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Thread: US Job Market Loses Steam

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    Re: US Job Market Loses Steam


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    Re: US Job Market Loses Steam

    Obama's economic team exhausted - TheHill.com

    who isn't?

    we need a new team

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    Re: US Job Market Loses Steam

    evan bayh, kent conrad (the gatekeeper's right hand), stiff neck nelson and jiltin joe lieberman are already ON RECORD---extend bush tax cuts to all americans

    More Democrats Call for Keeping Tax Cuts - WSJ.com

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    Re: US Job Market Loses Steam

    Quote Originally Posted by apdst View Post
    How is greed to blame? People were trying too hard to make money?
    Through loopholes, yes. Tell me, after the dismantling of Glass - Steagal, how much of that increase in profits was the result of actually providing goods and services, instead of speculating and creating artificial bubbles which eventually burst?
    The ghost of Jack Kevorkian for President's Physician: 2016

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    Re: US Job Market Loses Steam

    Quote Originally Posted by danarhea View Post
    Through loopholes, yes. Tell me, after the dismantling of Glass - Steagal, how much of that increase in profits was the result of actually providing goods and services, instead of speculating and creating artificial bubbles which eventually burst?

    Loopholes like the CRA for example? Maybe?


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    Re: US Job Market Loses Steam

    loopholes:

    Meanwhile, no less an authority than Volcker himself, the president’s poster boy for financial reform, just acknowledged what others have been saying for months. Which is that the banking reform bill leaves the discredited too-big-to-fail policy intact — alive and well.

    In particular, Volcker says he does not believe that the administration is going to be able to apply its too-big-to-fail policy to what he calls “megabanks.”

    Ironically, Volcker may have tried to be supportive of the new legislative efforts when he said on CNBC that the proposed resolution authority appears to be a “workable proposition for anything short of the biggest banks.” He then acknowledged that the legislation is not “workable” for the country’s largest banks.

    Of course, the whole reason for the policy is to use it against the biggest banks. That’s why it’s called a too-big-to-fail policy.
    and:

    Perhaps the most outrageous thing about the legislative package that has emerged is that there is not one provision aimed at reforming Freddie Mac or Fannie Mae.

    Fannie Mae and Freddie Mac are the government-backed enterprises that buy mortgages from lenders and “securitize them” — meaning that they package them into bonds to sell to investors.

    During the financial crisis, the government had to take over these companies because they were too big to fail.

    So the lack of reform here only further tarnishes the government’s credibility.

    In fact, when it comes to financial reform, the basic problem the government faces is that it lacks credibility in so many areas.
    Opinion: Slouching toward financial reform - Jonathan Macey - POLITICO.com

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    Re: US Job Market Loses Steam

    in his by now completely-forgotten-as-if-it-had-never-been-made state of the union, obama promised to double exports in 5 years

    indeed, it was one of his prime planks (for a few minutes)

    he's off to a bad start

    US suffers widest trade gap in 20 months - Yahoo! News

    he promised to cut the deficit in half in 4 years

    Deficit in July Totals $165.04 Billion - WSJ.com

    his home mortgage program is a "dismal failure," half those he's hamp'ed have already redefaulted (link above---bloomberg)

    now we learn this morning:

    My Way News - Homes lost to foreclosure up 6 pct from last year

    (note that "homeowners with good credit who took out conventional, fixed-rate loans are now the fastest growing group of foreclosures," which is terrifying)

    the too-big's are sitting on 1.8T and just won't play, i wonder why

    Stocks plunge, hopes wane - The Boston Globe

    the president's staff, described above as "exhausted," we learn this sunny thursday is so much so it's "almost traumatized"

    (we need a new team, expect significant turnover after november)

    Tired aide 'was losing friendships' | POLITICO 44

    these largely speak for themselves:

    Q2 GDP Growth Could Be Revised To Just 1% After Trade Data

    Jobs picture dims as unemployment claims rise - Yahoo! Finance

    sources: ap, ibd, wsj, boston globe, politico, august 11 and 12
    Last edited by The Prof; 08-12-10 at 01:42 PM.

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    Re: US Job Market Loses Steam

    Quote Originally Posted by danarhea View Post
    Through loopholes, yes. Tell me, after the dismantling of Glass - Steagal, how much of that increase in profits was the result of actually providing goods and services, instead of speculating and creating artificial bubbles which eventually burst?
    Are you trying to say that investing doesn't provide goods and services?

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    Re: US Job Market Loses Steam

    usatoday tuesday:

    Federal workers earning double their private counterparts - USATODAY.com

    42,000 per year in bennies

    obama's giving em a raise!

    the average federal salary has grown 33% faster than inflation since 2000

    fed comp for top earners grew 400% faster than for private employees
    Last edited by The Prof; 08-12-10 at 01:53 PM.

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