[Educational Post] What an ignorant oversimplification of economic history above! The great recession was caused by bad housing loans, many spurred on by the Community Reinvestment Act (pre-dated Bush), which paved the way to lend money to bad credits. Mortgage companies and banks got loose with their underwriting -- hardly the fault of the President at the time, who represents only 1/3rd of the branches of government. Obama on the other hand, by strangling the country with regulation, weak foreign policy, misguided attempts to prop up unions and raise the cost of energy by subsidizing green energy fantasies, put a lid on economic growth. It was the weakest economic recovery in our country's history. The weak economic growth was DESPITE zero percent interest rates throughout the duration of Obama's 8 years, as well as several rounds of quantitative easing (money printing). Literally the most pro-growth monetary policy in the history of civilization, and his flawed policies couldn't grow the economy. That says something. This was clearly acknowledged by the voters, and it resulted in his party being ushered out of power. KNOWLEDGE IS POWER #WERISE
Regan tripled the national debt. The percentage Obama increased the debt was less than W. There is something called inflation and time value of money.
[Premium Post] Sizzle Chest, I am smarter than you, more gorgeous than you, and have far more panache than you. What really, does that leave you with? GOOD DAY
Yes... national debt is a big issue. I believe we have a duty to leave our country in better shape for the next generation. That is NOT happening. We are taxing our great grand children to death before they are even born. Both parties are absolute garbage on this issue. Democrats raise taxes and raise spending. Republicans cut taxes and raise spending. If you cut the entire government budget across the board 25% and left taxes the same it would take 40 years to pay off the debt. That doesn't even include the interest. I will most likely vote 3rd party in large part because of this issue.
I agree wholeheartedly with the essence of your post, just one disagreement: "entitlement" is becoming an increasingly disparaged term.
the intellectually dishonest Traitor George is at it again, cherry-picking piecemeal info. it is just half assed background info Clinton was the only post-WW2 POTUS to generate a budget surplus. During Slick Willie's tenure, the DOW had risen from ~4,000 to ~12,000 GWB inherited a sizable budget from Clinton, and then pissed it all away in less than 7 months when he passed a permanent tax cut, one that the economy could not afford without additionally borrowing. GWB's incompetence led to the mortgage meltdown, then the bankruptcy of the financial industry. monthly job losses were in the hundreds of thousands, in 2007/2008. His half assed attempt to bail up the financial industry failed miserably. these mishaps drove up the national debt to a level more than all his predecessors had accumulated. during W's tenure, the DOW plummeted from ~ 12,000 to 8,000 this was the economic landmine that O had step into one of O's first accomplishment, right off the bat, was to bail out the financial industrial successfully. doing so necessitated doubling the national debt, mostly it's interest payment on the debt. but, this added stability to the economy, monthly job losses were declining, to such an extent that, during O's last 6 years, the US economy enjoyed 70+ consecutive months of position job creation, avg ~ 100K a month. During O's tenure, the DOW had risen from ~ 8,000 to ~24,400 During his campaign, in mid-2016, Trump was mocking the National Debt under O, which was hovering ~~ $19 Trillion, promising to lower it by at least $2 Trillion. Thus far, 18 mos into the Trump presidency, the National Debt has risen to $21 Trillion; it is trending in the wrong direction
Please stop repeating these lies. The mortgages that blew up have nothing to do with the Community Reinvestment Act. They have to do with bankers having access to more money due to the repeal of Glass-Steagall and therefore making bad loans. The CRA actually tries to prevent making bad loans. I know you haven't forgotten Obama taking over Bush-s failed economy and having to pump money in to prevent total collapse
for the education of Traitor_Geroge insofar as bankers making bad loans and esoteric derivative instruments such as tranche financing and credit default swap, the key drivers for the mortgage meltdown
Only a big deal with a democrat is in office. When you have a Republican, it's no big deal because increasing it is what they do
No, it wasn't bad loans really or Obama or Clinton or Bush's fault only in that they had no clue about mortgage financial engineering which you obviously don't either. Both you and Jorge are deeply wrong. The markets crashed because people used CDS to insure their bond debt to the point they were way overcapitalized. So it only took a few defaults to cascade the house down. When the defaults started happening, companies like Lehman would activate the CDS to get their par value, but the company that issued all those CDS didn't have the money to cover trillions of dollars in contracts all at once- so it defaulted which in turn defaulted Lehman brothers. The problem was that there was twice as much in CDS as there was value in the stock market. It was around 50 TRILLION dollars. Imagine if all of a sudden your $50 Trillion lost 90% of it's value in a few hours. The company selling the CDS couldn't keep up with the payments and collapsed. That company was AIG. This isn't about failed mortgages - that was just one domino that helped set the current situation into motion. This is about overcapitalization and a lack of understanding of the risk you are taking.
another words, bad loans and esoteric derviative instruments that even the investment bankers don't understand ur just arguing for the sake of arguing
no, difference between bad loans. The problem wasn't the borrowers, it was the sellers. You just have no clue what you are talking about.
Lou at least drew attention to the concentration of all the sector's hedges under a single entity in a way that couldn't handle a catastrophic event. You were trying a little too hard to frame the crisis in an American political context to then delineate winners and losers by electoral party. The recovery in particular was the result of regulators and legislators in both parties agreeing underwrite and release capital.
Democrats have made those attempts. We had a surplus for a short time under Clinton until Bush busted the budget to give tax cuts to rich people. Trump didn't even wait for a surplus to do his tax giveaway. The reason we have so much debt is because we have repeatedly cut taxes on the wealthy for nearly a half century.
No, yours are always propaganda posts. Too bad you don't have an understanding of the simplified economic history. You forgot the necessary component of Wall Street bundling these crap mortgages together and the ratings agencies giving them AAA status. Without this one, necessary condition, banks carry the risk and aren't repackaging it out of existence. This is just about the only accurate thing in your statement. The loose underwriting wasn't due to the President, it was due to Wall Street, which bought up every mortgage it could find, crap or not, and bundled them up, then called them AAA securities. Not even remotely. I don't call "strength without putting boots on the ground" weak at all, it is pragmatic to not get engaged in expensive wars of occupation when the economy is bad at home. You do realize that energy costs dropped pretty dramatically under Obama, right? The "lid" under Obama was put there by Republicans refusing to consider anything and everything he proposed in their attempt to make him a "one-term president." Second weakest, the Great Depression lasted longer and the only reason we got out of it was through the boom caused by WWII production. You realize those zero percent interest rates started before Obama took office, right? I love how you don't understand such a simple concept as QE. You realize the economy grew under Obama, right? You realize that Obama was reelected to a second term, right? Too bad you don't have any, all you have are the turds fed to you off Bullsh!t Mountain. I doubt you rise out of your Hoveround scooter all that much.
