The Truth about Immigration

Discussion in 'Political Opinions & Beliefs' started by Lucky1knows, Sep 17, 2022.

  1. JonK22

    JonK22 Well-Known Member

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    Economic Downturn and Legacy of Bush Policies Continue to Drive Large Deficits
    Economic Recovery Measures, Financial Rescues Have Only Temporary Impact
    https://www.cbpp.org/research/econo...ush-policies-continue-to-drive-large-deficits

    The Great Recession

    Lasting from December 2007 to June 2009, this economic downturn was the longest since World War II.

    The unemployment rate, which was 5 percent in December 2007, rose to 9.5 percent in June 2009, and peaked at 10 percent in October 2009.

    The financial effects of the Great Recession were similarly outsized: Home prices fell approximately 30 percent, on average, from their mid-2006 peak to mid-2009, while the S&P 500 index fell 57 percent from its October 2007 peak to its trough in March 2009. The net worth of US households and nonprofit organizations fell from a peak of approximately $69 trillion in 2007 to a trough of $55 trillion in 2009.
    https://www.federalreservehistory.org/essays/great-recession-of-200709

     
  2. JonK22

    JonK22 Well-Known Member

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    Corporate Profits Reached Record High in 2011 - AEI

    The chart above shows after-tax corporate profits for U.S. corporations as a whole, which set a new record high in 2011 of more than $1.5 trillion, ...
    https://www.aei.org/carpe-diem/corporate-profits-reached-record-high-in-2011/

    [​IMG]

    Corporate profits hit record as wages get squeezedhttps://money.cnn.com › 2012/12/03 › news › economy

    Dec 4, 2012 — In the third quarter, corporate earnings were $1.75 trillion, up 18.6% from a year ago, according to last week'si gross domestic product report.
    https://money.cnn.com/2012/12/03/news/economy/record-corporate-profits/index.html


    Dec 4, 2012


    3rd Quarter Corporate Profits Reach Record High-Worker Pay Hits Record Low:So How Exactly Is Obama The 'Anti-Business' President?
    https://www.forbes.com/sites/rickun...-the-anti-business-president/?sh=245d8609364b


    JUNE 29, 2022

    Column: The big contributors to inflation you’re not hearing about: profiteering corporations
    The bigger story is that the expansion of corporate profit margins has far outpaced wage gains over the last two years, including the period of surging inflation. From the first quarter of 2020 through the end of 2021, corporate labor costs increased by about 7%, but corporate after-tax profits by nearly 14%, according to the Bureau of Economic Analysis.


    Konczal and Lusiani found that whereas average corporate markups, a fair proxy for profits, averaged about 26% above marginal costs from 1960 through 1980 and about 56% during the 2010s, they shot up to 72% in 2021.


    “In other words,” they wrote, “in 2021, we see a sharp increase in ... firms in the aggregate decoupling their prices from their underlying costs.”
    https://www.latimes.com/business/story/2022-06-29/how-corporations-contribute-to-inflation


    NO PAYWALL LINK
    https://archive.ph/bHsn0

    SEP 26, 2019
    Trump’s Corporate Tax Cut Is Not Trickling Down
    Business investment is slowing, despite lofty promises, and worker bonuses were a mirage.
    https://www.americanprogress.org/article/trumps-corporate-tax-cut-not-trickling/

    'Shameful': Trump Aiming to Gut Rules That Prevent Corporate Offshore Tax Dodging
    "The same administration that tried to cut food stamps to save money wants to make it easier for companies to avoid paying taxes by hiding their profits offshore."
    https://www.commondreams.org/news/2...-rules-prevent-corporate-offshore-tax-dodging

    The Mixed Impact of U.S. Corporate Tax Cuts
    Slashing business taxes brings some local investment but fewer overall U.S. jobs, new research finds.

    https://www.gsb.stanford.edu/insights/mixed-impact-us-corporate-tax-cuts

    Dec 5, 2019 — US lost more tax revenue than any other developed country in 2018 due to Trump tax cuts, new report says
    https://www.cnbc.com/2019/12/05/us-tax-revenue-dropped-sharply-due-to-trump-tax-cuts-report.html

    The TCJA 2 Years Later: Corporations, Not Workers, Are the Big Winners
    The massive corporate tax cut is costing more than expected and not trickling down to workers.
    https://www.americanprogress.org/article/tcja-2-years-later-corporations-not-workers-big-winners/


    DAMN YOU OBAMA
     
    Last edited: Sep 22, 2022
  3. Alwayssa

    Alwayssa Well-Known Member

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    the point I was making was that he specifically said San Diego with Qualcomm, their headquarters. It is obviously coming from personal experience. Your statistics do lead creditbility to his claim with 40% of the workforce being "Asian" which can include Asian Indians. You neither disproved his claim nor proved your claim. That was the point.

    The point he was also making is that Tech Emloyees tend to be Asian, not American. This is a personal experience and the fact that our computer science degrees are pretty much crap compared to the rest of the world. They don't teach the skills needed, just the programing information and that is it. This is why with a lot of degrees from American Universities, especially business degrees and certain other specialties, the skills required for that job are never taught and why employers look at skills, not the diploma you received, at least in the USA.
     
  4. Marine1

    Marine1 Well-Known Member Past Donor

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    Bush has to take some blame for the housing fiasco, that's true. But Democrats were up to their neck in it and for much longer than Bush. Bill Clinton pushed banks into loaning money to people so poor they couldn't qualify for home loans. If they didn't meet his quota, the government sued the banks. They did that all through Clinton's and Bush's term. As I pointed out, Obama had 13 million more on food stamps when he left office than he had when he entered office after the crash and you have to know there were a lot on food stamps when he came in. Of course it didn't help when Obama was looking for good jobs and NY and California were hiring the Chinese to build their roads and bridges for them instead of hiring American firms to do it.

    Here was the very start of the fall of the banks, by pushing banks to make loans to the poor, when they couldn't afford them.

    Please catch the date of this article.



    U.S. To Push Banks on Credit in Poor Areas

    December 09, 1993|ROBERT A. ROSENBLATT and CHRIS KRAUL | TIMES STAFF WRITERS


    WASHINGTON — The Clinton Administration, hoping to generate billions of dollars in new loans for small businesses and residents in poor and minority neighborhoods, on Wednesday unveiled proposed new rules requiring banks and thrifts to aggressively seek new customers in all parts of their communities.

    Federal regulators will now be much tougher in demanding that financial institutions make credit available to the poor as well as the affluent, said Comptroller of the Currency Eugene A. Ludwig, whose recent travels have taken him from South-Central Los Angeles to a reservation in North Carolina to hear complaints about the lack of credit in low-income areas.

    http://articles.latimes.com/1993-12-...ommunity-banks
     
  5. Marine1

    Marine1 Well-Known Member Past Donor

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  6. Alwayssa

    Alwayssa Well-Known Member

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    But not in percentage as a population. Yes, we take in a million persons per year as immigrants with a total US population of 330 million. Believe it or not, the country with the highest population of immigrants is UAE, with 88% of its population defined as an immigrant. And the US population is about 15% immigrants according to the US Census of 2020. Other countries that include higher than us as a percentage of the population include Australia at 30%, Germany at 18.8%, Jordan at 33.9%, Oman at 46.7%, Switzerland at 28.8%, Israel at 22.5%, New Zealand at 26.5%, Macau at 62.4%, Luxembourg at 47%, and a whole bunch of others in the second link below.

    https://www.visualcapitalist.com/cp...e last 30 years,defined as immigrants in 2020.

    https://worldpopulationreview.com/country-rankings/immigration-by-country
     
  7. Alwayssa

    Alwayssa Well-Known Member

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    A lot of that had to do with the financial crisis of 2007 through 2009.
     
  8. Marine1

    Marine1 Well-Known Member Past Donor

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    Barney Frank lies about his role in creating the housing bubble. This was in 2005.

     
  9. JonK22

    JonK22 Well-Known Member

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    GAWD THAT WEAS DEBUNKED YEARS AGO

    No, the CRA Did Not Cause the Financial Crisis

    Let’s just be clear about what the CRA does and doesn’t do. It simply says that if you open a branch office in a low income neighborhood and collect deposits there, you are obligated to do a certain amount of lending in that neighborhood. In other words, you can’t open a branch office in Harlem and use deposits from there to only fund loans in high-end Tribeca. A bank must make credit available on the same terms in both neighborhoods. In other words, a “red line” can’t be drawn around Harlem, a term that dates to when banks supposedly used colored pencils to draw no-loan zones on maps.


    Showing that the CRA wasn’t the cause of the financial crisis is rather easy. As Warren Buffett pal Charlie Munger says, “Invert, always invert.” In this case, let’s assume Moore and Kudlow are correct, and the CRA did require banks to lend to unqualified, low-income buyers. What would that world have looked like?


    Here’s what we should have seen:


    Home sales and prices in urban, minority communities would have led the national home market higher, with gains in percentage terms surpassing national figures;
    CRA mandated loans would have defaulted at higher rates;

    Foreclosures in these distressed urban CRA neighborhoods should have far outpaced those in the suburbs;
    Local lenders making these mortgages should have failed at much higher rates;
    Portfolios of banks participating in the Troubled Asset Relief Program should have been filled with securities made up of toxic CRA loans;
    Investors looking to profit should have been buying up properties financed with defaulted CRA loans; and
    Congressional testimony of financial industry executives after the crisis should have spelled out how the CRA was a direct cause, with compelling evidence backing their claims.


    Yet none of these things happened. And they should have, if the CRA was at fault. It’s no surprise that in congressional testimony, various experts were asked about the CRA — from former Federal Deposit Insurance Corp. Chairman Sheila Bair to the Federal Reserve’sdirector of Consumer and Community Affairs — and none blamed the crisis on the CRA.

    If that isn’t enough to dismiss the claim, consider this: Where did mortgages, especially subprime mortgages, default in large numbers?

    It wasn’t Harlem, Philadelphia, Baltimore, Chicago, Detroit or any other poor, largely minority urban area covered by the CRA. No, the crisis was worst in Florida, Arizona, Nevada and California. Indeed, the vast majority of the housing collapse took place in the suburbs and exurbs, not the inner cities.

    Now consider that much of the rest of the developed world also had a boom and bust in residential real estate that was worse than in the U.S. Oh, right — those countries didn’t have the CRA.

    https://ritholtz.com/2016/06/no-cra-not-cause-financial-crisis/
     
  10. Marine1

    Marine1 Well-Known Member Past Donor

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    Tax cuts did increase corporate profits and those profits shows up in share holder's investments. Millions of Americans have their pensions and 401-K's in these companies. Where do they get off saying worker pay reached record lows? Not during Trump;s term. Obama's yes. I posted how both blue collar and middle class wages went way up during Trump. Middle class wages saw record highs. I even posted the kind of jobs Obam's policies created and most of my sources were from the Far Left. Over 90% of Obama's job creation was in the service industry and many of those were part time and paid no benefits.
     
  11. JonK22

    JonK22 Well-Known Member

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    Barney Frank? Minority member of the House until 2008? What super duper powers did he have?

    What caused the financial crisis? The Big Lie goes viral

    Wall Street has its own version: Its Big Lie is that banks and investment houses are merely victims of the crash. You see, the entire boom and bust was caused by misguided government policies. It was not irresponsible lending or derivative or excess leverage or misguided compensation packages, but rather long-standing housing policies that were at fault.

    Indeed, the arguments these folks make fail to withstand even casual scrutiny. But that has not stopped people who should know better from repeating them.

    Derivatives had become a uniquely unregulated financial instrument. They are exempt from all oversight, counter-party disclosure, exchange listing requirements, state insurance supervision and, most important, reserve requirements. This allowed AIG to write $3 trillion in derivatives while reserving precisely zero dollars against future claims.

    • The Securities and Exchange Commission changed the leverage rules for just five Wall Street banks in 2004. The “Bear Stearns exemption” replaced the 1977 net capitalization rule’s 12-to-1 leverage limit. In its place, it allowed unlimited leverage for Goldman Sachs, Morgan Stanley, Merrill Lynch, Lehman Brothers and Bear Stearns. These banks ramped leverage to 20-, 30-, even 40-to-1. Extreme leverage leaves very little room for error.

    •Wall Street’s compensation system was skewed toward short-term performance. It gives traders lots of upside and none of the downside. This creates incentives to take excessive risks.

    The demand for higher-yielding paper led Wall Street to begin bundling mortgages. The highest yielding were subprime mortgages. This market was dominated by non-bank originators exempt from most regulations. The Fed could have supervised them, but Greenspan did not.

    • These mortgage originators’ lend-to-sell-to-securitizers model had them holding mortgages for a very short period. This allowed them to get creative with underwriting standards, abdicating traditional lending metrics such as income, credit rating, debt-service history and loan-to-value.

    • “Innovative” mortgage products were developed to reach more subprime borrowers. These include 2/28 adjustable-rate mortgages, interest-only loans, piggy-bank mortgages (simultaneous underlying mortgage and home-equity lines) and the notorious negative amortization loans (borrower’s indebtedness goes up each month). These mortgages defaulted in vastly disproportionate numbers to traditional 30-year fixed mortgages.

    ●To keep up with these newfangled originators, traditional banks developed automated underwriting systems. The software was gamed by employees paid on loan volume, not quality.


    ●Many states had anti-predatory lending laws on their books (along with lower defaults and foreclosure rates). In 2004 (DUBYA), the Office of the Comptroller of the Currency federally preempted state laws regulating mortgage credit and national banks. Following this change, national lenders sold increasingly risky loan products in those states. Shortly after, their default and foreclosure rates skyrocketed.

    Bloomberg was partially correct: Congress did radically deregulate the financial sector, doing away with many of the protections that had worked for decades. Congress allowed Wall Street to self-regulate, and the Fed the turned a blind eye to bank abuses.

    The previous Big Lie — the discredited belief that free markets require no adult supervision — is the reason people have created a new false narrative.
    https://www.washingtonpost.com/busi...e-goes-viral/2011/10/31/gIQAXlSOqM_story.html


    NO PAYWALL LINK
    https://archive.ph/UKFN4
     
  12. JonK22

    JonK22 Well-Known Member

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    You posted BS showing part time jobs in 2012-2013, same as wages. You have NOTHING BUT RIGHT WING BS
     
  13. Marine1

    Marine1 Well-Known Member Past Donor

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    Here, let me repost Obama's economy and notice my sources are mostly Far Left.

    Recovery Has Created Far More Low-Wage Jobs Than Better-Paid ...
    www.nytimes.com/2014/04/28/business/economy/...
    Apr 27, 2014 · Economy Recovery Has Created Far More Low-Wage Jobs Than Better-Paid Ones
    How good were the 10.9 million jobs under Obama?
    Money.CNN.com/2016/11/04/news/economy/jobs-under-obama/...
    Nov 03, 2016 · CNNMoney breaks down what kinds of jobs have been created and ... Almost all of the job gains under President Obama have been in so-called service jobs,

    The deep recession wiped out primarily high-wage and middle-wage jobs. Yet the strongest employment growth during the sluggish recovery has been in low-wage work, at places like strip malls and fast-food restaurants.

    In essence, the poor economy has replaced good jobs with bad ones. That is the conclusion of a new report from the National Employment Law Project, a research and advocacy group, analyzing employment trends four years into the recovery.

    “Fast food is driving the bulk of the job growth at the low end — the job gains there are absolutely phenomenal,” said Michael Evangelist, the report’s author. “If this is the reality — if these jobs are here to stay and are going to be making up a considerable part of the economy — the question is, how do we make them better?”

    The report shows that total employment has finally surpassed its pre-recession level. “The good news is we’re back to zero,” Mr. Evangelist said.

    But job losses and gains have been skewed. Higher-wage industries — like accounting and legal work — shed 3.6 million positions during the recession and have added only 2.6 million positions during the recovery. But lower-wage industries lost two million jobs, then added 3.8 million.
    HTTPS://www.nytimes.com/…/recovery-has-created-far-more-low…
    77 percent of 2013 jobs were part-time positions ...
    https://www.washingtontimes.com/news/2013/aug/2/part-timer-nation...
    Aug 02, 2013 · Fully 77 percent of positions added to the market in 2013 have been part-time, in contrast to the positive economic news making the media rounds, according to payroll reports released in recent weeks.
    "There are now 1.2 million fewer jobs in mid- and higher-wage industries than there were before the Great Recession, according to data from the National Employment Law Project. In contrast, there are 2.3 million more jobs in lower-wage sectors than before the recession," according to CNBC. Nor is there the hoped-for renaissance in American manufacturing. We have some 300,000 fewer manufacturing jobs since President Barack Obama took office and 1.5 million jobs below the pre-recession level.

    https://www.usnews.com/news/the-report/articles/2015/08/23/the-part-time-economic-recovery
     
    Trixare4kids likes this.
  14. Trixare4kids

    Trixare4kids Well-Known Member

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    I live in San Diego County. The poster is incorrect. There are Americans who work at Qualcomm. He said there weren't.
    Why you are defending ignorance remains a mystery.
     
    Last edited: Sep 22, 2022
  15. Marine1

    Marine1 Well-Known Member Past Donor

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  16. JonK22

    JonK22 Well-Known Member

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    Barney Frank huh? lol

    Dear GOP: Fannie, Freddie Did Not Cause the Financial Crisis


    ...Consider the causes cited by those who’ve taken up the big lie. Take for example New York Mayor Michael Bloomberg’s statement that it was Congress that forced banks to make ill-advised loans to people who could not afford them and defaulted in large numbers. He and others claim that caused the crisis. Others have suggested these were to blame: the home mortgage interest deduction, the Community Reinvestment Act of 1977, the 1994 Housing and Urban Development memo, Fannie Mae and Freddie Mac, Rep. Barney Frank (D-Mass.) and homeownership targets set by both the Clinton and Bush administrations...


    • The origination of subprime loans came primarily from non-bank lenders not covered by the [Community Reinvestment Act, a law pushing the two GSEs to purchase more loans in the secondary markets and thus expand access to housing loans to low-income neighborhoods];
    • The majority of the underwriting, at least for the first few years of the boom, were by these same non-bank lenders;
    • When the big banks began chasing subprime, it was due to the profit motive, not any mandate from the President (a Republican) or the Congress (Republican controlled) or the GSEs they oversaw;
    • Prior to 2005, nearly all of these sub-prime loans were bought by Wall Street—NOT Fannie & Freddie;
    • In fact, prior to 2005, the GSEs were not permitted to purchase non-conforming mortgages;
    • The change in FNM/FRE conforming mortgage purchases in 2005 was not due to any legislation or marching orders from the President (a Republican) or the the Congress (Republican controlled). It was the profit motive that led them to this action.
    https://www.motherjones.com/politic...cause-financial-crisis-subprime-mortgage-gse/


    Big Banks Paid $110 Billion in Mortgage-Related Fines ...

    Mar 9, 2016 — The largest U.S. banks were penalized for their role in inflating a mortgage bubble that helped cause the financial crisis.
    https://www.wsj.com/articles/big-ba...lated-fines-where-did-the-money-go-1457557442


    WERE THEY AFRAID OF FIGHTING BIG GOV'T AND WILLINGLY PAID THOSE FINES? LOL
     
  17. JonK22

    JonK22 Well-Known Member

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    ONCE MORE

    JUNE 29, 2022

    Column: The big contributors to inflation you’re not hearing about: profiteering corporations

    The bigger story is that the expansion of corporate profit margins has far outpaced wage gains over the last two years, including the period of surging inflation. From the first quarter of 2020 through the end of 2021, corporate labor costs increased by about 7%, but corporate after-tax profits by nearly 14%, according to the Bureau of Economic Analysis.


    Konczal and Lusiani found that whereas average corporate markups, a fair proxy for profits, averaged about 26% above marginal costs from 1960 through 1980 and about 56% during the 2010s, they shot up to 72% in 2021.


    “In other words,” they wrote, “in 2021, we see a sharp increase in ... firms in the aggregate decoupling their prices from their underlying costs.”
    https://www.latimes.com/business/story/2022-06-29/how-corporations-contribute-to-inflation


    EXPLAIN IT!!!
     
  18. Marine1

    Marine1 Well-Known Member Past Donor

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    Lets talk about the big lie, besides Franks.

     
  19. JonK22

    JonK22 Well-Known Member

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    Sure

    The final chapter of the Obama economy drew that much closer to its end on Friday, with the final jobs report of the 44th president's time in office. That report showed the 75th straight month of job growth, with employers adding 156,000 jobs.



    ...In other words, the Obama recovery has been moderate, but remarkably steady. The question is how long that steady climb can continue uninterrupted. The unemployment rate is already near a nine-year low

    https://www.npr.org/2017/01/07/508600239/what-kind-of-jobs-president-has-obama-been-in-8-charts

    [​IMG]


    [​IMG]
     
  20. Marine1

    Marine1 Well-Known Member Past Donor

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    What did Bill Clinton say about Pelosi and the Democrats?


     
  21. JonK22

    JonK22 Well-Known Member

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    Gawd SERIOUSLY? Do you understand what happened?

    Fannie and Freddie, around for decades, like CRA, suddenly caused subprime mortgages to appear? lol


    60% of ALL loan originations in 2006 were "mom conforming loans" Loans Gov't couldn't buy

    Those "liar loans", no low -no doc loans, stated income, 1% teaser rates, NOT Gov't backed or initiated




    The 2008 Housing Crisis
    Don’t Blame Federal Housing Programs for Wall Street’s Recklessness
    Contrary to conservative arguments, the 2008 housing crisis was caused by unregulated and loosely regulated private financial entities—not the federal government’s support for homeownership.
    https://www.americanprogress.org/article/2008-housing-crisis/


    KEY TAKEAWAYS
    • The real estate market began heating up with a higher volume of home sales and rock bottom prices prior to the crash.
    • Financial institutions bundled home loans into mortgage-backed securities, which were repackaged into collateralized debt obligations and sold to investors in exchange for high returns.
    • These vehicles were given investment-grade ratings and ended up in the hands of pension and hedge funds, as well as commercial and institutional investors.
    • Many of these packaged mortgages belonged to subprime borrowers who were enticed with teaser rates and adjustable-rate mortgages.
    • A domino effect led to the crash: New home sales stalled, home prices leveled off, interest rates increased, default rates rose, and investors demanded their money back from issuers of risky investments.
    https://www.investopedia.com/articles/07/subprime-overview.asp

    BE HONEST. BTW, NANCY, BARNEY OR ANY OTHER DEMOCRAT IN THE HOUSE COULD RUN NEKKID AND ON FIRE IN THE CHAMBDERS AND NOT STOP THE GOP HOUSE IF THEY WANTEDTO REFORM F/F!!!!
     
  22. Marine1

    Marine1 Well-Known Member Past Donor

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    A bunch of half truths. Yes, Obama created about 10 million jobs. But they refused to say what kind of jobs were they. Obama also had the longest monthly growth of any President before him. But again, didn't say what kind of growth it was. We know now it was mostly low paying service and part time jobs. The number of people looking for work dropped significantly under Obama. But again, they left out how people dropped out of the job market as the jobs paid so little and they could stay home and get almost as much off welfare. I posted all those facts before
     
  23. JonK22

    JonK22 Well-Known Member

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    Weird Nancy and Barney had what power in the GOP House again?

    Again F/F didn't cause the crisis

    Here are key things we know based on data. Together, they present a series of tough hurdles for the big lie proponents.

    •The boom and bust was global. Proponents of the Big Lie ignore the worldwide nature of the housing boom and bust.

    A McKinsey Global Institute report noted “from 2000 through 2007, a remarkable run-up in global home prices occurred.” It is highly unlikely that a simultaneous boom and bust everywhere else in the world was caused by one set of factors (ultra-low rates, securitized AAA-rated subprime, derivatives) but had a different set of causes in the United States.

    Indeed, this might be the biggest obstacle to pushing the false narrative. How did U.S. regulations against redlining in inner cities also cause a boom in Spain, Ireland and Australia? How can we explain the boom occurring in countries that do not have a tax deduction for mortgage interest or government-sponsored enterprises? And why, after nearly a century of mortgage interest deduction in the United States, did it suddenly cause a crisis?


    These questions show why proximity and statistical validity are so important. Let’s get more specific.The Community Reinvestment Act of 1977 is a favorite boogeyman for some, despite the numbers that so easily disprove it as a cause. It is a statistical invalid argument, as the data show.

    For example, if the CRA was to blame, the housing boom would have been in CRA regions; it would have made places such as Harlem and South Philly and Compton and inner Washington the primary locales of the run up and collapse. Further, the default rates in these areas should have been worse than other regions.


    What occurred was the exact opposite:
    The suburbs boomed and busted and went into foreclosure in much greater numbers than inner cities. The tiny suburbs and exurbs of South Florida and California and Las Vegas and Arizona were the big boomtowns, not the low-income regions. The redlined areas the CRA address missed much of the boom; places that busted had nothing to do with the CRA.


    The market share of financial institutions that were subject to the CRA has steadily declined since the legislation was passed in 1977. As noted by Abromowitz & Min, CRA-regulated institutions, primarily banks and thrifts, accounted for only 28 percent of all mortgages originated in 2006.

    •Nonbank mortgage underwriting exploded from 2001 to 2007, along with the private label securitization market, which eclipsed Fannie and Freddie during the boom. Check the mortgage origination data: The vast majority of subprime mortgages — the loans at the heart of the global crisis — were underwritten by unregulated private firms. These were lenders who sold the bulk of their mortgages to Wall Street, not to Fannie or Freddie. Indeed, these firms had no deposits, so they were not under the jurisdiction of the Federal Deposit Insurance Corp or the Office of Thrift Supervision. The relative market share of Fannie Mae and Freddie Mac dropped from a high of 57 percent of all new mortgage originations in 2003, down to 37 percent as the bubble was developing in 2005-06.

    •Private lenders not subject to congressional regulations collapsed lending standards. Taking up that extra share were nonbanks selling mortgages elsewhere, not to the GSEs. Conforming mortgages had rules that were less profitable than the newfangled loans. Private securitizers — competitors of Fannie and Freddie — grew from 10 percent of the market in 2002 to nearly 40 percent in 2006. As a percentage of all mortgage-backed securities, private securitization grew from 23 percent in 2003 to 56 percent in 2006

    These firms had business models that could be called “Lend-in-order-to-sell-to-Wall-Street-securitizers.” They offered all manner of nontraditional mortgages — the 2/28 adjustable rate mortgages, piggy-back loans, negative amortization loans. These defaulted in huge numbers, far more than the regulated mortgage writers did.

    Consider a study by McClatchy: It found that more than 84 percent of the subprime mortgages in 2006 were issued by private lending. These private firms made nearly 83 percent of the subprime loans to low- and moderate-income borrowers that year. And McClatchy found that out of the top 25 subprime lenders in 2006, only one was subject to the usual mortgage laws and regulations.


    A 2008 analysis found that the nonbank underwriters made more than 12 million subprime mortgages with a value of nearly $2 trillion. The lenders who made these were exempt from federal regulations.
    https://www.washingtonpost.com/busi...sis-stack-up/2011/11/16/gIQA7G23cN_story.html

    NO PAYWALL LINK
    https://archive.ph/H62Rh

     
  24. JonK22

    JonK22 Well-Known Member

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    You saying those private Corps are not sharing the wealth as Trump promised? Gave crappy jobs?


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  25. Marine1

    Marine1 Well-Known Member Past Donor

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    You passed off on Franks lying saying how high up on the ladder was he, but you also passed off on Pelosi lying and Clinton admitting it and she was the Speaker of the house. You blame the crash all on Repblicans and Bush, but we know Clinton and Democrats were pushing home loans on banks for the poor who never should have got them. Did it starting in 1994 and went up right up to the crash. Banks had to come out with a bunch of new ways to give those loans. They were even taking in food stamps as income. Hell Obama was one of the lawyers back then who sued the bank in Chicago for not handing out enough home loans for the poor.
     
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