History Repeating: The Financial Crisis 10 Years On



I agree with this videos summation.

And I especially agree with what the woman said at 11:26.



You so desperately want America to fail.

You simply can't win if America is succeeding.


You know what they say: "Misery loves company."

Evidently there are a bunch of miserable losers in this country who want everyone to be as miserable as they are. That's what socialism is all about: "Share the misery."



It's more than that.

The Stalinist democrats want to end America. As long as we are economically successful, the dream of the Stalinist gulag they want to impose will elude them.

This is a civil war that the democrats seek to turn into a revolution. They seek to recreate Stalin's USSR on the North American continent.
 


I agree with this videos summation.

And I especially agree with what the woman said at 11:26.



You so desperately want America to fail.

You simply can't win if America is succeeding.


You know what they say: "Misery loves company."

Evidently there are a bunch of miserable losers in this country who want everyone to be as miserable as they are. That's what socialism is all about: "Share the misery."



It's more than that.

The Stalinist democrats want to end America. As long as we are economically successful, the dream of the Stalinist gulag they want to impose will elude them.

This is a civil war that the democrats seek to turn into a revolution. They seek to recreate Stalin's USSR on the North American continent.


Well good luck to them. But they should probably know that when you have a revolution armed only with rubber dildos, Birkenstocks, organically-grown free-trade hemp underwear, and little Chinese-made plastic vuvuzuela horns, it's not going to turn out the way they thought it would.
 
Hence why 7 million people lost their homes, and a few billionaires got richer.

Doesn't seem right that poor people get fucked over by such boom and bust politics.

The politicians tell everyone how fucking great things are when the economy is doing well, and the people are so fucking stupid that they forgot 10 years ago.

Here is what one of the primary causes of the housing/mortgage/financial meltdown said about the market, Fannie and Freddie. Keep in mind, at the time, Fannie and Freddie were traded on the NYSE and Barney Frank was touting about Fannie and Freddie being in fine condition. Encouraging investors to buy their stocks.

Bill O'Reilly Battles Rep. Barney Frank Over Financial Crisis
Published October 03, 2008
Fox News

BILL O'REILLY, HOST: "Personal story" segment tonight, the financial chaos in this country is largely the fault of the citizens who cannot pay their obligations, banks who lent money to unqualified people, and the federal government which failed to provide oversight. Both political parties are to blame as I've stated.

Now "The Factor" has called on SEC Chairman Christopher Cox to resign, Senate Banking Committee Chairman Christopher Dodd to quit, and House Finance Chief Barney Frank to step down from his position. That's because for the past two years, Frank and his committee oversaw Fannie Mae and Freddie Mac — two government sponsored lending agencies which pretty much are bankrupt.

Congressman Frank was asked about Freddie and Fannie on July 14, 2008:

(BEGIN VIDEO CLIP)

REP. BARNEY FRANK, D-MASS.: I think this is a case where Fannie and Freddie are fundamentally sound, that they are not in danger of going under. They're not the best investments these days from the long-term standpoint going back. I think they are in good shape going forward.

They're in a housing market. I do think their prospects going forward are very solid. And in fact, we're going to do some things that are going to improve them.

(END VIDEO CLIP)

O'REILLY: Well, obviously, that statement turned out not to be true.

Joining us now from Washington is Congressman Frank. And we appreciate you coming in, being a standup guy, but shouldn't everybody in the country be angry with you right now?

[...]

Bill O'Reilly Battles Rep. Barney Frank Over Financial Crisis
 


I agree with this videos summation.

And I especially agree with what the woman said at 11:26.


Here ya go, Rocket.

The '08 crash prediction that, by default, came true...



And...here we go all over again. A recent discussion from just a month or so ago....



I'd tend to agree with him that a 50% drop in the market is highly possible. By default there must be a bust, and he really explaines how it's gonna go down rather concisely. Remember this. The bigger the boom, the bigger the bust.
 
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I agree with this videos summation.

And I especially agree with what the woman said at 12:27.


History almost always repeats itself. When you have a boom and bust economy, it'll be a certainty that it repeats itself.

So, who benefits from a repeat?

And who gets hurt.

This illustrates the genius of the New Deal/Great Society reformers, who wisely understood that a free market economy will always cycle from boom to bust, and the importance of safeguarding those who are harmed when the economy crashes, through no fault of their own.

Indeed, as a consequence of the December 2007 recession, millions of Americans lost their jobs, their homes, and their retirement savings – many relatively late in their working lives.

For those so adversely effected, Social Security and Medicare will be vital supplements once they become too old to work.
 


I agree with this videos summation.

And I especially agree with what the woman said at 12:27.


History almost always repeats itself. When you have a boom and bust economy, it'll be a certainty that it repeats itself.

So, who benefits from a repeat?

And who gets hurt.

This illustrates the genius of the New Deal/Great Society reformers, who wisely understood that a free market economy will always cycle from boom to bust, and the importance of safeguarding those who are harmed when the economy crashes, through no fault of their own.

Indeed, as a consequence of the December 2007 recession, millions of Americans lost their jobs, their homes, and their retirement savings – many relatively late in their working lives.

For those so adversely effected, Social Security and Medicare will be vital supplements once they become too old to work.


A better safeguard would be to try and reduce the boom and bust. Trump and the like are trying to increase it.
 


I agree with this videos summation.

And I especially agree with what the woman said at 11:26.


Here ya go, Rocket.

The '08 crash prediction that, by default, came true...



And...here we go all over again. A recent discussion from just a month or so ago....



I'd tend to agree with him that a 50% drop in the market is highly possible. By default there must be a bust, and he really explaines how it's gonna go down rather concisely. Remember this. The bigger the boom, the bigger the bust.


Then there were President Bush's eight years of trying to slow the housing bubble.

For many years the President and his Administration not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. President Bush publicly called for GSE reform 17 times in 2008 alone before Congress acted. Unfortunately, these warnings went unheeded, as the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems.

2001
April:
The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.”

2002
May:
The President calls for the disclosure and corporate governance principles contained in his 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003
January:
Freddie Mac announces it has to restate financial results for the previous three years. [Obama advisor, Franklin Raines was CEO of Freddie Mac when they lied about earnings to increase bonuses]

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that “although investors perceive an implicit Federal guarantee of [GSE] obligations,” “the government has provided no explicit legal backing for them.” As a consequence, unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market. (“Systemic Risk: Fannie Mae, Freddie Mac and the Role of OFHEO,” OFHEO Report, 2/4/03).

September: Fannie Mae discloses SEC investigation and acknowledges OFHEO’s review found earnings manipulations.

September: Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.

October: Fannie Mae discloses $1.2 billion accounting error.

November: Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03).

2004
February:
The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital, and called for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore…should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)

February: CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04).

June: Deputy Secretary of Treasury Samuel Bodman spotlights the risk posed by the GSEs and called for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04).

2005
April:
Treasury Secretary John Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America… Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05).

2007
July:
Two Bear Stearns hedge funds invested in mortgage securities collapse.

August:
President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, The White House, 8/9/07).

September: RealtyTrac announces foreclosure filings up 243,000 in August – up 115 percent from the year before.

September: Single-family existing home sales decreases 7.5 percent from the previous month – the lowest level in nine years. Median sale price of existing homes fell six percent from the year before.

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, The White House, 12/6/07).

2008
January:
Bank of America announces it will buy Countrywide.

January: Citigroup announces mortgage portfolio lost $18.1 billion in value.

February: Assistant Secretary David Nason reiterates the urgency of reforms, says “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08).

March: Bear Stearns announces it will sell itself to JPMorgan Chase.

March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08).

April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08).

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

· “Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08).

· “[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08).

· “Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08).

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08).

July: Congress heeds the President’s call for action and passes reform of Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
 
You can spin this economy into knots...but its all speculation....we have not had full retail in our malls and downtown store fronts for 7 years...people are back to work and earning more....even in the inner city....the facts on the ground speak for themselves.....and for Barry to try and take credit for it is sickening and embarrassing....
Homes are moving and construction jobs are offering retirement packages to try and recruit workers.....stop hoping for failure...because unless Nancy Pelosi gets back in as speaker we are the place in the world to get rich.....not just the connected like in the swamp but all of us.....for a change...a long over due change....
Don't allow TDS to keep you from prospering at these prosperous times...


You ducked the simple question.


I have said for years that there is too much debt in the system. So did Trump in 2016.

'We are in a bubble': Trump says the economy is unstable

Are you saying Trump was wrong - Yes or No, please?
Trump has unleashed the American spirit with tax and Barry's massive regulation cuts and the nation is enjoying record economic growth....he wasn't wrong....he is fixing what Barry broke and refused to fix...look how easy it was to get the economy rolling again....Barry could have done it but he didn't want to...dems loves them some poor folks because poor folks vote for hand outs...and dems they do the handin out.....

get it ass?.....
 

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