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Thread: Wage Growth Is on Fire

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    Re: Wage Growth Is on Fire

    Quote Originally Posted by PIPEWRENCH View Post
    Recovery is what happens after a crash or as I see it a reset back to reality. This was a major reset which baffles me why such a long slow recovery. We are now only achieving heights that we were at 10 years ago. We should be way above where we were. We can give Obama credit for the long slow recovery. It clearly happened under his watch. An argument can be made that things could have recovered faster under another leader or slower if not at all. The sudden surge in the stock market is clearly a response to the election and hopefully confidence in the new leader. We can only hope Trumps policies will convince industry to invest that money here and give the economy that push it needs to keep growing.

    10's of millions of workers who will work for less than minimum wage, no benefits, in an unsafe work environment, and pay no taxes will not increase wages and make America great. People entering this country to work need to be documented to make sure they are not fugitives of the law or a danger to the people of this country. They must show proof of where they will be working, pay their share of taxes, and be paid a decent wage. Instead they are entering this country illegally, with no job, or money. In order to avoid starvation they are exploited by corrupt businesses using them as slave labor to under cut legitimate businesses. I know for a fact a lot of these businesses do not pay taxes work for cash only and move from area to ares exploiting people looking for a bargain. Especially the elderly on fixed incomes.
    10 years ago we were crestng a bubble we should have never been in.

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    Re: Wage Growth Is on Fire

    Quote Originally Posted by Critter7r View Post
    10 years ago we were crestng a bubble we should have never been in.

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    We have always had bubbles. The market has reset many times and will do it again. The problem with this last bubble is too many people were buying a home they could not afford with the idea that their home was an investment. Things would have been fine had we continued to get increases in income to eventually overtake and pay for these homes.

    The other problem is our government bailed out the bankers not the people. To the tune of 3 trillion dollars. They kept their private jets, multi-million dollar bonuses, winter mansion, summer mansions, European vacation, and on and on. Not bad reward for totally screwing up.

    3 trillion dollars could have been used to lower 30 million peoples mortgages by $100,000.00 or 3 million peoples mortgages by 1 million dollars. Had the government done this and worked with the banks to refinanced the homes at a lower interest rate just about everyone could have kept their homes or bought a home and the banks would still have received 3 trillion dollars. Had our government done this the housing bubble problem would have been solved. Plus the people have lots of money to spend jump starting the economy.

    Unfortunately our government works for the bankers not the people. So the people lose their homes and the bankers get the money and the homes.
    “When choosing the lesser of two evils, always remember, it is still an evil.”

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    Re: Wage Growth Is on Fire

    Quote Originally Posted by PIPEWRENCH View Post
    We have always had bubbles. The market has reset many times and will do it again. The problem with this last bubble is too many people were buying a home they could not afford with the idea that their home was an investment. Things would have been fine had we continued to get increases in income to eventually overtake and pay for these homes.
    Things wouldn't have been fine. Not only did risk management break down, but the global financial sector was infested with toxic assets. It wasn't just the U.S., but China, Japan, Europe, etc.... Only the least developed nations, which lacked sophisticated financial systems were spared. These mortgages should never been issued.

    The other problem is our government bailed out the bankers not the people. To the tune of 3 trillion dollars.
    Uh huh. And the NWO took all the gold from Fort Knox.

    They kept their private jets, multi-million dollar bonuses, winter mansion, summer mansions, European vacation, and on and on. Not bad reward for totally screwing up.
    True enough. More conflicts of interest than we can list. But let's be a tad more honest. People who made poor decisions, for the most part, were not rewarded. Bonuses were for post-crisis success and to retain talent.

    3 trillion dollars could have been used to lower 30 million peoples mortgages by $100,000.00
    Again, U.S. banks were not given $3 trillion dollars.

    Unfortunately our government works for the bankers not the people. So the people lose their homes and the bankers get the money and the homes.
    People lost their homes because they couldn't afford them. That's what happens during a massive real estate bubble. Perhaps we should push policy that keeps us out of financial crises.
    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: Wage Growth Is on Fire

    Quote Originally Posted by Kushinator View Post
    Things wouldn't have been fine. Not only did risk management break down, but the global financial sector was infested with toxic assets. It wasn't just the U.S., but China, Japan, Europe, etc.... Only the least developed nations, which lacked sophisticated financial systems were spared. These mortgages should never been issued.



    Uh huh. And the NWO took all the gold from Fort Knox.



    True enough. More conflicts of interest than we can list. But let's be a tad more honest. People who made poor decisions, for the most part, were not rewarded. Bonuses were for post-crisis success and to retain talent.



    Again, U.S. banks were not given $3 trillion dollars.



    People lost their homes because they couldn't afford them. That's what happens during a massive real estate bubble. Perhaps we should push policy that keeps us out of financial crises.
    Kush, during the recovery, small business startups in cities under 100K went down. They didn't go up, they actually went DOWN. Main Street got ****ed on the recovery. I know you know the answer to this, where does most job growth come from in the US?

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    Re: Wage Growth Is on Fire

    Quote Originally Posted by Kushinator View Post
    These mortgages should never been issued..
    No loans should ever be made because a downturn in the economy could render any loan defunct.

    Quote Originally Posted by Kushinator View Post
    Uh huh. And the NWO took all the gold from Fort Knox..
    The gold in Fort Knox couldn't even pay for the Abrams tanks in our military and is an irrelevant amount of money.

    Quote Originally Posted by Kushinator View Post
    True enough. More conflicts of interest than we can list. But let's be a tad more honest. People who made poor decisions, for the most part, were not rewarded. Bonuses were for post-crisis success and to retain talent.
    Post-crisis success would be 10+ years of bad loans. Their talent would be creating the greatest housing bubble collapse in the history of this country along with the ability to rip off the American people for close to 3.5 trillion dollars.

    Quote Originally Posted by Kushinator View Post
    Again, U.S. banks were not given $3 trillion dollars.
    You are right. QE 1, 2, and 3 was more like 3.5 trillion dollars worth of money given to the banks to pay for bad loans.


    Quote Originally Posted by Kushinator View Post
    People lost their homes because they couldn't afford them. That's what happens during a massive real estate bubble. Perhaps we should push policy that keeps us out of financial crises.
    People would not have lost their homes if they had continued to get raises giving them the ability to afford those homes. 3.5 trillion dollars would have lowered the cost of their homes to a point where most would have been able to afford their homes even after they had taken a cut in pay during a downturn in our economy. Maybe we should push for a government that helps the people not just the billionaires.
    “When choosing the lesser of two evils, always remember, it is still an evil.”

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    Re: Wage Growth Is on Fire

    Quote Originally Posted by PIPEWRENCH View Post
    We have always had bubbles. The market has reset many times and will do it again. The problem with this last bubble is too many people were buying a home they could not afford with the idea that their home was an investment. Things would have been fine had we continued to get increases in income to eventually overtake and pay for these homes.

    The other problem is our government bailed out the bankers not the people. To the tune of 3 trillion dollars. They kept their private jets, multi-million dollar bonuses, winter mansion, summer mansions, European vacation, and on and on. Not bad reward for totally screwing up.

    3 trillion dollars could have been used to lower 30 million peoples mortgages by $100,000.00 or 3 million peoples mortgages by 1 million dollars. Had the government done this and worked with the banks to refinanced the homes at a lower interest rate just about everyone could have kept their homes or bought a home and the banks would still have received 3 trillion dollars. Had our government done this the housing bubble problem would have been solved. Plus the people have lots of money to spend jump starting the economy.

    Unfortunately our government works for the bankers not the people. So the people lose their homes and the bankers get the money and the homes.
    Yep. We have a few bubbles now like student loans and pension plans. Those were probably Bush's fault too. If not it they must have been Reagan's fault. Lately some leftys have been throwing Dick Cheney's name around so maybe they are his fault.

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    Re: Wage Growth Is on Fire

    Bush is still president until Trump takes over.

    Oh wait that is only when blaming someone.

    I think it was Bush who left our fleet vulnerable during the attack at Pearl Harbor.

    I know he was responsible for the British burning the White House.

    The man has been president for centuries.
    “When choosing the lesser of two evils, always remember, it is still an evil.”

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    Re: Wage Growth Is on Fire

    Quote Originally Posted by PIPEWRENCH View Post
    No loans should ever be made because a downturn in the economy could render any loan defunct.
    Loans where the downpayment is borrowed shouldn't be issued. Loans where the LTV was 100% for FICO scores below 620 should never be issued. Loans that do not require documentation of income should not be issued. Loans where the first 3 years where the first three years have payments that are interest only teasers should never be issued.

    Risk management has a function in finance.

    The gold in Fort Knox couldn't even pay for the Abrams tanks in our military and is an irrelevant amount of money.
    It was a comment on par with claiming we gave bankers $3 trillion

    Post-crisis success would be 10+ years of bad loans. Their talent would be creating the greatest housing bubble collapse in the history of this country along with the ability to rip off the American people for close to 3.5 trillion dollars.
    People in the financial sector lost jobs. Some had contractual obligations that paid bonuses upon their exit. However, the loss that employees realized... even those who had no hand in the mortgage and securitization sectors, when the values of financial stocks plummeted, was well in excess of any bonuses paid.

    You are right. QE 1, 2, and 3 was more like 3.5 trillion dollars worth of money given to the banks to pay for bad loans.
    You are confused. Monetary policy isn't giving banks money to pay for bad loans. TARP, a loan fully repaid, was given by the Treasury as a capital injection.

    People would not have lost their homes if they had continued to get raises giving them the ability to afford those homes. 3.5 trillion dollars would have lowered the cost of their homes to a point where most would have been able to afford their homes even after they had taken a cut in pay during a downturn in our economy. Maybe we should push for a government that helps the people not just the billionaires.
    You're just throwing **** at the wall hoping it will stick.
    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: Wage Growth Is on Fire

    Quote Originally Posted by OpportunityCost View Post
    Kush, during the recovery, small business startups in cities under 100K went down. They didn't go up, they actually went DOWN. Main Street got ****ed on the recovery. I know you know the answer to this, where does most job growth come from in the US?


    Wage growth was rather strong.
    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: Wage Growth Is on Fire

    "I wonder if Trump/GOPers will take credit for this in 2017's good Stats.
    They Will, and I will refer to this post to show the economy was already picking up, and wage growth already rising due to the Longest Recovery in US economic history. Near full employment is finally raising the bottom's wages."

    Yes, they will. But once they cut taxes to the top 1%, leave the economy in another recession, and have exploding deficits, surely they will have some democrats, either in the whitehouse or in congress, who they can blame.

    Look, for example, at wage stagnation, and the massively increasingly disparity in wealth between the top 1% and the working class. This is the result of Reaganomics and "trickle down" policies back in the 1980s. The trends all start in the early 1980s. Now it has reached levels not seen since the gilded age. But these folks have managed to blame this on Obama, and so they get their base to go and elect Trump to give them more of the same punishment.

    The effects of what Trump does now will not all be felt right away. They may take decades to materialize. And that's nothing that they can't find some way to blame on some poor Democrat sap down the road.

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