How Obama causes thge housing recession.

[The Rabbi]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

First off, we didn't have a housing depression. We had a credit crisis brought on by the debacle in the subprime mortgages. Rising unemployment and the banks unwillingness to make loans caused a collapse in the new housing market. This all happened before Obama took office. Allowing banks to foreclose faster would just have made the problems even worse.

Um, no.
Rising delinquencies caused banks to increase criteria. BUt that isn't the real story. The real story is as Ed outlined: beating up on the banks and offering program after program for delinquent homeowners, who defaulted at an 80% rate anyway. This kept the market from clearing.
This is unlike what the Feds did in 1990 when we had a similar housing crisis. There they auctioned units off for pennies on the dollar, clearing the market within about 18 months, and allowing prices to start rising.

 

[Sallow]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

First off, we didn't have a housing depression. We had a credit crisis brought on by the debacle in the subprime mortgages. Rising unemployment and the banks unwillingness to make loans caused a collapse in the new housing market. This all happened before Obama took office. Allowing banks to foreclose faster would just have made the problems even worse.

Um, no.
Rising delinquencies caused banks to increase criteria. BUt that isn't the real story. The real story is as Ed outlined: beating up on the banks and offering program after program for delinquent homeowners, who defaulted at an 80% rate anyway. This kept the market from clearing.
This is unlike what the Feds did in 1990 when we had a similar housing crisis. There they auctioned units off for pennies on the dollar, clearing the market within about 18 months, and allowing prices to start rising.

Yep.

It's always fun to engage in vulture corporatism. Because, once again..the rich get rich and the poor get poor.

 

[Toro]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

 

[Toro]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

First off, we didn't have a housing depression. We had a credit crisis brought on by the debacle in the subprime mortgages. Rising unemployment and the banks unwillingness to make loans caused a collapse in the new housing market. This all happened before Obama took office. Allowing banks to foreclose faster would just have made the problems even worse.

Um, no.
Rising delinquencies caused banks to increase criteria. BUt that isn't the real story. The real story is as Ed outlined: beating up on the banks and offering program after program for delinquent homeowners, who defaulted at an 80% rate anyway. This kept the market from clearing.
This is unlike what the Feds did in 1990 when we had a similar housing crisis. There they auctioned units off for pennies on the dollar, clearing the market within about 18 months, and allowing prices to start rising.

That is beginning to happen now but this is very different from the 90s because of the scale and severity of the housing collapse. Home prices barely declined 20 years ago, and where it did decline, it was relatively isolated.

 

[The Rabbi]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Could you name a recession that produced the kinds of growth and UE numbers we have seen for this one?

 

[The Rabbi]

First off, we didn't have a housing depression. We had a credit crisis brought on by the debacle in the subprime mortgages. Rising unemployment and the banks unwillingness to make loans caused a collapse in the new housing market. This all happened before Obama took office. Allowing banks to foreclose faster would just have made the problems even worse.

Um, no.
Rising delinquencies caused banks to increase criteria. BUt that isn't the real story. The real story is as Ed outlined: beating up on the banks and offering program after program for delinquent homeowners, who defaulted at an 80% rate anyway. This kept the market from clearing.
This is unlike what the Feds did in 1990 when we had a similar housing crisis. There they auctioned units off for pennies on the dollar, clearing the market within about 18 months, and allowing prices to start rising.

Yep.

It's always fun to engage in vulture corporatism. Because, once again..the rich get rich and the poor get poor.

Actually the stupid get poorer, which should be a concern for you.

 

[tjvh]

your a partisan hack with no facts in your corner

That sentence you wrote^ must be so familiar to you.

 

[JakeStarkey]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Could you name a recession that produced the kinds of growth and UE numbers we have seen for this one?

The Rabbi, it is your duty to counter provide examples, but you can't do it.

 

[The Rabbi]

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Could you name a recession that produced the kinds of growth and UE numbers we have seen for this one?

The Rabbi, it is your duty to counter provide examples, but you can't do it.

No, Jake it is not. It is Toro's duty to back up his statement with proof.
Every recession we have had post war has been followed by robust growth. Except this one.
And in no recession did the gov't intervene to the extent they have with this one.
Those two things are not coincidental. They are cause and effect.

 

[JakeStarkey]

THANK YOU!!!!!!

Snap went the trap. I have been trying to get you to admit that duty for a long time.

The next time you OP, you better present because I will use this (I have already copied it) to ram down your throat if you don't.

The Rabbi has been the King Of The Unsubstantiated Statement for a long time.

Time for it to end, bub.

 

[Toro]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Could you name a recession that produced the kinds of growth and UE numbers we have seen for this one?

None. But we haven't seen a housing collapse like this one since The Depression either. That's to be expected.

It should be noted that the prior recession lead to the weakest recovery since The Depression prior to this one. But that too was a balance sheet recession caused by the collapse of the Tech Bubble

 

[Truthmatters]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Exactly which policies have slowed the recovery?

 

[The Rabbi]

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Could you name a recession that produced the kinds of growth and UE numbers we have seen for this one?

None. But we haven't seen a housing collapse like this one since The Depression either. That's to be expected.

It should be noted that the prior recession lead to the weakest recovery since The Depression prior to this one. But that too was a balance sheet recession caused by the collapse of the Tech Bubble

We had a housing collapse in 1990 as well, starting with a change in tax law in 1986.
The 2000 recession was only 8 months long. And it was marked also by a large amount of gov't intervention.
As James Grant writes in The Trouble With Prosperity, the more the gov't tries to ameliorate the effects of a recession, the worse they make the recovery. This is why this recession's recovery has been so anemic.

 

[JakeStarkey]

The Rabbi is at least trying.

Good Rabbi.

 

[Toro]

Could you name a recession that produced the kinds of growth and UE numbers we have seen for this one?

None. But we haven't seen a housing collapse like this one since The Depression either. That's to be expected.

It should be noted that the prior recession lead to the weakest recovery since The Depression prior to this one. But that too was a balance sheet recession caused by the collapse of the Tech Bubble

We had a housing collapse in 1990 as well, starting with a change in tax law in 1986.
The 2000 recession was only 8 months long. And it was marked also by a large amount of gov't intervention.
As James Grant writes in The Trouble With Prosperity, the more the gov't tries to ameliorate the effects of a recession, the worse they make the recovery. This is why this recession's recovery has been so anemic.

We didn't have a housing collapse like this one. In the early 90s, housing prices did not even decline nationally by some measures whereas prices have fallen 25-30% nationally depending on how they are measured.

 

[Truthmatters]

This is so true, we are in a housing depression because BO has prevented recovery by eliminating the free market in housing. Had it been allowed to work the market would have cleared long long ago and the economy would be booming now.

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Exactly which policies have slowed the recovery?

could you answer Toro?

 

[Truthmatters]

in some places the fall is more than 50%

 

[Flopper]

Could you name a recession that produced the kinds of growth and UE numbers we have seen for this one?

None. But we haven't seen a housing collapse like this one since The Depression either. That's to be expected.

It should be noted that the prior recession lead to the weakest recovery since The Depression prior to this one. But that too was a balance sheet recession caused by the collapse of the Tech Bubble

We had a housing collapse in 1990 as well, starting with a change in tax law in 1986.
The 2000 recession was only 8 months long. And it was marked also by a large amount of gov't intervention.
As James Grant writes in The Trouble With Prosperity, the more the gov't tries to ameliorate the effects of a recession, the worse they make the recovery. This is why this recession's recovery has been so anemic.

The 2000 recession didn't last very long because Bush wasn't in office long enough to lead the country into the worst recession since the Great Depression.

 

[Truthmatters]

I guess Toro has no answer to his claim of Obama slowing the recovery.

 

[Toro]

His policies have not been helping and probably have delayed the recovery by a bit but the economy would not be booming. History tells us that balance sheet recessions and recoveries preceded by housing bubbles and banking crises are anemic and take a long time to repair since sellers and bankers take a long time to mark down their inventories.

Exactly which policies have slowed the recovery?

could you answer Toro?

There have been various mortgage adjustment programs designed to support the housing market. Home prices have to be allowed to adjust. Propping home prices up delays the inevitable.