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Thread: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

  1. #71
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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Quote Originally Posted by American View Post
    Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low | CNS News

    [im]http://www.cnsnews.com/sites/default/files/imagecache/large/images/LABOR%20FORCE-PARTICIPATION-AUGUST.jpg[/img]

    The number of those not unemployed, but employable and not working seems to be going up. This is a crisis in my opinion.
    The QEs worked BUT didn't and can't solve the larger Structural Problems.
    1. Globalization Devouring our Blue Collar Jobs and lowering wages of even those that stayed.
    2. Our Horrible immigration policy/Free-for-all which has Caused even more erosion in wages/a Double Whammy to the Blue Collar/Middle Class.
    3. The Demographic Structural problem of 10,000 Boomers retiring every day.
    Collecting SS and slamming Medicare.
    This promises to get WORSE/cumulative every year for at least the next 15, perhaps 20.
    So You can pin a part of the ''participation rate'' on Obama, but probably not more than Half.
    Participation IS going to erode.

    4. That's why, though I am for Balanced Budgets, it's Not crazy to Run a Deficit while the Demographic Pig works it way through the Python.
    But No, that didn't mean from 2000-2015 except for the necessary post-Crash Bail-out.

    5. Japan is Finished IMO.
    It is a large Black Swan that could trigger another Huge sell-off in World markets.
    It's much Worse than Greece was fiscally.
    6. China has been desperately pumping up their economy with about 3-4x the rate of our QEs. Of course, they're doing it with our money.
    But their economy is a phantom and their numbers (ie, 7% growth) are Not trustworthy.
    7. Europe/EU/Draghi is increasing it's QE because they are dead in the water.

    So good luck with real jobs growth catching hold.
    We do have our fracking which is probably 100% of our 2% economic growth.
    Last edited by mbig; 09-06-14 at 10:22 PM.
    I'm personally sick of not being able to dunk a basketball because of racism.
    anon

  2. #72
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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Quote Originally Posted by Hari Seldon View Post
    That sure as hell isn't true. Banks would give anyone a loan with little or no income verification because of greed and the shortsightedness that real estate values would just keep rising. Liar loans, no down loans and all sorts of hybrids then sold off as mortgage backed securities to even greedier investors all backed up by insurance that was unable to cover anything (see AIG) and given a triple AAA credit rating by the scummy rating agencies. I worked for one of the largest US banks for 18 years and quite involved in the accounting for MBS, FX, Derivatives all insured by AMBAC, CAPMAC, MBIA and all the deals rated by S&P and Moodys. A complete cluster f@#k. I went on an interview just before the crash with a company that just dealt with subprime loans. Needless to say they are no longer in business.
    Hmmmm....Well here's some information on Clinton's " Fair lending Task Force "

    " At President Clinton’s direction, no fewer than 10 federal agencies issued a chilling ultimatum to banks and mortgage lenders to ease credit for lower-income minorities or face investigations for lending discrimination and suffer the related adverse publicity. They also were threatened with denial of access to the all-important secondary mortgage market and stiff fines, along with other penalties.

    The threat was codified in a 20-page “Policy Statement on Discrimination in Lending” and entered into the Federal Register on April 15, 1994, by the Interagency Task Force on Fair Lending. Clinton set up the little-known body to coordinate an unprecedented crackdown on alleged bank redlining."

    "The agencies will not tolerate lending discrimination in any form," the document warned financial institutions."
    http://finance.yahoo.com/news/Smokin...846212214.html

    And here's Janet Reno bragging about the effectiveness of the new regulations in 1998...

    " I have found, and I think and I hope that you have found, that lenders have listened and learned. Bank commitments, as we have noted, have increased within the last four years. The figures are staggering: an 86 percent increase of all bank commitments under the Act since it went into effect more than 20 years ago.

    The new Community Reinvestment Act regulations enable lenders to develop customized strategic plans for meeting their obligations under the Act, and many have been developed in partnership with your local organizations. In this way you are not only helping to rebuild your communities, but you are showing bankers how to be responsible corporate citizens. In short, you can't do it just with capital, you can't do it just with people who care; we can do it together.

    We want to see equal credit being offered by banks because it is the right thing to do, because the law requires it, because it is good business, because people accept it.

    You've noted that since the inception of our fair lending initiative in 1992 the Department has filed and settled 13 major fair lending lawsuits. We are going to continue these efforts under the Acting Assistant Attorney General Bill Lann Lee in every way that we possibly can. We will continue to focus on discrimination in underwriting, the process of evaluating the qualifications of credit applicants. This was the issue in our suits against Shawmut in Boston, Northern Trust Company in Chicago, and First National Bank of Donna Anna in New Mexico "

    In 1999 HUD settled with ACUBank for 2.1 Billion for supposed " discrimination so the DOJ wasn't the only Federal agency shaking down banks for " discriminatory lending practices.

    Then there were the private lawsuits that sued banks for " discrimination " . Obama was a plaintiffs attorney in a case against Citi Bank in Chicago.


    In 1994 the Riegle Neal Act was signed that tied a banks CRA score directly to their ability to get Federal Approval to merge and expand across state lines.

    In 1995 Clinton changed the CRA laws via his Home-ownership Strategy. Banks HAD to show that they were actually making loans to low income applicants or people with poor credit.

    Here's the National Bureau of Economic Research's take on whether or not the CRA laws contributed to the Financial Meltdown...
    Did the Community Reinvestment Act (CRA) Lead to Risky Lending?

    Yes, it did. We use exogenous variation in banks’ incentives to conform to the standards of the Community Reinvestment Act (CRA) around regulatory exam dates to trace out the effect of the CRA on lending activity. Our empirical strategy compares lending behavior of banks undergoing CRA exams within a given census tract in a given month to the behavior of banks operating in the same census tract-month that do not face these exams. We find that adherence to the act led to riskier lending by banks: in the six quarters surrounding the CRA exams lending is elevated on average by about 5 percent every quarter and loans in these quarters default by about 15 percent more often. "


    And finally there's the Home-ownership rates under Clinton as compared to the Home ownership rates under Bush..

    In 1993 the Home-ownership rate was 63 %. In 2000 it was 68 %. So a 5% increase thanks to the Federally mandated lowering of lending standards.

    Under Bush Home-ownership rates rose another 1 %.

    Greed huh ??? No, REGULATIONS and forced " equity "
    The New Democratic Party Slogan :

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  3. #73
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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Quote Originally Posted by Hari Seldon View Post
    That sure as hell isn't true. Banks would give anyone a loan with little or no income verification because of greed and the shortsightedness that real estate values would just keep rising. Liar loans, no down loans and all sorts of hybrids then sold off as mortgage backed securities to even greedier investors all backed up by insurance that was unable to cover anything (see AIG) and given a triple AAA credit rating by the scummy rating agencies. I worked for one of the largest US banks for 18 years and quite involved in the accounting for MBS, FX, Derivatives all insured by AMBAC, CAPMAC, MBIA and all the deals rated by S&P and Moodys. A complete cluster f@#k. I went on an interview just before the crash with a company that just dealt with subprime loans. Needless to say they are no longer in business.
    Ok...

    Obama pushed banks to give subprime loans to Chicago blacks | The Daily Caller
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  4. #74
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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Do you even know what an MBS is? How a out a credit default swap or an interest rate swap. A monoline insurance company? The government did not force anybody to come up with those extremely complex financial instruments all based for the most part on the value of real estate which was parceled out to such an extent no one even knew who ultimately held the title to the foreclosed homes. But you can believe it was all the fault of the CRA.
    Never let your sense of morals get in the way of doing what's right.
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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    And that is what caused the financial crisis. Congratulations you figured it out.
    Never let your sense of morals get in the way of doing what's right.
    Isaac Asimov

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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Quote Originally Posted by Caine View Post
    Im not a big fan of the President either, however, The President isn't the all-mighty god of the government...... he can encourage something all day long, it is still up to congress and the senate to put the laws before him to sign. Just because a president promotes this idea or the other idea doesn't make everyone rush to do it, people have their own agendas as well.

    Its just a pet peeve of mine to see someone pile all the responsibility on one person, knowing our government isn't, and shouldn't be run that way.
    Except Obama is now saying he can just go around Congress via Executive Orders and do whatever the hell he wants without Congressional approval. So yes, that's how liberals want to run the government.
    There is nothing demonstrably true that religion can provide the world that cannot be achieved more rationally through entirely secular means.

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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Quote Originally Posted by Hari Seldon View Post
    Do you even know what an MBS is? How a out a credit default swap or an interest rate swap. A monoline insurance company? The government did not force anybody to come up with those extremely complex financial instruments all based for the most part on the value of real estate which was parceled out to such an extent no one even knew who ultimately held the title to the foreclosed homes. But you can believe it was all the fault of the CRA.

    LOL !!

    Oh no, We have no idea what a " MBS " is.

    Or a CDS or a CDO or any of that Financial hocus pocus. We've just been discussing this issue for months on end, that all.

    By " discussing " I mean educating low information ideologues who refuse to accept reality.

    And you just ignored tons of data that proves you dead wrong for some reason

    Speaking of MBSs you DO realize it was Freddie Mac who guaranteed the first Large block of Securities backed by Subprime loans. Yep, in 1998.

    And up to 2002 the purchase, packaging and securitization of Subprime loans was done exclusively by the GSEs.

    So they purchased trash loans, packaged them, and then sold them off as "AAA" securities.

    Many of those " AAA " securities wound up in CDO tranches in Capital markets all over the world.

    After 2002 the GSEs were the primary consumer of privately created securities backed by Subprime loans.

    Its ok, the FED is buying up 1.5 Trillion dollars of those worthless MBSs from the GSEs.

    Also Federal Regulations demanded that investment banks collateralize these Securities which led to banks purchasing Credit Default Swaps as a insurance policy.

    And if you still think it was " Greed " that motivated banks then why did they have to be forced to lower their standards ?

    Those standards that kept the Mortgage industry stable for decades were declared innately racist by the community activist groups and ths Democrats in the 90s.

  8. #78
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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Quote Originally Posted by Hari Seldon View Post
    And that is what caused the financial crisis. Congratulations you figured it out.
    Wow, what a stinging and informative rebuttal.

    We're actually used to something a bit less....lazy.

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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Quote Originally Posted by Hari Seldon View Post
    And that is what caused the financial crisis. Congratulations you figured it out.
    I've actually supported my argument. What's your hold up?
    Quote Originally Posted by Top Cat View Post
    At least Bill saved his transgressions for grown women. Not suggesting what he did was OK. But he didn't chase 14 year olds.

  10. #80
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    Re: Record 92,269,000 Not in Labor Force; Participation Rate Matches 36-Year Low

    Did the Community Reinvestment Act (CRA) contribute to foreclosures and the financial crisis? And, is the CRA being reformed?

    The Community Reinvestment Act (CRA) of 1977 was passed by Congress to ensure that banks meet the credit needs of their local communities and to encourage investment in the immediate communities served by depository institutions. Banks are rated periodically on their efforts to achieve these goals.

    The Federal Financial Institutions Examination Council (FFIEC) provides an interagency CRA rating database on its website.

    In addition, each bank has available for public review a file giving its CRA rating and additional information that it is required to prepare.

    The Federal Reserve Board has found no connection between CRA and the subprime mortgage problems. In fact, the Board's analysis (102 KB PDF) found that nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas.

    The Fed, in collaboration with the other financial regulatory agencies, is currently considering what can be done to make CRA a more effective regulatory incentive and how CRA can be revised to address the new community needs that have emerged in the wake of the foreclosure crisis. As part of this regulatory initiative, the agencies held CRA hearings and invited written comments on how to improve CRA in June 2010. In December 2010, the agencies published amendments to the rule to encourage financial institutions to participate in activities aimed at revitalizing areas designated by the Department of Housing and Urban Development for funds under the Neighborhood Stabilization Program.

    FRB: Did the Community Reinvestment Act (CRA) contribute to foreclosures and the financial crisis? And, is the CRA being reformed?
    Never let your sense of morals get in the way of doing what's right.
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