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Thread: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

  1. #11
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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by Samhain View Post
    I would suspect that the majority, if not all, of the lost wealth from 07-10 is from 401ks and home values.
    It had nothing to do with any policies Bush put in place, but what do you expect from Adam.

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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by Grim17 View Post
    It had nothing to do with any policies Bush put in place, but what do you expect from Adam.
    Yeah, Bush was just president for six years leading up to the collapse, and for the worst part of the collapse. Why would anyone blame him?
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... 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."

    -- Adam Smith

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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by Ockham View Post
    And your evidence to support your opinion?


    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... 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."

    -- Adam Smith

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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by AdamT View Post
    The vast majority of the damage was done from '07 through the first few months of '09.
    i would disagree at least in part. the '08 correction was due to the failure of the multi-decade job exportation model and wage stagnation. income was replaced with credit during this time so that on the surface, the economy appeared to be doing ok because people were still spending. eventually, that caught up with us, and when the credit ran out, it was game over.

    the fact remains that we live in a consumer-spending based economy. if we don't hire people to make things and deliver services, the economy won't recover in a sustainable way. additionally, income tax revenue will continue to be insufficient, and the tax structure and monetary system risk an even larger collapse if we don't learn the credit lesson and rectify it with increased revenue and reduced borrowing.

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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by Helix View Post
    i would disagree at least in part. the '08 correction was due to the failure of the multi-decade job exportation model and wage stagnation. income was replaced with credit during this time so that on the surface, the economy appeared to be doing ok because people were still spending. eventually, that caught up with us, and when the credit ran out, it was game over.

    the fact remains that we live in a consumer-spending based economy. if we don't hire people to make things and deliver services, the economy won't recover in a sustainable way. additionally, income tax revenue will continue to be insufficient, and the tax structure and monetary system risk an even larger collapse if we don't learn the credit lesson and rectify it with increased revenue and reduced borrowing.
    I agree that the precursors go much farther back. I'm just talking about when the losses actually accrued.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... 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."

    -- Adam Smith

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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by Grim17 View Post
    It had nothing to do with any policies Bush put in place
    Eight years after arriving in Washington vowing to spread the dream of home ownership, Bush is leaving office, as he himself said recently, "faced with the prospect of a global meltdown" with roots in the housing sector he so ardently championed.

    There are plenty of culprits, like lenders who peddled easy credit, consumers who took on mortgages they could not afford and Wall Street chieftains who loaded up on mortgage-backed securities without regard to the risk.

    But the story of how the United States got here is partly one of Bush's own making...

    As early as 2006, top advisers to Bush dismissed warnings from people inside and outside the White House that housing prices were inflated and that a foreclosure crisis was looming. And when the economy deteriorated, Bush and his team misdiagnosed the reasons and scope of the downturn. As recently as February, for example, Bush was still calling it a "rough patch."


    http://www.nytimes.com/2008/12/21/bu...pagewanted=all

    ...and if anyone wants to reject the conclusions because of the source, Google "Bush" and "homeownership" and choose any of thousands of sources on information on how Bush pushed the housing bubble.
    The morality of abortion is not a religious belief, any more than the morality of slavery, apartheid, rape, larceny, murder or arson is a religious belief. These are norms of the natural law of mankind and can be legislated even in a completely religionless society.

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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by AdamT View Post
    I agree that the precursors go much farther back. I'm just talking about when the losses actually accrued.
    Funny you never mention that Bush had to live with the mess of the tech bubble created under Clinton.

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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by washunut View Post
    Funny you never mention that Bush had to live with the mess of the tech bubble created under Clinton.
    Actually I've mentioned it many times. Just as I've mentioned that Clinton deserves a good share of the blame -- along with many other people in and out of government.
    "The necessaries of life occasion the great expense of the poor. They find it difficult to get food, and the greater part of their little revenue is spent in getting it. The luxuries and vanities of life occasion the principal expense of the rich, and a magnificent house embellishes and sets off to the best advantage all the other luxuries and vanities which they possess. ... 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."

    -- Adam Smith

  9. #19
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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Quote Originally Posted by AdamT View Post


    It's something - not much of something but something. Not sure what the data points are in the home prices chart... and not everyone is in the S&P market.

    So given this evidence... why wouldn't our President address it? He campaigned on it for 2 years prior to 2008's election.
    Last edited by Ockham; 06-12-12 at 05:51 PM.
    I think if Thomas Jefferson were looking down, the author of the Bill of Rights, on whats being proposed here, hed agree with it. He would agree that the First Amendment cannot be absolute. - Chuck Schumer (D). Yet, Madison and Mason wrote the Bill of Rights, according to Sheila Jackson Lee, 400 years ago. Yup, it's a fact.


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    Re: Americans saw wealth plummet 40% from 2007 to 2010, Federal Reserve says

    Partisan hackery is so eloquent.

    America has been hurting since 9/11.

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