Headed for a recession

[Dad2three]

Forget having a serious debate with that mental midget. You post figures and facts and get "George Bush lied us into war and crashed the economy!"
Not possible.

So Bush didn't crash the economy by ignoring regulator warnings, fighting all 50 states on predatory lending and allowing the Bankster to flood the market with cheap money with his SEC rule change in 2004?


The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008

No the gotta have everything now generation who took out loans they knew they couldn't afford crashed the economy.

Weird, I thought those Banksters were the ones signing the checks? Creating the underwriting standards?

Banks used cheap capital to create a bubble. Their lending strategies fueled and fed off the housing bubble, and they did so using mortgage products whose performance was premised on continued growth of that bubble.


Regulators and policymakers enabled this process at virtually every turn. Part of the reason they failed to understand the housing bubble was willful ignorance: they bought into the argument that the market would equilibrate itself. In particular, financial actors and regulatory officials both believed that secondary and tertiary markets could effectively control risk through pricing.


http://www.tobinproject.org/sites/tobinproject.org/files/assets/Fligstein_Catalyst of Disaster_0.pdf



DUBYA FOUGHT ALL 50 STATE AG'S IN 2003, INVOKING A CIVIL WAR ERA RULE SAYING FEDS RULE ON "PREDATORY" LENDERS!

Dubya was warned by the FBI of an "epidemic" of mortgage fraud in 2004. He gave them less resources. Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!

 

[Dad2three]

Forget having a serious debate with that mental midget. You post figures and facts and get "George Bush lied us into war and crashed the economy!"
Not possible.

So Bush didn't crash the economy by ignoring regulator warnings, fighting all 50 states on predatory lending and allowing the Bankster to flood the market with cheap money with his SEC rule change in 2004?


The "turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007," the President's Working Group on Financial Markets OCT 2008

No the gotta have everything now generation who took out loans they knew they couldn't afford crashed the economy.

Q When did the Bush Mortgage Bubble start?

A The general timeframe is it started late 2004.

From Bush’s President’s Working Group on Financial Markets October 2008

“The Presidents Working Group’s March policy statement acknowledged that turmoil in financial markets clearly was triggered by a dramatic weakening of underwriting standards for U.S. subprime mortgages, beginning in late 2004 and extending into 2007.”


Predatory Lenders' Partner in Crime

Predatory lending was widely understood to present a looming national crisis.

What did the Bush administration do in response? Did it reverse course and decide to take action to halt this burgeoning scourge?

Not only did the Bush administration do nothing to protect consumers, it embarked on an aggressive and unprecedented campaign to prevent states from protecting their residents from the very problems to which the federal government was turning a blind eye

In 2003, during the height of the predatory lending crisis, the OCC invoked a clause from the 1863 National Bank Act to issue formal opinions preempting all state predatory lending laws, thereby rendering them inoperative

Eliot Spitzer - Predatory Lenders' Partner in Crime


FBI saw threat of loan crisis

"It has the potential to be an epidemic,"

A top official warned of widening mortgage fraud in 2004, but the agency focused its resources elsewhere

"We think we can prevent a problem that could have as much impact as the S&L crisis,"


They ended up with fewer resources, rather than more.

FBI saw threat of loan crisis - Los Angeles Times



Later in 2004 Dubya allowed the leverage rules to go from 12-1 to 33-1 which flooded the market with cheap money!

The SEC Rule That Broke Wall Street


“We certainly don't want there to be a fine print preventing people from owning their home,” the President BUSH) said in a 2002 speech. “We can change the print, and we've got to.”



The former Federal Reserve chairman, Alan Greenspan, has conceded that the global financial crisis has exposed a "mistake" in the free market ideology which guided his 18-year stewardship of US monetary policy.



"I made a mistake in presuming that the self-interests of organisations, specifically banks and others, were such that they were best capable of protecting their own shareholders and their equity in the firms," said Greenspan.

Greenspan - I was wrong about the economy. Sort of | Business | The Guardian


GOOD RIGHTY THOUGH BLAMING THE VICTIMS!

 

[Zander]

Dad2three must be a lousy dad, he spends all day posting nonsense on the internet.....

Total Posts: 559
Posts Per Day: 61.95

Get a life!!

 

[Dad2three]

Dad2three must be a lousy dad, he spends all day posting nonsense on the internet.....

Total Posts: 559
Posts Per Day: 61.95

Get a life!!

Weird, so you can't refute FACTS so you go to personal insults? You must be a conservative...

 

[JakeStarkey]

"Trillions sitting on the sidelines because of it. True story"

Yup, the financial institutions are terrified they will have to be higher interest rates to put that money to use.

 

[TheJedi]

Real gross domestic product -- the output of goods and services produced by labor and property located in the United States -- decreased at an annual rate of 2.9 percent in the first quarter of 2014 according to the "third" estimate released by the Bureau of Economic Analysis. In the fourth quarter of 2013, real GDP increased 2.6 percent.

http://content.govdelivery.com/atta...++First+Quarter+2014+%28Third+Estimate%29.pdf

Funny how these terrible results are whitewashed twice and then virtually ignored.

Early indicators of Q2 2014 do not look good either, results are tracking lower than estimates:

Overall Economy - NYTimes.com

That's why the connected Billionaires and their Congressmen cronies are artificially inflating the Stock Market so they can cash in big time when the engineered crash comes knocking, then they will buy up everything they sold at 20% of the price they sold and then some and be in a better position than they were before. More banks will consolidate and more wealth will be concentrated at the top and the rest of us will have no choice but to capitulate to our corporate masters' every demand if we want to put food on the table.

 

[Zander]

Dad2three must be a lousy dad, he spends all day posting nonsense on the internet.....

Total Posts: 559
Posts Per Day: 61.95

Get a life!!

Weird, so you can't refute FACTS so you go to personal insults? You must be a conservative...

Here's an idea! Take a break from posting. You're making 62 posts a day. That is obsessive. We'll still be here when you get back....

 

[SteadyMercury]

I wonder who has the most posts per day? I checked a few that seem to be posting non-stop and they have:

Vigilante = 52 per day
TemplarKormac = 46 per day for over a year
Katzndogs = over 44 per day (even more amazingly she's held that pace since 2011)

Dad2Three's is high but he's new, it might become lower over time. I'm curious if anyone knows of posters who churn more posts than the above three?

 

[Politico]

Weird, I thought those Banksters were the ones signing the checks? Creating the underwriting standards?

Yeah they wrote all those checks after sending enforcers to twist people's arms to take out loans.

 

[eagle1462010]

 

[eagle1462010]

A Recession is when someone else loses their job. A Depression is when you lose yours.

To hell with Keynesian.

 

[eagle1462010]

 

[eagle1462010]

The Markets are asking Danny boy to come play with them.

 

[The Rabbi]

A Recession is when someone else loses their job. A Depression is when you lose yours.

To hell with Keynesian.

A recovery is when Barack Obama loses his.

 

[Dad2three]

Dad2three must be a lousy dad, he spends all day posting nonsense on the internet.....

Total Posts: 559
Posts Per Day: 61.95

Get a life!!

Weird, so you can't refute FACTS so you go to personal insults? You must be a conservative...

Here's an idea! Take a break from posting. You're making 62 posts a day. That is obsessive. We'll still be here when you get back....

Ah, It's 'concern' you have for me? NOT that i debunk soooo many right wing distortions and lies with REAL facts, data and credible sources? lol

 

[Dad2three]

Weird, I thought those Banksters were the ones signing the checks? Creating the underwriting standards?

Yeah they wrote all those checks after sending enforcers to twist people's arms to take out loans.

Got a LINK for that Bubba?


Examining the big lie: How the facts of the economic crisis stack up


The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States. Indeed, this might be the biggest obstacle to pushing the false narrative. How did U.S. regulations against redlining in inner cities also cause a boom in Spain, Ireland and Australia? How can we explain the boom occurring in countries that do not have a tax deduction for mortgage interest or government-sponsored enterprises? And why, after nearly a century of mortgage interest deduction in the United States, did it suddenly cause a crisis?

These questions show why proximity and statistical validity are so important.




Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom.



Private lenders not subject to congressional regulations collapsed lending standards




Examining the big lie: How the facts of the economic crisis stack up | The Big Picture

 

[Dad2three]

https://www.youtube.com/watch?v=42MAk4_DBFc

Total private Workers (excluding farms)

DUBYA JAN 2001 111,859,000


DUBYA LEAVES JAN 2009 111,397,000

LOSS OF 673,000+ PRIVATE SECTOR WORKERS



Obama Jan 2009 111,397,000


TODAY 116,594,000


That's 5+ MILLION NET private sector workers (9+ million since hitting Bush's bottom March 2010)


Bureau of Labor Statistics Data

 

[Dad2three]

You mean money flooded the US markets in the early 2000's after the dot com bust and Bush/GOP cheered on another bubble (US household debt doubled 2001-2007) without regard to regulations or standards and it will take US awhile to get out of the hole they created? Shocking

 

[Dad2three]

A Recession is when someone else loses their job. A Depression is when you lose yours.

To hell with Keynesian.

A recovery is when Barack Obama loses his.

Weird, we had 8 years of Bush/GOP 'job creator' policies, how'd we do again?

 

[eagle1462010]

https://www.youtube.com/watch?v=42MAk4_DBFc

Total private Workers (excluding farms)

DUBYA JAN 2001 111,859,000


DUBYA LEAVES JAN 2009 111,397,000

LOSS OF 673,000+ PRIVATE SECTOR WORKERS



Obama Jan 2009 111,397,000


TODAY 116,594,000


That's 5+ MILLION NET private sector workers (9+ million since hitting Bush's bottom March 2010)


Bureau of Labor Statistics Data

January 2008 employment peaked at 115977. Before the Crash............

We have just now after 6 years of Obama gone past that mark. It doesn't take into effect the population increases during that time.

The Crash happened on his watch buy you deny that the Dems had anything to do with it. Both sides are guilty of what happened. Our Gov't new damned well they were bubbling the markets. One of the main culprits was Graham who was tied to Enron.

Now as you goose step for Obama, you need to tell me how Obama CREATED ALL THOSE JOBS............Trillions in Stimulus. QE's to 4 and a half TRILLION DOLLARS.........
16.1 TRILLION in initial back door loans from the Federal Reserve...........

Fiat Currency did this. And we are headed for another crash. We have been in a downward trend since 98.............Mostly do to Free Trade in my opinion. Poverty has increased, and too many have completely dropped out of the work force.

Not to mention that China, Russia, and even Germany are looking to kill the Dollar as the Reserve Currency.

No matter what you say about this recovery, we are headed over the cliff.