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Unemployment Rate Rises to 9.2 Percent in June as Hiring Stalls

Lord Tammerlain said:
Did you not just read that Countrywide, the originator of 20 % of all morgages in 2006 was not subject to the CRA. As such Acorn had zero racial gun pull on Countrywide or similar companies
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And how does this relate to the thread topic? There is plenty of blame to go around regarding the housing bubble but too many here simply want to blame Bush. Think the Democrats didn't want home ownership for minorities and didn't think home ownership was a civic right.
 
Conservative said:
And how does this relate to the thread topic? There is plenty of blame to go around regarding the housing bubble but too many here simply want to blame Bush. Think the Democrats didn't want home ownership for minorities and didn't think home ownership was a civic right.
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So you accept the fact that the CRA was not the driving factor behind the housing bubble then
 
Conservative said:
Where does personal responsibility rest in the liberal world? Apparently there are no consequences for individual failures. No one held a gun to the head of people forcing them to buy homes that they could not afford. Barack Obama was elected to fix the problem and here we are 2 1/2 years later and the results are worse.
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I'm an airplane mechanic. In being one, we have a mechanic's motto: Don't give the plane back to the owner with more problems than it came to you with.

Basically, Obama was given an airplane that didn't fly very well and was underpowered. He's given us back a plane without a propeller and a few thousand pounds overweight.
 
dontworrybehappy said:
I'm an airplane mechanic. In being one, we have a mechanic's motto: Don't give the plane back to the owner with more problems than it came to you with.

Basically, Obama was given an airplane that didn't fly very well and was underpowered. He's given us back a plane without a propeller and a few thousand pounds overweight.
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dontworrybehappy said:
I'm an airplane mechanic. In being one, we have a mechanic's motto: Don't give the plane back to the owner with more problems than it came to you with.

Basically, Obama was given an airplane that didn't fly very well and was underpowered. He's given us back a plane without a propeller and a few thousand pounds overweight.
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Good analysis and I would add one addition to it, Democrats controlled Congress from 2007 on and continued to dismantle the airplain and lost a few of the bolts along the way. Left over parts in putting back an airplane isn't a good thing. Amazing how Congress doesn't seem to have any blame for the economic mess that Obama inherited but Bush was totally to blame for everything bad that happened during his term. It was the Bush economy in 2001-2002 but not the Obama economy 2009-2010 or even now. Interesting logic liberals have
 
Conservative said:
what was the driving factor behind the housing bubble but again this is off thread topic?
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Extremely low interest rates, poor state banking regulations ( Texas being subject to the CRA but having strict mortgage regulations did not have a housing bubble), and the popularity of MBSs as investments would be the top three I believe. Getting rid of the Glass Stegal act and lowering of reserve requirements would also be up there.

Had other states had the same mortgage regulations as Texas the housing bubble would have been far smaller and have had far fewer abuses
 
SouthernDemocrat said:
The housing bubble peaked in late 2005 - early 2006. Being that along with asset bubbles in commercial real estate, and unregulated derivatives markets were the catalyst for the financial crisis and thus the great recession, the seeds for the crisis were indeed planted when the government was under complete Republican control.
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YouTube - ‪Shocking Video Unearthed Democrats in their own words Covering up the Fannie Mae, Freddie Mac Scam that caused our Economic Crisis‬‏

YouTube - ‪Barney Frank Caught Lying About Fannie Mae‬‏
 
Lord Tammerlain said:
Extremely low interest rates, poor state banking regulations ( Texas being subject to the CRA but having strict mortgage regulations did not have a housing bubble), and the popularity of MBSs as investments would be the top three I believe. Getting rid of the Glass Stegal act and lowering of reserve requirements would also be up there.

Had other states had the same mortgage regulations as Texas the housing bubble would have been far smaller and have had far fewer abuses
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So what you're saying is, it's Bush's fault.
 
American said:
So what you're saying is, it's Bush's fault.
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What he is saying that the Federal Govt. didn't force states to change their oversight and lending policies and that TX did the right thing
 
Grim17 said:
Video.. Smideo... It's still all the Republicans and Bush's fault.

<sarcasm OFF>
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Isn't it amazing how a guy that liberals called stupid was allowed by Democrats to totally screw up the economy without any help from Democrats? Democrats never wanted solutions but instead wanted the issue. Wonder how many are claiming that Democrats sabotaged the economy in 2007-2008 to regain the WH like they are claiming today with Republicans only holding the House?
 
BDBoop said:
Scary sad perception you've got going there, home skillet. I'm in Minnesota, going for a walk around the lake before we head for iHop. :2wave:
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I'm driving to North Dakota soon. Not sure if that'll be fun or not.
 
cpwill said:
Apparently the situation is so dire that the President is going to Address Us. It's so important he's even cancelled this month's vacation.


You know, in 2008 I jokingly wrote that soon Obama would learn the difference between making speeches about policy, and the difficulty of actually trying to implement it. I wonder if I was giving him too much credit.
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I don't think Obama is the only policy maker here. Since 2010 the Republicans also had substantive number in Congress. Of course, he is the president and is most visible. However, with that said, he and members of the congress are just trying to fix the economy as best they can. Look at japan, took them 10 years after a similar recession that was also driven by housing crash, still they are only half back. I mean we all hope a recession that's the worst since the great depression can be recovered quickly, but look at all the countries around the world, Greece only getting worse, Spain is defaulting on debt, Ireland also getting worse despite all the measures. I think this thing is global maybe except China, it means rest of the EU troubles have to lessen as well if we are to expect a recovery here. This is a global economic crysis, I doubt we can just get better on our own w/o everyone else also get back on track.
 
cpwill said:
Apparently the situation is so dire that the President is going to Address Us. It's so important he's even cancelled this month's vacation.


You know, in 2008 I jokingly wrote that soon Obama would learn the difference between making speeches about policy, and the difficulty of actually trying to implement it. I wonder if I was giving him too much credit.
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oh, he's learned the difference alright...
 
jding said:
I don't think Obama is the only policy maker here. Since 2010 the Republicans also had substantive number in Congress. Of course, he is the president and is most visible. However, with that said, he and members of the congress are just trying to fix the economy as best they can. Look at japan, took them 10 years after a similar recession that was also driven by housing crash, still they are only half back. I mean we all hope a recession that's the worst since the great depression can be recovered quickly, but look at all the countries around the world, Greece only getting worse, Spain is defaulting on debt, Ireland also getting worse despite all the measures. I think this thing is global maybe except China, it means rest of the EU troubles have to lessen as well if we are to expect a recovery here. This is a global economic crysis, I doubt we can just get better on our own w/o everyone else also get back on track.
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Since 2010? the elections were in Nov. 2010 and the Republicans took over the House and added Senate seats starting January 2011. That isn't 2010.

There is no reason for this economy to take so long to recover except for the Obama economic plan failing. Put a pro growth President in the office and give him a pro growth Congress and we would have been out of this over a year ago.

How can you claim this recession was the worst since the Great Depression? Obama claims it and you buy it. Ever pay 17% for a home mortgage or have a misery index over 20? Try living during the early 80's
 
If your not out of a job yet...........


Unemployment Rate Since Obama became President
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Unemployment Rate Since Democrats took over Congress
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Unemployment Rate Since Obama's "Stimulus" Bill
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.....keep voting Democrat.
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SouthernDemocrat said:
We were getting way off topic, so I did not respond. If I don't respond to your response to this, its because I am getting a long run in before it gets too hot out.
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He's never grasped the concept "You asking a question does not perforce entitle you to an answer."
 
American said:
So what you're saying is, it's Bush's fault.
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Did you even see Bush's name in my post or any any at a reference to him?

Please let me know if you did, as I certainly cant see it.
 
Conservative said:
What he is saying that the Federal Govt. didn't force states to change their oversight and lending policies and that TX did the right thing
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For the most part
But I did not state nor suggest the Federal government should have forced the states to change their oversight and lending policies. If I am not mistaken that is a state issue by way of the Constitution. I was stating that had more states followed Texan policies the size of the bubble would have been far smaller
 
Conservative said:
what was the driving factor behind the housing bubble but again this is off thread topic?
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in my opinion, the housing bubble was the culmination of the failure of the credit patch to "solve" the problems created as America has transitioned to a post-manufacturing workforce over the past several decades.

a capitalist system benefits from consumption, and an employed population with disposable income is a key component of that. as jobs have been outsourced / eliminated by technological advances, disposable income has been reduced. to combat this, access to credit increased significantly; housing included. this masked the underlying job / wage problem. eventually, though, the bill came due.

we have been through a transition like this before; agricultural jobs disappeared, and the displaced workers were absorbed into the manufacturing economy. however, this time around, another sector which could absorb the displaced manufacturing workers has been slow to arrive. credit bridged the gap; that couldn't work long term, though. now we need to find / create another sector to employ these workers. it's either that or we go bankrupt supporting a displaced workforce.

if you ask me, i'd like to see infrastructure / domestic energy absorb that workforce.
 
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