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Thread: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%[W: 831]

  1. #721
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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by pbrauer View Post
    The Democrats lost the House in Jan 1995 and didn't get it back until Jan 2007, so how did the Democrats block anything? Oh there is this:

    Democrats didn't block xit.

    There were only 2 bills even submitted by Republicans ... S. 1508: Federal Enterprise Regulatory Reform Act of 2003 and S. 190: Federal Housing Enterprise Regulatory Reform Act of 2005.

    And as anyone can see by clicking on those bills, neither one was blocked by Democrats. They both died in the Republican-led Senate because Senate leadership refused to send them to the Senate floor for a full vote.

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Why does this discussion always boil back to what President caused the recession? As if there was only one interpretation of statistics and events that everyone could agree on, lol. Anyway, what good does it do debating how we got here? Wouldn't it be more productive to debate the specific area of the economy that struggling the most, and what the best approach to correcting course is? I always thought that was the point of these reports. Identify the weak points and address the problem to the best of your ability.
    "....The people can not be all, and always, well informed. The part which is wrong will be discontented in proportion to the importance of the facts they misconceive. If they remain quiet under such misconceptions it is a lethargy, the forerunner of death to the public liberty...." -Jefferson 1787

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by pbrauer View Post
    The Democrats lost the House in Jan 1995 and didn't get it back until Jan 2007, so how did the Democrats block anything? Oh there is this:

    New Agency Proposed to Oversee Freddie Mac and Fannie Mae - NYTimes.com

    The plan is an acknowledgment by the administration that oversight of Fannie Mae and Freddie Mac -- which together have issued more than $1.5 trillion in outstanding debt -- is broken. A report by outside investigators in July concluded that Freddie Mac manipulated its accounting to mislead investors, and critics have said Fannie Mae does not adequately hedge against rising interest rates.
    If you don't understand how the Democrats blocked GSE reform then there is simply nothing more to discuss. Do you understand how the Senate works? How lobbying works ect? Congress is usually referred to as The House. Not the Senate. The Senate Banking Committee passed a bill that would have stopped the crisis. Democrats opposed it with a party line vote in committee. It never reached the Senate floor for a full vote because of this.

    Frank's fingerprints are all over the financial fiasco - The Boston Globe

    All this was justified as a means of increasing homeownership among minorities and the poor. Affirmative-action policies trumped sound business practices. A manual issued by the Federal Reserve Bank of Boston advised mortgage lenders to disregard financial common sense. "Lack of credit history should not be seen as a negative factor," the Fed's guidelines instructed. Lenders were directed to accept welfare payments and unemployment benefits as "valid income sources" to qualify for a mortgage. Failure to comply could mean a lawsuit.
    This was the problem with the GSES. Profit was privatized but risk was Socialized. They could lure in investors by blaming any losses would be covered by the Federal Government. Their lobbying efforts put them in a financial situation that other companies in the private sector couldn't compete with without increasing their own risks. The Senate banking committee bill would have put a stop to Fannie and Freddie's behavior. Watch the video again of Barney Frank and Maxine Waters opposing this bill and then come back and tell everyone it's "Bush's fault" so we can all laugh at you.

    Even when the Democrats had total control they still refuse to reform the GSEs

    Fannie mae and Chris Dodd - WSJ.com

    President Obama blocked GSE reform when he was a Senator

    How the Democrats Created the Financial Crisis: Kevin Hassett - Bloomberg

    Fannie and Freddie did this by becoming a key enabler of the mortgage crisis. They fueled Wall Street's efforts to securitize subprime loans by becoming the primary customer of all AAA-rated subprime-mortgage pools. In addition, they held an enormous portfolio of mortgages themselves.

    Throughout his political career, Obama has gotten more than $125,000 in campaign contributions from employees and political action committees of Fannie Mae and Freddie Mac, second only to Dodd, the Senate Banking Committee chairman, who received more than $165,000.

    Clinton, the 12th-ranked recipient of Fannie and Freddie PAC and employee contributions, has received more than $75,000 from the two enterprises and their employees. The private profit found its way back to the senators who killed the fix.
    Paid off handsomely by Fannie Mae and Freddie Mac for blocking reforms. To claim the Financial Crisis was all Bush's fault, and somehow Democrats were these innocent bystanders who were powerless to act is laughable. Here we have an economic report more than 4+ years into Obama's Presidency that is a disaster. A stagnant economy as Obama and his cronies party it up in WA (did you watch that Justin Timberlake concert last night) and the Obama cult followers are STILL blaming Bush. Honestly it's just embarrassing and silly at this point. A useless distraction.

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by Sheik Yerbuti View Post
    Democrats didn't block xit.

    There were only 2 bills even submitted by Republicans ... S. 1508: Federal Enterprise Regulatory Reform Act of 2003 and S. 190: Federal Housing Enterprise Regulatory Reform Act of 2005.

    And as anyone can see by clicking on those bills, neither one was blocked by Democrats. They both died in the Republican-led Senate because Senate leadership refused to send them to the Senate floor for a full vote.
    Now you're just purposely lying and pushing propaganda

    Wallison: Fannie and Freddie Amnesia - WSJ.com

    One chapter in this story took place in July 2005, when the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs on a party-line vote—all Republicans in favor, all Democrats opposed. The bill would have established a new regulator for Fannie and Freddie and given it authority to ensure that they maintained adequate capital, properly managed their interest rate risk, had adequate liquidity and reserves, and controlled their asset and investment portfolio growth.

    Why was there no action in the full Senate?
    As most Americans know today, it takes 60 votes to cut off debate in the Senate, and the Republicans had only 55. To close debate and proceed to the enactment of the committee-passed bill, the Republicans needed five Democrats to vote with them.

    But in a 45 member Democratic caucus that included Barack Obama and the current Senate Banking Chairman Christopher Dodd (D., Conn.), these votes could not be found.

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by DA60 View Post
    You can spin in any way you wish...my only point is that the man himself says that he takes responsibility for the economy (in essence).

    Which is all several of us have been saying.

    The principle responsibility for the economy doing well or badly is his.

    We says it, he welcomes it and he agrees.

    You can deny it all you wish, but he knows far more about his responsibilities then you (or I) do.
    If anyone is spinning, it is you. Politicians say all kinds of things. Do you believe them every time? This is not about rhetoric, but what is factually true. I've linked support on this as well.

    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. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by Sheik Yerbuti View Post
    Who could have fixed Bush's mess any faster?
    Anyone with leadership skills and the ability to form a consensus

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by Sheik Yerbuti View Post
    I already answered your question. Pointing out that no recession since the Great Depression came even close to Bush's Great Recession losing 4.7% of GDP was in response to your nonsensical claim that calling Bush's Great Depression the worst economy since the Great Depression, a "lie."
    That is a lie, the 81-82 recession was ever bit as bad if not worse. Obviously you buy what you are told and ignore historical data. The American people were hurt much more because of the high misery index during the 81-82 recession but that reality escapes you. It is hard dealing with ideologues like you out of touch with reality. You judge the severity of a recession by GDP drop whereas I judge recession severity in the way it affects the American people. Low interest rates and low inflation reduced the severity of this recession on the average American

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    The recession of the early 80's was not nearly as bad because it didn't last long. What we have now is a permanent change. Much worse.

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by Bronson View Post
    Now you're just purposely lying and pushing propaganda

    Wallison: Fannie and Freddie Amnesia - WSJ.com

    One chapter in this story took place in July 2005, when the Senate Banking Committee, then controlled by the Republicans, adopted tough regulatory legislation for the GSEs on a party-line vote—all Republicans in favor, all Democrats opposed. The bill would have established a new regulator for Fannie and Freddie and given it authority to ensure that they maintained adequate capital, properly managed their interest rate risk, had adequate liquidity and reserves, and controlled their asset and investment portfolio growth.

    Why was there no action in the full Senate?
    As most Americans know today, it takes 60 votes to cut off debate in the Senate, and the Republicans had only 55. To close debate and proceed to the enactment of the committee-passed bill, the Republicans needed five Democrats to vote with them.

    But in a 45 member Democratic caucus that included Barack Obama and the current Senate Banking Chairman Christopher Dodd (D., Conn.), these votes could not be found.
    Nope, not lying or pushing propaganda.

    Really, is it my fault you don't know how the legislative process works?

    Republicans did not need 5 votes for cloture against a filibuster on that bill through because Democrats never filibustered it. It died in the Senate because Senate leadership wouldn't put it on the legislative calendar. And it wasn't the only bill Senate Republicans killed like that. They did it to another one which passed in the House two years earlier.

    The idiotic opinion piece you linked is wrong and all you had to do to know that was click on the link I gave you to that bill.

    Hopefully, this will be a learning experience for you.

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    Re: U.S. Adds Only 88,000 Jobs; Jobless Rate Falls to 7.6%

    Quote Originally Posted by fmw View Post
    The recession of the early 80's was not nearly as bad because it didn't last long. What we have now is a permanent change. Much worse.
    It didn't last long because of leadership and strong economic policies but it lasted long enough. The 07-09 recession lasted from December 2007 to June 2009 and is being prolonged because of poor leadership and economic policies. Obama is a strong believer in central govt. control, Reagan believed in the individual and private sector. The results are quite different looking at job creation and economic growth. Too many people ignore the value of good leadership and most here are too young to remember the 81-82 recession and the atmosphere then promoted by Reagan. Reagan took his pro growth policies to the American people and then the people pressured the Congress to enact it.

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