American net worth is up $9 trillion dollars since the stimulus

[percysunshine]

Why do some people not understand the concept of printing money?

 

[KissMy]

Yes and no.

Yes, American corporations are making historic profits. They are sitting on trillions. Wall Street has made historic profits. Oil companies have never made so much. The number one US export is gasoline. Taxes for corporations are at historic lows. US oil production has never been so high. So in that regard, America's net worth is up "Trillions". No news here. It's something reported in every business publication for the last year.

Now about the Middle Class:

In 2007, the average wealth for a middle class homeowner was around $122,000.00. But at the end of the Republican economic recession in 2010, that number dropped to about $77,000.00. Pensions destroyed. Retirement accounts raided. From 2001 to 2008 millions of jobs were moved to China. Part of that move was paid for by the Bush/Republican tax cuts. Tens of thousands of factories closed and people making tens of millions of dollars are paying less than %15 in taxes. The wealth of the nation has been "redistributed" upward to the top 1%.

So over all, the nation has gotten richer. But not the "middle class".

SO are you thanking Obama for making the rich, richer & the middle-class poor? What about all those unemployed who are now really poor? Yeah! - Obama!

 

[Charles_Main]

OMG, I thought I had seen it all but really?

America's Average Net worth is DOWN by 40%.

What a fucking loser.

You are correct....Americans lost a fortune under Republican leadership

Republican and Democrat Leadership my friend. You are a fool if you don't understand that.

 

[Harry Dresden]

Thanks for the Depression, Pubs/dupes. Lost 7 million jobs, 40% of wealth- no typical Pub recession! Now 4.2 million new jobs and 9 trillion rebound in wealth since the stimulus stopped the bleeding, despite nonstop Pub noncooperation and BS fearmongering....You and your party are a disgrace...

Frankie your slipping......you forgot to mention 9/11......and Frankie?.....4.2 million new jobs?....were the fuck are they?....the biggest economy in the country is at 11% unemployment....

 

[rdean]

Yes and no.

Yes, American corporations are making historic profits. They are sitting on trillions. Wall Street has made historic profits. Oil companies have never made so much. The number one US export is gasoline. Taxes for corporations are at historic lows. US oil production has never been so high. So in that regard, America's net worth is up "Trillions". No news here. It's something reported in every business publication for the last year.

Now about the Middle Class:

In 2007, the average wealth for a middle class homeowner was around $122,000.00. But at the end of the Republican economic recession in 2010, that number dropped to about $77,000.00. Pensions destroyed. Retirement accounts raided. From 2001 to 2008 millions of jobs were moved to China. Part of that move was paid for by the Bush/Republican tax cuts. Tens of thousands of factories closed and people making tens of millions of dollars are paying less than %15 in taxes. The wealth of the nation has been "redistributed" upward to the top 1%.

So over all, the nation has gotten richer. But not the "middle class".

SO are you thanking Obama for making the rich, richer & the middle-class poor? What about all those unemployed who are now really poor? Yeah! - Obama!

Obviously you missed a part. Here, I highlighted it for you. Feel better?

 

[rdean]

Thanks for the Depression, Pubs/dupes. Lost 7 million jobs, 40% of wealth- no typical Pub recession! Now 4.2 million new jobs and 9 trillion rebound in wealth since the stimulus stopped the bleeding, despite nonstop Pub noncooperation and BS fearmongering....You and your party are a disgrace...

Frankie your slipping......you forgot to mention 9/11......and Frankie?.....4.2 million new jobs?....were the fuck are they?....the biggest economy in the country is at 11% unemployment....

So what did Iraq, the Bush tax cuts, moving jobs to China and the "drugs for votes" bill have to do with 9/11?

 

[Wiseacre]

Does it bother you lefties that most of Obama's stimulus and spending has gone to the the big corps?

 

[KissMy]

Yes and no.

Yes, American corporations are making historic profits. They are sitting on trillions. Wall Street has made historic profits. Oil companies have never made so much. The number one US export is gasoline. Taxes for corporations are at historic lows. US oil production has never been so high. So in that regard, America's net worth is up "Trillions". No news here. It's something reported in every business publication for the last year.

Now about the Middle Class:

In 2007, the average wealth for a middle class homeowner was around $122,000.00. But at the end of the Republican economic recession in 2010, that number dropped to about $77,000.00. Pensions destroyed. Retirement accounts raided. From 2001 to 2008 millions of jobs were moved to China. Part of that move was paid for by the Bush/Republican tax cuts. Tens of thousands of factories closed and people making tens of millions of dollars are paying less than %15 in taxes. The wealth of the nation has been "redistributed" upward to the top 1%.

So over all, the nation has gotten richer. But not the "middle class".

SO are you thanking Obama for making the rich, richer & the middle-class poor? What about all those unemployed who are now really poor? Yeah! - Obama!

Obviously you missed a part. Here, I highlighted it for you. Feel better?

Total BS. They left because of cheap labor & more customers. They were leaving even faster when Democrats took over in 2006. Obama also lost them faster than Bush at first until our dollar tanked to much that our labor got cheaper.

 

[rightwinger]

OMG, I thought I had seen it all but really?

America's Average Net worth is DOWN by 40%.

What a fucking loser.

You are correct....Americans lost a fortune under Republican leadership

Republican leadership? Which party has control of the Senate since 2007? Which had control of the House from 2007 until 2011? So the democrats and things like Frank/Dodd garbage did not add to such loss?

Show us specific legislation passed by the Democratic congress

 

[KissMy]

You are correct....Americans lost a fortune under Republican leadership

Republican leadership? Which party has control of the Senate since 2007? Which had control of the House from 2007 until 2011? So the democrats and things like Frank/Dodd garbage did not add to such loss?

Show us specific legislation passed by the Democratic congress

Democrats forced banks into Mark-to-Market accounting in 2007. They caused the average households to lose their wealth & their jobs while the rich got richer.

Democrats won control in 2006. Jobs Tank after they took office.

 

[percysunshine]

The source of the housing bubble was a socialist policy that encouraged, and even demanded, lending money to people who neither would nor could pay it back.

Get over it already.

 

[Inthemiddle]

The source of the housing bubble was a socialist policy that encouraged, and even demanded, lending money to people who neither would nor could pay it back.

Get over it already.

LOL, really? Nobody forced the banks to make risky loans. Nobody forced banks like Countrywide or Ameriquest to engage in predatory practices.

 

[EdwardBaiamonte]

LOL, really? Nobody forced the banks to make risky loans. Nobody forced banks like Countrywide or Ameriquest to engage in predatory practices.

Actually not true but as a liberal you won't have the IQ to understand. The Fed had a policy of printing money and giving it to the banks at little interest. They do this because it makes banks lend more. If one bank does not lend it gets dwarfed by its competitors. Imagine if the government gave cars to all the dealerships and one refused to push them out the door to new customers. Perhaps that simple enough for a liberal?

Chuch Prince of Citibank famously described it this way, "we had to keep dancing until the music stopped.

And then of course there was Fanny who bought all the loans so the banks who made them did not carry them and so expose themselves to any potential risk.


See what I mean about a liberal being too slow to understand it??

 

[Inthemiddle]

Actually not true but as a liberal you won't have the IQ to understand.

First off, I'm not a liberal. Second, you really don't want to talk about IQ with me.

The Fed had a policy of printing money and giving it to the banks at little interest. They do this because it makes banks lend more.

Nobody makes banks lend more. Banks choose to do it on their own.

If one bank does not lend it gets dwarfed by its competitors.

That's called a free market, not socialism.

Imagine if the government gave cars to all the dealerships and one refused to push them out the door to new customers.

First of all, that's a False parallel. Selling cars is not the same as lending money, unless you're talking about an in house financing place, and those are few and far between. Second, you're still talking about dealerships that choose to sell their own cars.

Chuch Prince of Citibank famously described it this way, "we had to keep dancing until the music stopped.

And that's a bunch of BS.

And then of course there was Fanny who bought all the loans so the banks who made them did not carry them and so expose themselves to any potential risk.

Actually, Fanny Mae and Freddie Mac loans fared much better in the bubble burst than did private sector loans. GSEs weren't responsible for the bubble bursting. It was the private sector that chose, all on its own accord, to continually write sub prime loans and to continually reduce their minimum requirements to qualify for loans. But GSEs largely stayed away from such sub prime loans and left them in the hands of the private sector.

Competition and Crisis in Mortgage Securitization by Michael Simkovic :: SSRN

Private bank securitizers’ willingness to relax their underwriting standards and securitize nonprime loans enabled them to dramatically increase market share and race ahead of the GSEs.54 Nonprime mortgages were funded primarily through the private (non-GSE) securitization market.55 Because non-prime mortgages were securitized at a very high rate, as shown in Figure 8, and were primarily securitized by private banks, non-prime mortgages constituted a disproportionately large share of private label MBS issuance, as shown in Figure 9.

[snip]

The authors also found substantial differences between the drivers of lending standards in prime and subprime mortgage markets: the effect of competition in driving down underwriting standards was largely limited to subprime mortgage markets.70 Whereas subprime lenders became less cautious as the number of applications increased, prime lenders became more cautious.71 One possible explanation for differences in the prime and subprime markets is that the GSEs—who remained major loan purchasers in the prime market but played a minor role in the subprime market72— helped maintain higher underwriting standards by exercising greater control over the originators who supplied them with loans.

[snip]

Loan performance data compiled by Freddie Mac’s Office of the Chief Economist73 suggest that the GSEs were in fact more successful than almost any other secondary market actor in maintaining high standards in the individual loans that they purchased. The data also suggests that the FHA and VA were more successful than the average private label securitizers and also more successful than banks and thrifts that retained loans in their portfolios.

[snip]

One of the major themes of the FCIC’s report is that competitive pressures led to greater risk-taking and poor mortgage underwriting. The report identifies competition for market share, revenue and profits between the GSEs82 and the private banks83 that purchased and securitized mortgages and similar competition between mortgage originators84 as causes of risky lending that led to the crisis.

Can't blame the government for it. Just old fashioned free market economics at work. But hey, I'd hate to bother you with facts. I guess this is what happens when a conservative chooses to be ignorant.

 

[expat_panama]

American net worth is up $9 trillion dollars since the stimulus
Thanks, President Obama....

http://research.stlouisfed.org/fred2/data/TNWBSHNO.txt

Thanks for the link showing your numbers, pointing out that--

--Obama's signature policy response gave us a 15% increase in wealth in just 30 months. Comparing that to Bush's tax cuts--

--we get more than twice the increase.



I like tax cuts more than deficit spending.

 

[KissMy]

American net worth is up $9 trillion dollars since the stimulus
Thanks, President Obama....

http://research.stlouisfed.org/fred2/data/TNWBSHNO.txt

Thanks for the link showing your numbers, pointing out that--

--Obama's signature policy response gave us a 15% increase in wealth in just 30 months. Comparing that to Bush's tax cuts--

--we get more than twice the increase.



I like tax cuts more than deficit spending.

There is no such thing as a tax cut if it adds to the deficit. You will just be paying it as an inflation tax. The idea of starving the beast is stupid. All that happens is interest rates climb along with inflation. Stop the spending instead of cutting taxes. Government services may drowned in the bathtub but you will still be paying even more because of the debt & inflation.

 

[Peach]

OMG, I thought I had seen it all but really?

America's Average Net worth is DOWN by 40%.

What a fucking loser.

You are correct....Americans lost a fortune under Republican leadership

There are POCKETS of a solid recovery; I've both read and heard that jobs are not scarce in So. Florida. Much of No. Florida remains mired in the recession. No reason to "thank" the President; still, the bad times began before he entered office.

The Iraq disaster, and the cost of combating terrorism have been immense. The Iraq dollars were thrown down the Mariana trench of ego & defense corps. A pitiful amount goes toward medical care for injured troops. The money that goes to the troops is not to be begrudged, though not enough of the fortune Iraq has cost the US IS going to the humans suffering because of 'Bush's death play'.

In the end, the deaths, the destruction, and the maimed will be remembered long after the lost trillion+ in tax dollars.

 

[EdwardBaiamonte]

The Fed had a policy of printing money and giving it to the banks at little interest. They do this because it makes banks lend more, its why the Fed exists!!!!!

Nobody makes banks lend more. Banks choose to do it on their own.

as I said above its why they created the Fed!!!!!!!!!!

That's called a free market, not socialism.

dear, how it is it a free market if the Fed is printing money or making cars???????

First of all, that's a False parallel. Selling cars is not the same as lending money,

why not!!!! if everyone has free or cheap cars from the government you have to sell them or your competitors will!! As I said that what the Fed does

Second, you're still talking about dealerships that choose to sell their own cars.

dear, banks sell their own money and dealerships sell their own cars!!!



Chuch Prince of Citibank famously described it this way, "we had to keep dancing until the music stopped.[/quote]

And that's a bunch of BS.

actually its what he said

And then of course there was Fanny who bought all the loans so the banks who made them did not carry them and so expose themselves to any potential risk.

Actually, Fanny Mae and Freddie Mac loans fared much better in the bubble burst than did private sector loans.

sure they had a government guarantee so were cheaper so of course they got all the good loans and left the the subprime crumbs to the private companies. They were the elephant in the room that caused everything to happen. Read "Reckless Endangerment" if you want the protracted story over 400 pages

 

[KissMy]

State and local pension are underfunded by $3.9 Trillion!!!

 

[Harry Dresden]

Thanks for the Depression, Pubs/dupes. Lost 7 million jobs, 40% of wealth- no typical Pub recession! Now 4.2 million new jobs and 9 trillion rebound in wealth since the stimulus stopped the bleeding, despite nonstop Pub noncooperation and BS fearmongering....You and your party are a disgrace...

Frankie your slipping......you forgot to mention 9/11......and Frankie?.....4.2 million new jobs?....were the fuck are they?....the biggest economy in the country is at 11% unemployment....

So what did Iraq, the Bush tax cuts, moving jobs to China and the "drugs for votes" bill have to do with 9/11?

ask your buddy Frankie.....he says that along with the line he says every time he posts.....your not to up on things here are you?....and he thinks your swell....i guess you cant understand the guy along with the rest of us.....