“I Cannot Afford To Live”: Americans Get Emotional As The U.S. Economy Goes Off The Rails

[sealybobo]

It's good to see you backpedaling...again.

Please show us the sources and working links supporting your allegations. You cannot. They are fragments of your liberal imagination.

How many manufacturing jobs have been lost in the United States since 2000 due to outsourcing?

As manufacturing lost about five million jobs in two decades, the low-wage service sector gained almost 30 million jobs

The elimination of nearly five million manufacturing jobs between 1998 and 2019 was accompanied by explosive job growth in service industries—growth that accounted for all U.S. employment growth in the nonfarm economy in this period. Most of the manufacturing jobs were shed between 1998 and 2007,

Most of the manufacturing jobs were shed between 1998 and 2007,

Most of the manufacturing jobs were shed between 1998 and 2007,

Botched policy responses to globalization have decimated manufacturing employment with often overlooked costs for Black, Brown, and other workers of color: Investing in infrastructure and rebalancing trade can create good jobs for all

The mismanaged integration of the United States into the global economy has devastated U.S. manufacturing workers and their communities. Globalization of our economy, driven by unfair trade, failed trade and investment deals, and, most importantly, currency manipulation and systematic...

www.epi.org

manufacturing job losses continued in the wake of the Great Recession (2007–2019).

Between 2001 and 2011 alone, the growth of the trade deficit with China displaced 958,800 jobs held by workers of color—representing 35.0% of total jobs displaced by the growing trade deficit with China. About three-fourths of jobs displaced were manufacturing jobs, which feature high pay and excellent benefits. As a result, in 2011 alone, those 958,800 workers of color displaced from higher-earning jobs in manufacturing and other traded industries into lower-earning jobs in nontraded industries earned $10,485 less in annual wages, which translates into a total loss of $10.1 billion per year.

 

[leftwinger]

How many manufacturing jobs have been lost in the United States since 2000 due to outsourcing?

Mostly jobs that America can no longer compete with due to labor cost driven by GOVT regulation & taxation that you support 100% due to your stupidity & ignorance you brain-dead union widget twisting moron. Yet American freedom gives you stage to show your IQ.

 

[AntonToo]

I thought I explained this already.

The GSEs were guaranteeing the securities of the private market. That's part of their business model.

GSE's were about half of the real estate securitization market by the time of the collapse, what would you say private market securitization was busy with in the lead up to collapse?

Or do your partisan blinders not let you consider such obvious questions?

In 2004, 2005 and 2006 GSE's lost big securitization market share due to agressive expansion of private market securities and in fact during the time Bush Administration was urging GSE to "keep up with private market".

 

[sealybobo]

another metal midget with MSDNC dripping out its’ Dorito chute. Pathetically ignorant and a board clogging ArseJack.

Most of the manufacturing jobs were shed between 1998 and 2007

manufacturing job losses continued in the wake of the Great Recession (2007–2019).

Between 2001 and 2011 alone, the growth of the trade deficit with China displaced 958,800 jobs held by workers of color—representing 35.0% of total jobs displaced by the growing trade deficit with China.

About three-fourths of jobs displaced were manufacturing jobs, which feature high pay and excellent benefits. As a result, in 2011 alone, those 958,800 workers of color displaced from higher-earning jobs in manufacturing and other traded industries into lower-earning jobs in nontraded industries earned $10,485 less in annual wages, which translates into a total loss of $10.1 billion per year.

 

[sealybobo]

Mostly jobs that America can no longer compete with due to labor cost driven by GOVT regulation & taxation that you support 100% due to your stupidity & ignorance you brain-dead union widget twisting moron. Yet American freedom gives you stage to show your IQ.

What about high worker wages? One reason companies left is uneducated blue collar workers ask for too much. Those are Trump supporters right?

And you should know, we are not going to eliminate good regulations just because some other country doesn't give a fuck about the environment or citizens.

 

[leftwinger]

Most of the manufacturing jobs were shed between 1998 and 2007

manufacturing job losses continued in the wake of the Great Recession (2007–2019).

Between 2001 and 2011 alone, the growth of the trade deficit with China displaced 958,800 jobs held by workers of color—representing 35.0% of total jobs displaced by the growing trade deficit with China.

About three-fourths of jobs displaced were manufacturing jobs, which feature high pay and excellent benefits. As a result, in 2011 alone, those 958,800 workers of color displaced from higher-earning jobs in manufacturing and other traded industries into lower-earning jobs in nontraded industries earned $10,485 less in annual wages, which translates into a total loss of $10.1 billion per year.

Dumb OX. See post #360, #362
A company can't stay open building product that cannot sell high enough to cover MFG costs'

 

[AyeCantSeeYou]

Here is a timeline of Bush's efforts. I don't care what you desperately want to believe.

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.

As stated in the rules, you need to post links for info posted as fact(s). Please provide.

 

[leftwinger]

we are not going to eliminate good regulations just because some other country doesn't give a fuck about the environment or citizens.

Brilliant! You are starting to understand. You can't make wind transformers by hand or IC assembly at 10X labor cost and 5X GOVT payments, you poor diluted clown. USA brains will have to come up with the next 6G device to shovel your BS thru electrons.

 

[sealybobo]

Dumb OX. See post #360, #362
A company can't stay open building product that cannot sell high enough to cover MFG costs'

Seems like Americans will pay whatever you charge if they want it bad enough. In fact, one of the reasons inflation isn't lowering is because you idiots won't stop buying.

 

[Dekster]

Economy is in good shape. Inflation is tepid. Employment high. 25-55 labor participation rate all time highs. Record 401ks. Record stock prices. Jobs everywhere.

You morons have predicted a recession since Nov 2020 when your god lost his election. Been wrong for 4 years. If you keep crying about a good economy imagine how gleeful you will be if it turns downward? So happy for you if it does.

If the economy is doing so great, why is your side always harping on about living wages, affordable housing and the like? I mean after all, inflation is "tepid"

 

[Andylusion]

GSE's were about half of the real estate securitization market by the time of the collapse, what would you say private market securitization was busy with in the lead up to collapse?

Or do your partisan blinders not let you consider such obvious questions?

In 2004, 2005 and 2006 GSE's lost big securitization market share due to agressive expansion of private market securities and in fact during the time Bush Administration was urging GSE to "keep up with private market".

Again... every single private MBS made, only was made because the GSE guaranteed sub-prime loans.

Before 1997 you can not find a single Mortgage Backed Security with sub-prime loans. Not one. Not one single example anywhere in the entire market, across this entire country.
Only when the government through the GSEs guaranteeing Sub-prime mortgage backed security, was any private mortgage backed security bundled with sub-prime loans.

Government was 100% responsible.

 

[leftwinger]

Seems like Americans will pay whatever you charge if they want it bad enough. In fact, one of the reasons inflation isn't lowering is because you idiots won't stop buying.

If you can buy a door hinge for $9.99 at home depot or $45 at Lowes.....for a basement door in your home no one sees or hardly uses.....what are you going to do you dumb OX. You are going to buy the Chinese one from home depot every time.

 

[Andylusion]

Seems like Americans will pay whatever you charge if they want it bad enough. In fact, one of the reasons inflation isn't lowering is because you idiots won't stop buying.

That's ridiculous. Look at Venezuela.
The government caused massive inflation by printing money and spending it.
As a result of this the economy crash, and people stopped buying all kinds of things because they couldn't afford it.
Did that lower prices?

No it did not. If you devalue the currency, demand going down, does not lower prices. Because the value of the dollar (or Venezuela Peso here), went down. The value of the currency went down itself. No amount of "you idiots stop buying stuff" will cause the dollar to magically increase in value after government causes inflation.

 

[sealybobo]

If the economy is doing so great, why is your side always harping on about living wages, affordable housing and the like? I mean after all, inflation is "tepid"

Because our poorest can't afford the increased prices of food and rent. They need a raise or their landlords need to lower the rent.

I showed you that our best paying blue collar jobs all left on Bush's watch, with his help. Hell, his dad invented NAFTA with Reagan and the corporations. And all those blue collar workers are now working service jobs that don't pay as well.

Botched policy responses to globalization have decimated manufacturing employment with often overlooked costs for Black, Brown, and other workers of color: Investing in infrastructure and rebalancing trade can create good jobs for all

The mismanaged integration of the United States into the global economy has devastated U.S. manufacturing workers and their communities. Globalization of our economy, driven by unfair trade, failed trade and investment deals, and, most importantly, currency manipulation and systematic...

www.epi.org

Don't forget Republicans, it was you applauding Bush as he sent those good paying union jobs overseas. Now you're saying Trump wants to bring those jobs back home? Bullshit.

 

[Andylusion]

If you can buy a door hinge for $9.99 at home depot or $45 at Lowes.....for a basement door in your home no one sees or hardly uses.....what are you going to do you dumb OX. You are going to buy the Chinese one from home depot every time.

This is exactly right. This 100% dead on right. I lived this out myself some years ago.

The blower motor on my furnace died, and at that time when I looked up a replacement, the cost was $400.

At that time, I was in some trouble, and I just didn't have $400. So I went all summer without Air Conditioning.

The next summer rolls around, and I decided to look up the price of a replacement blower again, and I found an imported blower motor for $115.

Which one do you think I bought? The one for $115. I'm not going to live in poverty because some idiot demands I buy American.

 

[sealybobo]

If you can buy a door hinge for $9.99 at home depot or $45 at Lowes.....for a basement door in your home no one sees or hardly uses.....what are you going to do you dumb OX. You are going to buy the Chinese one from home depot every time.

That's right. So door hinges might be something we decide to continue buying from China.

But what if

When comparing the Ford brand to the Honda brand, Ford has the advantage in the areas of new car pricing, used car pricing, fuel efficiency, towing capacity, safety and variety of models offered.

Ford vs Honda - iSeeCars.com

Ford vs Honda: Which is better? We compare the brands' models and how they fare in terms of pricing, depreciation, gas mileage, reliability and safety ratings and rankings.

www.iseecars.com

 

[sealybobo]

This is exactly right. This 100% dead on right. I lived this out myself some years ago.

The blower motor on my furnace died, and at that time when I looked up a replacement, the cost was $400.

At that time, I was in some trouble, and I just didn't have $400. So I went all summer without Air Conditioning.

The next summer rolls around, and I decided to look up the price of a replacement blower again, and I found an imported blower motor for $115.

Which one do you think I bought? The one for $115. I'm not going to live in poverty because some idiot demands I buy American.

Can you buy your prescription drugs overseas where they are much cheaper?

 

[citygator]

If the economy is doing so great, why is your side always harping on about living wages, affordable housing and the like? I mean after all, inflation is "tepid"

The economy is doing well which is good for the wealthy. A good economy means nothing to middle class and poor as the structure of power is all in the owners hands today. Labor unions are on the out, most states are "at will" employers, benefits have been allowed to be scraped back to nothing.

Basically the economy is good but that doesnt mean youre doing well unless you are at the top. Welcome to America.

 

[AntonToo]

Again... every single private MBS made, only was made because the GSE guaranteed sub-prime loans.

Thats is pure braindead bullshit.

Much of market was bypassing GSE securitization and using private market securitization.

 

[Markle]

WHATEVER you boot lickers.

And if you are right, then don't complain about the poor. America is doing great. The top 20% anyways. It's your job to rise above inflation and a weak dollar and unaffordable college. Figure it out! The CEO of your company gets all the raises unless you can show you are worth more? Can you? Then piss off!