Here We Go Again;Democrats & Media Soon To Blame GOP For Economic Downturn Of 2011

[uscitizen]

what happened in the mid 2000's was a perfect example of "Greed Is The Root Of All People" it took a few million americans who wanted it all,,AND WANTED IT NOW to riun it for the rest!!!!

A few million? LMAO. You still do not understand at all.

 

[C_Clayton_Jones]

Even though they’ll never admit it, the right knows it’s idiotic to blame Obama for the December 2007 recession and subsequent poor economy.

 

[EdSchultzIsFat]

what happened in the mid 2000's was a perfect example of "Greed Is The Root Of All People" it took a few million americans who wanted it all,,AND WANTED IT NOW to riun it for the rest!!!!

A few million? LMAO. You still do not understand at all.

Im sorry, your right, I mis-spoke, what I heard was that about 10% of the adult consumers in the USA bought homes they realistically could not afford,many even bought a few condo's on the side to flip. This was on a few news stories regarding on "How We Got Here" when I said a few million,I was actually referring to the 15-20 or so million who took out those low-down payment home loans,with the risk of not being able to make the mortgage within three years. I can assure you, I know what happened in 2008! I watch the news very closely, and at that time was very happy I didn't have a mortgage,but the value of my condo did drop 20% over the years! Boohoohoo!!!,,,and I want to move back to Sarasota,,,,Im really bored here in Naples

 

[code1211]

I'm still waiting for CON$ to stop calling the lying BushWhacker a Democrat!

It was Bush's Dec 2003 American Dream Downpayment Initiative (ADDI) that changed the rules to allow no downpayment loans for more than the house was worth to people with bad credit who could not keep up with the payments and who were at least 20% below the standard of living for the neighborhood they were buying into.

The ADDI was passed in Dec 2003 and everything in housing started to go bad in 2004. Even your MessiahRushie admits 2004 was the turning point for the Bush Housing Crash.

July 7,2010
BREAK TRANSCRIPT

RUSH: To illustrate my point even further: "Subprime mortgages accounted for 9 percent of all mortgage originations from 1996 through 2004." But that 9% became 21% from 2004 to 2006, 21% of all mortgages were subprime. Twenty-one percent of all mortgages were essentially money given away to people because they were loans made to people that everybody knew going in would never pay them back. And that 21% of the mortgage market being subprime equaled about $600,000 billion in 2006, which was at the time one-fifth of the US home loan market.

I am aware that Bush took part in helping middle income Amerians purchase homes, but why did these middle income adults buy $250,000 homes that they couldn't afford in the first place? why couldnt they buy a home for $150,000? Did they just assume that their income was gonna double in two years? The real estate market never should of jacked up the prices of homes so fast!!!!

They bought houses they couldn't afford because in order to get the Bush ADDI money they had to be earning at least 20% less than the average income of the neighborhood they were buying into.

Bush owns the housing market crash.

American Dream Downpayment Initiative - Affordable Housing - CPD - HUD

Eligible Customers

To be eligible for ADDI assistance, individuals must be first-time homebuyers interested in purchasing single family housing. A first-time homebuyer is defined as an individual and his or her spouse who have not owned a home during the three-year period prior to the purchase of a home with ADDI assistance. ADDI funds may be used to purchase one- to four- family housing, condominium unit, cooperative unit, or manufactured housing. Additionally, individuals who qualify for ADDI assistance must have incomes not exceeding 80% of area median income.

but why would any average american wanna have so much debt! I just can't fathom owing a six-digit figure between a home&credit cards. My father never owed more than $38,000 in his lifetime,now he's retired living on Hollywood Beach,Fla. I am 50, and the most I have ever owed was the 40,000 I borrowed to buy a nice condo in Boca Raton. This is what Im getting at, too many people borrowed way beyond their means, and look at what happened?

The prevailing "wisdom" at the time was that you needed to buy the most house that you could and even if you needed to walk away, you could sell on the other end and clear the debt with a tidy profit to boot.

As always with any government program, the intent was to increase the number of those who owned a home and the consequence was neither predicted nor anticiapated.

Everything done by anyone has at least some unintended consequences. The government does things on a grand scale and that is why allowing them to do anything beyond the minimum is unwise.

The unintended consequences of a government program are as big as the program itself so the ripples can be deveastating. As they are in this case.

The folks in government are pretty smart, but sadly they are not omnipotent. They have made, are making and will make mistakes. If I make a mistake, it will affect me and maybe my immediate family. If little Timmy Geitner makes a mistake, the wealth of every individual in country drops by a measurable percent.

The answer is to cut back the range of their control and that will cut back the effect of their stupidity.

God willing, all of this won't affect the President's back swing.

 

[edthecynic]

How much more time and money will the Big 0 need to spend before it's his problem?

What has he done that has worked and please demonstrate with the positive effects actually shown in the economic growth, job growth, industrial expansion and growing exports.

How many jobs have his policies retrieved from China?

How much has the federal tax revenue increased?

How much have the new business starts increased?

These are not fleeting promises. These are measurables and the most powerful in the world has done everything he can think of and nothing is working.

Is it possible he's doing the wrong things?

There are limits to the power of a president.

Economies have never been and never will be run by a president under a system such as our founders designed.

Now that being said it is much easier for a president to distroy an economy than to instantly turn it on a dime.

Tell me how long the average recession lasts?

Tell me how this country has gotten worse than what Bush left Obama?

Since the Great Depression, the average recession is 10 months. This one is still going since about August of 2008. Right now, we are just shy of 3 years.

What Bush left Obama was a time of critical problem, not a prolonged recession. The recession started in August 2008. If the Big 0, Nancy and Harry had done nothing, and I mean nothing, we would have come out of it about 10 months later. This is exactly what they were counting happening and then claiming credit for it having happened

What a load of revisionist bullshit!

The Bush Depression started Dec 2007 and doing nothing would have made it much worse and YOU would be complaining that something should have been done instead of just playing golf!!!

By your moronic "logic" St Ronnie should have done nothing to end the Reagan Recession and it would have ended in 10 months instead of a year and a half.

 

[Toro]

I don't think Rush is correct that Obama alone caused investors to pull money out but I think a Democratic Congress in 2007 combined with either a McCain Presidency or an Obama Presidency did signal more unsustainable government overspending and that caused investors to cash out.

Neither is correct.

In 2006, we had perhaps the biggest asset bubble of all time. Blaming Obama and the Democrats for the Housing collapse is as ridiculous as blaming Bush and the Republicans for the Tech Bubble collapse in 2001 and 2002.

But political people with little understanding of economic and financial history like to ascribe why their side made the country rich and the other side creates poverty.

The tech bubble collapsed in 2000.

http://finance.yahoo.com/echarts?s=^GSPC+Interactive#chart3:symbol=^gspc;range=19990401,20110624;compare=^dji+^ixic;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on

The peak of the Nasdaq was on March 10, 2000 at 5132. The recession began in 2001.

 

[Toro]

Since the Great Depression, the average recession is 10 months. This one is still going since about August of 2008. Right now, we are just shy of 3 years.

This is incorrect.

The recession began on December 2007 and ended June 2009.

http://www.nber.org/cycles.html

 

[Toro]

The Bush Depression started Dec 2007 and doing nothing would have made it much worse and YOU would be complaining that something should have been done instead of just playing golf!!!

By your moronic "logic" St Ronnie should have done nothing to end the Reagan Recession and it would have ended in 10 months instead of a year and a half.

This is not "the Bush Depression" anymore than it is "the Obama Depression."

 

[asterism]

Neither is correct.

In 2006, we had perhaps the biggest asset bubble of all time. Blaming Obama and the Democrats for the Housing collapse is as ridiculous as blaming Bush and the Republicans for the Tech Bubble collapse in 2001 and 2002.

But political people with little understanding of economic and financial history like to ascribe why their side made the country rich and the other side creates poverty.

The tech bubble collapsed in 2000.

http://finance.yahoo.com/echarts?s=^GSPC+Interactive#chart3:symbol=^gspc;range=19990401,20110624;compare=^dji+^ixic;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on

The peak of the Nasdaq was on March 10, 2000 at 5132. The recession began in 2001.

Are you saying the two are unrelated?

 

[Toro]

The tech bubble collapsed in 2000.

http://finance.yahoo.com/echarts?s=^GSPC+Interactive#chart3:symbol=^gspc;range=19990401,20110624;compare=^dji+^ixic;indicator=volume;charttype=line;crosshair=on;ohlcvalues=0;logscale=on

The peak of the Nasdaq was on March 10, 2000 at 5132. The recession began in 2001.

Are you saying the two are unrelated?

No.

 

[C_Clayton_Jones]

Here We Go Again;Democrats & Media Soon To Blame GOP For Economic Downturn Of 2011

The thread title is idiocy in of itself.

 

[EdSchultzIsFat]

I have a gut feeling come 2012 we are gonna have a VERY ANGRY COUNTRY and no matter where Obama campaigns, there will be protests!!! (well except the deep blue neighborhoods,where he will probably campaign so not to cause riots!)

 

[uscitizen]

It's already started! The Dem's are already finding ways to blame the GOP for blocking every effort to pump up private sector jobs. Especially after more bad economic news today. When you consider how desperately the GOP has been trying to repeal the "Obama Forced Health-Care" plan and easing up regulations on small business, it's so obvious the Liberals are just continuing their lies. We're not buying it! Go ahead PMS-NBC,CBS and CNN, try to convince to 200 Million pissed off Americans that "It's All Bush's and/or the GOP's Fault".

LMAO at the partisan stupidity of both sides.
You are being used for someone elses gain.
Both sides will blame the other side, seek the truth and ignore partisanship.

Only thru following truth/reality will my country survive this.