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Thread: Jobless Rate Rises to 9.8 Percent, Highest Since April(edited)

  1. #121
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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Goldenboy219 View Post
    Federal Reserve policy to stem inflation required high interest rates to cool down monetary expansion. During peak levels (the 17% you site), Volker targeted monetary aggregates as prescribed by monetarists, which led to high levels of interest rate volatility.






    From the Fed:

    How did the Fed change its approach to monetary policy in the late 1970s and early 1980s? (01/2003)

    What you did not see was massive foreclosures on such a wide income range. Delinquency and foreclosure rates were more than double that of any recessionary period, including '73 and '82. You did not see 6 of the top 10 global bankruptcies of all time occur (1,2,4,5,8,9) within an 18 month span.

    But yeah, it was much worse
    LOL, apparently paying 17+ interest rates and as your chart showed still having high inflation isn't anywhere nearly as bad as it is today with record low interest rates and no inflation. This entire argument is ridiculous and the focus should be on how to get out of the mess. Reagan did it right, Obama failed miserably and is still failing, that is reality. Obama took over an economy coming out of recession, Reagan took over an economy going into recession. How they managed both is quite telling and the results are there for all to see.

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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Conservative View Post
    LOL, apparently paying 17+ interest rates and as your chart showed still having high inflation isn't anywhere nearly as bad as it is today with record low interest rates and no inflation. This entire argument is ridiculous and the focus should be on how to get out of the mess. Reagan did it right, Obama failed miserably and is still failing, that is reality. Obama took over an economy coming out of recession, Reagan took over an economy going into recession. How they managed both is quite telling and the results are there for all to see.
    Failure to respond to anything in my post! Hmmm, wonder why?

    17% interest rates are a signal that wages are increasing somewhere close to this number. Do you find it interesting that foreclosure and delinquency rates are 100% higher than the recession you claim to be "more severe", even though interest rates are at historic lows?
    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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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Goldenboy219 View Post
    Federal Reserve policy to stem inflation required high interest rates to cool down monetary expansion. During peak levels (the 17% you site), Volker targeted monetary aggregates as prescribed by monetarists, which led to high levels of interest rate volatility.






    From the Fed:

    How did the Fed change its approach to monetary policy in the late 1970s and early 1980s? (01/2003)

    What you did not see was massive foreclosures on such a wide income range. Delinquency and foreclosure rates were more than double that of any recessionary period, including '73 and '82. You did not see 6 of the top 10 global bankruptcies of all time occur (1,2,4,5,8,9) within an 18 month span.

    But yeah, it was much worse
    Goldenboy. From the average taxpayer point of view, unemployment went to 10.8%. Ouch !! Interest rates if you bought a house were 3-4 times higher. Ouch !! And then inflation out the whazoo. Ouch !! From the standpoint of the average Joe, it was a hell of a lot worse. Reagan didn't come in with massive new Government programs, idiot Cap and Trade, and tax increases.

    Who gives a flip about a bankruptcy ? We should have let GM go bankrupt. It would still be there, reorganized, and Ford would have gladly taken up the slack. People in the U.S. would still buy cars, and GM would have trimmed the fat. Instead, we bailed out failure. Bankruptcies are not brick walls. Likewise with foreclosures. Folks move out and go rent. The housing market readjusts. The one thing that I believe was vital was TARP. TARP was needed to keep the banking system afloat.

    Reagan's successful approach then was far different from Obama's failed approach now. The proof is in. Many of us are not surprised one bit.
    Last edited by Eighty Deuce; 12-03-10 at 06:30 PM.

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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Goldenboy219 View Post
    Failure to respond to anything in my post! Hmmm, wonder why?

    17% interest rates are a signal that wages are increasing somewhere close to this number. Do you find it interesting that foreclosure and delinquency rates are 100% higher than the recession you claim to be "more severe", even though interest rates are at historic lows?
    No, I don't find that interesting at all just like apparently you don't think paying 17%+ interest rates and having high inflation is an issue that affects individuals more than almost zero inflation and record low interest rates. I lived and worked during both and if this recession is worse then the fault lies directly with Obama and what he implemented at the end of the recession. Reagan's policies turned the economy around quickly, Obama's policies are prolonging it. The results speak for themselves.

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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Goldenboy219 View Post
    Anything over 11% was 1930's levels,!
    Riiiiiiiiggggghhhhhhtttttt!

    So to put that in context...
    Quote Originally Posted by Goldenboy219
    Still you fail to consider the magnitude of the 2008/2009 financial crisis. We are very lucky unemployment did not reach 1930's levels.
    OMG!!!! You mean to tell us that the unemployment rate could have peaked at a whole percentage point more than it did?????!!!!!! Good God! I had no idea the financial crisis was of that sort of magnitude!

    Thank the Lord we spent those trillions!


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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Eighty Deuce View Post
    Goldenboy. From the average taxpayer point of view, unemployment went to 10.8%. Ouch !!
    Ouch is right!

    I'm sure Goldenboy would agree that back then, those were 1930's levels of unemployment.

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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Why doesn't Obama just create the conditions necessary to create employment? He could do it if he wanted couldn't he?

    He just must be evil. A very bad man. Hahaha.

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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Eighty Deuce View Post
    Goldenboy. From the average taxpayer point of view, unemployment went to 10.8%. Ouch !! Interest rates if you bought a house were 3-4 times higher. Ouch !!
    Yet they were still selling more homes (on average) than they are in the current.

    New home sales in 2010 are below the 1981 lows, even though there are 70 million more people. Ouch!

    And then inflation out the whazoo. Ouch !! From the standpoint of the average Joe, it was a hell of a lot worse. Reagan didn't come in with massive new Government programs, idiot Cap and Trade, and tax increases.
    Suffice to say, the average Joe is wrong.

    Who gives a flip about a bankruptcy ? We should have let GM go bankrupt. It would still be there, reorganized, and Ford would have gladly taken up the slack. People in the U.S. would still buy cars, and GM would have trimmed the fat. Instead, we bailed out failure. Bankruptcies are not brick walls. Likewise with foreclosures. Folks move out and go rent. The housing market readjusts. The one thing that I believe was vital was TARP. TARP was needed to keep the banking system afloat.
    Increased frequency of bankruptcy and foreclosure show economic weakness. This recession bares many similarities to the one that happened in the 1930s. Look at the size of bank failures:

    How many from the 1980's; 57 of the largest bank failures occured between 2008-2010. Ouce!!
    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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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Goldenboy219 View Post
    Why is the fake conservative right obsessed with the "But Obama promised" strawman?
    FYI maybe it has eluded your ability to comprehend but, A straw man argument is an informal fallacy, and Obama's lies are real. It maybe hard to face the truth, but there it is.

    I have been listening to Liberal idiots like Pelosi and Barney F-man all day saying that unemployment benefits create jobs.

    Okay let's go with that and fire all those who have a job and in no time we'll have full employment.

    There you have typical Liberal logic.

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    Re: Unemployment rate hits 9.8%. Hope and Change?

    Quote Originally Posted by Goldenboy219 View Post
    Yet they were still selling more homes (on average) than they are in the current.

    New home sales in 2010 are below the 1981 lows, even though there are 70 million more people. Ouch!



    Suffice to say, the average Joe is wrong.



    Increased frequency of bankruptcy and foreclosure show economic weakness. This recession bares many similarities to the one that happened in the 1930s. Look at the size of bank failures:

    How many from the 1980's; 57 of the largest bank failures occured between 2008-2010. Ouce!!
    What ? Are you nuts ? You say the "average Joe" was not hurting worse then because we are selling less homes now ? Do you have a clue what a 12-16% mortgage costs ? How about 15% inflation ? And your wife lost her job ? Look, I'm not saying now is a piece of cake, but you frankly made zero point with all your charts and crap that would ease the suffering of "the average Joe" back in 81-82. I think you are grossly uninformed about it.

    As for current home sales being low, we built too many friggin homes !! We don't have enough people with adequate incomes to live in them, as we are no longer giving out mortgages like candy !!

    As for bankruptcies and weakenss, you don't improve things by throwing good money after bad by sustaining a company that needs to reorganize ! You would never invest money in a company like that. Why should the government take your money and do it ? They did it to save the bloated unions and their bloated pensions. Is this what they are going to do to California and its state pensions ? Give them hundreds of billions or your money ? For their bloated pensions ?

    You have also not presented any success with Obama's plan. Obama said unemployment would stay below 8%. They told us all about The Recovery Summer. When does his failure finally catch up with you ? 2013 when there has still been no recovery should that POS be reelected ?

    If we pass the extensions to keep the taxes where they are, and Obama gets serious about spending reductions, then we'll be much better by next summer. But I don't think he can. He is too much of an ideologue, and Pelosi and Reid are still the lieutenants. And he's no Clinton.
    Last edited by Eighty Deuce; 12-03-10 at 07:31 PM.

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