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Thread: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

  1. #271
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by Agent Ferris View Post
    Yep so Obama gets a free pass for his entire administration how convenient.

    Oh tell me sport when exactly was it that Democrats were clamoring for more regulation on Freddie Mac and Fannie May? Oh wait, in fact the exact opposite was true, it was the Republicans who were clamoring for more regulation on Freddie Mac and Fannie May and it was the Democrats who stood in the way of regulation against high risk mortgage loans for Freddie Mac and Fannie may because (survey says) it would have been unfair to minorities:

    YouTube- Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis
    The economy had collapsed before he took office. Obama is going to spend his entire presidency trying to clean up Bush's mess and he probably won't be successful.

    Fannie and Freddie did not cause the housing bubble or it's collapse. They were victims. Greenspan and Bush created the housing bubble.

    "There’s a dangerous — and misleading — argument making the rounds about the causes of our current credit crisis. It’s emanating from Washington where politicians are engaging in the usual blame game but this time the stakes are so high that we can’t afford to fall victim to political doublespeak. In this fact-free zone, government sponsored mortgage giants Fannie Mae and Freddie Mac caused the real estate bubble and subprime meltdown. It’s completely false. Fannie Mae and Freddie Mac were victims of the credit crisis, not culprits.

    Start with the most basic fact of all: virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie. That’s right — most subprime mortgages did not meet Fannie or Freddie’s strict lending standards. All those no money down, no interest for a year, low teaser rate loans? All the loans made without checking a borrower’s income or employment history? All made in the private sector, without any support from Fannie and Freddie.

    Look at the numbers. While the credit bubble was peaking from 2003 to 2006, the amount of loans originated by Fannie and Freddie dropped from $2.7 trillion to $1 trillion. Meanwhile, in the private sector, the amount of subprime loans originated jumped to $600 billion from $335 billion and Alt-A loans hit $400 billion from $85 billion in 2003. Fannie and Freddie, which wouldn’t accept crazy floating rate loans, which required income verification and minimum down payments, were left out of the insanity.

    There’s a must-read study by staff members of the Federal Reserve Bank of New York analyzing the roots of the subprime crisis that came out in March. I don’t think it got much attention then as the conclusions seemed uncontroversial at the time. But now that Washington politicians are trying to rewrite history, it should be mandatory reading for every American interested in knowing how we got here.

    The study identifies five causes of the subprime meltdown:
    -Convoluted loan products that consumers didn’t understand.
    -Credit ratings that didn’t do a good job highlighting the risks contained in subprime-backed securities.
    -Lack of incentives for institutional investors to do their own research (they just relied on the credit ratings).
    -Predatory lending and borrowing (which I think means fraud perpetrated by borrowers).
    -Significant errors in the models used by credit rating agencies to assess subprime-backed securities."
    Last edited by USA_1; 04-16-10 at 01:59 PM.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  2. #272
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by USA-1 View Post
    If the economy is still in shambles after Obama leaves office, it will still be Bush's recession for the next president, too. Dem or Rep. It may take a couple decades to clean up this mess.
    There really is nothing Obama can do to fix the housing sector. Perhaps time will sort it out. Perhaps not.


    Looks like market may be adjusting today.
    Yep so Obama gets a free pass for his entire administration how convenient.

    Oh tell me sport when exactly was it that Democrats were clamoring for more regulation on Freddie Mac and Fannie May? Oh wait, in fact the exact opposite was true, it was the Republicans who were clamoring for more regulation on Freddie Mac and Fannie May and it was the Democrats who stood in the way of regulation against high risk mortgage loans for Freddie Mac and Fannie may because (survey says) it would have been unfair to minorities:

    [nomedia="http://www.youtube.com/watch?v=_MGT_cSi7Rs"]YouTube- Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis[/nomedia]

  3. #273
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by Agent Ferris View Post
    Yep so Obama gets a free pass for his entire administration how convenient.
    Nobody said that.

    But he started with an extreme disadvantage. You can't expect him to just snap his fingers and make everything the way it was in a year or two.

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by USA-1 View Post
    The economy had collapsed before he took office. Obama is going to spend his entire presidency trying to clean up Bush's mess and he probably won't be successful.

    Fannie and Freddie did not cause the housing bubble or it's collapse. They were victims. Greenspan and Bush created the housing bubble.

    "Thereís a dangerous ó and misleading ó argument making the rounds about the causes of our current credit crisis. Itís emanating from Washington where politicians are engaging in the usual blame game but this time the stakes are so high that we canít afford to fall victim to political doublespeak. In this fact-free zone, government sponsored mortgage giants Fannie Mae and Freddie Mac caused the real estate bubble and subprime meltdown. Itís completely false. Fannie Mae and Freddie Mac were victims of the credit crisis, not culprits.

    Start with the most basic fact of all: [B]virtually none of the $1.5 trillion of cratering subprime mortgages were backed by Fannie or Freddie.
    lmfao and now I'm done talking to you, Fannie Mae and Freddy Mac purchased $500 billion high risk Alt-A mortgage products.

  5. #275
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by misterman View Post
    Nobody said that.

    But he started with an extreme disadvantage. You can't expect him to just snap his fingers and make everything the way it was in a year or two.
    Strange that Warren G. Harding was able to do just that.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    those pernicious practices which destroyed the housing market are being re-upped by this clueless crew in charge

    Defaults Rise in Federal Loan Modification Program - NYTimes.com

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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by The Prof View Post
    those pernicious practices which destroyed the housing market are being re-upped by this clueless crew in charge

    Defaults Rise in Federal Loan Modification Program - NYTimes.com
    I guess the fact that people can't pay back a mortgage doesn't change even if you change the conditions of the loan. What a surprise.

    Who shall ascend the hill of the Lord? And who shall stand in his holy place? He who has clean hands and a pure heart, who does not lift up his soul to what is false, and does not swear deceitfully. Psalm 24
    "True law is right reason in agreement with nature . . . Whoever is disobedient is fleeing from himself and denying his human nature [and] will suffer the worst penalties . . ." - Cicero

  8. #278
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    so obama subprimes hundreds of thousands more

    definition of insanity---the dolt doubles down

  9. #279
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    Quote Originally Posted by The Prof View Post
    those pernicious practices which destroyed the housing market are being re-upped by this clueless crew in charge

    Defaults Rise in Federal Loan Modification Program - NYTimes.com
    Yep, it doesn't matter what Obama does to try to save it, the housing sector is ruined and without the housing sector this economy can not survive. It will only get worse.
    The clueless Bush and Greenspan should have never tried to manipulate demand for housing. It might have been a fatal mistake for this nation.
    "This Administration will constantly strive to promote an ownership society in America. We want more people owning their own home. It is in our national interest that more people own their own home. After all, if you own your own home, you have a vital stake in the future of our country."" GWB

  10. #280
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    the dolt shouldn't double down

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