What happened to the Dirty Donald manufacturing renaissance??

Yes, the RW of America, when in power, failed America massively.
Bush and his every American in their home policy fueled the bubble in spite all the warning signs. Shame on RW America.


This was after RW America, sent many mfg jobs out of country, starting with Reagan's brainchild, NAFTA.
And then busted Unions of those that still had mfg jobs.

RW killed middle America. Shame on RW Americans.

 

Bush didnt want a veto...he warned Congress for years to do something...only to be met with Barney Frank:http://archive.boston.com/bostonglo...ngerprints_are_all_over_the_financial_fiasco/

 

Sorry it was Barney Frank http://archive.boston.com/bostonglo...ngerprints_are_all_over_the_financial_fiasco/

and his Dem partners:



Bush's attempts to regulate, meet with Dem opposition: https://georgewbush-whitehouse.archives.gov/news/releases/2008/10/20081009-10.html

• September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)

• October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

pril: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)

• July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)

• August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)

 

Bush never vetoed one bill.......JFC!

He was just another stupid GOP president.....Just ****en own it!

 

AMERICAN OVER TAXATION, OVER REGULATION AND EXTREME ENVIRONMENTALISM drove our manufacturing jobs overseas.

 

sure he vetoed some bills....but nothing related to regulating fannie and freddie...he repeatedly called for action and was only meet with resistance from the left...as I highlighted.

 

With a Dem minority? The GOP are sure poor slobs, they can never get their economy-saving bills through congress against Dem minority rule. Actually, which bill was it exactly that the GOP proposed and the minority Dems voted down that would have prevented the great recession? I am waiting.

 

From what I can observe we are on the edge of entering another recession right now.

 

Blaming trade doesn't add up.
I you look at the chart below manufacturing jobs dropped by about 4 million between 2001 and 2004, yet imports were steady.
Then from 2004 until the recession imports soared but jobs did not drop.

 

has Trump brought his own businesses jobs back to the USA?

 

fake news it was 3.7%, your graph shows like 1000%

 

magic stats, to misrepresent the facts more like

 

You two are correct...

but for one thing.

Bankers were balking at making those high-risk home loans.

Then, the racist Congressional Black Caucus put pressure on them. They said: "Look, you make those loans or we're gonna start smearing you. We're gonna make sure that everyone knows that you're RACISTS!"

 

Mortgage brokers were too happy to negotiate sub-prime loans. I know, because I bought a house in 2003 in an one of the areas affected the most by the housing bubble. Our mortgage broker, a total sleazeball who then wanted to rip us off at the closing table, was in total disbelief that we had not only 20%, but a 50% down payment. He had never seen anything like this before in his short career. Why? The norm at this time were adjustable rate mortgages with 5% down payment (and often the 5% were borrowed), then using PMI so the bank would feel secure. Of course, later on, it turned out that the PMI money was by far not enough to cover the losses from the foreclosure. Why? because nobody thought that housing prices could do anything but go up, including the bankers. That's what you get with greed-driven herd mentality.

 

And exactly what is your evidence he inherited a ruined country? No opinions just statistics please!

 

You can easily learn what actually caused the crisis by looking up the analysis on google or I can give you the link here. Sometimes educating yourself takes a bit of actual work.
https://www.govinfo.gov/content/pkg/GPO-FCIC/pdf/GPO-FCIC.pdf

 

Thanks!

I know what caused it. It was a combination of factors. Both political parties, many in the financial industry, and irresponsible home buyers were all complicit.

 

Maybe you should Actually read the report and then tell us what the report said was the main cause.

 

Gee and here most of us thought it was cheap labor.

 

I don't really care what some report says. I was there, following it.

I'm just tired of everybody on PF blaming some other guy for it.

The truth is that there is plenty of blame to go around. Republicans, Democrats, mortgage brokers, mortgage bundlers, credit default swap traders, and homebuyers all did their part.

 

...and over paid union cucks being priced out of the market.

 

You have to be pretty low on the economic scale to think the union employees were overpaid relative to the corporate elites whose incomes have skyrocketed while the workers earnings have essentially been flat for over twenty five years.

 

Yes, union members with only a high school degree working in the auto and steel plants were over paid way for the job they were doing.

 

100% ... every mortgage broker knew this thing was going to explode .. you did not need some mathematition to know this.

Mortgage brokers for years would spend much time trying to convince the banks to loan someone money. The banks had to make sure the person was credit worthy so they could be able to make payments for 25-30 years. Then one day- something changed !! The banks no longer cared about all that silly credit worthiness stuff because they were selling the mortgage into some mortgage backed security before the ink on the papers was dry.

Now - the worse the credit of the lender - The better. You actually got paid more ! NINJA Loans - no income, no job, no assets ..... no problem !
Everyone writing those knew that many would go under. Especially the ARMs .. adjustable rate mortgages. You got a low "teaser" rate for the first 3 years but then the rate would double or triple. Imagine some person who is house poor - the mortgage payments are tough but they are doing it. Then at the beginning of year 4 - that 1000 dollar payment is now 3000 !

It was a ticking time bomb .. .like throwing a handfull of stones into a crowd. You know someone will get hit .. even though you may not know who.

The investment brokers at the big brokerage houses would joke about it - Joke about what a "piece of crap" they had just sold some investor. These emails were part of the hearings.

Everyone knew. But somehow we are expected to believe that the Fed Heads did not ... all wandering around after the fact in dumb amazement - "how could this have happened" - "we had no idea".

This was all justified with another piece of dumb logic - "if someone defaults we can just sell the house - because housing prices always rise". Only the most idiotic prognosticator on the planet would make such a claim. Markets never only go one direction for ever.

This was a Ponzi scheme - and everybody knew it was going to collapse like a house of cards .. the only question was when. Folks like Paulsen selected the worst of the worst mortgage garbage and put it into a fund .. then he went out and bet against the fund by purchasing Credit Default Swaps. This is like insurance on your house except you don't have to own the underlying asset. You could get this for a penny on the dollar. 1000 dollars bought 100,000 dollars of insurance. If the fund goes under .. you cash in bigtime.

This is what caused the collapse of AIG .

 

To some degree some of what you cited is true - along with the nasty bureaucracy one has to go through - but you missed on of the biggest reasons. International corporations that manufacture outside of the US are allowed to funnel money out of the US untaxed - where US companies that manufacture here are not. It is then far more profitable from a tax standpoint to manufacture outside of the US.

If you make shoe in the US for say 20 dollars (all in costs including cost of sales) and sell that shoe for 100 you pay tax on 80 dollars.

If you make a shoe in some slave labor nation for the same all in cost of 20 dollars - what you do is first sell that shoe to a numbered company in the Cayman Islands. That shoe is then resold to "NIKE USA" for 90 Dollars. Selling that shoe for 100 dollars then nets 10 dollars in taxable income - instead of 80.

This is all quite legal. Obama actually said he was going to get rid of this loophole early on in his term but, it never happened. I am sure he got a stern talking to from the Establishment international financiers to which he was beholden.