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

  1. #291
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    Re: U.S. Economy Added 162,000 Jobs in March, Most in 3 Years

    will the partisan spin never stop?

    biggest state in the union

    California jobless rate swells to 12.6 percent

    all time record unemployment rate

    ouch!

    get a rope

    LOL!

  2. #292
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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
    will the partisan spin never stop?

    biggest state in the union

    California jobless rate swells to 12.6 percent

    all time record unemployment rate

    ouch!

    get a rope

    LOL!
    Um, where's the partisanship?

  3. #293
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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
    will the partisan spin never stop?

    biggest state in the union

    California jobless rate swells to 12.6 percent

    all time record unemployment rate

    ouch!

    get a rope

    LOL!
    Wow, finally beat Reagan's record rate.



    Oops, is that partisan?

  4. #294
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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
    Wow, finally beat Reagan's record rate.



    Oops, is that partisan?
    Wow is right. I thought that record would never be broken.
    "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

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

    apparently, it was

    TODAY!

    LOL!

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

    Don't worry folks the fact that this increase of jobs won't even cover the increase of the participating labour force isn't a problem for the Obama cult, they just go to their default position for everything: "It's Bush's fault," apparently the Community Reinvestment Act of 1977 which forced banks to give loans which they wouldn't ordinarily give, the fact that Freddie Mac and Fanny Mae were forced in 1995 to lower their down payment requirements and were given affordable housing credit for buying subprime loans, and the fact that they bought up $500 billion in Alt-A loans doesn't amount to a hill of beans. Bush did it, it's as simple as that, Congress is off the hook, borrowers are off the hook, it was those evil conniving bastards, Greenspan, Bush, and private bankers, so no matter how much the national debt increases under Obama, no matter how much unemployment increases, no matter how much further down GDP growth goes never fear, just say those three magic little words: "It's Bush's fault,".

    The left has controlled Congress for 3 years and the white house for more than a year, this is their economy now, they own it.

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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
    Don't worry folks the fact that this increase of jobs won't even cover the increase of the participating labour force isn't a problem for the Obama cult, they just go to their default position for everything: "It's Bush's fault," apparently the Community Reinvestment Act of 1977 which forced banks to give loans which they wouldn't ordinarily give, the fact that Freddie Mac and Fanny Mae were forced in 1995 to lower their down payment requirements and were given affordable housing credit for buying subprime loans, and the fact that they bought up $500 billion in Alt-A loans doesn't amount to a hill of beans. Bush did it, it's as simple as that, Congress is off the hook, borrowers are off the hook, it was those evil conniving bastards, Greenspan, Bush, and private bankers, so no matter how much the national debt increases under Obama, no matter how much unemployment increases, no matter how much further down GDP growth goes never fear, just say those three magic little words: "It's Bush's fault,".

    The left has controlled Congress for 3 years and the white house for more than a year, this is their economy now, they own it.
    Bush and Greenspan could have stopped the housing bubble but they didn't. They are responsible for the collapse of the housing industry. The CRA and Fanny and Freddie had nothing to do with it.
    It was the low interest rates and Bush pushing houses for everyone that led to the housing boom and then the eventual collapse of the housing sector.


    CRA?

    The majority of risky loans made prior to the mortgage meltdown were made by non-FDIC insured banks, those not subject to CRA regulation. According to FDIC Chairman, Sheila Bair, “Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006)” (Bair). Michael Barr, University of Michigan law professor, testified to the House Committee on Financial Services in February 2008, “that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations (Pressman).”

    Most of the subprime lending was conducted by financial institutions not regulated by the Community Reinvestment Act such as independent mortgage companies. Table 1 (click here) shows a breakdown of subprime loans by institution type according to the Home Mortgage Disclosure Act (HMDA). According to the data, over half the higher-priced loans (also known as subprime loans) were originated by independent mortgage companies, not subject to CRA regulation. Table 2 (click here) shows that most of the subprime loans went to middle- and high-income neighborhoods. Middle- and high-income neighborhoods are not covered under the Community Reinvestment Act. Also most of the foreclosures from 2006 were from middle income neighborhoods. Table 3 (click here) shows the distribution of foreclosures by income group.

    http://www.minneapolisfed.org/pubs/cd/09-2/table7.pdf
    Last edited by USA_1; 04-16-10 at 06:31 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

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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
    Bush and Greenspan could have stopped the housing bubble but they didn't.
    They are responsible for the collapse of the housing industry. The CRA and Fanny and Freddie had nothing to do with it.
    Nope defaulted loans from people who couldn't afford them to begin with had nothing to do with it.

    It was the low interest rates
    That was a contributing factor.

    and Bush pushing houses for everyone that led to the housing boom and then the eventual collapse of the housing sector.
    Ya because it was just Bush pushing for loans to people who couldn't afford them. I mean it wasn't Carter who signed the CRA, and it wasn't the Democrat controlled Congress and Executive in 1995 that forced Fannie Mae and Freddie Mac to lower their down payment requirements or grant them lowing housing credits for offering subprime loans. It's all Bush's fault.

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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

    CRA?

    The majority of risky loans made prior to the mortgage meltdown were made by non-FDIC insured banks, those not subject to CRA regulation. According to FDIC Chairman, Sheila Bair, “Only about one-in-four higher-priced first mortgage loans were made by CRA-covered banks during the hey-day years of subprime mortgage lending (2004-2006)” (Bair). Michael Barr, University of Michigan law professor, testified to the House Committee on Financial Services in February 2008, “that 50% of subprime loans were made by mortgage service companies not subject comprehensive federal supervision and another 30% were made by affiliates of banks or thrifts which are not subject to routine supervision or examinations (Pressman).”
    That 30% was still partially regulated by the CRA. At least 50% of the subprime loans issued fell under CRA provisions; furthermore, a strengthening of the CRA in the 1990's encouraged a loosening of standards throughout the entire banking industry.

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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
    That 30% was still partially regulated by the CRA. At least 50% of the subprime loans issued fell under CRA provisions; furthermore, a strengthening of the CRA in the 1990's encouraged a loosening of standards throughout the entire banking industry.
    No, Bush encouraged banks to make risky loans. Hell, he even eliminated down payments.

    USATODAY.com - Bush seeks to increase minority homeownership

    Bush's Speech:
    Homeownership is also an important part of our economic vitality. If -- when we meet this project, this goal, according to our Secretary of Housing and Urban Development, we will have added an additional $256 billion to the economy by encouraging 5.5 million new home owners in America; …

    Low interest rates, low inflation are very important foundations for economic growth. The idea of encouraging new homeownership and the money that will be circulated as a result of people purchasing homes will mean people are more likely to find a job in America. This project not only is good for the soul of the country, it's good for the pocketbook of the country, as well.

    To open up the doors of homeownership there are some barriers, and I want to talk about four that need to be overcome. First, down payments. A lot of folks can't make a down payment. They may be qualified. They may desire to buy a home, but they don't have the money to make a down payment. I think if you were to talk to a lot of families that are desirous to have a home, they would tell you that the down payment is the hurdle that they can't cross. And one way to address that is to have the federal government participate.

    And so we've called upon Congress to set up what's called the American Dream Down Payment Fund, which will provide financial grants to local governments to help first-time home buyers who qualify to make the down payment on their home. If a down payment is a problem, there's a way we can address that. And when Congress funds the program, this should help 200,000 new families over the next five years become first-time home buyers.

    Secondly, affordable housing is a problem in many neighborhoods, particularly inner-city neighborhoods. … I'm doing is proposing a single-family affordable housing credit to encourage the construction of single-family homes in neighborhoods where affordable housing is scarce. (Applause.)

    Over the next five years the initiative will provide home builders and therefore home buyers with -- home builders with $2 billion in tax credits to bring affordable homes and therefore provide an additional supply for home buyers. …

    And we've got to set priorities. And one of the key priorities is going to be inner-city America. …

    Another obstacle to minority homeownership is the lack of information. You know, getting into your own home can be complicated. It can be a difficult process. I had that very same problem. (Laughter and applause.)

    Every home buyer has responsibilities and rights that need to be understood clearly. And yet, when you look at some of the contracts, there's a lot of small print. And you can imagine somebody newly arrived from Peru looking at all that print, and saying, I'm not sure I can possibly understand that. Why do I want to buy a home? There's an educational process that needs to go on, not only to explain the contract, explain obligation, but also to explain financing options, to help people understand the complexities of a homeownership market, and also at the same time to protect people from unscrupulous lenders, people who would take advantage of a good-hearted soul who is trying to realize their dream.

    Homeownership education is critical. And so today, I'm pleased to announce that through Mel's office, we're going to distribute $35 million in 2003 to more than 100 national, state and local organizations that promote homeownership through buyer education. (Applause.)

    And, of course, one of the larger obstacles to minority homeownership is financing, is the ability to have their dream financed. Right now, we have a program that all of you are familiar with, maybe our fellow Americans are, and that's what they call a Section 8 housing program, that provides billions of dollars in vouchers to help low-income Americans with their rent. It encourages leasing. We think it's important that we use those vouchers, that federal money to help low-income Americans go from being somebody who leases to somebody who owns; that we use the Section 8 program to not only help with down payment, but to help with continuing monthly mortgage payments after they're into their new home. It is a -- it is a way to help us meet this dream of 5.5 million additional families owning their home.

    I'm also going to encourage the lending industry to develop a mortgage market so that this script, these vouchers, can regularly be used as a source of payment to provide more capital to lenders, who can then help more families move from rental housing into houses of their own. …

    Last June, I issued a challenge to everyone involved in the housing industry to help increase the number of minority families to be home owners. And what I'm talking about, I'm talking about your bankers and your brokers and developers, as well as members of faith-based community and community programs. And the response to the home owners challenge has been very strong and very gratifying. Twenty-two public and private partners have signed up to help meet our national goal. Partners in the mortgage finance industry are encouraging homeownership by purchasing more loans made by banks to African Americans, Hispanics and other minorities.

    Representatives of the real estate and homebuilding industries, through their nationwide networks or affiliates, are committed to broadening homeownership. They made the commitment to help meet the national goal we set.
    George W Bush
    Last edited by USA_1; 04-16-10 at 07:00 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

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