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Thread: GDP grows 3.1% in 2018!

  1. #61
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    Re: GDP grows 3.1% in 2018!

    Quote Originally Posted by Bullseye View Post
    Yes, Trumponomics strikes again: For the entire year of 2018 GDP grew 3.1%



    Lots of other good news: Increased consumer spending, more business spending on equipment.

    Yes, the report is not perfect - there are still some concerns - but that's always true.
    Terrible news for the left.

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    Re: GDP grows 3.1% in 2018!

    Quote Originally Posted by Fishking View Post
    Same goes to you.
    Utter nonsense.

    We already know the causes, despite the desperate attempts at dismissing them.
    See above.
    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

  3. #63
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    Re: GDP grows 3.1% in 2018!

    Quote Originally Posted by Kushinator View Post
    Utter nonsense.

    See above.
    Sorry, but the economic interventionism by the left, and also some with Bush, was laid bare long ago. This isn't a matter of opinion now to be litigated by discussion but a matter of recorded facts. It's cause and effect but those who think they can mess with the market in such manners will always make excuses.

    Btw...you didn't debunk the link. You just said, "Nuh-uh".
    “There are no self-proclaimed villains, only regiments of self-proclaimed saints. Victorious historians rule where good or evil lies.” ― Glen Cook, Chronicles of the Black Company

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    Re: GDP grows 3.1% in 2018!

    Quote Originally Posted by Fishking View Post
    Sorry, but the economic interventionism by the left, and also some with Bush, was laid bare long ago.
    Just an FYI: tariffs are a form of economic interventionism.

    This isn't a matter of opinion now to be litigated by discussion but a matter of recorded facts. It's cause and effect but those who think they can mess with the market in such manners will always make excuses.
    So you didn't read the research article:
    only a small portion of subprime mortgage originations is related to the CRA. Second, CRA-related loans appear to perform comparably to other types of subprime loans. Taken together, the available evidence seems to run counter to the contention that the CRA contributed in any substantive way to the current mortgage crisis.
    Quote Originally Posted by Fishking View Post
    Btw...you didn't debunk the link. You just said, "Nuh-uh".
    The poorly researched article claimed the CRA forced banks to make risky loans. But that isn't what the data shows.
    To gain further insight into the risks of lending to lower-income borrowers or areas, we also compared the performance of first mortgages originated and held in portfolio under the nationwide affordable lending programs operated by the NeighborWorks® America (NWA) partners to the performance of loans of various types as reported by the Mortgage Bankers Association of America. Many loans originated through NWA programs are done in conjunction with banking institutions subject to the CRA, so the performance of these loans provides another basis to address the relationship between the CRA and the subprime crisis. Along any measure of the severity of loan delinquency or the incidence of foreclosure, the loans originated under the NWA program have performed better than subprime loans.
    snip

    Another way to measure the relationship between the CRA and the subprime crisis is to examine foreclosure activity across neighborhoods that are classified by income. Data made available by RealtyTrac on foreclosure filings from January 2006 through August 2008 indicate that most foreclosure filings (e.g., about 70 percent in 2006) have taken place in middle- or higher-income neighborhoods. More important, foreclosure filings have increased at a faster pace in middle- or higher-income areas than in lower-income areas that are the focus of the CRA.
    To be quite frank, you don't know what you're talking about.
    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

  5. #65
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    Re: GDP grows 3.1% in 2018!

    Quote Originally Posted by Fishking View Post
    The only lies are the ones you're peddling. It was the Democrats that pushed banks into giving loans to people who wouldn't have qualified with their efforts put into the Community Reinvestment Act and Government Sponsored Agencies. And at least you know a little bit about one of the biggest players involved and responsible with Barney Frank, so you tried to head that off at the pass. Unfortunately for you, there's video evidence of Frank saying everything was A-OK and to keep things going, nothing to see here, while plenty of videos of Ron Paul clearly explaining the problem and the causes of the bubble due to these issues. And...wait for it...Paul point it all out before it happened. Not trying to Monday morning quarterback it after the fact and to rewrite history to blame Bush.

    I've already had this discussion so many times and ya'll will never admit the facts right in front of your face. It never fails.
    Just to point out two problems with your post, noted above. They are called "Government Sponsored Entities", not "Agencies". And the purpose of the CRA was not to make loans to people who wouldn't have qualified for a loan. That was never its purpose then or now. That isn't what the CRA does.

    I make my living in this space and have for decades. I know the CRA inside and out. I know the CRA exams inside and out. I know how each financial institution subject to the CRA has to manage their CRA activities, and what information on their activities and investments needs to be submitted and when, and what an ISB exam versus a large bank exam looks like, and what an FDIC exam versus and OCC exam versus an FRB exam looks like, and what data is examined, and how they examine performance versus peers, and what points of data are being examined for mortgage data and small business data, and how assessment areas are mapped and managed, and how the I/O ratio is examined, and how the examiners review REMA, and so on. Which is why it annoys me when I see people who know nothing about the CRA post about it.

    There is nothing, now, then, or even in the modernization efforts underway today, that requires a bank to make a loan that increases their risk or is outside of their normal lending guidelines. The CRA was intended to make banks loan in underserved areas, with minority and LMI census tracts, rather than only lend to upper middle class white people. There is nothing in the CRA that addresses ability to repay. Shockingly, just because someone is a minority does not mean that he isn't qualified to get a mortgage. Even people who live in low to moderate income tracts work and can afford a low mortgage payment on an inexpensive property.
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  6. #66
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    Re: GDP grows 3.1% in 2018!

    Quote Originally Posted by Fishking View Post
    Because I've had this discussion so many times, and laid the lies bear, so many times.
    Here's How The Community Reinvestment Act Led To The Housing Bubble's Lax Lending - Business Insider
    Good article on the issue. It even mentions Bush's contribution but those contributions where just a small part of it and the policies were in place before Bush.
    And, again, I'll take the word of someone who predicted the problem ahead of time over people trying to massage the facts to their favor every. single. time.
    FK maybe you’ve had this discussion many times before but not with me. And clearly you’ve not used actual facts in these discussions as evidenced by your previous narratives and this “editorial”. Read this very very slowly, your editorial doesn’t make me a liar. And I see we’re no longer discussing your “Frank and GSEs are to blame” narratives. Why is that? Oh yea, I shredded them. So now you pretend you never posted them to focus on the CRA. FK, your narratives aren’t paper towels to throw away when done. You posted things were demonstrably false and now pretend you didn’t.

    There are simply no facts you can post that in any way point to the CRA being responsible. Its why you have to post an “editorial” instead of facts. Check out this silly hyperbole from your “editorial"

    In short, the lax lending standards created in response to the CRA had dug a pit that was waiting to get filled when the circumstances were right.

    Yep, “the CRA dug a pit”. You do realize that is not a fact right? Yea, probably not. Anyhoo, the CRA forced nothing (and dug no pit) but if you want to believe the CRA did anything then be mad at Bush. The regulators who would have done this “forcing” worked for Bush. Kush and Tres have shredded your latest obedient narrative. You can always go the FAQ thread if you want to learn more facts that shred your narrative.

    And look, you repeat your “ron paul” narrative as if it’s a fact. I already asked if he did warn us, why aren’t you mad at the republican president, the republican senate and the republican house for not listening? If Ron Paul warned us as you claim, why you don’t hold the people in charge accountable? Oh yea, you’re a conservative. Accountability aint your thing.
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    You claim the economy was destroyed when Bush left office

  7. #67
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    Re: GDP grows 3.1% in 2018!

    Quote Originally Posted by Vern View Post
    FK maybe you’ve had this discussion many times before but not with me. And clearly you’ve not used actual facts in these discussions as evidenced by your previous narratives and this “editorial”. Read this very very slowly, your editorial doesn’t make me a liar. And I see we’re no longer discussing your “Frank and GSEs are to blame” narratives. Why is that? Oh yea, I shredded them. So now you pretend you never posted them to focus on the CRA. FK, your narratives aren’t paper towels to throw away when done. You posted things were demonstrably false and now pretend you didn’t.
    I didn't forget about the GSEs. They played their role in the matter, in combination with the changes to the CRA, to create the bubble and unstable housing market. The GSEs gobbled down trillions in bad loans, which encouraged the behavior in tandem with the CRA being used to pressure banks into making loans they wouldn't have made in the first place.

    Establishing one fact then allows for others to be established. And, again...you trying to Monday morning QB it after the fact to fit your narrative will always be not as trustworthy as someone who predicted it ahead of time.
    “There are no self-proclaimed villains, only regiments of self-proclaimed saints. Victorious historians rule where good or evil lies.” ― Glen Cook, Chronicles of the Black Company

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