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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
    I know you get a hard-on every time this comes up. But it is what it is. Barney Frank is a villain. You are an apologist for villains who are liberals. I get it.
    You are right I get p-ssed every time I see this buck passing going on, the man at the helm when all of this sh-t was taking place was none other then ex president GW Bush, not President B Obama. When President Bush was standing on that carrier claiming victory he should have been on the tube warning the people that put him im office of the pending economic mess we were facing in America. Just months before the economic crisis came to light he stood there and said the economy was in good shape maybe he did not mean the American economy.

    I supplied a source all you supplied was more denial of responsibility and your nonsensical attack on me, why? my opinion is that is all you have.


    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%

    Quote Originally Posted by Sheik Yerbuti View Post
    Umm, yeah, there was a bill. In fact, there were two.

    S. 2239: FHA Downpayment Simplification Act of 2002

    S. 811: American Dream Downpayment Act of 2003

    ... again you demonstrate you don't know what you're talking about.
    Okay oh wise one .. and when did either of those bills take effect ?? seems like you are side stepping the issue ..

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

    Quote Originally Posted by Sheik Yerbuti View Post
    What Barney Frank is, is a Democrat. That is the only criteria needed by the right for them to blame him.
    Barney Frank in 2001 till about 2006 was claiming over and over, loudly that Fannie and Freddie were not only sound but should be expanded. Meanwhile the congressional black caucus was tossing the race card around at the OFHEO regulators and anyone that tried to reform the two GSEs because they were an absolute lock on votes for them.

    Here is a small timeline:


    ** 2001

    April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

    ** 2002

    May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

    ** 2003

    January: Freddie Mac announces it has to restate financial results for the previous three years.

    February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

    September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

    September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

    October: Fannie Mae discloses $1.2 billion accounting error.

    November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

    ** 2004

    February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

    February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

    June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

    ** 2005

    April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

    ** 2007

    July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

    August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

    September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

    September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

    December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

    ** 2008

    January: Bank of America announces it will buy Countrywide.

    January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

    February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

    March: Bear Stearns announces it will sell itself to JPMorgan Chase.

    March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

    April: President Bush urges Congress to pass the much needed legislation
    and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

    May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

    “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

    “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

    “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

    June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

    July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

    In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
    Democrats blocked this reform, too.

    via : Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis… Records Show He Warned Congress 17 Times in 2008 Alone | The Gateway Pundit

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

    Quote Originally Posted by OpportunityCost View Post
    Barney Frank in 2001 till about 2006 was claiming over and over, loudly that Fannie and Freddie were not only sound but should be expanded. Meanwhile the congressional black caucus was tossing the race card around at the OFHEO regulators and anyone that tried to reform the two GSEs because they were an absolute lock on votes for them.

    Here is a small timeline:


    ** 2001

    April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

    ** 2002

    May: The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

    ** 2003

    January: Freddie Mac announces it has to restate financial results for the previous three years.

    February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03)

    September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

    September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

    October: Fannie Mae discloses $1.2 billion accounting error.

    November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)

    ** 2004

    February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

    February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)

    June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

    ** 2005

    April: Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)

    ** 2007

    July: Two Bear Stearns hedge funds invested in mortgage securities collapse.

    August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07)

    September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

    September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

    December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07)

    ** 2008

    January: Bank of America announces it will buy Countrywide.

    January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

    February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

    March: Bear Stearns announces it will sell itself to JPMorgan Chase.

    March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

    April: President Bush urges Congress to pass the much needed legislation
    and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

    May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

    “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)

    “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

    “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)

    June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

    July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.

    In 2005– Senator John McCain partnered with three other Senate Republicans to reform the government’s involvement in lending.
    Democrats blocked this reform, too.

    via : Pelosi Caught In Major Lie- Says Bush Didn't Warn Congress About Financial Crisis… Records Show He Warned Congress 17 Times in 2008 Alone | The Gateway Pundit
    Throw enough cut and paste links up,it might help.
    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: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by treedancer View Post
    Throw enough cut and paste links up,it might help.
    What we have here is the inability to defend or even discuss the Obama record so supporters have to come back and continue to demonize Bush. That speaks volume about the upcoming 2012 campaign and how nasty it is going to be. It will be the Obama record on the ballot in 2012 not the CRA or Bush. Obama has had three years to generate results and has, mostly negative. There is a reason his poll numbers are so low and it has nothing to do with Bush.

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

    Quote Originally Posted by Conservative View Post
    What we have here is the inability to defend or even discuss the Obama record so supporters have to come back and continue to demonize Bush. That speaks volume about the upcoming 2012 campaign and how nasty it is going to be. It will be the Obama record on the ballot in 2012 not the CRA or Bush. Obama has had three years to generate results and has, mostly negative. There is a reason his poll numbers are so low and it has nothing to do with Bush.
    And the thread topic is.....<U.S. Jobless Rate Unexpectedly Declines to 8.6%>Go back and get another cup of coffee ole man, might help wake you up this morning.
    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: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by treedancer View Post
    And the thread topic is.....<U.S. Jobless Rate Unexpectedly Declines to 8.6%>Go back and get another cup of coffee ole man, might help wake you up this morning.
    What does the CRA and Bush have do to with these phony numbers? Did Bush cause 315,000 to drop out of the labor force? Did Bush cause 1.1 million people to become discouraged in November 2011? Did Bush cause a record number below poverty in 2012? Did Bush cause the increase in people on food stamps this year to another record?

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

    Quote Originally Posted by Rhapsody1447 View Post

    U.S. Jobless Rate Unexpectedly Declines to 8.6% - Bloomberg

    Good news for everybody except Gingrich/Romney. These economists are becoming laughable with their predictions as it seems almost every job report misses expectations and is later revised by 2 standard deviations. This one they were "right on" as payrolls came in as expected at 120k but the unemployment rate unexpectedly decline. Some pessimists are attributing this to a decline in the labor force. Either way, unemployment rate is now below 9%, the lowest it's been since it peaked at 10.1% back in March 2009.
    300,000 quit looking and the "jobs" are retail loser types and they will all be gone in a month so this number is meaningless just like Obla-ma
    It's nothing more than X's and O's.

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

    Quote Originally Posted by Conservative View Post
    What does the CRA and Bush have do to with these phony numbers? Did Bush cause 315,000 to drop out of the labor force? Did Bush cause 1.1 million people to become discouraged in November 2011? Did Bush cause a record number below poverty in 2012? Did Bush cause the increase in people on food stamps this year to another record?

    Are you one of the redstate troll described in this post?

    <The third step is to move the conversation in the direction you desire. By doing this, you can then form the debate in terms you can win.By doing this, you can then form the debate in terms you can win. >

    If so, when you derail the topic you usely end up derailing it yet again because of your penchant for having your ass handed to you on a platter.

    Better go back to redstate and admit that your a Fairlie on DP and tell them that t they have people at DP that are not completely brainwashed and can identify bull**** when they smell it.

    <First, infiltratethe site. For this, you will have to avoid creating screen names like “GoPalinGo” or “Heartlandredstater.” Also, some websites may actually have you wait a week before you are allowed to comment or blog. Perhaps, they are investigating the e-mail address you give them against whether it is used for a conservative website. Be sure to avoid that tendency; if you use, for example, aol.com screen name for RedState, make sure you use a yahoo e-mail address for Dailykos, or whatever. Once you are there, the second part of the strategy is to gain their trust. >


    Weakening the Democratic Base, Part 5: Liberal Netroots | RedState
    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: U.S. Jobless Rate Unexpectedly Declines to 8.6%

    Quote Originally Posted by treedancer View Post
    Are you one of the redstate troll described in this post?

    <The third step is to move the conversation in the direction you desire. By doing this, you can then form the debate in terms you can win.By doing this, you can then form the debate in terms you can win. >

    If so, when you derail the topic you usely end up derailing it yet again because of your penchant for having your ass handed to you on a platter.

    Better go back to redstate and admit that your a Fairlie on DP and tell them that t they have people at DP that are not completely brainwashed and can identify bull**** when they smell it.

    <First, infiltratethe site. For this, you will have to avoid creating screen names like “GoPalinGo” or “Heartlandredstater.” Also, some websites may actually have you wait a week before you are allowed to comment or blog. Perhaps, they are investigating the e-mail address you give them against whether it is used for a conservative website. Be sure to avoid that tendency; if you use, for example, aol.com screen name for RedState, make sure you use a yahoo e-mail address for Dailykos, or whatever. Once you are there, the second part of the strategy is to gain their trust. >


    Weakening the Democratic Base, Part 5: Liberal Netroots | RedState
    You got it, how did you figure out that raising the issue of the people dropping out of the labor force, the discouraged workers, and the declining in labor force had nothing to do with the thread topic or the unemployment numbers? Thanks for showing exactly who you are

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