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Thread: US Median Income Lowest Since 1995

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Cardinal Fang View Post
    It's a fact that U-6 has nothing to do with unemployment. It is one of several alternate measures of labor under-utilization. Questions to enable its estimation were added to the monthly CPS questionnaire in 1993 at the request of scholars and researchers. The people who quote the number on internet forums today rarely appear to be in either category.
    So what the hell are you doing here?
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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Muddy Creek View Post
    Clinton had a republican controlled Congress. Show us the bill you are talking about.
    At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.
    The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
    The edict — completely overlooked by the Financial Crisis Inquiry Commission and the mainstream media — was signed by then-HUD Secretary Henry Cisneros, Attorney General Janet Reno, Comptroller of the Currency Eugene Ludwig and Federal Reserve Chairman Alan Greenspan, along with the heads of six other financial regulatory agencies.
    "The agencies will not tolerate lending discrimination in any form," the document warned financial institutions.
    PrairiePundit: Document show Clinton administration caused housing crisis

    The current mortgage crisis came about in large part because of Clinton-era government pressure on lenders to make risky loans in order to “make homeownership more affordable for lower-income Americans and those with a poor credit history,” the DC Examiner notes today. “Those steps encouraged riskier mortgage lending by minimizing the role of credit histories in lending decisions, loosening required debt-to-equity ratios to allow borrowers to make small or even no down payments at all, and encouraging lenders the use of floating or adjustable interest-rate mortgages, including those with low ‘teasers.’”
    Clinton Pressure to Promote Affordable Housing Led to Mortgage Meltdown
    Quote Originally Posted by Redress View Post
    Generalizations are stupid.
    Quote Originally Posted by Joe Steel View Post
    The Second Amendment has nothing to do with guns.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Μολὼν λαβέ View Post
    PrairiePundit: Document show Clinton administration caused housing crisis


    A Paul Sperry opinion piece? Truly>

    From wiki

    aul E. Sperry is a conservative pundit, author, investigative journalist, and Stanford University Hoover Institute media fellow.[1][2] In the wake of the Fort Hood Shooting, he gave an interview to Coast to Coast AM on November 7, 2009, about his co-authored book Muslim Mafia.[3]


    Hardly qualifies are truths.



    Clinton Pressure to Promote Affordable Housing Led to Mortgage Meltdown

    And another pro-corporate blogger? Come on. FActs have data in them and no opinions.
    So far, you have provided nothing.
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Cardinal Fang View Post
    LOL! Not something that right-wingers like to talk about much. It was 7.5% when Carter took office and 7.5% when he left. In between, it was always lower, reaching a low of 5.6% in May 1979. The Carter years were actually an island of economic sanity in comparison to what existed on either side.
    Over 18% inflation and interest rates and a +7 misery index? I guess you enjoyed waiting in gas lines too.
    Last edited by Μολὼν λαβέ; 09-23-12 at 07:13 PM.
    Quote Originally Posted by Redress View Post
    Generalizations are stupid.
    Quote Originally Posted by Joe Steel View Post
    The Second Amendment has nothing to do with guns.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Muddy Creek View Post
    So far, you have provided nothing.
    Typical, blame the messenger.

    jn-150x150.jpg
    Quote Originally Posted by Redress View Post
    Generalizations are stupid.
    Quote Originally Posted by Joe Steel View Post
    The Second Amendment has nothing to do with guns.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by j-mac View Post
    Ok Mr. Chips....Tell me how things happen under Bush are Bush's fault, but things that happen under Obama, are magically Congresses fault....? That is some double standard you have going on there. BRO.
    Not Congress's fault, still Bush's fault. You knock over the first domino, all the rest that fall are on your tab. Young children understand this. Right-wingers apparently don't. Bush knocked over a whole lot of dominos and is on the hook for all the damage that came about as the result. He doesn't get a free pass simply because he was able to skip town before the sum of his destructive legacy could be effectively reversed. He is and always will be responsible for all of the messes that he created and all the bungling that he did.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Μολὼν λαβέ View Post
    Over 18% inflation and interest rates and a +7 misery index? I guess you enjoyed waiting in gas lines then.

    You mean the OPEC embargo when they raised their prices on us? Carter couldn't control that and unlike Bush, he didn't kiss Saudi Princes, either.

    From Wiki

    . . .

    The economic history of the Carter Administration can be divided in two roughly equal periods. The first two years were a time of continuing recovery from the severe 1973–75 recession, which had left fixed investment at its lowest level since the 1970 recession and unemployment at 9%.[24] The second two years were marked by double-digit inflation, coupled with very high interest rates,[25] oil shortages, and slow economic growth.[26] The nation's economy grew by an average of 3.4% during the Carter Administration (at par with the historical average).[27] Each of these two-year periods, however, would differ dramatically.

    The U.S. economy, which had grown by 5% in 1976, continued to grow at a similar pace during 1977 and 1978.[27] Unemployment declined from 7.5% in January 1977 to 5.6% by May 1979, with over 9 million net new jobs created during that interim,[28] and real median household income grew by 5% from 1976 to 1978.[29] The recovery in business investment in evidence during 1976 strengthened as well. Fixed private investment (machinery and construction) grew by 30% from 1976 to 1979, home sales and construction grew another one third by 1978, and industrial production, motor vehicle output and sales did so by nearly 15%; with the exception of new housing starts, which remained slightly below their 1972 peak, each of these benchmarks reached record levels in 1978 or 1979.[24]

    The 1979 energy crisis ended this period of growth, however, and as both inflation and interest rates rose, economic growth, job creation, and consumer confidence declined sharply.[25] The relatively loose monetary policy adopted by Federal Reserve Board Chairman G. William Miller, had already contributed to somewhat higher inflation,[30] rising from 5.8% in 1976 to 7.7% in 1978. The sudden doubling of crude oil prices by OPEC, the world's leading oil exporting cartel,[31] forced inflation to double-digit levels, averaging 11.3% in 1979 and 13.5% in 1980.[24] The sudden shortage of gasoline as the 1979 summer vacation season began exacerbated the problem, and would come to symbolize the crisis among the public in general;[25] the acute shortage, originating in the shutdown of Amerada Hess refining facilities, led to a lawsuit against the company that year by the Federal Government.[32]

    . . .
    So, holding the president accountable for decisions by the FEds and Arabs, huh? Not very learned of you. Pundits swing things to make them sound worse than they were under democrats. Might behoove you to remember that?
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Μολὼν λαβέ View Post
    Typical, blame the messenger.

    jn-150x150.jpg


    So you are conceding you made up lies about issues just to push the pundit agenda talking points? Okay. I accept that.
    Alex Carey:

    ... the 20th century has been characterized by three developments of great political importance: The growth of democracy, the growth of corporate power, and the growth of corporate propaganda as a means of protecting corporate power against democracy.

    Australian social scientist, quoted by Noam Chomsky in World Orders Old and New

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Μολὼν λαβέ View Post
    Remember Clinton's democratic congress who demanded lower credit and downpayment requirements for home buyers?
    Clinton had a Democratic Congress in 1993-94. That's all, folks.

    Quote Originally Posted by Μολὼν λαβέ View Post
    Does the name Barney Frank also ring a bell?
    Sure. He was the Ranking Member (i.e., the senior MINORITY member) of the House Financial Services Committee between 1995 and 2007. Republicans were the ones in charge of things that entire time.

    Quote Originally Posted by Μολὼν λαβέ View Post
    After all that inflation no wonder median incomes have rescinded to 1995 levels.
    All WHAT inflation? It hasn't been as high as 4% since 1991.

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    Re: US Median Income Lowest Since 1995

    Quote Originally Posted by Μολὼν λαβέ View Post
    At President Clinton's direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties. The threat was codified in a 20-page "Policy Statement on Discrimination in Lending" and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining.
    -- Prairie Pundit.
    LOLOLOLOLOL! The Policy Statement on Discrimination in Lending is garden-variety policy guidance on what sorts of practices would be seen as constituting forms of discrimination prohibited under the Equal Credit Opportunity Act and the Fair Housing Act. Follow the link to learn what a total whackjob the so-called Prairie Pundit is.

    Quote Originally Posted by Μολὼν λαβέ View Post
    The current mortgage crisis came about in large part because of Clinton-era government pressure on lenders to make risky loans in order to “make homeownership more affordable for lower-income Americans and those with a poor credit history...
    -- The DC Examiner
    Another joke. The Examiner is an advertising supplement with a bunch of right-wing propaganda cut-and-pasted into it. Meanwhile, the call to develop financing strategies fueled by the creativity and resources of the private and public sectors came in the May 1995 report presenting the results of a five-month series of private-public sector conferences and workshops called to address the fact that US home-ownership rates had declined under Reagan/Bush-41 for the first time since the Great Depression. More than fifty national organizations and hundreds of individuals involved in housing participated. You can still read their actual blue-ribbon recommmendations HERE. Nothing in this report had even the slightest effect on the subsequent evolution of the credit crisis and ensuing Great Bush Recession.

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