Biden administration leased a historic low of 0.13 million acres during its first 19 months compared to the 4.4 million acres auctioned for lease during the first year and a half of the Trump presidency.



Source: Wall Street Journal

Similarly, the Biden administration has approved a record low number of new offshore oil wells, according to a recent data analysis by E&E News, in addition to including the lowest number of offshore wells in history in the much-delayed five year offshore leasing program. Despite limited acreage offered during onshore lease sales, industry interest and high-dollar bids persist, underscoring the importance of federal leases to U.S. energy production. Federal lands and waters are responsible for approximately 24 percent of total U.S. oil production.

While the decline in lease sales has not yet caused acute domestic supply issues, it will inevitably affect future production and supply, potentially exacerbating shortages and price surges. This trend not only threatens energy security but also blocks future revenue to federal, state, and local treasuries.

Bottom Line: While we welcome the progress the administration has made in tackling the federal permitting logjam, it’s only one part of the overall story of federal energy production. Mixed messages from the administration – like canceling lease sales one minute and touting approved permits to drill the next – create uncertainty within the energy industry, hindering long-term investments and exacerbating challenges for the United States and the world during a time of geopolitical uncertainty across many regions.

Obama is not going to look good when this story is written.