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

[Markle]

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.

But it didn't happen that way during the days of President Trump. Why?

 

[Andylusion]

Some things need to be brought back to America. Every country except America protected it's vital industries when globalization happened. They didn't just send every job they could do cheaper to africa, mexico and china.

America DID destroy our vital industry. Manufacturing. Why? Because the uneducated blue collar workers made too much. So the same unhappy blue collar people you fucked, are now voting for Trump? Makes no sense.

Trump is using another angle. Blame illegal workers. Say you want to build a wall. In the 2000's it was a fence. But it's not going to stop the flow when companies like Trump's hire illegal workers. We need to go after illegal employers.

And wages have already gone up as far as they are going to go for low wage workers. The feds are making sure of that by raising interest rates to slow wage growth. So wake up.

Consider this. Just a side thought. Making Nike in China has not lowered the cost of Nike shoes. It only adds to the companies profits.

If you think you can make a shoe of identical quality to Nike, and sell it for the same price as Nike, but use American labor and materials, by all means prove it.
Open your own shoe shop, and make them here.

The problem with you people and your endless claims about outsourcing, is that you never back your words with actions.

"You can easily make shoes in the US, and just make a little less profit" OKAY.. THEN DO IT.
Pretty easy to sit in your chair claiming you got it all figured out how to do all these things you want. Little harder to prove that.

And why do I know this? Because we in fact have shoe companies operating in the US, and they don't sell $20 or $30 or $40 shoes. They sell $200 pairs of shoes, because that's how expensive it is to make shoes in the US.

You can't do what you claim others can.

 

[Andylusion]

Dumbass, do you know what posting content without atribution is against this forum policies?

You are copying and pasting this bullshit from...wait for it....BUSH'S WHITE HOUSE PAGE.

Take your little braindead copy and pastes and shove them up your ass.

Yes, Bush's admin is not going to be publishing on their official WH webpage all the ways Bush fucked up leading up to Real Estate collapse - thats reserved for serious economic policy analisys and Congressional hearings on the topic, all of which find plenty culpability from his administration that I've already listed.

So you can't actually look up the citations that they gave? Doesn't that make you the dumbass?

 

[AntonToo]

So you can't actually look up the citations that they gave? Doesn't that make you the dumbass?

What citation refutes that Bush threw in the garbage bi-partisan GSE reform bill?

What citation refutes that his administration set out more agressive goals for GSE securitization and urged them to keep up with private market?

What citation refutes their deregulation efforts and reductions in capitalization requirements?

What citation refutes that his administration prioritized Home Ownership initiatives and promoted exotic mortgage products?

What citition refutes that Bush's administration supported big Federal fund rate reductions?

What citation directly refutes anything I've said?

 

[Andylusion]

Thats is pure braindead bullshit.

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

Then why didn't they start making sub-prime MBS before 1997? Or even in the 1980s? In fact it was Carter who removed the interest rate limitations that made sub-prime loans possible. Why didn't the sub-prime mortgage backed securities start in the 1970s? Or in the 2000 even? Why didn't they start there?

Why was it that it just happened start in 1997 when Freddie Mac Guaranteed sub-prime loans? Why did it just happen to start when banks were being sued by Andrew Cuomo to force them to make sub-prime loans?

Just coincidence? Just chance? Random luck? The Big Bang Theory of sub-prime bubbles, huh?

 

[Markle]

What citation refutes that Bush threw in the garbage bi-partisan GSE reform bill?

What citation refutes that his administration set out more agressive goals for GSEs?

What citation refutes their deregulation efforts and reductions in capitalization requirements?

What citation refutes that his administration prioritized Home Ownership initiatives and promoted exotic mortgage products?

What citation directly refutes anything I've said?

Where are your sources and working links proving your allegations? None.

 

[AntonToo]

Then why didn't they start making sub-prime MBS before 1997?

...because real estate values were depressed in 1997. Seems pretty obvious.

It wasn't untill post-tech-bubble 2000s that real estate value growth was enshrined into popular psyche as a fact of life and a fool proof investment.

Sentiment wasn't entirely wrong as long term real estate growth continues to this day based on supply and demand, but it was the highly over-leveraged nature of the financial system's bets against ANY market correction that was at the heart of the financial collapse.

 

[Markle]

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

Sorry, I did not copy down far enough.

Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward th…

swampie.wordpress.com

 

[Harpy Eagle]

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.

More jobs were lost to automation than offshoring.

Automation is replacing more workers than outsourcing, study says - Marketplace

As automation threatens workers, new and better jobs could be created if we invest in breakthrough technologies.

www.marketplace.org

 

[Andylusion]

What citation refutes that Bush threw in the garbage bi-partisan GSE reform bill?

What citation refutes that his administration set out more agressive goals for GSE securitization and urged them to keep up with private market?

What citation refutes their deregulation efforts and reductions in capitalization requirements?

What citation refutes that his administration prioritized Home Ownership initiatives and promoted exotic mortgage products?

What citation directly refutes anything I've said?

Regulation is what caused the whole problem.
You do realize that Canada has never had the capital requirements that the US does, and yet the problem started here and not there?

I'm not trying to refute that Bush may have helped the problem. Many people in government helped the problem. If not all of them to be honest.

The problem with your post is that you are looking at symptoms, before the cause. Who started the bubble? Well we know when the Bubble started, it started in 1997. And what caused the bubble? Well we know what cause the Bubble, the dramatic increase in sub-prime loans, which started in 1997.

To sit around like a moron, and blame president whose term started in 2001, when the bubble started in 1997, is just dumb. That is what dumb people do. That's why you have fools saying that US sanctions on Venezuela that started in 2015, caused food shortages in 2007.

Don't be a stupid person. Could Bush have done more? Sure. Could have have magically known all along that there was a problem? Maybe but Democrats were screaming not only was there no problem, but Bush would be harming the public if he stopped them.

So whose worse? The people who created the mess, and demanded the mess continue? Or the guy who maybe could have done more?

 

[Markle]

Dumbass, do you know what posting content without atribution is against this forum policies?

You are copying and pasting this bullshit from...wait for it....BUSH'S WHITE HOUSE PAGE.

Take your little braindead copy and pastes and shove them up your ass.

Yes, Bush's admin is not going to be publishing on their official WH webpage all the ways Bush fucked up leading up to Real Estate collapse - thats reserved for serious economic policy analisys and Congressional hearings on the topic, all of which find plenty culpability from his administration that I've already listed.

Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward th…

swampie.wordpress.com

 

[Andylusion]

...because real estate values were depressed in 1997. Seems pretty obvious.

It wasn't untill post-tech-bubble 2000s that real estate value growth was enshrined into popular psyche as a fact of life and a fool proof investment.

Sentiment wasn't entirely wrong as long term real estate growth continues to this day based on supply and demand, but it was the highly over-leveraged nature of the financial system's bets against ANY market correction that was at the heart of the financial collapse.

No prices were not depressed.

Before Freddie Mac and the Democrats screwed it up, prices were right in line with historical trends.

 

[sealybobo]

More jobs were lost to automation than offshoring.

Automation is replacing more workers than outsourcing, study says - Marketplace

As automation threatens workers, new and better jobs could be created if we invest in breakthrough technologies.

www.marketplace.org

Listen to John Leguizamo explain to Latino Americans why they'd be crazy to vote for Trump. Latino's number one issue, inflation. John shows when Fox asked Trump how he would fix inflation, he only responded with "drill baby drill". That's it? That's your plan Don?

And fact is, Trump's tariffs will raise prices a lot more.

 

[Harpy Eagle]

Listen to John Leguizamo explain to Latino Americans why they'd be crazy to vote for Trump. Latino's number one issue, inflation. John shows when Fox asked Trump how he would fix inflation, he only responded with "drill baby drill". That's it? That's your plan Don?

And fact is, Trump's tariffs will raise prices a lot more.

Since Trump is talking about 100% tariffs, they will raise prices out of the stratosphere

 

[AntonToo]

Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward th…

swampie.wordpress.com

Simple question for you dummy - who wrote that bullshit, cherry picked timeline?

It's a press release piece by Bush admin themselves, trying to put a lipstick on his admin's many mis-steps leading up to great recession.

Does it address any criticisms at all? Nope, it's just another load of crap about accounting problems at GSE's that had right about nothing to do with securitazation that was at the heart of the problems leading to the financial collapse.

 

[sealybobo]

Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs

For many years the President and his Administration have not only warned of the systemic consequences of financial turmoil at a housing government-sponsored enterprise (GSE) but also put forward th…

swampie.wordpress.com

To me, it seems like Bush was setting freddy and fanny up as the scapegoat. The value of the dollar went really really low on Bush's watch. His tax breaks that squandered Clinton's projected surplus, lying us into a war for Chaney's Haloburton, I think of all the ways Bush fucked us but benefited his agenda. Sending all those high paying manufacturing jobs overseas certainly contributed to the high unemployment and housing crash.

To me, I wouldn't be surprised if it was all done on purpose. Right at the end of Bush's presidency, the last FUCK YOU to us all was the Great Recession.

And instead of joining Occupy Wallstreet, you demonized the movement because the corporate media (Fox News) told you to. Just like BLM.

Look at how the rich made out. They bought your foreclosed home for pennies on the dollar and now rest to you. Suckers.

Kind of reminds me of this I heard the other day.

A middle-age Millionaires' Row: Average 50-something now has net worth over $1 million

Sometime around age 50, the average American can now expect a net worth exceeding $1 million. How did so many 50-somethings become millionaires?

www.usatoday.com

Household wealth swelled at a record pace during the pandemic. From 2019 to 2022, the median net worth of American families jumped 37% to $192,900, after adjusting for inflation. It’s the largest increase ever recorded by the federal Survey of Consumer Finances, released last fall. Surging home values and rising stock ownership fed the surge.

If you’re a 50-something and you’re not worth a cool $1 million, do not despair. Those numbers are averages, and the super-rich drive them waaaay up.

 

[Markle]

More jobs were lost to automation than offshoring.

Automation is replacing more workers than outsourcing, study says - Marketplace

As automation threatens workers, new and better jobs could be created if we invest in breakthrough technologies.

www.marketplace.org

Today, but not when this started.

Consumers were taught that they could have both high wages and benefits along with low prices for the goods they wanted to buy. I don't know if they have learned that they can't exist in the same country.

 

[sealybobo]

Since Trump is talking about 100% tariffs, they will raise prices out of the stratosphere

Exactly. So Trump has no answer for how he would fix inflation. He would fix it the same way Biden is fixing it. Or, he would allow the Feds to fix it.

Don't forget, Trump even fought with the Feds when he was president. Argued with them over what they did or didn't do. If they raised rates, he disagreed. Lowered them, he disagreed. Like he's the expert.

But when Maria Bartoromo, or whoever that woman was, asked him how he'd fix inflation his only answer as "drill baby drill". Which we are already doing. So Trump is full of shit. He caused the inflation with his spending and tax breaks and they way he mishandled covid.

 

[Harpy Eagle]

Today, but not when this started.

Consumers were taught that they could have both high wages and benefits along with low prices for the goods they wanted to buy. I don't know if they have learned that they can't exist in the same country.

They did learn that. WalMart stocked it shelves with stuff from China because we the people were buying it.

 

[Markle]

Simple question for you dummy - who wrote that bullshit, cherry picked timeline?

It's a press release piece by Bush admin themselves, trying to put a lipstick on his admin's many mis-steps leading up to great recession.

Does it address any criticisms at all? Nope, it's just another load of crap about accounting problems at GSE's that had right about nothing to do with securitazation that was at the heart of the problems leading to the financial collapse.

Sorry, I didn't copy down far enough on my page, that has been corrected.

Now show us all which things did not happen.