Yes, and their battle was purely rhetorical. I don't think you are following what I am trying to to say. Maybe that is my fault.
Nonsense. Everything that is legal is not therefore "permitted by the government". Large mortgages that people could barely afford have always been and will always be legal. The nefarious overvaluation of these assets caused the crash, coming both ways. For one, people got incentivized to walk away from these mortgages, when they went underwater.
Well, Dairy, if you simply don't believe me then what good would it do for me to produce all kinds of statistics about the mammoth size of Millennials' college debts, their personal indebtedness for all the frivolous crap they buy (smartphones costing hundreds of dollars with 'data' plans that cost that much every year comes immediately to mind), and their well-known dependency on "Mommy and Daddy"? The recovered nature of the economy and low unemployment notwithstanding, a lot of them are still at the old family home, mooching a living off their parents.... But here's a few 'nuggets' for you, whether you choose to believe them or not: Approximately 43 million Millennials have student loans, with an average balance of $30,000. In 2017, average student loan debt reached $39,400, an increase of 6% compared to 2016. How big was your college 'loan' debt when you graduated, Dairy? I worked my way through the University of Texas, and owed nobody a penny when I graduated. I earned my own money, and I paid my own way.... According to a new survey from Zillow Group Inc. (ZG - Get Report) , approximately 22.5% of millennials ages 24 through 36 are living at home with their moms or both parents, up nine percentage points since 2005 and the most in any year in the last decade. After you graduated from college, did you go home to live with Mommy and Daddy? Yeah... neither did I. Now, I picked to middle-of-the-pack years from the 1970's to show you a couple of the "statistics" you wanted to see: 1974 -- Unemployment rate: 7.2% ... GDP: -.05% 1975 -- Unemployment rate: 8.2% ... GDP: -.02% Does that look like a "rose garden" to you? Remember? Remember when gasoline prices nearly doubled overnight...?! And, you may enjoy this: http://www.pewresearch.org/fact-tan...ns/ft_17-03-16_generations_ideology_detailed/
You just went from millenials being dependent on gov't to being in debt to gov't. I am not sure you know what you're trying to convey. Rose garden? What rose garden would you be referring to? It is well known, and has been the same for most of history, young people are more liberal. Always will be.
The rules and regulations on mortgages for the banks had been loosened over those years, when the GOP was in charge.
pollycy, please read dairy more carefully. I remember when going to law school in Texas was $7 a credit. It is now $30,000 and more in tuition. Different day for millennials now than for boomers back then.
I'm not sure anything is your fault. The "battle" was Russia vs. the United States in a Geo-political stage. Obviously Obama chose to ignore the Russian threat. Or did he? It's hard to say. He laughed at the thought of Russia being a threat to the US. Meanwhile the Right Wing of the US expressed the extent of the threat Russia was.... But idiots still defend Obama. Go figure.
If you reply with a "quote"...the individual you are responding to can actually be notified that you replied to them. Guess the Alt Left radicals haven't figured this out yet
Yes, true, but we have a lot of work to do to address the derivatives market. We have always flirted with giving out big , risky loans. That alone cannot crash the economy.
And Obama qas using a rhetorical device to control the rhetoric. He didn't suddenly ease national security measures against Russia. Putin deal Obama and Hillary for continuing both their isolation of Russia and their attempts to bring Russia neighbors into the EU and into NATO.
Where the hell were the 1.1M more voters who voted in the midterm for democrats that didn't vote when it was Hillary V Trump. What clowns!
More importantly, to my mind: why are you blaming Obama for doing nothing, instead of taking credit for it? It was literally the stated strategy from day one by the republicans. Now they want to give away the credit all their hard work? Weird.
Saving capitalism by bailing out corrupt, failed banks is like saving a heroin addict by injecting them with more heroin...
Okay, what should they have done at that juncture? Your guy seems to be praising that economy right now, but you seem to think we don't have Capitalism right now. Pure Capitalism is a Libertarian fantasy in your mind, what you see is what you get.
Well, instead of bailing out the banks, they could have bailed out American homeowners instead. They could have taken all the money they shoveled at banks and simply used it to pay down the mortgages that were causing the contagion in the first place. The banks still would have gotten an infusion of money, but the American people would have benefited as well. The biggest problem with that solution, from the point of the oligarchs who own the country, is that it would have given millions of Americans financial freedom and independence. They don't want Americans free and independent. They want Americans enslaved to them through taxes, debt, and onerous laws. Trump is not my guy. If capitalism is defined as private property and free markets, then bailing out failed businesses with taxpayer money is clearly at odds with that. I never said I wanted capitalism, pure or otherwise. You're the one who seemed to be celebrating its alleged rescue. What I want is a decentralized political order that allows communities to organize their economies in a way that reflects their unique circumstances. Whether they pursue capitalism, socialism, or some combination of the two should be decided largely on a localized basis.
Okay they bail out the homeowners, but then the homeowners go to their atms and the money isn't there. Do you think it would be good in this system, if people didn't have access to banks? The banks were so drowning in CDOs and Synthetic CDOs that the bubble collapse caused the shorts to kick in and almost triggered a mass financial collapse with no banks having sufficient liquidity to do business. Banks keep a bit more liquidity just in case now, but the low interest recovery period is over and the debt fueled decade will catch up with us in the interest. We learned nothing because we put Republicans back in power to deregulate wall street and create new subprime markets and CLOs, which who knows how much capital is mixed up in the derivatives markets over this stuff. The global economy is utterly reliant on financial engineering of Wall Street, that was an intended design by the Neoliberals. This is Capitalism as it actually is in the world, $247 trillion global debt with quadrillion mixed up in derivatives and excess savings and lack of investment. More austerity rushed in by Trump to try and lower the deficit will be too late, the economy will start to decline and tax revenues will start to decline, so those cuts won't mean much towards the deficit thanks to these tax cuts. The debt will be flying through the roof and by that point I expect Trump to be utterly hostile or on the ropes, so I doubt there will be much working together. Trump getting elected when we have this issue to solve is a catastrophe, he just put the old system back in place except now he is destabilizing the US-Chinese Debt loop which was essential to that system's needs for borrowing. This is what you get when you put all the real power in the hands of executives from Goldman Sachs. We need to really reconceive and reconfigure how we do things in this economy, our rate of consumption is unrealistic and detrimental to the environment, we are booming in fossil fuel when we only have limited time to really get control of our emissions, our rate of consumption and demand for growth requires way too much debt, and the inequality is about to get way worse with the next recession.
Nah, I think it was pretty clear and coherent. I think you think so, too. It's just that you felt compelled to retaliate, and "incoherent" was the only word that came to you.
