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I'm still waiting...Doesn't someone want to challenge logic?
What logic? You've got consumer demand tanking. You've got business demand tanking. There isn't anything else left but goverment demand to hold the economy together. You therefore borrow out of low-velocity streams money you can put into high-velocity streams. You also borrow money from your own future income streams in order to put it into current high-velocity streams. Any questions?
What logic? You've got consumer demand tanking. You've got business demand tanking. There isn't anything else left but goverment demand to hold the economy together. You therefore borrow out of low-velocity streams money you can put into high-velocity streams. You also borrow money from your own future income streams in order to put it into current high-velocity streams. Any questions?
Yea, how does that make the future look brighter and more productive instead of more debt burdened and closer to collapse?
No, because the two tax cuts played a large part in the end of the recession and the good economy we had from 2002-2007.
The 2001 and 2003 tax cuts for the rich were abysmal failures. All they did was create pools of funds in the hands of the rich while the real incomes of everybody in the bottom four quintiles went down. Essentially, your "good economy" was restricted to something less than the top 20% of the population while the other 80%-plus continued to struggle their way through a recession. Unable to support any actual new economic activity, the Fed had to keep interest rates at zero and the administration had to encourage people to borrow and spend all that money he'd shunted off to the rich by tapping into the equity in their homes. Hungry? Just eat the seed corn, folks...what could go wrong...
GDP growth in the four quarters of CY2002...
3.5 -- 2.1 -- 2.0 -- 0.1
No wonder many people thought the economy was still in poor condition.
But many who considered the economy "poor" were saying it even in 2003 and 2004. And 2004 was when we had the huge jump in GDP (over 7% for one quarter in 2004, the highest GDP growth since over 8% in 1984).
What logic? You've got consumer demand tanking. You've got business demand tanking. There isn't anything else left but goverment demand to hold the economy together. You therefore borrow out of low-velocity streams money you can put into high-velocity streams. You also borrow money from your own future income streams in order to put it into current high-velocity streams. Any questions?
Actually the improvement in GDP was mostly due to increased consumer spending.
Professional historians from across the political spectrum were surveyed and Bush was ranked, if I recall, 36 out of 43.
Yeah, he came in just ahead of James Buchanan, Andrew Johnson, Franklin Pierce, William Henry Harrison, Warren Harding, and Millard Fillmore. Nice group. Plus, I think the historians were over-compensating and ended up being too kind to him...
FACT: Bush declared it a emergency 1 day BEFORE the hurricaine hit
The storm hit Monday morning. Gov. Blanco had declared a state of emergency for the state on Friday. She asked for and was granted a federal state of emergency declaration by Bush on Saturday. That was a full-speed-ahead green light for FEMA.
Quote:
Originally Posted by workingclasshero
FACT: mayor Nagin, was the one the REFUSED the money, help. he even refused to use his cities OWN BUSSES to get the people out.
Nagin refused nothing and he and Blanco ended up having to beg and plead for anything. All those underwater school buses did not belong to the city. As the city had been evacuated, there was no way for Nagin to get access to the buses and there was no one available to drive them in any case. The school buses were not part of the emergency plan to start out with. FEMA was to provide transportation for the last of the 100,000 residents of New Orleans who were known not to have access to personal transportation. The Lousiana National Guard requested 700 buses from FEMA. They sent 100. All of them arrived late.
Quote:
Originally Posted by workingclasshero
FACT: many of the poeple that died, were the SAME ONES that REFUSED to leave when the evactation was ordered
Again, these people had no means of leaving the city. This was a known fact that had been discussed at length and supposedly planned for in putting together the formal Disaster Plan after the Hurricane Pam exercise in the summer of 2004. Amtrak and city buses were to do early evacuation runs, FEMA was supposed to take over in the final 24 hours. They were no-shows.
Organizations / Agencies as HUD, FNMA partnered with Countrywide, Ameriquest et al to create new mortgage products that would be purchased by the Secondary market.
So??? The success of CRA-related lending had proved that structured products placed into the long-ignored credit markets comprised by low- and moderate-income communities was not just good policy, but good business. It was not new products that brought about the eventual collapse, but the ABUSES of people and of products old and new by unregulated private brokers working in tandem with Wall Street investment banks in greedy pursuit of the profits to be gained from grabbing that pot o' gold at the end of the rainbow. Laissez-faire, free-market capitalism at its best!
Quote:
Originally Posted by Greatday
If FNMA / FHLMC / GNMA had, at any time said they would not buy the 125%LTV investor loans, or the .05% initial rate good for 3 year ARM with no adjustment cap, or the loans with "drive by" appraisals etc., the loans WOULD NOT have been funded in a vast majority of the cases.
Pure piffle. The securitization market share of the GSE's that had been at around 75% had shrunk by the end of the fiasco to less than 25%. Who the heck was pushing out all the rest of that paper, hmmm??? Fannie Mae did not begin to buy open market subprime paper until 2003, and their standards were kept high enough to skim off the good stuff and turn down the bad. This is how you ended up with Countrywide trying to brow-beat Fannie Mae into taking more low-grade paper off their hands, playing off Congress' demands that the GSE's expand their support for low-income housing and stockholder demands that the GSE's start turning some of those hefty profits that the Wall Street boys were so busy toasting each other over. And in the end, the GSE's did take on some of that crap, but by then the horse was long, long out of the barn. By mid-2007, the *** was up and everyone knew it. After that, the only question was how bad would it be.
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