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Thread: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

  1. #671
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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by Blue_State View Post
    The crisis was "kicked off" in 1977 by the Community Reinvestment Act.
    Alan Greenspan went and lowered the Federal Funds Rate to a extreme low in 2001 making for easy lending.
    The 440 Billion went to Fannie Mae to fund the NeighborWorks America. A urban non-profit investment company with a goal to get housing for 5.5 million minorities (Accomplished, don't agree with the strategy, but the goal was accomplished. Each family received a home at an average of $80,000). The NeighborWorks America is a program from 1978, chartered by congress.



    NeighborWorks America | History

    I know you want to blame Bush for this, but he didn't set up the organizations. He didn't deregulate the banks (That was signed by Pres Clinton). Many of the issues you point to started well before 2000.
    Also, McCain had congressional hearings to ensure that the Freddie and Fannie practices were legit. Dodd and Frank swore up and down that everything was legit. Dodd and Frank are squarely responsible for how we went off the cliff. It is irresponsible to state otherwise.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by Blue_State View Post
    Also, McCain had congressional hearings to ensure that the Freddie and Fannie practices were legit. Dodd and Frank swore up and down that everything was legit. Dodd and Frank are squarely responsible for how we went off the cliff. It is irresponsible to state otherwise.
    Do we now have to debunk this on a daily basis?

    Oxley hits back at ideologues
    By Greg Farrell in New York
    Published: September 9 2008 19:25 | Last updated: September 9 2008 19:25

    In the aftermath of the US Treasury’s decision to seize control of Fannie Mae and Freddie Mac, critics have hit at lax oversight of the mortgage companies.

    The dominant theme has been that Congress let the two government-sponsored enterprises morph into a creature that eventually threatened the US financial system. Mike Oxley will have none of it.

    Instead, the Ohio Republican who headed the House financial services committee until his retirement after mid-term elections last year, blames the mess on ideologues within the White House as well as Alan Greenspan, former chairman of the Federal Reserve.


    The critics have forgotten that the House passed a GSE reform bill in 2005 that could well have prevented the current crisis, says Mr Oxley, now vice-chairman of Nasdaq.

    He fumes about the criticism of his House colleagues. “All the handwringing and bedwetting is going on without remembering how the House stepped up on this,” he says. “What did we get from the White House? We got a one-finger salute.”

    The House bill, the 2005 Federal Housing Finance Reform Act, would have created a stronger regulator with new powers to increase capital at Fannie and Freddie, to limit their portfolios and to deal with the possibility of receivership.

    Mr Oxley reached out to Barney Frank, then the ranking Democrat on the committee and now its chairman, to secure support on the other side of the aisle. But after winning bipartisan support in the House, where the bill passed by 331 to 90 votes, the legislation lacked a champion in the Senate and faced hostility from the Bush administration.

    Adamant that the only solution to the problems posed by Fannie and Freddie was their privatisation, the White House attacked the bill. Mr Greenspan also weighed in, saying that the House legislation was worse than no bill at all.

    “We missed a golden opportunity that would have avoided a lot of the problems we’re facing now, if we hadn’t had such a firm ideological position at the White House and the Treasury and the Fed,” Mr Oxley says.

    When Hank Paulson joined the administration as Treasury secretary in 2006 he sent emissaries to Capitol Hill to explore the possibility of reaching a compromise, but to no avail.
    "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: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by AdamT View Post
    Do we now have to debunk this on a daily basis?
    Sure, no one warned anybody that Fannie and Freddie were an issue. Everything is fine.
    Last edited by Blue_State; 08-06-12 at 01:54 PM.
    We went from sticks and stones may break my bones but words will never hurt me to safe spaces.

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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Just remember, Obama promised that if he didn't turn this economy around in 4 years, he was looking at a single term proposition. Now, I say we hold him to his own words.

    Things are worse. Unemployment is up. Gas prices up. Food prices up. College tuition up. Debt is way up. Underemployment up. Housing is down. Business start ups are down. Tax revenues are down. Wages are down.

    I mean, what can you point to, economically speaking, that Obama has done that actually had a positive impact? Anything?

    He's spent boocoos of money, and for what? To see unemployment rise? To see welfare rolls swell? The man is in over his head, and we've all known that from day one. Best thing libs can do is just give Obama a clap and say, "hey bud, at least you tried". Dude has gotta go if we hope to see America recover economically. That goes for all the left wing social engineers as well. This isn't a game liberals. People's lives are actually effected by your Marxist way of thinking. Your attempt to bring about "social justice" comes at a high price, and now you're seeing it. You wanna play Robin Hood in America? Better get ready for a recession then. Liberals still don't understand how it works.

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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by Gimmesometruth View Post
    Obama was not President when the recession started, the recession was a result of Bush's policies.
    Baroke Oblama
    On the outside, trickling down on the insiders.
    We won't live free until the 1% live in fear.
    Hey, richboys! Imagine the boot of democracy stomping on your faces, forever.

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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by Conservative View Post
    So I have been told, wonder why the Democrats in control of Congress didn't do something about it?
    I noticed when Nancy Pelosi became Speaker, she didn't talk about the economic reason for the Democratic takeover of the House, but all about a victory for women, or at least women from the class that the daughter of the mayor of Baltimore belongs to. So, as now, the Demwits are only concerned with their private Limousine Liberal agenda and not the economy, except to evade responsibility for it by blaming Bush.
    On the outside, trickling down on the insiders.
    We won't live free until the 1% live in fear.
    Hey, richboys! Imagine the boot of democracy stomping on your faces, forever.

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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by PrometheusBound View Post
    I noticed when Nancy Pelosi became Speaker, she didn't talk about the economic reason for the Democratic takeover of the House
    She didn't? Do you have a link to her speech?
    "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: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by PrometheusBound View Post
    I noticed when Nancy Pelosi became Speaker, she didn't talk about the economic reason for the Democratic takeover of the House, but all about a victory for women, or at least women from the class that the daughter of the mayor of Baltimore belongs to. So, as now, the Demwits are only concerned with their private Limousine Liberal agenda and not the economy, except to evade responsibility for it by blaming Bush.
    All in all, Nancy Pelosi was a very effective Speaker...she was the reason PPACA passed.

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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by Conservative View Post
    You cannot not even get the quote right
    The only change, was substituting Bush for Obama in your quote. The principle has to hold true, if not then the policies do not create the results and responsibility cannot be assigned.

    It is very basic logic.
    Quote Originally Posted by trouble13 View Post
    If you wanna know why Trumpsters are ignoring you its for the same reason you ignored the KKKs complaints about Obama.
    Quote Originally Posted by Moderate Right View Post
    When it comes down to it, all facts are cherry picked.
    Quote Originally Posted by Bodhisattva View Post
    He didn't say it didn't make sense. He said it is complete nonsense.

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    Re: Jobless rate rises to 8.3 percent, hiring picks up but still falling short

    Quote Originally Posted by Gimmesometruth View Post
    The only change, was substituting Bush for Obama in your quote. The principle has to hold true, if not then the policies do not create the results and responsibility cannot be assigned.

    It is very basic logic.
    Bush is being held accountable for the results during his term and now even for results for the Obama term. Leadership is something you don't understand at all.

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