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

  1. #651
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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.
    Right. Keep drinking that koolaid.

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

    Quote Originally Posted by Goldenboy219 View Post
    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.
    From your first quoted piece, "... producing a bubble when millions of people became homeowners who probably should not have. These people are now losing their homes in foreclosure,..."

    We certainly can agree on this. If they are not left-leaning why do you think bullying banks into loaning money to people incapable of paying the loans would be tied to Reagan's policies?

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

    Quote Originally Posted by j-mac View Post
    Just a little more on Mr. Frank and his dubious pronouncements....





    Just more rats jumping ship.


    j-mac
    It is too bad we cannot go after his wealth. He caused. He should have to buy it.

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

    Quote Originally Posted by Boo Radley View Post
    Right. Keep drinking that koolaid.
    Okay. You are comfortable with them. It is fitting, for you.

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

    Quote Originally Posted by VanceMack View Post
    Look at yourself all cute, tripping over yourself claiming this massive victory over a statistic that you and everyone else knows is a lie.

    When the actual unemployment rate drops...when people are actually working again and we dont just have a cosmetic bounce because 350k have bailed on the workforce. When states like Nevada and Michigan arent running double digit unemployment rates. When ACTUAL unemployment (you know...the figure that shows what the actual unemployment rates are including those that are no longer eligible for benefits and not just the first time claimers) figures improve, I will toast the success of the great leader. Until then...I will continue to laugh at morons who desperately cling to seasonal retail employment figures and people that are so disgusted and disenchanted that they just quit as if they are a 'good' thing.
    Look - we get it that the numbers are bad for your partisan cause. It would be better for you if things stayed really bad for another 11 months before they began to rebound. No mystery there.
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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Misterveritis View Post
    It is too bad we cannot go after his wealth. He caused. He should have to buy it.
    BS typical of conservative propaganda used to pass the buck, The banks were not only respsonsible for the loans they made but they used tactics that were nothing short of fraud, lots of these bankers belong in jail along with realitors that were also involved

    Capitalism Without Failure: 60 Minutes Exposes Specific Instances of Actionable High-Level Fraud at Citibank and Countrywide - It is being Actively Ignored

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

    My wife and I used to go and look at new houses, and spent some time debating whether to trade up to a larger one or not. I'm glad now that we stayed in our old, paid for house.

    I wondered at the time just who, in this rather low income area, was buying all of the high end houses that were being built. They seemed to start at around 2,500 square feet and go up from there.

    Now I know. The houses were sold to people who should have been purchasing smaller and less expensive houses, people who now are defaulting on those creative loans.

    What I can't see is how the government "forced" lenders to make all the creative below market mortgages. It looks to me as if the lenders were speculating on the market, as were the buyers. Some of both made quite a lot of money on this speculation before the market crashed.

    What should have been done, but wasn't, by the government was regulation to keep mortgage lenders and borrowers alike from speculating with leveraged money.

    But, the government forced lenders to do this? There really isn't a case for that.
    "Donald Trump is a phony, a fraud... [he's] playing the American public for suckers." Mitt Romney

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

    To those not willing to accept that the housing failure was due to progressive tactics that are not only still in place, but many on the progressive side would like to see them ramped up...

    WASHINGTON – Using tools provided by the federal Community Reinvestment Act, community organizers led by a self-described "banking terrorist" applied bullying tactics to secure high-risk mortgages and to shake down lending institutions for billions of dollars – actions that likely contributed to the "mortgage meltdown" that triggered the worst economic crisis since the Great Depression.

    That's the substance of a new report by the Capital Research Center on the Neighborhood Assistance Corporation of America headed by Bruce Marks.


    "Time and again, NACA has combined the street tactics of protest and demonstration with public policy tools such as the Community Reinvestment Act to pressure banks into expanding their operations in poor neighborhoods," says the report authored by David Hogberg. "NACA typically extracts self-serving concessions from banks, forcing them to provide it with funds that it then uses to make mortgage loans to low-income borrowers. NACA rolls the fees it earns servicing these loans back into its campaign of bullying banks."

    In 2007, the year before the crash, NACA obtained $10 billion in bank commitments for its own loan commitments with what the group admits were aggressive, hounding intimidation tactics.

    "NACA has been accused of being overly aggressive and personal," explains the group's website. "NACA wears this as a badge of honor, leaving no stone unturned and often hounding CEOs from their shareholder meetings to their homes. The rationale is simple: lenders have a personal and often devastating impact on the lives of the people who they refuse to provide affordable credit to or take advantage of through predatory loans and scams."

    Read more: How banks were bullied into making bad loans How banks were bullied into making bad loans
    j-mac
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    Re: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by Dittohead not! View Post
    My wife and I used to go and look at new houses, and spent some time debating whether to trade up to a larger one or not. I'm glad now that we stayed in our old, paid for house.

    I wondered at the time just who, in this rather low income area, was buying all of the high end houses that were being built. They seemed to start at around 2,500 square feet and go up from there.

    Now I know. The houses were sold to people who should have been purchasing smaller and less expensive houses, people who now are defaulting on those creative loans.

    What I can't see is how the government "forced" lenders to make all the creative below market mortgages. It looks to me as if the lenders were speculating on the market, as were the buyers. Some of both made quite a lot of money on this speculation before the market crashed.

    What should have been done, but wasn't, by the government was regulation to keep mortgage lenders and borrowers alike from speculating with leveraged money.

    But, the government forced lenders to do this? There really isn't a case for that.

    I disagree. The government was responsible for creating, promoting, and passing off a GSE to banks as a legitimate backer tied to the government. And the government created the CRA which was responsible for loosening banking standards that allowed banks to create a risky investment tool to mitigate their risk that they were being told they had to take, and when regulators started blowing the whistle, demo's berated them, and called the regulators the problem....Should I post yet again the video?

    Many factors were involved in the housing bubble, and blaming one source is foolish.

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

    Quote Originally Posted by j-mac View Post
    I disagree. The government was responsible for creating, promoting, and passing off a GSE to banks as a legitimate backer tied to the government. And the government created the CRA which was responsible for loosening banking standards that allowed banks to create a risky investment tool to mitigate their risk that they were being told they had to take, and when regulators started blowing the whistle, demo's berated them, and called the regulators the problem....Should I post yet again the video?

    Many factors were involved in the housing bubble, and blaming one source is foolish.

    j-mac
    Those standards applied to "community" banks only, hence the name Community Reinvestment Act. CRA. The fact is that 84% of the sub-prime loans were given by private lenders. And it was Rep. Barney Frank who drafted the required legislation in March of 2007 soon after the Democrats took control of the House.

    Bill Summary & Status - 110th Congress (2007 - 2008) - H.R.1427 - THOMAS (Library of Congress)

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