jbrownson0831
Diamond Member
- Jul 27, 2020
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So 3.5% thanks.
The President with the worst average unemployment rate since World War II is?
- Thread starter U2Edge
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- Mar 11, 2015
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We were in a near depression when Obama took office and Obama produced 77 consecutive months of job growth 4.5 percent unemployment and a rising stock market.
Those are the facts.
bripat9643
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Lol! That's a crock of bull doo-doo.And guess who caused the "great recession"?
I as Biden is wont to say "absolutely guarantee"!!! That all of you are totally unaware of the major cause of the 2008 recession that WRONGFULLY Blames Bush when the start of the mortgage bubble was due to Obama's lawsuit in 1995!!!
FACTS not made up information!!!
"Obama leverage the 1995 lawsuit against Citibank in Chicago that caused the housing collapse!"
That settlement was only the tip of the iceberg.
When Citibank, in April 1998, sought federal approval for a merger with Travelers Group, it only got OK from the Clinton administration progressives after it promised
in May to provide $115 billion for anti-redlining loans.
Anti-redlining promises made by other financial institutions added up to $600 billion between 1993 and 1998, according to a 2000 Treasury Department report.
It was the progressive dreams of Barack Obama that would crash the nation's economy in 2008, wipe out at least $4 trillion in equity and help keep the unemployment rate above 8% for four years.
As president, Obama would blame his predecessor, George W. Bush, and Wall Street.
But before the housing market finally collapsed, it was a young lawyer named Barack Obama who helped put the wrecking ball in motion.
Barack Obama was one of many Chicago activists who pioneered the national subprime real estate bubble, which contributed to the financial scandal which has affected the whole country.
The article is titled “With landmark lawsuit Barack Obama pushed banks to give subprime loans to Chicago’s African Americans,” and contains the following quote:
Fay Clayton, a Chicago progressive activist, initiated the discrimination lawsuit in 1994. Obama’s employer, a lawyer named Judson Miner, allied with Clayton to file a class-action lawsuit a year later.”
The suit was filed against Citibank on behalf of several African-Americans based on allegations that it had refused to issue them mortgage loans.
Originally the suit named only three plaintiffs, but it grew to a total of 186. In 1995,
Obama represented almost half of the 186 clients in his landmark lawsuit against Citibank.
Eventually, Citibank settled the suit in 1997. Their top executives negotiated with the Clinton administration “to bargain for their future.
Their future was at stake because of a successful campaign by Obama’s allies In Chicago.”
Maroney: Obama’s hidden role in subprime crisis
In a rousing speech while running for office, Senator Barack Obama quoted Judge Louis Brandeis, “Sunlight is the greatest disinfectant.” He promised that his administration would be open and transpa…www.metrowestdailynews.com
That's not what Alan Greenspan said and he was chair of the Fed when it all came down.
Greenspan Concedes Error on Regulation
For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.
But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.
He noted that the immense and largely unregulated business of spreading financial risk widely, through the use of exotic financial instruments called derivatives, had gotten out of control and had added to the havoc of today’s crisis.
But on Thursday, he agreed that the multitrillion-dollar market for credit default swaps, instruments originally created to insure bond investors against the risk of default, needed to be restrained.
“This modern risk-management paradigm held sway for decades,” he said. “The whole intellectual edifice, however, collapsed in the summer of last year.”
Many Republican lawmakers on the oversight committee tried to blame the mortgage meltdown on the unchecked growth of Fannie Mae and Freddie Mac, the giant government-sponsored mortgage-finance companies that were placed in a government conservatorship last month. Republicans have argued that Democratic lawmakers blocked measures to reform the companies.
But Mr. Greenspan, who was first appointed by President Ronald Reagan, placed far more blame on the Wall Street companies that bundled subprime mortgages into pools and sold them as mortgage-backed securities. Global demand for the securities was so high, he said, that Wall Street companies pressured lenders to lower their standards and produce more “paper.”
“The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower,” he said.
Greenspan Concedes Error on Regulation (Published 2008)
Alan Greenspan, the former Federal Reserve chairman, said he “made a mistake” in trusting that free markets could regulate themselves.
- Mar 11, 2015
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That's a lie.
Trump says he built a great economy. Numbers tell a different story.
The average quarterly economic growth under Trump, 2.5 percent, was almost exactly what it was under Obama in the second term, 2.4 percent.
www.nbcnews.com
bripat9643
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Faun
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LOL
Even you know you're lying, fucking moron. In reality, stimulus was passed about a month after Obama entered office and monies from began being flowing in FY2009. The unemployment rate peaked at 10% in October, 2009.
bripat9643
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Your chart shows that the economy peaked well before October. How could that possibly happen if Obama's boondoggle spending was responsible for it?
Toddsterpatriot
Diamond Member
Toddsterpatriot
Diamond Member
Lol! That's a crock of bull doo-doo.
That's not what Alan Greenspan said and he was chair of the Fed when it all came down.
Greenspan Concedes Error on Regulation
For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.
But on Thursday, almost three years after stepping down as chairman of the Federal Reserve, a humbled Mr. Greenspan admitted that he had put too much faith in the self-correcting power of free markets and had failed to anticipate the self-destructive power of wanton mortgage lending.
“Those of us who have looked to the self-interest of lending institutions to protect shareholders’ equity, myself included, are in a state of shocked disbelief,” he told the House Committee on Oversight and Government Reform.
He noted that the immense and largely unregulated business of spreading financial risk widely, through the use of exotic financial instruments called derivatives, had gotten out of control and had added to the havoc of today’s crisis.
But on Thursday, he agreed that the multitrillion-dollar market for credit default swaps, instruments originally created to insure bond investors against the risk of default, needed to be restrained.
“This modern risk-management paradigm held sway for decades,” he said. “The whole intellectual edifice, however, collapsed in the summer of last year.”
Many Republican lawmakers on the oversight committee tried to blame the mortgage meltdown on the unchecked growth of Fannie Mae and Freddie Mac, the giant government-sponsored mortgage-finance companies that were placed in a government conservatorship last month. Republicans have argued that Democratic lawmakers blocked measures to reform the companies.
But Mr. Greenspan, who was first appointed by President Ronald Reagan, placed far more blame on the Wall Street companies that bundled subprime mortgages into pools and sold them as mortgage-backed securities. Global demand for the securities was so high, he said, that Wall Street companies pressured lenders to lower their standards and produce more “paper.”
“The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower,” he said.
Greenspan Concedes Error on Regulation (Published 2008)
Alan Greenspan, the former Federal Reserve chairman, said he “made a mistake” in trusting that free markets could regulate themselves.www.nytimes.com
“The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower,” he said.
It's true, starting with Clinton and getting worse under Bush, HUD forced
Fannie and Freddie to buy ever larger percentages of subprime mortgages.
This demand made the bubble and the burst much worse.
Toddsterpatriot
Diamond Member
Dagosa
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- Oct 22, 2012
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Exactly. The measure of success of a presidency isn’t always apparent unless you compare it to what he was saddled with when he came into office. Trump was “saddled with an improving economy“ as was Bush, and both managed to fuck things up, mainly by driving the entire middle class into debt.
Dagosa
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Guaranteed low interest rates for gov sponsored home loans was the trade off Clinton gave for deregulating bank stock market investments so banks could make up for their loses on the other end. This made home ownership a reachable dream for the lowered middle class. It was suppose to be monitored by the Fed under Bush. It wasn’t. It’s a GOP fk up. .
Dagosa
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- Oct 22, 2012
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A declaration with no prove by the crazies of the trump, lunatic fringe. .
Dagosa
Gold Member
- Oct 22, 2012
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How wasn’t it. You have the facts. Trump was an imbecile during the entire pandemic.
bripat9643
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The end of a long expansion is the worst time to begin a presidency, dumbass. Start right at the end of a recession is the best time. Of course, you dumbass progs will never admit that.
bripat9643
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In other words, it wasn't.
Concerned American
Diamond Member
And we're headed for another burst bubble as we speak -- for the same reasons. Biden is too stupid to learn from previous mistakes.
bripat9643
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Not nearly as big of an imbecile as you were.
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