GOP should be tried for economic treason...

Discussion in 'Economics & Trade' started by One Mind, Jul 13, 2015.

  1. freakonature

    freakonature Well-Known Member

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    You need yup read some current data....we are going back into a recession because we never truly entered a recovery. Thank you president Obama.
     
  2. AFM

    AFM Well-Known Member Past Donor

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    Yes, average annual economic growth under Obamanomics after the recession ended in 2009 has been a pathetic 1% per capita.
     
  3. polgara

    polgara Member Past Donor

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    Yeah, We've got a lot to thank Obama for. 1) Doubling our debt to $18 trillion dollars in six years; 2) encouraging illegals to come here, and then taking real good care of them with all kinds of handouts while they take the jobs blacks used to have; 3) watching while the SCOTUS slapped him twice by unanimous vote which included four Dem Justices BTW, for overreaching his authority 4) his non-stop effort to eliminate the Second Amendment which gives citizens the right to have guns for personal protection from predators, including our own government; 5) signing an agreement with Iran from which we got nothing and they got everything they wanted, including their money that was sanctioned until they obeyed international law - which promise they have already broken BTW, but they still got much of their money anyway; 6) encouraging unrest between blacks and whites by using inflamatory rhetoric instead of acting as a peacemaker for all groups; and lots more - but why beat a dead horse when most people already know these things and many more.

    As far as your last comment regarding Democrats improving the economy, why are schools forced to provide breakfast and lunch for hungry children if what they're doing is so effective? 50 million people on food stamps tells its own story, and how about the 100 million people that don't have a job that want one so they can provide for their family?
     
  4. Mr_Truth

    Mr_Truth Well-Known Member

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    All over the Twin Cities there are NOW HIRING signs everywhere.

    Mr Obama reversed the Great Recession caused by traitor Bush.


    As Harry S Truman said, If you want to live like a Republican, vote Democrat.
     
  5. Mr_Truth

    Mr_Truth Well-Known Member

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    ~ Dick Cheney, deficits don't matter


    ~ race problems? blame Fox, Breitbart, Rush Limbaugh, and Ann Coulter

    ~ Iran has bothered no one

    ~ "Obama will take away your weapons" - same nonsense we've heard for 7 years

    ~ illegals? they were brought in by Bush - Obama has closed the border





    Thank you Mr Obama - you are a true HERO and patriot.
     
  6. freakonature

    freakonature Well-Known Member

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    Minnesota, lol.
     
  7. Seth Bullock

    Seth Bullock Well-Known Member Past Donor

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    Close, but not exactly. What is important is trade equity. The U.S. should insist that if we import a billion dollars worth of Chinese goods, that they import a billion dollars worth of our goods that are made in America.

    And the U.S. should aggressively seek to induce manufacturing to come back to America. I would be fine with "no corporate income tax" for manufacturing and "no personal income tax" for the first $50k earned in a company that manufactures goods.
     
  8. lynnlynn

    lynnlynn New Member

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    The ballot box will not change this. All politicians know that if they don't go along with the insanity that is exploding on the public created by those that work for our government would never have a chance of getting elected if they attempted to reverse the course they are on of making us all poor servants.
     
  9. lynnlynn

    lynnlynn New Member

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    The government would be broke if they did that. Nothing is going to change but get worse because our government would never consider being reduced to a smaller government. I wish most of the public would put aside their petty differences and join together to stop our government from further destruction to its people.
     
  10. lynnlynn

    lynnlynn New Member

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    5 million jobs have been added since 2011 and all those jobs have been part time. We lost 3 million jobs that were full time and are now part time. How does anyone believe that we had any recovery at all is beyond me.
     
  11. Seth Bullock

    Seth Bullock Well-Known Member Past Donor

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    Part of the reason the government is broke right now is that the middle class is disappearing. I am talking about bringing back manufacturing that has gone completely away. That sector of wealth generation that we have lost is not producing income for anyone except foreign workers and corporate stockholders. The more wealth generated in this country, the better off the government is. And besides, the government is supposed to be the servant of the people, not the other way around. Thanks for the feedback.
     
  12. JakeJ

    JakeJ Well-Known Member Past Donor

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    Liberals and Democrats destroyed American jobs and industry with endless liberal policies and regulations. There is no weaseling out of that basic truth.
     
  13. lynnlynn

    lynnlynn New Member

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    Many businesses have moved to foreign countries but in California, Texas and New York which is our biggest places of exports is still doing well. The problem is our imports is higher then exports and that is not good.

    - - - Updated - - -

    I am surprised you didn't add Republicans too.
     
  14. AFM

    AFM Well-Known Member Past Donor

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    Why is that not good? In times of US prosperity we typically import more than we export. Also low exports signify high costs of production relative to other nations. This includes our highest global business income tax rate.
     
  15. AFM

    AFM Well-Known Member Past Donor

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    Ah, yes - it was Bush's fault. Here is really what happened with regard to the housing bubble and financial crisis:

    The housing bubble and financial crisis are actually two different things although the collapse of the housing bubble resulted in the financial crisis. The housing bubble was caused by the lowering of lending standards due to the HUD requirement that Fannie and Freddie make a set percentage of loans to low income borrowers. This policy was initiated by Bill Clinton and was based on an interpretation of the Community Reinvestment Act. At the end of Clinton's term that percentage was 50%. This was increased to 55% by the Bush administration. The lowering of the lending standards was used by unscrupulous mortgage lending firms like Countrywide and New Century to make many other high risk loans. Adding to the housing bubble was the easy money policy of the Fed which made loans easier to afford due to low interest rates. The housing bubble suddenly burst in 2008. This was similar to the dot.com bubble which burst in 2001 and recovered from by 2003 but why was the financial industry so terribly affected this time.

    The financial crisis triggered by the housing bubble collapse was the result of a combination of financial and banking regulations going back to 1936 (See the list below). Mortgage backed securities have been around for years before the 00's. They are securities formed by conglomerating home mortgages and are a way for investors to earn a return through the housing market. They have historically been very safe investments. The HUD housing policies however resulted in a portion of the MBS's created in the 90's and 00's to consist of the subprime and other low standard loans. The Basel rules were based on the assumption that securities consisting of home mortgages were of very low risk. Therefore the reserve requirements for MBS's were set at a very low rate of 5%. This meant that for every $50K of MBS's that a commercial or investment bank had it could make loans totaling $1M. Since banks make money from loans they would use the investment vehicles with the lowest reserve requirement. And very many of them did. They bought AAA rated MBS's (the ratings were determined by the National Ratings Agencies - Fitch, Moodys, and Standard and Poors). This was required by gov regulation. But the ratings agencies were not doing due diligence on the make up of the MBS' which was unknown to the banks involved who trusted the ratings and Basel guidelines. Collapse of the housing bubble caused foreclosures in the subprime mortgages especially. This created fear and uncertainty in the value of the MBS's even though they were still paying ~ 90% of their returns. The market price dropped (in some cases a price could not be determined because no one was interested in buying). This is where the mark to market rule came in resulting large paper and consequently the banks reserves falling below the already low 5%. The bailout from the gov started out as TARP which was passed to buy up all these MBS's which had now large paper losses due to mark to market. It was quickly changed however to give money directly to the banks so that they could bring their reserves up to the 5% level. Bear Stearns was bailed out but Lehman was allowed to fail. This resulted in uncertainty and the credit markets froze (none of the banks wanted to lend to other banks who might not be bailed out). Some commercial banks like WaMu also had MBS's in reserve and ended up being taken over.


    The analysis of what happened is contained in the book by Friedman and Kraus – “Engineering the Financial Crisis” – 2011. As can be seen these rules were issued over the years with no analysis on how they might conspire together to set up a catastrophic house of cards situation due to the homogenization of asset mix held by many of these investment houses. Collapse of the housing bubble which affected these assets including MBS’s (whose contained loans were still paying at ~ 80%) then lost value due to the market price dropping way below value triggering large paper losses due to mark to market accounting rules. This reduced the capital and lending capacity of the banks due to Basel I and the Recourse Rule (an adoption in the U.S. of part of what later became Basel II), which specify those capital requirements. The conflation of all of this resulted in the financial (really the banking) crisis. The authors also show that the repeal of Glass Steagal had nothing to do with the financial crisis. Glass Steagal prevented the mixing of private deposits with investments and that was not a factor. Here are the set of regulations:



    1. SEC Regulations from 1936 requiring mandated minimum ratings for a growing number of institutional investments.

    2. SEC decision in 1975 to confer NRSRO on the big three ratings agencies.

    3. Basel 1 from 1978 which established favorable risk weighting for mortgages and GSE issued MBS’s.

    4. Mark to market accounting established by FAS 115 in 1993 and refined by FAS 157 in 2006.

    5. HUD targets for mortgages to low-income families in the late 1990’s resulting in reduction of down payment requirements for the GSE’s.
    ++
    6. Recourse Rule issued by the FED, FDIC, and Office of the Comptroller of the Currency, and the Office of Thrift Supervision.
     
  16. Mr_Truth

    Mr_Truth Well-Known Member

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    Of course, the international boycott brought on as a reaction to traitor Bush's wars did not help the USA economy.

    But wait ~ let's say BLAME OBAMA!
     
  17. AFM

    AFM Well-Known Member Past Donor

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    What international boycott was that ??
     
  18. Ted

    Ted Banned

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    so all individuals, cities, states, regions, and countries who freely trade with other cities, states, regions, and countries would be better, off not worse off, without free trade?

    So Maine should start growing own oranges, Iceland its own bananas, and The Congo should start producing its own smart phones??

    We have free trade because economists on both sides know it is best. Obviously an issue above a liberals ability to comprehend. Is any other conclusion possible?
     
  19. Mr_Truth

    Mr_Truth Well-Known Member

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  20. Ted

    Ted Banned

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    actually, 97% at NY Times, WP. ABC,CBS, NBC self identify as left wing. Sorry to rock your world.
     
  21. Ted

    Ted Banned

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    yes gone away because of liberal policies:

    1) highest liberal corporate taxes in world
    2) huge liberal budget deficits
    3) huge labor unions

    and this is not to mention the liberal war on the family, schools, and religion that renders millions of Americans unfit for middle class work.
     
  22. Daniel Light

    Daniel Light Well-Known Member

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    Dude really?

    You JUST stated that there was a debt of 11 trillion left over from the Reagan and Bush years, then you claim the right shares no blame in the debt. Total cognitive dissonance.
    Roses grow from no politicians butts, right or left, on the debt issue.
     
  23. Ted

    Ted Banned

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    of course thats 100% absurd. Republicans have tried to make the deficit illegal 32 times but each effort was killed by Democrats whose first priority is always more welfare spending with which to buy more votes. 1+1=2
     
  24. Mr_Truth

    Mr_Truth Well-Known Member

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    that's what right wing pundits say

    but Faux, worldnet, breitbart, AM radio, and others are all right wing - they lack the honesty to admit traitor Bush caused the economic recession through his stupidity
     
  25. Ted

    Ted Banned

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    no dear I said they self-identify as left wing. Do you know what that means?? Care to apologize?
     

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