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Thread: CBO: Stimulus hurts economy in the long run

  1. #151
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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by Boo Radley View Post
    You mean drink the koolaid. Far too many on both sides do that. We don't need more.

    You are entitled to your opinion, however not your own facts. And the fact is this, Progressivism is destructive to liberty and freedom as expressed by the founding of this country.

    Progressivism is a form of "Corporatism". Some people call it "Statism". It is destroying our fundamental values of individual freedom and liberty.

    New 'Progressivism' is Statist Cancer Eating America's Soul - HUMAN EVENTS
    There are three things everybody needs to know about people who unashamedly abide by the ideology of Progressivism/Liberalism, an ideology which destroyed Detroit and which remains a slow, coercing cancer that threatens to ruin the United States of America:

    1. They believe in collectivism over individualism.
    2. They never say when government is too big, thus the simple conclusion is that they believe in totalitarianism over limited government.
    3. When it comes to assessing the past and formulating policies, they use their disgusting morality and oppressive philosophy to take the approach that what’s right, works. They never take the prudent approach of what works is right.


    Dronish nature of Progressivism on display in Lansing - Detroit Political Buzz | Examiner.com
    Now maybe instead of just answering with a really non intellectual comment about kool aid you could possibly address the fact? I'll keep breathing.

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  2. #152
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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by AdamT View Post
    Unfortunately for your argument, there was never an edict forcing banks to lend to people who couldn't afford to repay. In fact the CRA specifically mandated that regulated banks were REQUIRED to consider an applicant's ability to repay. No such requirement existed for non-regulated lenders, which is part of the reason that CRA loans performed better than loans from unregulated lenders.
    There really isn’t any question of which approach is factually correct: right on the front page of the Times edition of December 21 is a chart that shows the growth of home ownership in the United States since 1990. In 1993 it was 63 percent; by the end of the Clinton administration it was 68 percent. The growth in the Bush administration was about 1 percent. The Times itself reported in 1999 that Fannie Mae and Freddie Mac were under pressure from the Clinton administration to increase lending to minorities and low-income home buyers--a policy that necessarily entailed higher risks.

    -=-

    Banks now had to show that they had actually made a requisite number of loans to low- and moderate-income (LMI) borrowers. The new regulations also required the use of “innovative or flexible” lending practices to address credit needs of LMI borrowers and neighborhoods. Thus, a law that was originally intended to encourage banks to use safe and sound practices in lending now required them to be “innovative” and “flexible.” In other words, it called for the relaxation of lending standards, and it was the bank regulators who were expected to enforce these relaxed standards.
    The effort to reduce mortgage lending standards was led by the Department of Housing and Urban Development through the 1994 National Homeownership Strategy, published at the request of President Clinton. Among other things, it called for “financing strategies, fueled by the creativity and resources of the private and public sectors, to help homeowners that lack cash to buy a home or to make the payments.”

    =-=
    PREVENTING A RECURRENCE of the financial crisis we face today does not require new regulation of the financial system. What is required instead is an appreciation of the fact--as much as lawmakers would like to avoid it--that U.S. housing policies are the root cause of the current financial crisis. Other players--greedy investment bankers; incompetent rating agencies; irresponsible housing speculators; shortsighted homeowners; and predatory mortgage brokers, lenders, and borrowers--all played a part, but they were only following the economic incentives that government policy laid out for them. If we are really serious about preventing a recurrence of this crisis, rather than increasing the power of the government over the economy, our first order of business should be to correct the destructive housing policies of the U.S. government.
    The American Spectator : The True Origins of This Financial Crisis
    I that sums it all up nicely. Feel free to read the whole article at the provided link.
    Climate, changes. It takes a particularly uneducated population to buy into the idea that it's their fault climate is changing and further political solutions can fix it.



  3. #153
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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by MrVicchio View Post
    I that sums it all up nicely. Feel free to read the whole article at the provided link.
    Ah, the American Spectator! There's a neutral source.

    The fact is that the housing bubble inflated from 1997 - 2007, a period that encompased three years of Clinton's presidency and seven years of Bush's presidency. The fact is that the vast majority of subprime loans were given out by lenders not regulated under the CRA.

    Which is not to say that F&F and CRA were total non factors. They played a role in the disaster. But not a big role.

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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by AdamT View Post
    Ah, the American Spectator! There's a neutral source.
    Just a neutral as the New York Times which they quote in the article supporting 'pressure...to increase lending to minorities and low-income home buyers--a policy that necessarily entailed higher risks'...

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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by AdamT View Post
    Ah, the American Spectator! There's a neutral source.

    The fact is that the housing bubble inflated from 1997 - 2007, a period that encompased three years of Clinton's presidency and seven years of Bush's presidency. The fact is that the vast majority of subprime loans were given out by lenders not regulated under the CRA.

    Which is not to say that F&F and CRA were total non factors. They played a role in the disaster. But not a big role.
    So based on liberal philosophy, Bush basically INHERITED that mess.
    "He who does not think himself worth saving from poverty and ignorance by his own efforts, will hardly be thought worth the efforts of anybody else." -- Frederick Douglass, Self-Made Men (1872)
    "Fly-over" country voted, and The Donald is now POTUS.

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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by Conservative View Post
    Any idea what was to fund infrastructure projects including the highways?
    Sure do.For starters I would go back to pre 1980 tax level on the 0.1%. that would put their rate at well above today’s 35%.That should do it; with a bit of luck we could have a little more left to take the deficit down a tad.
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by treedancer View Post
    Sure do.For starters I would go back to pre 1980 tax level on the 0.1%. that would put their rate at well above today’s 35%.That should do it; with a bit of luck we could have a little more left to take the deficit down a tad.
    So, tax success unfairly, then bitch later how no one successful stays in America...duh.


    j-mac
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by j-mac View Post
    You are entitled to your opinion, however not your own facts. And the fact is this, Progressivism is destructive to liberty and freedom as expressed by the founding of this country.
    So, you offer up koolaid driven opinion as fact? You not seeing that proves my point. Thanks.


    Now maybe instead of just answering with a really non intellectual comment about kool aid you could possibly address the fact? I'll keep breathing.

    j-mac
    If you ever actually present some facts, I will address them. Anything that says this is my opinion about what caused waht is not a fact j. Sorry. The problem is you think one equals the other. It doesn't.

    BTW, do you consider you sources to be highly objective sources? Do you even care about how inaccurate they might be?

    AUSTAN GOOLSBEE: I think the world vests too much power, certainly in the president, probably in Washington in general for its influence on the economy, because most all of the economy has nothing to do with the government.

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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by American View Post
    So based on liberal philosophy, Bush basically INHERITED that mess.
    Yes, clearly Bush inherited some problems that were created by Clinton and the Republicans in Congress: namely the commodities futures modernization act. Unfortunately he did nothing correct the problem and in fact made it worse by impeding the states from prosecuting their predatory lending laws. His tax cuts and failure to address the too-loose money supply also helped inflate the bubble.

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    Re: CBO: Stimulus hurts economy in the long run

    Quote Originally Posted by j-mac View Post
    So, tax success unfairly, then bitch later how no one successful stays in America...duh.


    j-mac

    Nice strawman. What/whose group has seen there pay go up while the rest of the countries pay has shrunk?
    The haggardness of poverty is everywhere seen contrasted with the sleekness of wealth, the exhorted labor of some compensating for the idleness of others, wretched hovels by the side of stately colonnades, the rags of indigence blended with the ensigns of opulence; in a word, the most useless profusion in the midst of the most urgent wants.Jean-Baptiste Say

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