Who has Done more Damage to the US economy?

[CrusaderFrank]

Bad as it was 9/11 never caused a flight from the US dollar.

 

[Elutherian]

Bad as it was 9/11 never caused a flight from the US dollar.

I'm not even gonna vote in that poll.

How about option 3: The Federal Reserve and Fractional Reserve Banking.

 

[CrusaderFrank]

Bad as it was 9/11 never caused a flight from the US dollar.

I'm not even gonna vote in that poll.

How about option 3: The Federal Reserve and Fractional Reserve Banking.

Id Rep ya again if I could.

Great Point!

 

[Dr Grump]

You missed Bush too

 

[Toro]

The Fed.

The politicians bear some responsibility but only a fraction of what the Fed does.

 

[Mr.Fitnah]

The Fed.

The politicians bear some responsibility but only a fraction of what the Fed does.

Politicians sold out to the Fed almost 100 years ago, That action is now finally bearing its bitter fruit.

 

[Fatality]

so this guy is supposed to be a nut?

[ame=http://www.youtube.com/watch?v=ji_G0MqAqq8]YouTube - Ron Paul on Federal Reserve, banking and economy[/ame]

 

[Polk]

Bad as it was 9/11 never caused a flight from the US dollar.

Euro in United States Dollar - Google Finance

Constant upward trend for the Euro against the dollar with only a small break as investors "flew to safety" in the darkest days of the meltdown.

 

[oreo]

The reason we are in this economic DISASTER is because of GOVERNMENT.

Their handeling of Fannie/Freddie is what has brought us to this economic collapse--in which our government decided it would be a great idea to co-sign our names to 50% of the mortgages in this country while lowering lending standards & incorporating sub-prime mortgages. All banking & wall street bail-outs lead right back to the failure of Fannie/Freddie.

Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

This is what your government has done to you. Now YOU get to fix it. Not only YOU but your children & grandchildren.

As far as this congress & Obama--they believe that throwing trillions of YOUR dollars at the problem will fix this. This of course leads to very expensive massive government expansion & all the while the private sector is SHRINKING.

"The problem with socialism is that government eventually runs out of other peoples money to spend" Margaret Thatcher

 

[Toro]

The reason we are in this economic DISASTER is because of GOVERNMENT.

Their handeling of Fannie/Freddie is what has brought us to this economic collapse--in which our government decided it would be a great idea to co-sign our names to 50% of the mortgages in this country while lowering lending standards & incorporating sub-prime mortgages. All banking & wall street bail-outs lead right back to the failure of Fannie/Freddie.

Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

This is what your government has done to you. Now YOU get to fix it. Not only YOU but your children & grandchildren.

As far as this congress & Obama--they believe that throwing trillions of YOUR dollars at the problem will fix this. This of course leads to very expensive massive government expansion & all the while the private sector is SHRINKING.

"The problem with socialism is that government eventually runs out of other peoples money to spend" Margaret Thatcher

This is a canard. Fannie and Freddie had little to do with the melt-down.

If they did, then the home prices that would have shot up the most would have been those that were GSE qualifying mortgages. In fact, those homes went up the least. It was the homes financed by mortgages that did not qualify for GSE backing that went up the most. It is simple supply/demand economics.

As for subprime, at the very height of the bubble, the GSEs accounted for something like less than 10% of all subprime mortgages written during the year, and even less for Alt-A. All the subprime mortgages underwritten by Freddie and Fannie were something like 0.1% of the entire mortgage market. Subprime was a creation of private mortgage underwriters who dominated the market and had nothing to do with the GSEs.

 

[Maple]

Bad as it was 9/11 never caused a flight from the US dollar.

Bush passed across the board tax cuts after 9-11 which created jobs, we had at one time record low unemployment, the same can't be said for Obama. That no stimulus stimulus bill that was signed before anyone read it spent more on Arts and Humanities than it did on small business. Small business employs 70% of Americans. We now have over 15 million unemployed, the uemployment rate is now at 9.8% and rising and when you consider that people who are now off unemployment insurance and still out of work that number rises to approximately 20% unemployment. That's 2 out of every 10 people who are out of work. In Michigan, Nevada and California it's much higher than that. He is spending money faster than he can print it, that's why the flight from the U.S dollar. We will shortly see interest rates climbing and then we will see inflation where our dollar is worthless and unemployment will continue to climb. I don't see a light at the end of this tunnel and anyone who stands up there and states that the economy is recovering is a nut case in my opinion. THERE IS NO SUCH THING AS A JOBLESS RECOVERY. When people don't have jobs, they don't spend money, they don't generate growth and therefore companies certainly can't grow and produce profits or employ anyone. It's a sad thing and the Christmas sales I am predicting are going to be dismal.

 

[KittenKoder]

Bad as it was 9/11 never caused a flight from the US dollar.

Idiots who borrow more money from the bank than they can pay back within a year.

 

[manu1959]

Bad as it was 9/11 never caused a flight from the US dollar.

in my opinion it did.....we had to print billions to fund the war and the economy collapsed under that weight.....

 

[Maple]

The reason we are in this economic DISASTER is because of GOVERNMENT.

Their handeling of Fannie/Freddie is what has brought us to this economic collapse--in which our government decided it would be a great idea to co-sign our names to 50% of the mortgages in this country while lowering lending standards & incorporating sub-prime mortgages. All banking & wall street bail-outs lead right back to the failure of Fannie/Freddie.

Fannie Mae Eases Credit To Aid Mortgage Lending - The New York Times

This is what your government has done to you. Now YOU get to fix it. Not only YOU but your children & grandchildren.

As far as this congress & Obama--they believe that throwing trillions of YOUR dollars at the problem will fix this. This of course leads to very expensive massive government expansion & all the while the private sector is SHRINKING.

"The problem with socialism is that government eventually runs out of other peoples money to spend" Margaret Thatcher

This is a canard. Fannie and Freddie had little to do with the melt-down.

If they did, then the home prices that would have shot up the most would have been those that were GSE qualifying mortgages. In fact, those homes went up the least. It was the homes financed by mortgages that did not qualify for GSE backing that went up the most. It is simple supply/demand economics.

As for subprime, at the very height of the bubble, the GSEs accounted for something like less than 10% of all subprime mortgages written during the year, and even less for Alt-A. All the subprime mortgages underwritten by Freddie and Fannie were something like 0.1% of the entire mortgage market. Subprime was a creation of private mortgage underwriters who dominated the market and had nothing to do with the GSEs.

I have to disagree with your statement. I talked to a retired senior executive of City Bank, he had to be about 90. He was shocked at what happened during this disastor, he stated that mortgage backed security's were the best investment you could make at one time, they were very secure. It was the fair housing act, that started this whole ball of crap rolling, in many cases banks were prevented from opening up branch offices in more desirable neighborhoods, they were red lined, unless they offered high risk loans. I have heard this from more than one banker and both have been bankers for years. When the government starts dictating to banks who they have to loan money to and who they can't you need to watch out. They are politicians, not bankers or businessmen, they are doing it to attract voters and to hell with everything else.

A GOVERNMENT BIG ENOUGH TO GIVE YOU EVERYTHING YOU NEED IS BIG ENOUGH TO TAKE EVERYTHING YOU HAVE.

 

[strollingbones]

the flight from the dollar has been years in coming and was predicted. we are a debtor nation, how long can one expect to have a strong currency and be paying the interest payments this nation is paying...or in reality not paying. you cannot blame this one one event or one administration...the fault goes way back, printing money with no standards. it has been a run away frieght train.

 

[Mike Mitrosky]

Bad as it was 9/11 never caused a flight from the US dollar.

I'm not even gonna vote in that poll.

How about option 3: The Federal Reserve and Fractional Reserve Banking.

Amen brother.. thats the real culprit!