6.1%

[exotix]

Just In


U.S. Economy Added 142,000 Jobs In August, Unemployment Down To 6.1%


http://www.forbes.com/sites/samanthasharf/2014/09/05/jobs-report-u-s-economy-added-142000-jobs-in-august-unemployment-down-to-6-1/


The Bureau of Labor Statistics released a significantly weaker than expected August jobs report Friday morning.

Employers added just 142,000 jobs in August, sharply lower than the 225,000 economists were anticipating.

The unemployment rate, which is drawn from a different survey of households, dropped from 6.2% to 6.1%.




http://i62.tinypic.com/c3sy1.jpg

[Chris]

IOW, the Great Recession slogs on.

[nathanbforrest45]

Does the 6.1% include those who are now receiving government money and aren't looking for work? Does it take into consideration that there is an extremely high number of part time jobs and a much lesser number of full time than 5 years ago?

[exotix]

Does the 6.1% include those who are now receiving government money and aren't looking for work? Does it take into consideration that there is an extremely high number of part time jobs and a much lesser number of full time than 5 years ago?
Depends on what employment / unemployment theory you subscribe too ... to include cyclical or Keynesian unemployment (http://en.wikipedia.org/wiki/Unemployment#Cyclical_or_Keynesian_theory_of_unemp loyment), frictional unemployment (http://en.wikipedia.org/wiki/Frictional_unemployment), structural unemployment (http://en.wikipedia.org/wiki/Structural_unemployment) and classical unemployment (http://en.wikipedia.org/wiki/Classical_unemployment).

[Chris]

Actually it just depends on whether politicians and their media propaganda seek to sell you a rosy or a dark picture.

[exotix]

Actually it just depends on whether politicians and their media propaganda seek to sell you a rosy or a dark picture.
Correct ... so I suspect conservatives on the hill are shatting their pants right about now given the unemployment-rate dropped down a tick from last time.

[Chris]

Correct ... so I suspect conservatives on the hill are shatting their pants right about now given the unemployment-rate dropped down a tick from last time.

I doubt it. It's well known these exclude those who have dropped out of the workforce and are no longer seeking employment, and includes parttime employment, and as well within a short time will be adjusted, usually downward.

Besides, the downward tick is so minimal and the rate so high it matters little.

So much for your flame bait.

[Cigar]

They would be carving a statue in Mount Rushmore if it was McCain or Romney :laugh:

[Chris]

They would be carving a statue in Mount Rushmore if it was McCain or Romney :laugh:

Why would you erect a statue to anyone who prolonged a recession?

Oh, wait...

http://i.snag.gy/pZ0Yk.jpg

[Private Pickle]

Depends on what employment / unemployment theory you subscribe too ... to include cyclical or Keynesian unemployment (http://en.wikipedia.org/wiki/Unemployment#Cyclical_or_Keynesian_theory_of_unemp loyment), frictional unemployment (http://en.wikipedia.org/wiki/Frictional_unemployment), structural unemployment (http://en.wikipedia.org/wiki/Structural_unemployment) and classical unemployment (http://en.wikipedia.org/wiki/Classical_unemployment).

Which one are the using?

[Private Pickle]

Correct ... so I suspect conservatives on the hill are shatting their pants right about now given the unemployment-rate dropped down a tick from last time.

You're going to have to pass this by the American public first and they are still feeling the pain.

[Mainecoons]

Every time the government prints this totally meaningless and useless U2 figure, the same stupid people here start threads celebrating how unemployment is going down.

Nope.


The economy created only 142,000 jobs in August, down from 212,000 in July, indicating the economy significantly slowed this summer.

Jobs creation is well below the pace needed to re-employ all the workers displaced during the financial crisis — the economy is in crisis!

Although official GDP estimates indicate the economy expanded in the second quarter at a torrid pace — 4.2. percent — much of that was inventory build, as consumer spending continued to drag along at a nonplus pace and capital investment, especially in manufacturing, remained subpar.

Third-quarter growth is likely in the range of 2 percent, and the Obama administration spin doctors will have a tough time selling these jobs data as anything but bad news.

Simply, the administration's big spending stimulus policies and the Federal Reserve's obsession with pumping money into a moribund New York financial industry have failed.

Also, now Americans are seeing the real cost of the Obamacare healthcare subsidies. Employer mandates are not much good to working families if no one in the family is working.

The official jobless rate is down to 6.1 percent, but real unemployment is closer to 18 percent, because so many prime-aged adults are sitting out the party. For example, one in six adult males between the ages of 25 and 54 has no job, and may have simply quit looking thanks to "compassionate" government policies that reward able-bodied men and women to sit at home and watch ESPN NFL reruns or The View.


Read Latest Breaking News from Newsmax.com http://www.newsmax.com/Finance/jobs-Obama-unemployment-graduate/2014/09/05/id/592813/#ixzz3CSEUeoGa

[Ransom]

Every time the government prints this totally meaningless and useless U2 figure, the same stupid people here start threads celebrating how unemployment is going down.

Nope.

[/FONT][/COLOR]

Exactly

[nathanbforrest45]

For the first time in the history of America a majority of the people do not believe their children will be better off then they are. For the first time in the history of the United States immigrants are coming here to remake the country into the one they left and are making no attempt to become part of what has been the American culture since the pilgrims landed.

[exotix]

For the first time in the history of America a majority of the people do not believe their children will be better off then they are. For the first time in the history of the United States immigrants are coming here to remake the country into the one they left and are making no attempt to become part of what has been the American culture since the pilgrims landed.
What's the conservative plan ?

[nathanbforrest45]

What's the conservative plan ?

(1) Secure the borders
(2) Lower the corporate tax rate
(3) Reduce the overall cost of doing business in this country by reducing the onerous regulations against all business
(4) Reduce the tax rate for all Americans


And your plan is?

[Mainecoons]

Exo's plan is raise taxes, pile on job killers like ObamaCare and regulations, and print money to create a stock market bubble that has made the rich richer.

Oh wait, that's Obama's plan.

[exotix]

(1) Secure the borders
(2) Lower the corporate tax rate
(3) Reduce the overall cost of doing business in this country by reducing the onerous regulations against all business
(4) Reduce the tax rate for all Americans


And your plan is?
Exo's plan is raise taxes, pile on job killers like ObamaCare and regulations, and print money to create a stock market bubble that has made the rich richer.

Oh wait, that's Obama's plan.I was merely curious what the conservative plan was ... besides monkey see monkey do that got us here in the first place ...



Before the Bush Great Depression


http://www.americanprogress.org/issues/labor/report/2009/02/23/5611/before-the-bush-recession/

Supply Side Tax Cuts Failed to Deliver Jobs and Growth Between 2001 and 2007





Bush signs his $1.35 trillion tax cut on June 7, 2001, at the White House.

http://cdn.americanprogress.org/wp-content/uploads/issues/2009/02/img/bush_tax_cuts_onpage.jpg

[nathanbforrest45]

Right
The way to increase the job market is to tax the piss out of business and industry and the general public. Then open our borders allowing millions of low wage workers to come in and take the few jobs that are left.


Good fucking plan.

[nathanbforrest45]

By the way, I think you are a lying sack of shit but I may be wrong.

http://data.bls.gov/timeseries/LNS14000000

Seems to me this report says the unemployment rate declined right up to the date Obamalini came to loot.

[exotix]

By the way, I think you are a lying sack of shit but I may be wrong.

http://data.bls.gov/timeseries/LNS14000000

Seems to me this report says the unemployment rate declined right up to the date Obamalini came to loot.
By the way you are wrong ... your proposal is the same conservative monkey see monkey do that got us here in the first place.

[Mainecoons]

A record 92,269,000 Americans 16 and older did not participate in the labor force in August, as the labor force participation rate matched a 36-year low of 62.8 percent, according to the Bureau of Labor Statistics.The labor force participation rate has been as low as 62.8 percent in six of the last twelve months, but prior to last October had not fallen that low since 1978.

http://www.cnsnews.com/news/article/ali-meyer/record-92269000-not-labor-force-participation-rate-matches-36-year-low

[Mainecoons]

The truth is, labor market “slack” is a red herring. The problem of tepid growth in jobs and incomes is structural, and tweaking the monetary dials by a tick or two will not alleviate it in the slightest. Compared to 25bps from zero, consider what has really happened to the labor market since the Fed went all-in for money printing after the dotcom crash. Back then there were 75 million adults (over 16 years) who didn’t have jobs; today’s report shows that there are about 102 million jobless adults.

And, no, that 27 million gain in adult dependency is not due to well-deserved baby boomer retirements on social security. There are only 7 million more recipients of old age and survivors benefits today than there were in the year 2000. The remaining 20 million are on food stamps, welfare, disability, veterans benefits or are living in their parents’ basement or on the streets.

They have been made jobless first and foremost by a financialized economy that does not invest in productivity and growth, but mainly chases financial bubbles inflated by ZIRP and the Fed’s insensible pursuit of “wealth effects” and stock market props and puts. And that monumental deformation has been exacerbated by the “off-shoring” of a huge swath of the tradable goods economy. The latter is a direct result of 25 years of easy money and massive middle class borrowing that has resulted in $8 trillion of cumulative domestic consumption in excess of domestic production, and bloated domestic wages and costs that are not competitive in the world economy.


Finally, throw in the disincentives to work from a massive income transfer payment system and safety net that encompasses 110 million citizens who live in households with means tested benefits, and 150 million with government benefits of all kinds including social insurance. Now you have tidal forces operating on the labor market that shrink the impact of 10 or 25 bps from zero on overnight interest rates to the equivalent of economic white noise.

http://ei.marketwatch.com//Multimedia/2014/09/04/Photos/ZH/MW-CT432_income_20140904152132_ZH.jpg?uuid=b99ab87a-3468-11e4-a3b4-00212804637c

http://davidstockmanscontracorner.com/todays-jobs-report-and-the-cult-of-central-banking-counting-angels-on-the-head-of-a-pin-while-main-street-flounders/?utm_source=wysija&utm_medium=email&utm_campaign=Mailing+List+Mid+Day+Friday

[WalterSobchak]

By the way, I think you are a lying sack of shit but I may be wrong.

http://data.bls.gov/timeseries/LNS14000000

Seems to me this report says the unemployment rate declined right up to the date Obamalini came to loot.


Wait, Obama became POTUS in 2007? Where was I at this time?? :shocked:

[Mainecoons]

This will help you Walter:

http://www.zerohedge.com/sites/default/files/images/user5/imageroot/2014/09/Employment%20to%20population%20ratio_0.jpg

What is missing here?

Recovery after 2009.

Looks like raising taxes, piling on regulations and ObamaCare isn't much of a jobs program.


But wait, it gets worse, because according to the WSJ (http://blogs.wsj.com/atwork/2014/09/04/one-in-three-u-s-workers-is-a-freelancer/?mod=e2tw), roughly one in three U.S. workers is now a freelancer.Wait, how many?
Fifty-three million Americans, or 34% of the nation’s workforce, qualify as freelancers, according to a new report from the Freelancers Union, a nonprofit organization, and Elance-oDesk Inc., a company that provides platforms for freelancers to find work. These individuals include independent contractors, temps, and moonlighters, among others.
So 53 million, let's call them, temps? That is probably the most stunning number we have seen in years, and flips the entire premise of a "job recovery" on its head.

http://www.zerohedge.com/news/2014-09-05/all-you-need-know-about-jobs-recovery

[Professor Peabody]

I doubt it. It's well known these exclude those who have dropped out of the workforce and are no longer seeking employment, and includes parttime employment, and as well within a short time will be adjusted, usually downward.

Besides, the downward tick is so minimal and the rate so high it matters little.

So much for your flame bait.

http://www.tradingeconomics.com/charts/united-states-labor-force-participation-rate.png?s=unitedstalabforparra&d1=20090101&d2=20141231

Nothing to write home to Mother about.

[Private Pickle]

HA! The unemployment dipped because more people left the job search not because more jobs were added.

http://finance.yahoo.com/news/solid-u-employment-growth-eyed-040652087.html

[nathanbforrest45]

By the way you are wrong ... your proposal is the same conservative monkey see monkey do that got us here in the first place.


What do you mean I am wrong? That you are a lying sack of shit or that the employment rate did not increase (meaning the unemployment rate went down)?

I don't think you were lying per se, you were just doing what you are accusing the adults of doing, parroting what your handlers tell you to post.

[nathanbforrest45]

Wait, Obama became POTUS in 2007? Where was I at this time?? :shocked:

2008 bubba. Do try to keep up. The rate began declining in 2008 and has taken a nose dive since. Surely you are not still blaming the economy on Bush are you. Now, that would be funny, no matter who you are.

[Redrose]

Just In


U.S. Economy Added 142,000 Jobs In August, Unemployment Down To 6.1%


http://www.forbes.com/sites/samanthasharf/2014/09/05/jobs-report-u-s-economy-added-142000-jobs-in-august-unemployment-down-to-6-1/


The Bureau of Labor Statistics released a significantly weaker than expected August jobs report Friday morning.

Employers added just 142,000 jobs in August, sharply lower than the 225,000 economists were anticipating.

The unemployment rate, which is drawn from a different survey of households, dropped from 6.2% to 6.1%.




http://i62.tinypic.com/c3sy1.jpg

That number does not reflect those who dropped of the unemployment rolls and gave up looking. The actual number is closer to 12-13%.

Also, most of the jobs created were in the government, not private sector, and part-time jobs. You and I pay for government jobs with our taxes.

[exotix]

What do you mean I am wrong? That you are a lying sack of shit or that the employment rate did not increase (meaning the unemployment rate went down)?

I don't think you were lying per se, you were just doing what you are accusing the adults of doing, parroting what your handlers tell you to post.
Oh, that you proposed this ...



(1) Secure the borders
(2) Lower the corporate tax rate
(3) Reduce the overall cost of doing business in this country by reducing the onerous regulations against all business
(4) Reduce the tax rate for all Americans

This is called monkey see Bush ... monkey do Bush ... except that neocon monkeys never did secure the border ...


http://i60.tinypic.com/29z3o6f.gif

[Mr. Right]

By the way you are wrong ... your proposal is the same conservative monkey see monkey do that got us here in the first place.

What a joke. I guess yooz fergittin who had the majority in the House and Senate prior to 2010.... such short memories.

[nathanbforrest45]

Oh, that you proposed this ...




This is called monkey see Bush ... monkey do Bush ... except that neocon monkeys never did secure the border ...


http://i60.tinypic.com/29z3o6f.gif


I don't care what Bush did, Bush is not the president and will never be the president again. Unlike liberals I prefer not to live in the past. You asked me what my plan was and I told you. If I told you that my plan was to bow down before Obama and do anything the Democrats wanted you still would have come back with a hate Bush response.

I am a free market capitalist. I believe fully, with every fiber of my being, that the best way to grow the economy is to allow an unfettered market. Yes there will be some bumps but a free market is always a self correcting market. I believe fully, with every fiber of my being, that the Federal government's only role is to protect this country from foreign invaders and to insure free trade can be conducted within the States, nothing else. I believe fully, with every fiber of my being, that allowing people to keep their own money and spend it in ways that benefits them directly is the best system possible, that the lower the tax base the greater good will occur for the greatest number of people.

Socialism is the economy of death and destruction, of failure, of rewarding the nothing at the expense of the something. Socialism is the greatest misery for the greatest number.

Just as you are constantly claiming the government should stay out of my bedroom I will cry equally as loud for the government to stay out of my wallet.

[zelmo1234]

Does the 6.1% include those who are now receiving government money and aren't looking for work? Does it take into consideration that there is an extremely high number of part time jobs and a much lesser number of full time than 5 years ago?

nope the worker participation went down again

[exotix]

I don't care what Bush did, Bush is not the president and will never be the president again. Unlike liberals I prefer not to live in the past. You asked me what my plan was and I told you. If I told you that my plan was to bow down before Obama and do anything the Democrats wanted you still would have come back with a hate Bush response.

I am a free market capitalist. I believe fully, with every fiber of my being, that the best way to grow the economy is to allow an unfettered market. Yes there will be some bumps but a free market is always a self correcting market. I believe fully, with every fiber of my being, that the Federal government's only role is to protect this country from foreign invaders and to insure free trade can be conducted within the States, nothing else. I believe fully, with every fiber of my being, that allowing people to keep their own money and spend it in ways that benefits them directly is the best system possible, that the lower the tax base the greater good will occur for the greatest number of people.

Socialism is the economy of death and destruction, of failure, of rewarding the nothing at the expense of the something. Socialism is the greatest misery for the greatest number.

Just as you are constantly claiming the government should stay out of my bedroom ...

I will cry equally as loud for the government to stay out of my wallet.

The govt was always in your wallet ... that's why your boy Cheney reminded you that *Deficits ain't Matter* ... LOL

[zelmo1234]

I was merely curious what the conservative plan was ... besides monkey see monkey do that got us here in the first place ...

Before the Bush Great Depression


http://www.americanprogress.org/issues/labor/report/2009/02/23/5611/before-the-bush-recession/

Supply Side Tax Cuts Failed to Deliver Jobs and Growth Between 2001 and 2007





Bush signs his $1.35 trillion tax cut on June 7, 2001, at the White House.

http://cdn.americanprogress.org/wp-content/uploads/issues/2009/02/img/bush_tax_cuts_onpage.jpg

I Was wondering when this was going to turn up again!

So here it is

http://data.bls.gov/pdq/SurveyOutputServlet

The tax cut took effect in 03 and created about 8 million jobs before the Great Bush Recession

Unemployment was at 5% and a worker participation of about 10 million more workers than today

And what caused the Great Bush Recession again???

http://www.bizpacreview.com/2011/10/24/jimmy-carter-bill-clinton-janet-reno-to-blame-for-mortgage-mess-704

That's right brought to you by the bleeding heart liberals that wanted people that could not afford a home to have one

Carter, and Clinton!

[zelmo1234]

By the way you are wrong ... your proposal is the same conservative monkey see monkey do that got us here in the first place.

Got us to 10 million more people working than today.

Deficits of only 300 billion

unemployment rates of 5%

Historically high revenue rates.

The middle class making 5K more that today

Gas and heating fuels about 30% less

And the wealth of the middle class 40% higher.

Yes that sounds like a bitch!

[Ransom]

Debt Clock's messiah responsible for more debt that any President before him...combined. His Obamacare initiative...an utter failure. His foreign policies...an utter disaster....his poll numbers....in the toilet.....his Democrat Party.....in serious trouble. What did you think Debt clock would say, he's f'n in a panic.

[exotix]

Debt Clock's messiah responsible for more debt that any President before him...combined. His Obamacare initiative...an utter failure. His foreign policies...an utter disaster....his poll numbers....in the toilet.....his Democrat Party.....in serious trouble. What did you think Debt clock would say, he's f'n in a panic.
*Deficits ain't Matter ... Reagan proved that*

http://i60.tinypic.com/29z3o6f.gif


http://i60.tinypic.com/24f0dae.gif

[Peter1469]

I was merely curious what the conservative plan was ... besides monkey see monkey do that got us here in the first place ...



Before the Bush Great Depression


http://www.americanprogress.org/issues/labor/report/2009/02/23/5611/before-the-bush-recession/

Supply Side Tax Cuts Failed to Deliver Jobs and Growth Between 2001 and 2007





Bush signs his $1.35 trillion tax cut on June 7, 2001, at the White House.

Oops.

[exotix]

nope the worker participation went down again
I Was wondering when this was going to turn up again!

So here it is

http://data.bls.gov/pdq/SurveyOutputServlet

The tax cut took effect in 03 and created about 8 million jobs before the Great Bush Recession

Unemployment was at 5% and a worker participation of about 10 million more workers than today

And what caused the Great Bush Recession again???

http://www.bizpacreview.com/2011/10/24/jimmy-carter-bill-clinton-janet-reno-to-blame-for-mortgage-mess-704

That's right brought to you by the bleeding heart liberals that wanted people that could not afford a home to have one

Carter, and Clinton!


Got us to 10 million more people working than today.

Deficits of only 300 billion

unemployment rates of 5%

Historically high revenue rates.

The middle class making 5K more that today

Gas and heating fuels about 30% less

And the wealth of the middle class 40% higher.

Yes that sounds like a bitch!
Can we get you to comment on this ?


Jan. 6. 2014

http://democurmudgeon.blogspot.com/2014/01/did-you-hear-gop-wont-extend.html


Spokespeople for Alexander, Chambliss, Isakson, Portman and Wicker said Sunday that the senators plan to vote against the Reed-Heller plan because the cost of extending the program isn't offset by spending cuts.

The unemployment insurance program was first expanded during George W. Bush's administration with broad bipartisan support when the nation's unemployment rate hovered around 5 percent.


http://2.bp.blogspot.com/-_rgBb2mrojM/Uss8z9jOPPI/AAAAAAAAQVU/C7Bn_BjP9EA/s1600/Bush+on+Unemployment.png

[nathanbforrest45]

So, Exotix, what is your plan to save the economy other than increasing taxes, increasing regulations, increasing government spending and blaming Bush? Do you have a plan or have you been told by your handlers to keep your mouth shut about what the agenda really is?

[exotix]

So, Exotix, what is your plan to save the economy other than increasing taxes, increasing regulations, increasing government spending and blaming Bush? Do you have a plan or have you been told by your handlers to keep your mouth shut about what the agenda really is?
Well, typically, one examines historical examples ... say for instance, start by comparing and contrasting the 1929 Wall Street crash that ushered-n the First Great Depression to the 2008 Bank collapse and Bush Great Depression ... and most important, the remedy ... deficit-spending to stimulate the economy ...

Where you see the same thing ... conservatives causing / creating misery ... then obstructing recovery.

Sad.

[Peter1469]

Well, typically, one examines historical examples ... say for instance, start by comparing and contrasting the 1929 Wall Street crash that ushered-n the First Great Depression to the 2008 Bank collapse and Bush Great Depression ... and most important, the remedy ... deficit-spending to stimulate the economy ...

Where you see the same thing ... conservatives causing / creating misery ... then obstructing recovery.

Sad.

Deficit spending did not significantly stimulate the economy either time.

[exotix]

Deficit spending did not significantly stimulate the economy either time.
Yes ?

Here's your boy Bush signing into law TARP & The Reinvestment Act ....


http://media2.s-nbcnews.com/j/msnbc/Components/Photo_StoryLevel/080213/080213-bushsigning-hmed-11a.grid-6x2.jpg

[Peter1469]

Yes ?

Here's your boy Bush signing into law TARP & The Reinvestment Act ....




I left the GOP because it was spending like drunken democrats.

[BB-35]

Well, typically, one examines historical examples ... say for instance, start by comparing and contrasting the 1929 Wall Street crash that ushered-n the First Great Depression to the 2008 Bank collapse and Bush Great Depression ... and most important, the remedy ... deficit-spending to stimulate the economy ...

Where you see the same thing ... conservatives causing / creating misery ... then obstructing recovery.

Sad.

There was no 'Bush great depression'

[Chris]

Back to topic...

These 5 Facts Debunk U.S. Jobs Recovery Myth (http://news.investors.com/ibd-editorials/090514-716332-american-jobs-recovery-is-stumbling.htm#ixzz3CYevjOn1)


You might want to recork that bottle of champagne that you planned to open after another big jobs report. Reality has intervened, with jobs rising a disappointing 142,000 in August. The weakness is no fluke.

Many economists and politicians treated the six-month string of 200,000-plus job gains as a major achievement. But in fact it was merely a slight pickup in the pace of what has been an unusually slow recovery in the U.S. since the recession ended in June 2009.

The August jobs report is an example. Unemployment edged down to 6.1% from 6.2% — "good" news until you realize it fell only because more Americans stopped looking for jobs. A record 92.3 million adults are now "out of the workforce."

...

as we've said before, one month does not a trend make. But when you have 62 months, which is how long it's been since the last recession ended, you can see some clear trends:

• For all recoveries since World War II, cumulative job growth has averaged 12.5% (see chart). This time, job growth is just 6.2%, the worst on record. Based on this, we would need 8.19 million more jobs just to reach "average." That's not a real job recovery at all.

http://i.snag.gy/5H1mg.jpg

• The labor force shrank 64,000 in the most recent month, pushing the participation rate to 62.8%. The last time it was that low, Jimmy Carter was president.

• A new report says 1-in-3 workers today is a "freelance" — that means 53 million workers without a regular job to go to. This is what qualifies as "employment" in the job-barren Age of Obamanomics.

• In August, the number of hours worked — a proxy for GDP growth — and average hourly wages both rose 2.1% from last year. That only barely beats the current inflation rate of 2%. Not much growth there.

• New data from the Fed show that only the top 10% of American earners have seen their incomes rise under Obama. The rest of us have taken a pay cut.

...

[exotix]

There was no 'Bush great depression'
Are you defending Bush ?

[Private Pickle]

Are you defending Bush ?

I think he is just stating a fact. Removing glass-steagall was Clinton's doing so more Americans who couldn't afford houses could buy them anyway.

[Peter1469]

I think he is just stating a fact. Removing glass-steagall was Clinton's doing so more Americans who couldn't afford houses could buy them anyway.

Two different things. Glass-Steagall separated banks from financial institutions so normal people's money was safe and not gambled with.

The Community Reinvestment Act, passed in 1977 and strengthened in the late 1990s, was the law that ended up forcing banks to give loans to people who had little chance of paying them back.

[exotix]

I think he is just stating a fact. Removing glass-steagall was Clinton's doing so more Americans who couldn't afford houses could buy them anyway.
Yes ?

Can we get you to comment on this ?

http://www.youtube.com/watch?v=kNqQx7sjoS8

[Private Pickle]

Yes ?

Can we get you to comment on this ?

http://www.youtube.com/watch?v=kNqQx7sjoS8

Sure! He was pandering.

[Private Pickle]

Two different things. Glass-Steagall separated banks from financial institutions so normal people's money was safe and not gambled with.

The Community Reinvestment Act, passed in 1977 and strengthened in the late 1990s, was the law that ended up forcing banks to give loans to people who had little chance of paying them back.

It opened up investment banking firms to utilize their depositors money from commercial banks. That's why when the housing bubble burst these firms were extremely under water with their overpriced mortgages and no one to pay them off....except the tax payer.

[exotix]

Sure! He was pandering.
Oh, I thought he was selling the American dream probably because the Bush Tax Cuts were going to bring peace and prosperity for podunks ... pandering is that he was pimping for votes ... LOL

[Private Pickle]

Oh, I thought he was selling the American dream probably because the Bush Tax Cuts were going to bring peace and prosperity for podunks ... pandering is that he was pimping for votes ... LOL

He was. "Selling the American dream" is pandering.

[Peter1469]

It opened up investment banking firms to utilize their depositors money from commercial banks. That's why when the housing bubble burst these firms were extremely under water with their overpriced mortgages and no one to pay them off....except the tax payer.

Right.

When Glass Stegeal was in effect you didn't see banking and financial crash at once. So the other could pick up the slack.

[Bob]

Right.

When Glass Stegeal was in effect you didn't see banking and financial crash at once. So the other could pick up the slack.

The removal by Clinton of Glass Steagal has nothing at all to do with WHY the boom in housing collapsed.

It collapsed not due to bad banking, but by bad rules forced on us by Fannie Mae. Fannie Mae runs the show. If they refuse to buy, a market in bad loans is super hard to get started.

Let's call lenders ....
good loan lenders
bad loan lenders

For years the good loan lenders evaded any connection with the bad loans.
Bad loans most of the time are directly related to bad credit by the borrower. It could be bad location or bad job environment but in general it is bad credit.

A law was created by courts that changed everything. Suddenly the loan industry had a major change. I was in the loan business for many years. I saw it happen.

Before the change, we still had bad loans.

We called them subprime or Alt-A. The standards were not as low as they later became.
When they gave us loan packages that did not care about credit so long as the score was 550 or more, it was over but for the funeral. I personally did not expect it to fail since i figured Congress would change the law. But, despite Bush giving congress hell, Democrats persisted in saying things were really in top shape.

Well, given we all expected the Feds to keep propping up housing, who were we to care?

The Smart banks wanted protection. Those boys are smart and knew they needed protection.

When the house of cards fell, so did the insurance protection. AIG fell hard. There was a billionaire that knew it was going to fail so he bet it would fail and got even more super rich.

Anyway, the story the Democrats tell and keep telling is BS and just a cover for their own butts. They could have saved the market but chose to keep blocking the changes needed. Glass Steagal never would have prevented what happened.

Some ask, why make bad loans.

Profits.

I recall attending a conference in the period of maybe 1994/5 where this was explained to we lenders.

They told us that of the bad loans, about 10 percent would definitely fail. This, they explained is why they had such high interest rates. Those the blacks claimed blocked them from buying homes. But until a court got into it, they could not stop the lenders.

Once the court ruling hit the nation, all hell broke loose. Still these things take time to fester and boil over.

I blame the major problem on the court case since after that, Fannie Mae dumped the old rules and went to the bad loan rules and ruined it all. Fannie could have prevented it but for the courts.

[Ransom]

Well then, I think those unemployment numbers call for tens of millions of immigrants being declared legal by one of Obama's infamous run arounds on Congress.

[Peter1469]

The removal by Clinton of Glass Steagal has nothing at all to do with WHY the boom in housing collapsed.





Right Bob, I explained that already. The part that you quoted on me has nothing to do with the housing market collapse.

[Mainecoons]

Well then, I think those unemployment numbers call for tens of millions of immigrants being declared legal by one of Obama's infamous run arounds on Congress.

Relax, he's going to wait until after the election.

[nathanbforrest45]

Deficit spending did not significantly stimulate the economy either time.

Hitler and Hirohito stimulated the economy.

[Cigar]

Relax, he's going to wait until after the election.


Millions of Pissed Off Legal Hispanic Residents will Vote in the 2016

How many do you know like the Republican Party :grin:

[Private Pickle]

Millions of Pissed Off Legal Hispanic Residents will Vote in the 2016

How many do you know like the Republican Party :grin:

Many actually. They are mostly Catholic.

[nathanbforrest45]

Millions of Pissed Off Legal Hispanic Residents will Vote in the 2016

How many do you know like the Republican Party :grin:

Do you think "Hispanics" are a different breed of people and they are unable to think for themselves? Do you think that all they want is to be able to sit on their asses and collect taxpayer money? We know that is true for black folks but I have a lot more respect for the abilities of the average person of South or Central American descent.

[Peter1469]

Hitler and Hirohito stimulated the economy.

That is the broken window fallacy..

Let me blow up your house. So you can rebuild and stimulate the economy.

Game?

[nathanbforrest45]

That is the broken window fallacy..

Let me blow up your house. So you can rebuild and stimulate the economy.

Game?

Well, it did take millions of young men out of the work force and into the military and then stimulated industrial production for the ones who were left. FDR's socialist polices certainly weren't working.

It worked for Hitler as well until the Allies started bombing the shit out of German factories.

[Cigar]

Many actually. They are mostly Catholic.


No enough to make up a 9.5 and 5 Million gap in Presidential Elections

[Ransom]

Relax, he's going to wait until after the election.

I heard. And he's blaming it on Republicans. I mean....who would believe that....they had a Dem House and Senate for two years they did nothing....how could the President break yet another promise to constituents and blame it on the opposing Party, what nimrod would believe that lame excuse?

[Cigar]

I heard. And he's blaming it on Republicans. I mean....who would believe that....they had a Dem House and Senate for two years they did nothing....how could the President break yet another promise to constituents and blame it on the opposing Party, what nimrod would believe that lame excuse?

Looks like a lot of Hispanics don't agree with you, based on there facts :grin:




Turnout
61.6% (voting eligible)[1] (http://en.wikipedia.org/wiki/United_States_presidential_election,_2008#cite_not e-turnout-1)



http://upload.wikimedia.org/wikipedia/commons/thumb/9/9d/Barack_Obama.jpg/139px-Barack_Obama.jpg (http://en.wikipedia.org/wiki/File:Barack_Obama.jpg)
http://upload.wikimedia.org/wikipedia/commons/thumb/5/5b/John_McCain_official_photo_portrait-cropped-background_edit.JPG/138px-John_McCain_official_photo_portrait-cropped-background_edit.JPG (http://en.wikipedia.org/wiki/File:John_McCain_official_photo_portrait-cropped-background_edit.JPG)


Nominee
Barack Obama (http://en.wikipedia.org/wiki/Barack_Obama)
John McCain (http://en.wikipedia.org/wiki/John_McCain)


Party
Democratic (http://en.wikipedia.org/wiki/Democratic_Party_(United_States))
Republican (http://en.wikipedia.org/wiki/Republican_Party_(United_States))


Home state
Illinois (http://en.wikipedia.org/wiki/Illinois)
Arizona (http://en.wikipedia.org/wiki/Arizona)


Running mate
Joe Biden (http://en.wikipedia.org/wiki/Joe_Biden)
Sarah Palin (http://en.wikipedia.org/wiki/Sarah_Palin)


Electoral vote
365
173


States carried
28 + DC (http://en.wikipedia.org/wiki/Washington,_D.C.) + NE-02 (http://en.wikipedia.org/wiki/Nebraska%27s_2nd_congressional_district)
22


Popular vote
69,498,516
59,948,323


Percentage
52.9%
45.7%











Turnout
58.2% (voting eligible)[1] (http://en.wikipedia.org/wiki/United_States_presidential_election,_2012#cite_not e-VEP12-1)



http://upload.wikimedia.org/wikipedia/commons/thumb/f/f9/Obama_portrait_crop.jpg/145px-Obama_portrait_crop.jpg (http://en.wikipedia.org/wiki/File:Obama_portrait_crop.jpg)
http://upload.wikimedia.org/wikipedia/commons/thumb/f/f0/Mitt_Romney_by_Gage_Skidmore_6_cropped.jpg/146px-Mitt_Romney_by_Gage_Skidmore_6_cropped.jpg (http://en.wikipedia.org/wiki/File:Mitt_Romney_by_Gage_Skidmore_6_cropped.jpg)


Nominee
Barack Obama (http://en.wikipedia.org/wiki/Barack_Obama)
Mitt Romney (http://en.wikipedia.org/wiki/Mitt_Romney)


Party
Democratic (http://en.wikipedia.org/wiki/Democratic_Party_(United_States))
Republican (http://en.wikipedia.org/wiki/Republican_Party_(United_States))


Home state
Illinois (http://en.wikipedia.org/wiki/Illinois)
Massachusetts (http://en.wikipedia.org/wiki/Massachusetts)


Running mate
Joe Biden (http://en.wikipedia.org/wiki/Joe_Biden)
Paul Ryan (http://en.wikipedia.org/wiki/Paul_Ryan)


Electoral vote
332
206


States carried
26 + DC (http://en.wikipedia.org/wiki/Washington,_D.C.)
24


Popular vote
65,915,796
60,933,500


Percentage
51.1%
47.2%

[exotix]

That is the broken window fallacy..

Let me blow up your house. So you can rebuild and stimulate the economy.

Game?
He's not exactly wrong ... after WWI and the reparations of the Versailles Treaty that devastated Germany, U.S. conservatives quietly expedited loans to Germany for payment for reparations ... so that it too had a roaring 20's Jazz Age ...

But it was the 1929 Wall Street Crash that invented Hitler ... whom before was little more than loudmouth WWI corporal (one of many charlatans disguising themselves as saviors) who tried to *take the country back* from the communists, Libs and Jews ... who at time were merely outside-carpetbaggers with no *National Pride* let alone Aryans ...

Hitler ... was the only one who foresaw the Wall Street crash ... and thus was elevated to messiah ... (in the German language, their is no such thing as saviors ... only savior) ...

... finally, see Prescott Sheldon Bush and the rise of Hitler ...