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Thread: U.S. Jobless Rate Unexpectedly Declines to 8.6%

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Misterveritis View Post
    One should add government sources to the left wing side of the equation.
    Wiki for Moody's Analytics:

    Moody’s Analytics provides capital markets and risk management professionals with credit analysis, economic research, financial risk management software, and advisory services. The firm, a global organization with offices in New York City, San Francisco, London, Paris, Brazil, Canada, Japan, Hong Kong, Australia, and China, has approximately USD 600 million in annual revenue
    Nothing to make you even imagine this as a "left wing" leaning company. So you will not have a problem with this report, and will base all critiques on flaws regarding their quantitative models.

    Or even this report.

    A long history of public policy mistakes has contributed to the financial and economic crisis. Although there will surely be more missteps, only through further aggressive and consistent government action will the U.S. avoid the first true depression since the 1930s.

    In some respects, this crisis has its genesis in the long-held policy objective of promoting homeownership. Since the 1930s, federal housing policy has been geared toward increasing homeownership by heavily subsidizing home purchases. Although homeownership is a worthy goal, fostering stable and successful communities, it was carried too far, producing a bubble when millions of people became homeowners who probably should not have. These people are now losing their homes in foreclosure, undermining the viability of the financial system and precipitating the recession.

    Perhaps even more important has been the lack of effective regulatory oversight. The deregulation that began during the Reagan administration fostered financial innovation and increased the flow of credit to businesses and households. But deregulatory fervor went too far during the housing boom. Mortgage lenders established corporate structures to avoid oversight, while at the Federal Reserve, the nation's most important financial regulator, there was a general distrust of regulation.

    Despite all this, the panic that has roiled financial markets might have been avoided had policymakers responded more aggressively to the crisis early. Officials misjudged the severity of the situation and allowed themselves to be hung up by concerns about moral hazard and fairness. Considering the widespread loss of wealth, it is now clear they waited much too long to act, and their response to the financial failures in early September was inconsistent and ad hoc. Nationalizing Fannie Mae and Freddie Mac but letting Lehman Brothers fail confused and scared global investors. The shocking initial failure of Congress to pass the TARP legislation caused credit markets to freeze and sent stock and commodity prices crashing.

    Now, a new policy consensus has been forged out of collapse. It is widely held that policymakers must take aggressive and consistent action to quell the panic and mitigate the economic fallout. An unfettered Federal Reserve will pump an unprecedented amount of liquidity into the financial system to unlock money and credit markets. The TARP fund will be deployed more broadly to shore up the still-fragile financial system, and another much larger and comprehensive foreclosure mitigation program is needed to forestall some of the millions of mortgage defaults that will occur otherwise. Finally, another very sizable economic stimulus plan is vitally needed. While there will be much more discussion about the size and mix of government spending increases and tax cuts to include, the House Democratic plan is a very good starting point. This is important, for while such debate is necessary it must be resolved quickly. Unless a stimulus plan is implemented beginning this spring, its effectiveness in lifting the economy will be significantly
    Below you will see the Moody's estimate of various fiscal stimulus as well as the spread between LIBOR and 3-month treasury bills during different periods of financial turmoil.
    Attached Images Attached Images
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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    I don't understand, the report you linked to supports his claim that federal home ownership programs meaningfully contributed to the housing crisis.
    "There is an excellent correlation between giving society what it wants and making money, and almost no correlation between the desire to make money and how much money one makes." ~Dalio

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Rhapsody1447 View Post
    I don't understand, the report you linked to supports his claim that federal home ownership programs meaningfully contributed to the housing crisis.
    In some respects, this crisis has its genesis in the long-held policy objective of promoting homeownership. Since the 1930s, federal housing policy has been geared toward increasing homeownership by heavily subsidizing home purchases. Although homeownership is a worthy goal, fostering stable and successful communities, it was carried too far, producing a bubble when millions of people became homeowners who probably should not have. These people are now losing their homes in foreclosure, undermining the viability of the financial system and precipitating the recession.


    Perhaps even more important has been the lack of effective regulatory oversight. The deregulation that began during the Reagan administration fostered financial innovation and increased the flow of credit to businesses and households. But deregulatory fervor went too far during the housing boom. Mortgage lenders established corporate structures to avoid oversight, while at the Federal Reserve, the nation's most important financial regulator, there was a general distrust of regulation.
    Promoting homeownership is not equivalent to "the CRA and Fannie and Feddie caused the housing crisis".
    It is not very unreasonable that the rich should contribute to the public expense, not only in proportion to their revenue, but something more than in that proportion.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Goldenboy219 View Post
    Promoting homeownership is not equivalent to "the CRA and Fannie and Feddie caused the housing crisis".

    No, you're right, not alone anyway. Both parties tried to use Freddie, and Fannie to buy the votes of those that couldn't qualify for home ownership, coupled with an aggressive blocking of regulators in the industry allowing the banking industry to mitigate the risk by infecting the world market with these junk derivatives that was the only way that the banks were going to go along with the scheme strong armed initially by progressive demos. It backfired and what do the pols do now, point fingers and blame the victims to some extent of the governments corruption debacle that the government created.

    People forget that in this day and age there is tape of events....



    Now just sit back and watch the spin....


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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by j-mac View Post
    No, you're right, not alone anyway. Both parties tried to use Freddie, and Fannie to buy the votes of those that couldn't qualify for home ownership, coupled with an aggressive blocking of regulators in the industry allowing the banking industry to mitigate the risk by infecting the world market with these junk derivatives that was the only way that the banks were going to go along with the scheme strong armed initially by progressive demos. It backfired and what do the pols do now, point fingers and blame the victims to some extent of the governments corruption debacle that the government created.

    People forget that in this day and age there is tape of events....



    Now just sit back and watch the spin....


    j-mac
    I know this as been stated ad-nauseum, ,buuuut ...even though there were Democrats on the wrong side of the issue too, Republicans were in charge .
    Last edited by Sheik Yerbuti; 12-09-11 at 11:47 AM.

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Sheik Yerbuti View Post
    I know this as been stated ad-nauseum, ,buuuut ...even though there were Democrats on the wrong side of the issue too, Republicans were in charge .

    Not saying that repubs couldn't have done more, but if you remember at that time, this was around 2004, these were subcommittee's talking to the regulators about what the regulators were blowing the whistle on, and repubs WERE sounding the alarm. It was demo's blocking regulators, chastising them, saying that there was no problem. Here is another one catching Frank in a blatant lie...



    Now I understand that Bush played into this crap by promoting home ownership in this country as well, but if you follow the money all the way back to the reasoning that caused this type of corruption that led to the crash of the system was put into place by liberal forces that wanted everyone to have a house whether they can afford to own or not. Attacking banks on "red lining", CRA, ACORN, etc...This is all progressive policy that was at the heart of this debacle, now libs want to run from their responsibility, and blame it all on Bush.


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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Here is some more to watch if you are interested...



    And this one, just to establish what a liar Frank is...



    Enjoy

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

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Just a little more on Mr. Frank and his dubious pronouncements....


    The telling statistic is that Frank is the 17th House Democrat to announce he will not seek re-election, compared with six Republicans.But there may be another reason for Frank’s rather abrupt and unexpected departure. The Republicans have a better-than-even chance of capturing control of both Congress and the White House in 2012. At which point they might just be inclined to try to get to the root of what caused the 2007-2008 debacle that cripples our economy to this day.
    And in so doing, they might just discover what has been painfully obvious for well over a decade: namely, that our financial savior, Barney Frank, along with his giveaway, vote-buying policies was actually one of the prime causes of the mortgage collapse and the ensuing Great Recession which, economic pronouncements to the contrary, remains with us still.
    In a nutshell, the much-maligned Bush Administration recognized the Fannie-Freddie problem early on. Slowly, relentlessly, from the 1980s on, mostly Democrat-controlled Congresses pushed both quasi-governmental entities to prod banks into ever more liberal loan policies that would allow less and less qualified loan applicants to obtain mortgages and—often for the first time—purchase housing, regardless of whether they were financially able to carry their mortgages.
    The problem became acute in the early 2000s as lower and lower down payments and “liar loans”—loans that required little if any substantiating documentation—became the norm. The Bush Administration—along with eventual GOP presidential candidate John McCain—tried to put an end to these practices, but to no avail. Frank, the Democrats, and a substantial number of incredibly stupid Republicans steadfastly opposed legislation geared toward heading off the already-gathering fiscal storm.

    Barney Frank flees the scene of his fiscal crimes | Washington Times Communities

    Just more rats jumping ship.


    j-mac
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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by j-mac View Post

    Not saying that repubs couldn't have done more, but if you remember at that time, this was around 2004, these were subcommittee's talking to the regulators about what the regulators were blowing the whistle on, and repubs WERE sounding the alarm. It was demo's blocking regulators, chastising them, saying that there was no problem. Here is another one catching Frank in a blatant lie...
    What was needed was oversight. That would have prevented the financial meltdown.

    Quote Originally Posted by j-mac View Post

    Now I understand that Bush played into this crap by promoting home ownership in this country as well, but if you follow the money all the way back to the reasoning that caused this type of corruption that led to the crash of the system was put into place by liberal forces that wanted everyone to have a house whether they can afford to own or not. Attacking banks on "red lining", CRA, ACORN, etc...This is all progressive policy that was at the heart of this debacle, now libs want to run from their responsibility, and blame it all on Bush.


    j-mac
    Nice. More inane tripe. CRA and ACORN had little, if anything, to do with it; and it sounds like you're under the delusion that the Gramm-Leach-Bliley Act was "progressive policy."

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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by j-mac View Post
    No, you're right, not alone anyway. Both parties tried to use Freddie, and Fannie . . .
    j-mac
    That's really the point. Both parties are to blame, along with predatory lenders who had next to nothing to do with Frannie and Freddie. It is a lie to say those two agencies are only to blame. Like has been said many times, there is plenty of blame to go around.

    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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