Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Pardon me, but your post indicates a level of short-sightedness that you might wish to reconsider. After all, if you go back another couple of terms, you will find that the Democrats left President Bush a thriving economy with a government surplus that might've been available to assist during this present downturn.
Better luck next time.
Ummmmm....you've been shown the truth. See below.
Smoke and mirrors. Can't have a surplus when the debt is increasing...can you?
Quote:
Originally Posted by InformedConsent
There was no surplus. Look at how the national debt increased each year:
A) You should have clarified that you were talking about the increases in minimum wage.
B) How did this effect the current economic crisis?
C) " The vote was 315-116, with more than 80 Republicans joining Democrats to pass it."
I stated minimum wage laws, and since we were talking about the changes since Democrats took over Congress in 2007, it should have been obvious...
How did it effect the current crisis? It raised minimum wages and caused people to get laid off.. It reduced the ability for companies to hire more which puts more pressure on unemployment, which increases debt etc..
If you borrowed that $10K and increased the balance of your mortgage, you dont have a surplus.. The key is, MORE DEBT THIS YEAR THAN LAST...
No no no, just the facts here. Sanrene claimed that Clinton did not leave Bush a budget surplus and that is factually incorrect and I gave an example to show her flawed thinking.
Quote:
Originally Posted by pghquest
How did it effect the current crisis? It raised minimum wages and caused people to get laid off.. It reduced the ability for companies to hire more which puts more pressure on unemployment, which increases debt etc..
And further confirmed by Bernanke himself: "BEN BERNANKE: Oh, the worst moments were back in September. The financial crisis began with Fannie Mae and Freddie Mac, the large housing companies that were taken over by the government, and subsequent to that a number of very large financial firms came under enormous pressure. One of them, Lehman Brothers, an investment bank, failed. Others came close to failure, needed government support, not just in the United States, but around the world. And those were some very long nights I spent on the sofa in my office as we worked to try to keep the financial system running." At Forum, Bernanke Defends Fed's Aggressive Moves | Online NewsHour | July 27, 2009 | PBS
As to why so many financial firms came under enormous pressure subsequent to Fannie's and Freddie's meltdown?
Fannie's and Freddie's massive securities fraud pumped trillions of dollars worth of misrepresented mortgage backed securities into the global financial markets. Credit derivatives on those fraudulently misrepresented MBS's compounded the problem exponentially. Origins of an American Kleptocracy | zero hedge
I'm sure you remember Sherman's subsequent outrage at U.S. taxpayers having to bail out foreign governments, banks, and investors (bailout bill). That's why they demanded it.
Yeah like I said, I get all that. I just don't see how it's relevant to the post of mine you quoted.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
