For once, I would like a GOP president to clean up their own economic mess

The projected $1T deficit for 2019 is from R congress and R tRUMP passed last year.

D's are known for spending. They also try to tax to pay for spending.
R's claim to be about limited gov't, balanced budgets, no deficit spending. Until they get control of the bus, then they drive it off the cliff. It's called being hypocritical.

The saying goes, tax and spend liberals. Borrow and spend conservatives.

 

Years President Party of President Congress House of Representatives Senate Government
is:
Democrats Republicans Other Democrats Republicans Othe
2001-02 Bush, GW R 107th 212 221 2 50 49* 1 divided
2003-04 Bush, GW R 108th 204 228 3 48 51 1 unified
2005-06 Bush, GW R 109th 200 234 1 45 55 0 unified
2007-08 Bush, GW R 110th 231 204 0 51 49 0 divided
https://cstl-cla.semo.edu/rdrenka/ui320-75/presandcongress.asp

You know this stuff can be looked up.
Bush had R congress for 1st 6 yrs. The very time you make your claim about Fannie and Freddie.

 

The claim was made that Bush required homeowners to save for a down payment. The poster provided a link.

The link showed he gave $200M to people to pay for a downpayment.

Not what Clinton and the R congress did. I know they added fuel when they repealed Glass-Steagall.

 

LOL. 2007 culminated in the crash.
The trainwreck leading to the crash happened in previous years.
Hell, D's only were seated in January of 2007. And didn't have time to pass nothing but cliff falling bailouts.

 

During the 2016 presidential campaign, Fake Don promised he would eliminate the nation’s debt in eight years. Instead, his budgets would add $9.1 trillion during that time. It would increase the U.S. debt to $29 trillion according to Trump's budget estimates.

https://www.thebalance.com/trump-plans-to-reduce-national-debt-4114401

"He's an assh*le, but he's our assh*le!"
Uber-Trumper "Dirty Dunkie" Hunter
https://www.breitbart.com/local/2017/08/30/rep-duncan-hunter-calls-president-donald-trump-our-*****/​

 

The crash happened in the fall of 2008. Congressional records are clear they blocked any attempt to reform Fannie and Freddie and in fact claimed there was no problem at all as late as the fall of 2008 days before the crash

 

Glass -Steagall has nothing to do with it, and in fact it’s repeal helped keep things from getting worse.

These were HUD rules, created by the admin not a gop Congress

 

07-08....dem congress.

But man there is a lot of blue there

 

That's not what I asked. How would you be able to demonstrate who benefited more? What metrics/economic indicators would you look at?

But how does spending impact GDP? Explain it to me like I've never taken basic Macro economics

 

None of that has led or a recessionary gap.

When has a tax cut led or an inflationary or expansionary gap?

 

Then I don't understand the question. Who benefited more from what?

If you need to ask that question, that's not hard to imagine at all.

Do you know what GDP is? I assume you don't. But have you heard anybody say that it has to do with how much we produce? Do you understand that part at least?

 

What metrics/economic indicators what you use to determine who benefited more from tax cuts?

I wouldn't speak that way. I'm giving you an opportunity for you to appear more knowledgable than you actually are. All I'm asking you to do is to explain spending impact on GDP, and so far you're not doing so great.

 

minority party. They could not block anything.

 

LOL.
The very legislation passed after the great depression is repealed. And in less than 10 yrs, we get near the same result as the great depression.

Mixing of investment banking et el, was a major reason for the housing bubble and crash.
Peddle that other BS elsewhere.

 

01-06 All R. All the time. All Red.
The fire and fuel added to the housing bubble. Every American in their home policy of Bush and passed by Rs.

The United States housing bubble was a real estate bubble affecting over half of the U.S. states. Housing prices peaked in early 2006, started to decline in 2006 and 2007, and reached new lows in 2012.[2] On December 30, 2008, the Case–Shiller home price index reported its largest price drop in its history.[3] The credit crisis resulting from the bursting of the housing bubble is an important cause of the 2007–2009 recession in the United States.[4][5]
https://en.wikipedia.org/wiki/United_States_housing_bubble

Housing peaked in 06. Started decline in 06. All R, All the time.
Your fannie/freddie concern was in 03 or there abouts.

 

This isn't accurate. Financial institutions with Wholesale and Retail banking arms we less likely to go under during the recession because of their diversified risk-weighted assets. Majority of the banks that failed during the recession were pure investment banks that never held deposits, and vice-versa.

 

In 1999, Democrats led by President Bill Clinton and Republicans led by Sen. Phil Gramm joined forces to repeal Glass-Steagall at the behest of the big banks. What happened over the next eight years was an almost exact replay of the Roaring Twenties. Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008. The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.
https://www.usnews.com/opinion/blog...of-glass-steagall-caused-the-financial-crisis

Lots more info on how Glass-Steagall repeal fostered the crash.

 

https://www.usnews.com/opinion/blog...of-glass-steagall-caused-the-financial-crisis
In 1999, Democrats led by President Bill Clinton and Republicans led by Sen. Phil Gramm joined forces to repeal Glass-Steagall at the behest of the big banks. What happened over the next eight years was an almost exact replay of the Roaring Twenties. Once again, banks originated fraudulent loans and once again they sold them to their customers in the form of securities. The bubble peaked in 2007 and collapsed in 2008. The hard-earned knowledge of 1933 had been lost in the arrogance of 1999.

Again. I call BS. But post links to back up your claims.

 

This is an opinion piece... From someone who has never worked in banking... I don't know why you're using this as an authority on anything. It doesn't sound like you actually understand Glass Steagall, so I'll make it simple for you.

• Lehman Brothers
• Bear Sterns
• Myrll Lynch
• Goldman Sachs

What do institutions have in common? They were all PURE INVESTMENT BANKS and 3 of them no longer exists.

How can you say, "Mixing of investment banking et el, was a major reason for the housing bubble and crash," when the collapse of Lehman Brothers was the catalyst of the crisis and it never merged with any other banks; it never accepted deposits.

 

You made it simple with more of your personal opinion?
Please. Cite your qualifications.

James Rickards is a hedge fund manager in New York City and the author of Currency Wars: The Making of the Next Global Crisisfrom Portfolio/Penguin. Follow him on Twitter at @JamesGRickards.

I at least used a source that is in the industry.


But critics of the repeal said it crossed a firewall between commercial and investment banking, and may have led to the Great Recession of 2008. Joseph Stiglitz, winner of a Nobel Prize in economics and a professor at Columbia University, wrote in a 2009 Vanity Fair opinion piece:



“Commercial banks are not supposed to be high-risk ventures; they are supposed to manage other people’s money very conservatively. It is with this understanding that the government agrees to pick up the tab should they fail. Investment banks, on the other hand, have traditionally managed rich people’s money — people who can take bigger risks in order to get bigger returns.”
https://www.nerdwallet.com/blog/banking/glass-steagall-act-explained/


Another qualified opinion.
Less than 10 yrs after the repeal, we had the great recession.

 

It's not my personal opinion. Lehman Brothers, the catalyst of the financial crisis (later acquired by Barclays Capital), was a pure investment bank and did not merge. Bear Sterns (later acquired by J.P. Morgan) and Myrll (later acquired by Bank of American) were also pure investment banks.

Goldman Sachs got into trouble too, but was just a pure investment bank. Forgot about Morgan Stanley as well (was nearly purchased by J.P. Morgan for only $2 per share); but nothing to do with Glass Steagall.

My qualifications aren't relevant, but I work in Securities Lending Strategies, mostly related to Fixed Income for the Big 4 (not that it matter but you can figure out which one it is).

There's thousands of different things you can do "in the industry." Someone who works in the Hedge Fund space isn't necessarily going to be more knowledgable about Capital Adequacy or Treasury than a banker. It makes no sense.

 

You keep appealing to an authoring but keep referencing individuals who have never worked in banking...

None of which was because of Glass Steagall; otherwise, we would have never bailed out AIG.

What does AIG have to do with banking at all?

 

You keep appealing to yourself. So?

 

You are obviously not accustomed to reading graphs. I know this might seem "cryptic" to the uninitiated. But the source on graphs can usually be found next to coded drawings that look amazingly similar to "Source Data:"

It might seem overwhelming to you, but with practice you'll soon learn it's easier than "Finding Waldo"

True. I can't. I don't have the drive for that. There are too many interesting discussions on this forum to waste time giving kindergarten level lessons. I prefer discussions with people who are informed at least enough to understand the basics.

Stick around, though. You might learn something if you just keep reading. Who knows.... one day you might even be able to contribute something yourself.

 

I haven't used myself as an authority; I only stated that you're taking the opinions of others who aren't. Also, stating facts and logic isn't "appealing to yourself [sic]." If you bothered to really think about this issue, how do you explain that all of the major banks that didn't merge all failed? You can't always rely on Google for everything.