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Thread: US unemployment lowest in 4 years

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by rabbitcaebannog View Post
    You obviously need to read into the sub-prime meltdown. Fact, most high risk sub-primes were originated by non-bank lenders. Feel free to blame poor people for it. Why change your narrative now?
    LOL !!

    You want to go down that road with me ? I'm one of the few here that have ACTUALLY " read into " the Sub-Prime Collapse as you hold on to bits and pieces of ignorance and pretend you're a authority on the issue.

    As always, with you people, my input into a debate concerning the Sub-Prime Collapse will either leave you much more educated, or will relegate you into the loose association of absolute lunatics who blame it ALL on Bush.

    You may read their hilarity in the Partisan section of this forum.

    I'll give you a bit of information and lets see if your'e gullible enough to take the bait.

    In the Spring and Summer of 1994, Secretary Henry Cisneros met with leaders of major national organizations from the housing industry to solicit their views about establishing a national homeownership partnership.”
    - HUD, "Partners in the American Dream", May 1995


    “In 1994, at the President’s request, the U.S. Department of Housing and Urban Development (HUD) began work to develop a National Homeownership Strategy with the goal of lifting the overall homeownership rate to 67.5 percent by the end of the year 2000. While the most tangible goal of the National Homeownership Strategy was to raise the overall homeownership rate, in presenting the strategy HUD pointed explicitly to declines in homeownership rates among low-income, young, and minority households as motivation for these efforts.” - U.S. Department of Housing and Urban Development Office of Policy Development and Research website

    "At the request of President Clinton, HUD is working with dozens of national leaders in government and the housing industry to implement the National Homeownership Strategy, an unprecedented public-private partnership to increase homeownership to a record-high level over the next 6 years.” - Urban Policy Brief Number 2, August 1995

    “Federal institutions, policies, and programs alone cannot meet President Clinton's goal of record-high levels of homeownership within the next 6 years. HUD has forged a nationwide partnership that will draw on the resources and creativity of lenders, builders, real estate professionals, community-based nonprofit organizations, consumer groups, State and local governments and housing finance agencies, and many others in a cooperative, multifaceted campaign to create ownership opportunities” - The National Homeownership Strategy

    Action 11: Removing Barriers to Mortgage Financing for Starter Homes
    Action 29: Alternative Approaches to Homebuying Transactions
    Action 35: Home Mortgage Loan-to-Value Flexibility
    Action 36: Subsidies to Reduce Downpayment and Mortgage Costs
    Action 44: Flexible Mortgage Underwriting Criteria
    Action 45: Public-Private Leveraging for Affordable Home Financing

    By 1996, HUD was directing the GSE's to provide at least 42% of their mortgage financing to low-income borrowers and 12% of their portfolios to “special affordable” loans. NOT BUSH'S GREAT RECESSION, CLINTONS GREAT RECESSION....

    "This unprecedented public-private partnership is founded on a deeply rooted and almost universally held belief that homeownership provides important advantages that merit continued public support. The National Homeownership Strategy cites four fundamental benefits:” Urban Policy Brief Number 2, August 1995

    "Through homeownership, a family...invests in an asset that can grow in value and... generate financial security."
    "Homeownership enables people to have greater control and exercise more responsibility over their living environment."
    "Homeownership helps stabilize neighborhoods and strengthen communities."
    "Homeownership helps generate jobs and stimulate economic growth."

    And article from the New York Times.....

    " It is important to understand that, as GSEs, Fannie and Freddie were viewed in the capital markets as government-backed buyers (a belief that has now been reduced to fact). Thus they were able to borrow as much as they wanted for the purpose of buying mortgages and mortgage-backed securities. Their buying patterns and interests were followed closely in the markets. If Fannie and Freddie wanted subprime or Alt-A loans, the mortgage markets would produce them. By late 2004, Fannie and Freddie very much wanted subprime and Alt-A loans. Their accounting had just been revealed as fraudulent, and they were under pressure from Congress to demonstrate that they deserved their considerable privileges."

    Now the Democrats are blaming the financial crisis on "deregulation." This is a canard. There has indeed been deregulation in our economy -- in long-distance telephone rates, airline fares, securities brokerage and trucking, to name just a few -- and this has produced much innovation and lower consumer prices. But the primary "deregulation" in the financial world in the last 30 years permitted banks to diversify their risks geographically and across different products, which is one of the things that has kept banks relatively stable in this storm."

    As a result, U.S. commercial banks have been able to attract more than $100 billion of new capital in the past year to replace most of their subprime-related write-downs. Deregulation of branching restrictions and limitations on bank product offerings also made possible bank acquisition of Bear Stearns and Merrill Lynch, saving billions in likely resolution costs for taxpayers.

    "Beginning in 1992, Congress pushed Fannie Mae and Freddie Mac to increase their purchases of mortgages going to low and moderate income borrowers. For 1996, the Department of Housing and Urban Development (HUD) gave Fannie and Freddie an explicit target -- 42% of their mortgage financing had to go to borrowers with income below the median in their area. The target increased to 50% in 2000 and 52% in 2005."

    "For 1996, HUD required that 12% of all mortgage purchases by Fannie and Freddie be "special affordable" loans, typically to borrowers with income less than 60% of their area's median income. That number was increased to 20% in 2000 and 22% in 2005. The 2008 goal was to be 28%. Between 2000 and 2005, Fannie and Freddie met those goals every year, funding hundreds of billions of dollars worth of loans, many of them subprime and adjustable-rate loans, and made to borrowers who bought houses with less than 10% down."

    "Fannie and Freddie also purchased hundreds of billions of subprime securities for their own portfolios to make money and to help satisfy HUD affordable housing goals. Fannie and Freddie were important contributors to the demand for subprime securities."

    quote from Fannie’s 2006 10-K report makes clear, is untrue

    "We have made, and continue to make, significant adjustments to our mortgage loan sourcing and purchase strategies in an effort to meet HUD’s increased housing goals and new subgoals. These strategies include entering into some purchase and securitization transactions with lower expected economic returns than our typical transactions. We have also relaxed some of our underwriting criteria to obtain goals-qualifying mortgage loans and increased our investments in higher-risk mortgage loan products that are more likely to serve the borrowers targeted by HUD’s goals and subgoals, which could increase our credit losses."


    I don't deal in narratives, only facts searched out and compared to the lefts goofy one dimensional generalizations and talking points.

    Bill Clinton in 1995 ....READ ABOVE... unleashed a long list of executive orders on the American public in his 1995 National Homeowners Strategy, as his DOJ and more specifically his AG lowered threats on lending institutions to play ball or face prosecution.

    Clinton's Home ownership Strategy among other things lowered capital requirements for the GSE,s from 10% to 3% and changed how banks met their CRA requirements. As damaging, as irresponsible as that was it wasn't enough to make sure that Fannie and Freddie were going to follow through, so from 1993 to 1998 he changed ALL OF THEIR EXECUTIVES and over HALF OF THEIR BOARD OF DIRECTORS, including the CEO of Fannie Mae, Franklin Raines.

    No, Wall Street and Investment banks didn't start poisoning the worlds financial markets with AAA rated mortgage backed Securities, Fannie Mae did, and it started THIS in 1997.

    Remember the corrupt Ass-h** Eric Holder going after the credit rating agencies for giving toxic MBS's AAA ratings ? LOL !!! He used to work for Janet Reno, he used to threaten banks with prosecution of they didn't lower their standards. They were AAA rated because FANNIE MAE bought them and Bundled them.....duh.

    Anyway, lets keep this going, you have obviously much to learn.
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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Conservative View Post
    That is your opinion because you are looking at only part of the economy, those big "evil" corporations that aren't the backbone of the economy. What You and your ilk are doing is hurting the small businesses in this country not those big corporations.
    Multiple academic and economic studies reveal that despite Wal-Mart's mantra of adding jobs and improving the local and national economy, the reality is exactly the opposite.

    Between 1992 and 2002, the grocery industry lost 13,000 stores and thousands of jobs. For each Wal-Mart Super Center that opens, two grocery stores will close.
    Source: Retail Forward

    The Florida-based Winn-Dixie Supermarket eliminated 11,000 jobs to compete with Wal-Mart in 2000.
    Source: Associated Press

    In the first decade after Wal-Mart arrived in Iowa, the state lost 555 grocery stores, 298 hardware stores, 293 building supply stores, 161 variety stores, 158 women's apparel stores, 153 shoe stores, 116 drugstores, and 111 men's and boys' apparel stores.
    Source: Iowa State University Study

    Today Wal-Mart uses over 3,000 Chinese factories to produce its goods—almost as many factories as it has stores in the U.S. (3,600). Wal-Mart is America's largest importer. U. S. companies have moved operations overseas, while imports flood into the U.S., a combination that has cost millions of lost American manufacturing jobs.
    Source: L A Times/Associated Press

    Money spent at Wal-Mart does not stay in the community.

    In Virginia, for example, 60 cents of every dollar spent downtown, stays downtown—compared to just six cents for every dollar spent at the so called "big box" store, such as Wal-Mart.
    Source: Associated Press

    "Three times as much money stays in the local economy when you buy goods and services from locally-owned businesses compared to chain stores."
    Source: Institute for Local Self-Reliance (ILSR), 2003

    "The analysis found that the chain returned only 14.1% of its revenue to the local economy, mostly in the form of payroll. The rest leaves the state, flowing to out of state suppliers or back to corporate headquarters."
    Source: ILSR, 2003

    Local businesses rely on local services and suppliers (banks, manufacturers, accountants, lawyers, farmers, newspapers, internet providers, etc.). Wal-Mart uses international suppliers and corporate services.
    Source ILSR

    Local business owners live here. They care about our people and our future. In mid-coast Main, for example, local businesses make charitable donations at four times the rate of Wal-Mart.
    Source: Main State Planning Office Statistics

    Wal-Mart Associates don't earn enough to support a family.

    A substantial number of Wal-Mart Associates earn below the poverty line. A "full-time" employee at 34 hours per week making the Wal-Mart average wage of $10.11 per hour (per Wal-Mart) will earn $17,874.48 per year. The federal government definition of poverty for a family of four in the contiguous US is $20,000.
    Source: 2006 HHS Poverty Guidelines

    One out of seven Wal-Mart employees has no health care coverage. Associates must wait one year before they are eligible for Wal-Mart health care coverage. A leaked Wal-Mart memo shows Wal-Mart employees spend 8% of the income on health care, nearly twice the national average. In addition, 46% of employees' children are either uninsured or on Medicaid (Medical).
    Source: New York Times, 10/26/05

    Wal-Mart has the highest employee turnover rate of industry, over 50% the first year. This translates into approximately 50,000 employees per month. In Wal-Mart's business model, high employee turnover is not a bad thing since it lowers payroll cost and means fewer employees qualify for benefits.
    Source: New York Times, 10/26/05





    FYI I didn't gather all of this, found it online.



    Yes, Wal-Mart seems to be the backbone of the nation doesn't it?
    My issue is that Wal-Mart and other huge multi national corporations pay lower tax rates than small businesses, I think all businesses should have to file as a corporation, and we should have a progressive corporate tax code.... In theory it could make sense, not sure how well this could be implemented. The largest companies shouldn't be able to pick up more steam from subsidies while the small businesses pay for it, this just leads to more "monopolies". Democrats and Republicans to blame here, I don't want a small government, I don't want a big government, I want a smart government.

    As for regulations, I agree with you somewhat, but that argument is very generalized. For every regulation that protects us, there is probably a pointless one that is just another road block. I think we are paranoid in a sense, because we have some of these "protections" in place. It's a balancing act of sorts.
    In our personal ambitions we are individualists. But in our seeking for economic and political progress as a nation, we all go up or else all go down as one people.
    - FDR

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Samhain View Post
    250k uptick since last July in people who have two jobs.
    gonna leave this right here...

    Quote Originally Posted by Moderate Right View Post
    The sad fact is that having a pedophile win is better than having a Democrat in office. I'm all for a solution where a Republican gets in that isn't Moore.

  4. #364
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    Re: US unemployment lowest in 4 years

    Conservative

    Tax breaks mean that companies keep more of what they earn
    Hhmm …sounds to me like you’re trying to justify the $40 Billion dollars Wal- Mart received from the good people of the lone star. Are you a Wal-Mart lobbyist?


    free land and infrastructure assistance creates jobs and tax revenue for the states and local communities having nothing to do with the Federal Govt.
    The problem with that scenario con is the jobs created by Wal-Mart are a drag on the very towns and community’s that gives up the free “land and infrastructure assistance”.

    Take for instance the city of Alice TX. According to the 1990 census the population of Alice was 19,788.Wal-Mart got about $2.75 million from Alice, Jim Wells County and the lone star state.

    According to the 2010 census the population of Alice was 19,788,now its 19104.Kinda makes you go hhmm doesn't it con? Wondering why people would leave the great metropolis of Alice Texas when wally world gotta big ole subsidy to replace a discount store with a supercenter?

    The per capita income for the city of Alice in 2010 was $13,118.When you compare that to the median household income even of the lone star state…damn!no wonder people are leaving .Where are the friggen jobs wally world promised when they chipped in all that dough?

    Yes, that evil Wal-Mart that provides competitive prices for the local community, pays their share of local and state taxes, and employs thousands who also pay taxes. We need to do away with those evil companies and lets all work for the govt?

    small business owners, that wally world runs outta business who have a loyal customer base and pays their share of local and state taxes, and employs thousands who also pay taxes.
    And I might add who more than likely pays there employee’s enough that they don’t hafta mooch money from the taxpayer to feed the family.


    How about a little intellectual honesty for a change from people like you rather than the jealousy
    What would you know about “intellectual honesty “?


    and total lack of understanding of our economy?
    Looken at your reflection in the monitor eh ?
    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: US unemployment lowest in 4 years

    To those bashing WalMart in here, they must want the middle class, and the poor to really suffer. WalMart like it or not brings a host products to these people that otherwise they would not be able to afford, including expanding their grocery buying power. To want to destroy that in the name of some quasi socialistic ideal of equity is a proven disaster.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by j-mac View Post
    To those bashing WalMart in here, they must want the middle class, and the poor to really suffer. WalMart like it or not brings a host products to these people that otherwise they would not be able to afford, including expanding their grocery buying power. To want to destroy that in the name of some quasi socialistic ideal of equity is a proven disaster.
    You make a fair point. It is the same point made with free trade. It is also fair to look at the tradeoffs. With WalMart the tradeoff is the closing of higher cost neighborhood stores. In the case of outsourcing it is the tradeoff of cheaper goods versus the loss of American manufacturing jobs.

    At least for me, little is black and white. Perhaps the reason I get bashed by both sides on this site.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by washunut View Post
    You make a fair point. It is the same point made with free trade. It is also fair to look at the tradeoffs. With WalMart the tradeoff is the closing of higher cost neighborhood stores. In the case of outsourcing it is the tradeoff of cheaper goods versus the loss of American manufacturing jobs.

    At least for me, little is black and white. Perhaps the reason I get bashed by both sides on this site.
    Well, it is fair to say that the causality is more complex than I can articulate, or fully understand, but from a purely selfish standard of living standpoint, I hope that the WalMart's of the world are not demonized, and pushed out, because my buying power, and standard of living would suffer.
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by washunut View Post
    You make a fair point. It is the same point made with free trade. It is also fair to look at the tradeoffs. With WalMart the tradeoff is the closing of higher cost neighborhood stores. In the case of outsourcing it is the tradeoff of cheaper goods versus the loss of American manufacturing jobs.

    At least for me, little is black and white. Perhaps the reason I get bashed by both sides on this site.
    It's not really black or white, but I think we need to think about whether we see ourselves as consumers or citizens. Consumers have a right to be served while citizens have rights and also responsibilities. That last thing comes in handy when we have to weigh different perceptives, choices, trade offs and be part of that decision making. For instance, it may be my right to buy cheap goods but is it responsible to buy those goods if they were made in slave shops, if in doing so, I am harming my own community by driving down wages and working conditions, etc...etc...etc....Things like labor conditions, environmental impacts, community resources like safety net usage and other things come into play with decision making.

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by rabbitcaebannog View Post
    It's not really black or white, but I think we need to think about whether we see ourselves as consumers or citizens. Consumers have a right to be served while citizens have rights and also responsibilities. That last thing comes in handy when we have to weigh different perceptives, choices, trade offs and be part of that decision making. For instance, it may be my right to buy cheap goods but is it responsible to buy those goods if they were made in slave shops, if in doing so, I am harming my own community by driving down wages and working conditions, etc...etc...etc....Things like labor conditions, environmental impacts, community resources like safety net usage and other things come into play with decision making.

    Is the answer to those conditions in bringing the rest of the world up to our standards, or dropping our standards down to theirs....?
    Americans are so enamored of equality that they would rather be equal in slavery than unequal in freedom.

    Alexis de Tocqueville

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    Re: US unemployment lowest in 4 years

    Quote Originally Posted by Fenton View Post
    They were AAA rated because FANNIE MAE bought them and Bundled them.....duh.
    GSE's were responsible for mis-rating of mortgage securities?
    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.
    "Wealth of Nations," Book V, Chapter II, Part II, Article I, pg.911

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