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An economic reminder. When Obama almost topped 5% GDP just 4yrs ago not a con said a word.

Raoul_Luke

I feel a bit lightheaded. Maybe you should drive.
You posted yearly stats. The stat for this year doesn't exist yet. He could completely tank the economy before the year is out. Just like he did with his casinos or the other scams he ran.
In other words, one can hope for a depression, am I right comrade?
 

Raoul_Luke

I feel a bit lightheaded. Maybe you should drive.
You're touting inflation ? Well pretty soon you can add the fall out from Trump's trade war to these numbers. Then you will really have something to brag about.

They're easy to win, alright.
Wait, what? I thought when Obama was President the quest for the elusive inflation that signifies a strong, growing economy was paramount? You don't get inflation during a depression...
 

Boca

Governor
Partisan gobbledygook that only partially reflect what happened.
Finally you got something right. What happened in 2008 was the culmination of the 1999 repeal of Glass-Steagall, coupled with the bankruptcy of Fannie Mae which bought, securitized, and bundled subprime mortgages and peddled them globally, purchased mostly by large financial institutions.

The global financial meltdown came when the scam blew up and Fannie Mae went into bankruptcy.

And all because Bill Clinton decided he would take over risk management at Fannie Mae and upped Fannie's portfolio of mortgages to 50% subprime. It wasn't very difficult for him to dictate given the Chairman of Fannie Mae was his former White House Budget Director Franklin Raines and the Vice Chairman was Jamie Gorelik, his Deputy Attorney General.

And all because everyone should own a home whether they could afford it or not.
 

middleview

President
Supporting Member
The financial crash was a global phenomenon. It was coming one way or another. Sure the GOP removed some of the safeties that made it come faster but it was the result of 25 years of really bad money policy.

The real truth about Obama's low average, not the depression.... The real truth was his hostility towards Corporate America and their decision to keep nearly 9 trillion dollars in investable funds overseas and away from his greedy, socialist, redistributionist paws.

It is now beginning to filter back in.

Jo
Was the dramatic increase in foreclosures also a global problem? From 2004 to 2006 it was scary as hell...The recession hit in mid 2007...

The economy lost 8% of the GDP in 2008 and millions of jobs. Your version of history is simply wrong.
 

middleview

President
Supporting Member
Finally you got something right. What happened in 2008 was the culmination of the 1999 repeal of Glass-Steagall, coupled with the bankruptcy of Fannie Mae which bought, securitized, and bundled subprime mortgages and peddled them globally, purchased mostly by large financial institutions.

The global financial meltdown came when the scam blew up and Fannie Mae went into bankruptcy.

And all because Bill Clinton decided he would take over risk management at Fannie Mae and upped Fannie's portfolio of mortgages to 50% subprime. It wasn't very difficult for him to dictate given the Chairman of Fannie Mae was his former White House Budget Director Franklin Raines and the Vice Chairman was Jamie Gorelik, his Deputy Attorney General.

And all because everyone should own a home whether they could afford it or not.
Sure thing...that is why the foreclosures went through the roof starting in 2006...5 years after Clinton left office.



This happened because of rule enacted in 2003/2004...when Bush decided it would be such a great idea to let financial companies borrow $40 for every $1 in deposits, instead of just $15. Those companies were now so over leveraged that a drop in just 3% would mean that they were insolvent. What could go wrong?
 

Spamature

President
In other words, one can hope for a depression, am I right comrade?
No, I hope we don't have one. He has left us more vulnerable than we were before the Bush collapse. It would be instant 2 trillion dollar deficits for as far as the eyes could see.
 

Spamature

President
Wait, what? I thought when Obama was President the quest for the elusive inflation that signifies a strong, growing economy was paramount? You don't get inflation during a depression...
No, early on they just wanted to prevent a deflation spiral from taking hold.
 

Spamature

President
Finally you got something right. What happened in 2008 was the culmination of the 1999 repeal of Glass-Steagall, coupled with the bankruptcy of Fannie Mae which bought, securitized, and bundled subprime mortgages and peddled them globally, purchased mostly by large financial institutions.

The global financial meltdown came when the scam blew up and Fannie Mae went into bankruptcy.

And all because Bill Clinton decided he would take over risk management at Fannie Mae and upped Fannie's portfolio of mortgages to 50% subprime. It wasn't very difficult for him to dictate given the Chairman of Fannie Mae was his former White House Budget Director Franklin Raines and the Vice Chairman was Jamie Gorelik, his Deputy Attorney General.

And all because everyone should own a home whether they could afford it or not.
Look those were Republican ideas. Clinton laid down for the right over and over again on policy. But you are right he went along with bad Republican ideas and it cost the nation dearly.

Stop with the phony Fannie Mae stuff. The safety and soundness of the GREs rested in the executive branch under George W Bush. Republicans only wanted to do away with the GRE so they could be taken private and turned into risky investments of the type that were at the center of the crash. It would have made the collapse infinitely worse had they gotten their way. It was fraud on Wall Street at the center of the collapse. The GREs were just left holding a huge share of it, is all.
 

Spamature

President
What types of jobs are you bragging about? Service and medical? Construction and manufacturing are the important ones and there was no jobs gain.
Construction
upload_2018-7-28_13-18-47.png

Manufacturing

upload_2018-7-28_13-23-58.png

You lied for years about the improvements under Obama. Now you have to face the fact that you lied.

It feels so good to break the news to you.
 

Raoul_Luke

I feel a bit lightheaded. Maybe you should drive.
No, early on they just wanted to prevent a deflation spiral from taking hold.
No, the whole idea was to goose consumption for the specific purpose of generating price inflation. Which, according to demand side economics fosters more consumption as consumers seek to beat price increases by buying early and often, leading to economic nirvana. Now that inflation is finally showing up (and allowing the Fed to FINALLY terminate its grotesque Quantitative Easing that it used for a decade to keep the Obama depression at bay), suddenly it was a good thing but now it's not. If you don't have hypocrisy, you don't have a post...
 

Boca

Governor
Look those were Republican ideas.
"When this potentially historic agreement is finalized," Clinton said in a statement, "it will strengthen the economy and help consumers, communities and businesses across America."

Stop with the phony Fannie Mae stuff. The safety and soundness of the GREs rested in the executive branch under George W Bush.
George Bush didn't persuade Chairman Raines and Vice Chair Gorelik to abandon their fiduciary responsibilities and start buying 50% sub-prime mortgages to sell around the world to unsuspecting banks!

Republicans only wanted to do away with the GRE so they could be taken private and turned into risky investments of the type that were at the center of the crash.
eh, eh...so you double cross yourself and admit the crash was a result of risky investments that we're sold around the world by the GSE (not GRE) known as Fannie Mae!

As for Republicans wanting to do away with Fannie Mae and take them private you just flat out lie!

It was the flamer Barney Frank.

Once a strong supporter of Fannie Mae and Freddie Mac, former Rep. Barney Frank now says they should be abolished.

"Clearly they should now be abolished," Frank told CNBC's "Power Lunch."


Once they're gone, Frank said, something will need to replace them. "They will be replaced by a mechanism whereby lenders who want to make 30-year fixed rate mortgages will be able to buy a form of federal insurance that will guard them against interest rates spikes," he said.

Take them private in other words!
 

Constitutional Sheepdog

][][][%er!!!!!!!
Look those were Republican ideas. Clinton laid down for the right over and over again on policy. But you are right he went along with bad Republican ideas and it cost the nation dearly.

Stop with the phony Fannie Mae stuff. The safety and soundness of the GREs rested in the executive branch under George W Bush. Republicans only wanted to do away with the GRE so they could be taken private and turned into risky investments of the type that were at the center of the crash. It would have made the collapse infinitely worse had they gotten their way. It was fraud on Wall Street at the center of the collapse. The GREs were just left holding a huge share of it, is all.
Yes that Freddy and Fannie stuff help to crate the crash.
 

Raoul_Luke

I feel a bit lightheaded. Maybe you should drive.
No, I hope we don't have one. He has left us more vulnerable than we were before the Bush collapse. It would be instant 2 trillion dollar deficits for as far as the eyes could see.
How much did Krugman (et al) say the Obama "stimulus" should be? Wasn't that $2 trillion (or more)? So what's right when the Democrats are in charge is wrong when the Republicans take over. Like I said, if you don't have hypocrisy, you don't have a post...
 

Spamature

President
No, the whole idea was to goose consumption for the specific purpose of generating price inflation. Which, according to demand side economics fosters more consumption as consumers seek to beat price increases by buying early and often, leading to economic nirvana. Now that inflation is finally showing up (and allowing the Fed to FINALLY terminate its grotesque Quantitative Easing that it used for a decade to keep the Obama depression at bay), suddenly it was a good thing but now it's not. If you don't have hypocrisy, you don't have a post...
No. They were trying to prevent the deflation from setting in.

https://en.wikipedia.org/wiki/Deflation#Minor_deflations_in_the_United_States


Here it is laid out


But, despite this understanding, the major central banks continue to maintain extremely low interest rates as a way to increase demand and, with it, the rate of inflation. They are doing this by promising to keep short-term rates low; maintaining large portfolios of private and government bonds; and, in Europe and Japan, continuing to engage in large-scale asset purchases.


The central bankers justify their concern about low inflation by arguing that a negative demand shock could shift their economies into a period of prolonged deflation, in which the overall price level declines year after year. That would have two adverse effects on aggregate demand and employment. First, the falling price level would raise the real value of the debts that households and firms owe, making them poorer and reducing their willingness to spend. Second, negative inflation means that real interest rates rise, because central banks cannot lower the nominal interest rate below zero. Higher real interest rates, in turn, depress business investment and residential construction.


In theory, by depressing aggregate demand, the combination of increased real debt and higher real interest rates could lead to further price declines, leading to even larger negative inflation rates. As a result, the real interest rate would rise further, pushing the economy deeper into a downward spiral of falling prices and declining demand
.
http://www.nber.org/feldstein/projectsyndicatefeb2015.html
 
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