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Given we were losing 750,000 jobs monthly for a quarter before he arrived, 6 years is actually better than I expected. The end of 2008 was, economically, the bleakest period for our nation in many decades. We were lower than free fall.
OP: Did not read any of this thread other than your initial post. FYI, Presidents are not kings and do not control the economy. If that were the case Bill Clinton was the best president we've ever had (more jobs created under BC than any other president).
Economic cycles come and go regardless of the person in the White House. Presidents don't have much control over technological changes, global economic trends, etc. Don't kid yourself any further about your like/dislike of Pres. Obama. Presidents make some difference but not much. No matter what the black helicopter crowd tells you.
Unwillingness to regulate the OTC mortgage derivatives marketplace for starters.
By regulate you mean the partial repeal of Glass-Steagall? If so isn't that a symptom and not the cause?
So you think making little to no down payment loans, which lenders rarely did because they knew from experience those loans were unsound, wasn't the cause of our economic disaster? Both parties voted for the no down payment left behind housing bill.
That's not the real number......People stopped looking for work........we still have 93 million still unemployed
Yep. And you can thank the Republicans for that fact. This crisis started with that joke of a president named Reagan and reached its pinnacle under Bush 2. We had a brief reprieve from the stupidity when Clinton was in office, but Bush quickly did away with that progress. Even the mostly sound economic policies of the Obama administration can't instantly turn around the fiscal disaster that 30 years of steady deregulation created.
Hows that? Why are you pinning the achievement on him? President Obama is to neither be credited or faulted for the unemployment rate being what it is.
I would like to know what the OP has to say about the responsibility that the do-nothing, gridlocked congress for job growth. Of course, if righties asked what have the Rs done to promote job growth legislatively, then the response will be in the form of accusations. You know, the standard talking points about liberal policies of excessive regulation and tax policy, blah, blah, blah.
So critiquing is equivalent to actual doing? If that is the case, I should run for congressional office. I am totally qualified if all I have to do is critique the opposition.
By regulate you mean the partial repeal of Glass-Steagall? If so isn't that a symptom and not the cause?
So you think making little to no down payment loans, which lenders rarely did because they knew from experience those loans were unsound, wasn't the cause of our economic disaster? Both parties voted for the no down payment left behind housing bill.
No, I'm talking about OTC derivatives and the need for regulation and transparency for OTC financial transactions.
The growth of OTC derivatives from around 90 trillion in 2000 to over 650 trillion in 2008 was a driving force in the spread of sub-prime mortgages. The investment banks needed more financial products like mortgages to create more CDOs. In the bizarre world of CDOs the worst mortgages created the most marketable CDOs.
First, however, a quick finance recap: a CDO essentially is a pool of debt assets, in which investors take stakes with different levels of risk, a little like the way mutual funds operate in the equity world. They have existed for many years, particularly in the US. However, in the last couple of years the sector has exploded, particularly in Europe, where collateralised loan obligations – which buy risky loans — have spread like wildfire.
This, unsurprisingly, has roiled credit markets. After all, if a hundred new well-funded mutual funds suddenly appeared, it would not be hard to imagine the impact on stock markets. So, too, the sudden proliferation of asset-hungry CDOs has raised debt prices, making borrowing increasingly cheaper for buy-out groups. Last week alone, for example, another $4.5bn new CDOs came on tap wanting to buy assets – and another $57.7bn are now in the pipeline, according to JPMorgan.
Bond investors rattled by mounting losses in subprime U.S. mortgages say trouble is brewing in collateralized debt obligations, the same securities that fueled the boom in leveraged buyouts and cut-rate finance. Sales of CDOs, which package loans, bonds and derivatives into new securities, rose by almost half to $918 billion last year, according to data compiled by JPMorgan Chase & Co. Demand for investments to use in CDOs has helped push risk premiums lower for everything from home loans to high-yield, high-risk bonds, forcing managers to borrow ever more money to maintain returns and stand out from the competition.
Location: East Central Pennsylvania/ Chicago for 6yrs.
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HOW PERFECT IS OUR CALCULATING UNEMPLOYMENT NUMBERS OF THOSE SEEKING WORK?
I am sure there is no perfect science to calculate unemployment and create a number. Today there are different means to actively search for work then in previous decades.
--today most is done on line applications for simple low-skilled jobs from home
--State career-link offices and unemployment offices that could register each applicant are mostly gone.
--part-time workers are not always still seeking full-time work. But those who are might not be counted as looking?
--are those in temp-agencies continually counted as still seeking work?
--If you found employment, but seeking another or better job? ARE YOU THOUGH, EMPLOYED? THEN COUNTED AS IF NOT, BECAUSE YOU APPLIED ELSEWHERE?
--JOB Fairs are common now on county levels sponsored and those by the private sector. CAN THOSE EMPLOYED BUT SEEK OTHER WORK AT A JOB FAIR? BE COUNTED AS IF UNEMPLOYED if just SEEKING another or better one?
These are just a few thoughts. Some say our numbers of these SEEKING EMPLOYMENT, are lower then they should be? The claim some merely stop seeking?
That might be of those merely who were seeking as a supplemental household supporter? But some have become a underclass in our HIRE-FIRE PRIVATE SECTORS MARKET. Every employer seeks the top workers. Some will be those who don't make the grade. Fired from job to job?
Not all on welfare actually are seeking? But are content as a sub-under class of sorts? Of course not all. Therefore are all on welfare counted as seeking work? Though many are not? Or even like life long recipients, might have mental issues continually keeping them on government assistance? Though not disabled.
Many life-long recipients are on many doctor prescribed drugs for mental issues? They are virtually for most companies undesirable? Also in a hire-fire attitude competition for the best employees in the private sector. Many will remain there and without retraining or enough low-skilled jobs, part of this underclass.
Note to Democrats: Normal Americans don't have six years
conservatives are irrational.
President Obama was sworn in Jan 21st 2009 Add 6yrs to that and the year is 2015. What year are we currently in? Oh yeah 2014.
So the whole basis of this thread based on objective reality is 100% wrong, yet it continues.
conservatives continue to have completely fabricated and made up discussions.
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Obama got the unemployment rate down...exuse me?
