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The nation’s ranking was also lifted by the forum’s spring CEO survey, which appeared to reflect more optimism based on President Trump’s plans to cut taxes and regulations. Tax rates and tax regulations are still the two biggest problems identified by the CEOs.......
...In the U.S. a “new wave of deregulation appears to be underway,” as the Trump administration and Republicans in Congress seek to dismantle major portions of the Dodd-Frank financial reform law.
..But while the nation advanced in health and primary education (from 29 to 19) and in the strength of its institutions (from 27 to 20), it remains relatively weak in those categories. Institutions include areas such as the burden of government regulation.......
As per the article: " The U.S. moved up from third place LAST YEAR. It lost it's financial status during the financial crisis and recession of 07-09 ...........
What caused the great recession? The housing bubble. Read Fortunes article "Goldman Sachs Finally Admits it Defrauded Investors in 2008 crisis.
How many Goldman Sachs executives are in Trumps Cabinet?
Read about how Trump rolled back the Dodd Frank regulations. "The white house should have the ability to fire the head of the Consumer Financial Protection Bureau." Chilling.
Trump did not fix the economy in less then a year. That's a fools dream for the low information crowd. I do however have concerns that we will have another rinse lather and repeat of another great recession due to the corruption and flagrant disregard for the law under this administration.
Trump Org owes $ billions to banks. The largest US creditor is Deutsche Bank, no stranger to fraud and fines. In 2015, it was fined $2.5 billion by the US and UK for its role in the LIBOR scandal. Then came a $7.2 billion settlement with the DOJ for selling toxic MBS.
The public will never know how many basis points will be waived off current and future Trump Org debt when, Doff- Frank is made impotent. It's a massive conflict of interest.
Several banks have been fined for their role in the meltdown, including JP Morgan/$13 billion, BoA/$16.7 billion, Goldman/$5.1 billion and Citigroup/ $7 billion.
Trump campaigned on the repeal of Dodd-Frank and reducing regulations on banks.
The House passed the CHOICE Act, which rolls back many of the provisions of Dodd-Frank, in June. This Act would, amongst other things, eliminate the authority of the Consumer Financial Protection Bureau. It has not yet been addressed by the Senate.
WOW.....so a recession ends.....there is no recovery?
That means that when a rescission starts....it never ends?
Come on mom.....think and realize what you just wrote.....really...please....
The end of a recession is independent of recovery.
A recession ends when economic indicators grow for 2 or more quarters. Recovery tends to be a long-term process.
There were 2 recessions in the 50's. By the end of the 50's, 20% of the population lived in dire poverty and likely did not realize the Great Depression ended.
Read the article. Not sure how you can attribute this to Trump though and thought it interesting that last year the US was #3 so its not like Trump did anything to greatly improve the economy.
He hasn't even passed tax reform or a budget yet and is still on Obama's coat tails in regards to riding the economic wave and the budget (in regards to the financial aspects of our economy).
That said, taxes and the economy are two things I was hoping that Trump would improve in regards to maybe me getting a huge tax refund again, like I used to get with GW Bush (not so with Obama) and that he wouldn't screw up the economy too bad from the recovery instituted under Obama.
So far he hasn't done anything but talk with taxes. I want to see what they are going to do (a finalized version). He also hasn't done anything from an economic standpoint except from the emotional perspective. Contrary to what you all believe the ups and downs of the economy really is more of a social science and is based upon how people "feel" about their/the nation's economic condition. Due to Trump being perceived as "pro business" I do think that that emotional feeling may have been a reason for the increase from #3 to #2 on this ranking. Many conservatives just didn't like Obama so were not ever going to and did not ever have any good feelings about him and the economy that would push us higher up on this list of "feelings" about the economy.
"Institutions include areas such as the burden of government regulation, government corruption, public trust in politicians and corporate ethics."
What does this mean? You elected a man who has packed his administration with corrupt oligarchs and has already installed a supreme court justice who wants to accelerate and legalize corruption through flooding the government institutions with big money.
You seem to believe that all government regulation is the same. You treat regulations intended to protect monopolies the same way regulations that give you clean air and water.
Actually It was not all Bush. It was the Democratic Party who destroyed the housing Market with Freddy MAC /MAC Carter Signed it and Clintons rode the wave. This eventually was going to burst.
Acorn sued Bank of America to change proven Bank Policies and as a result many defaults. This is the reason the drive Mortgages failed on the level as we seen.
Obama did not help really when our GDP was under 1% for almost the first 5 years of Obama.
Obama never did anything to spark Growth.
Financial regulations have historically had a bias to encourage banks to acquire mortgage-related assets. In 2001, regulations changed to favor mortgage related collateral held for Net Capital Purposes. Mortgage-related products rated A-AAA received a 5% haircut while products rated B or lower received a 20% haircut. This led to a proliferation of new private label mortgage-related investment products seeking the coveted " investment grade".
Prior to 2004, the SEC regulated only broker-dealer subsidiaries of investment banks.
In 2004, the SEC agreed to reduce the Net Capital Requirements for the Big Five investment banks, Bear Stearns, Lehman Bros, Goldman Sachs, Merrill Luynch and Morgan Stanley in exchange for the ability to regulate their holding companies.
FHLMC/FNMA market share declined as the housing bubble inflated because a substantial number of mortgages being written did not qualify.
The single greatest contributor to the housing bubble was the " investment grade" ratings assigned by independent private credit rating agencies to private label MBS derivatives.This opened the floodgates to the most conservative sources of capital, the US and global pension and retirement funds, insurance companies and corporations who, by charter, can only invest in securities, deemed " investment grade" by the private credit rating agencies. Investment grade rating also enabled the least haircut for collateral purposes.
Cut out the middleman, Wall Street, it was the most conservative institutional global monies being used to fund seriously subprime mortgages for people who believed that the housing bubble would continue forever.
Not all pension plans, retirement funds, insurance companies drank the Kool-aid. Some actually did the due diligence and took a pass on private label MBS. Most, however, gorged.
FNMA/FHLMC were publicly-traded corporations and like all publicly-traded companies, their primary purpose was to increase shareholder value. How does a company with seriously declining market share deliver value to its shareholders? They used their own capital to invest in " investment grade" securities, as permitted by charter. It bolstered their balance sheets ( and executive comp) for a blip in time, before the house of cards collapsed. They, like many other big investors, fed at the trough.
One it all hit the fan, the private independent credit rating agencies were eventually grilled by Congress. All claimed " glitches" within the models they developed and used to rate mortgage-related assets. Coincidence?
I'll tell ya, that Trump is a wonder boy ! In only 8 months he has completely turned our economy around. Plants are up to full speed, people are spending money, and life is just peachy !
This is such a change from the terrible condition Obama left the country in. Yeah, he did save us from the brink of disaster, and yes, a lot of what is happening today is because of him, but pay no mind to that. Trump is simply dreamy !!
I posted the link to the actual report, earlier in this thread.
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