TRUMP EFFECT: RECORD HOLIDAY SALES NEAR $600 BILLION; Expert: Spending Pace Not Seen Since Great Recession (racist, compared)
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It answers WHY Fannie and Freddie were buying $2.4 trillion of high-risk loans, and it describes how such loans were high-risk.
Didn't your idol, Peter Wallison, say that Fannie and Freddie weren't really serving low income communities at all back in 2002?
Quote:
This is very clearly seen in Fannie and Freddie’s activities in affordable and minority housing. Study after study has shown that they are doing less for those who are underserved in the housing market than banks and thrifts. Not only do they buy fewer mortgages than are originated in minority communities, the ones they buy tend to be seasoned and thus less risky. Despite Fannie’s claims about trillion dollar commitments, they are meeting their affordable and minority housing obligations by slipping through loopholes in the loosely written and enforced HUD regulations in this area.
Why does Wallison later conclude that Fannie and Freddie were trying to do too much for poor people when earlier he had criticized them for doing too little?
Also, how does he explain away the fact that the housing bubble was a global phenomenon? How does a U.S. government sponsored entity single-handedly create a housing bubble in the UK, Canada, Ireland, Spain, etc? How did Fannie Mae create an entire parallel shadow banking industry?
Quote:
Originally Posted by InformedConsent
Please don't feign ignorance on this. It happened. Even Barney frank admitted it on C-SPAN in 2013, after he retired
That's funny...because George W. Bush admitted he was at fault in his memoirs:
Quote:
"At the height of the housing boom, homeownership hit an all-time high of almost 70 percent. I had supported policies to expand homeownership, including down-payment assistance for low-income and first-time buyers. I was pleased to see the ownership society grow. ...: This precarious structure was fated to collapse as soon as the underlying card—the nonstop growth of housing prices—was pulled out. That was clear in retrospect. But very few saw it at the time, including me."
But it was all the evil Democrats....Muahahahahahahahah!
Last edited by BajanYankee; 12-27-2017 at 02:44 PM..
It's not that much. The Federal Reserve's $4.5 trillion worth of Fannie/Freddie MBS and US Treasuries on its H.4.1 generated only 2.52% in interest income, if the LA Times can be believed.
Every single year we have seen dozens of "not seen since the Great Recession" figures.....just about every measurement. That's what happens when the GOP ruins the economy...it took maybe 4 years to get a basic handle on things and then it's been up,up,up (or down if unemployment) ever since.
What people aren't talking too much about is the debt and deficit. They also aren't talking about the health care getting taken away or being pumped WAY up in price (it will make GDP look good, but cost YOU)...
They aren't talking about endless war. They aren't talking about stagnant wage growth or that many people got jobs after the Recession that pay 50% of what they were making before.
Unpleasant subjects, I know- especially when the facts show more and more wealth went to the top.....and less and less (if any) went to the so-called lower middle class. Oh - 41 MILLION in Poverty. Americans. Something to be proud of?
What people aren't talking too much about is the debt and deficit. .
How much did you talk about it when Obama borrowed $7T and wasted it on his wars in the Middle East? I'm thinking not much. There's that double standard again.
Instead Trump removes some of Obama's excessive over reaching regulations, cuts back Obama's bureaucracy, and passes a historic tax bill, and the economy instead generates $600,000,000 in just 2 months.
How much did you talk about it when Obama borrowed $7T and wasted it on his wars in the Middle East? I'm thinking not much. There's that double standard again.
Instead Trump removes some of Obama's excessive over reaching regulations, cuts back Obama's bureaucracy, and passes a historic tax bill, and the economy instead generates $600,000,000 in just 2 months.
This speaks for itself.
The economy in 2 months has much moved much more than $600M. Maybe you mean deficit spending has created another $600M in 2 months?
I stop reading when you start with the personal attacks. Responses based on logic & fact don't require it and we don't want it here.
Oh. I see. Fair enough. Let me make this a little more palatable then...
For all of us, a very big problem for America are all the people who cannot properly "connect these dots" concerning who and/or what actually causes the likes; economic ups and downs, consumer confidence, inflation, bull versus bear markets. If the rooster's crow is going to get credit for the Sun rising, no doubt the reality about such things doesn't matter much. However, for Americans to do better in terms of choosing our elected representatives, let alone our POTUS, and for us to better support public policy that actually helps Americans move forward rather than backwards, we need to better understand what is going on around us.
Take one example; the stock market record high. Obviously the bottom lines for corporations are improved when their tax rates are reduced. Doesn't take an economist to understand this, but also of course that's not the only reason the stock market is up, not by a long shot. Begin to understand what actually drives the equities markets and that bit of better understanding begins to pay big dividends (pun intended). I'm talking about the "dividends" that come from people not foolishly thinking we have Trump to thank, for example, rather than what is truly driving the markets right now.
More importantly, given the call to help average Americans, even if we are to credit Trump 100 percent for the higher stock values, how is the average American benefiting? How many? How many Americans have any investment in stocks? How much? Bother to answer these questions -- honestly -- bother to properly "connect those dots" and only then do we begin to better understand who is gaining and why, and who is not...
Add what Trump seems to think is a good idea, now during a time of economic upswing, to cut taxes even for the most wealthy highest income earning corporations and individuals, and indeed we shall see how the rich get still richer while the rest of Americans wonder why they end up further and further behind, still working too hard for too little. Sad to think how many Trump supporters who really do need help are actually getting the shaft. Over half of Americans have less than $1,000 in their savings account!
I wonder..., of the people commenting in this thread, how many have less than $1,000 in their savings account? I'll bet of those who represent over half of Americans, there are those among them who understand finance, economics, politics about as well as they understand what Trump is actually doing, and they are the most likely to spend more this holiday season -- with their credit card -- because they too also don't understand that eventually that credit card bill catches up with you!
So too will Trump's tax overhaul catch up with us, but not during his four years! Government policy doesn't work that fast! (Hint. Hint). Yet again we kick the can down the road for our children and theirs, while also of course making sure the folks making off with all the millions and billions are forever better advantaged to do so.
How much did you talk about it when Obama borrowed $7T and wasted it on his wars in the Middle East? I'm thinking not much. There's that double standard again.
Instead Trump removes some of Obama's excessive over reaching regulations, cuts back Obama's bureaucracy, and passes a historic tax bill, and the economy instead generates $600,000,000 in just 2 months.
This speaks for itself.
Ours is a $20 trillion dollar economy -- per year! It's ups and downs are NOT much dependent on what the POTUS does, and certainly not immediately! For many, however, how we judge our POTUS is dependent on what the economy does, regardless the reasons our economy goes up or down. That's a big mistake and one of our ongoing problems. Our cause/effect analysis is sorely lacking and leading to bad conclusions...
That's funny...because George W. Bush admitted he was at fault in his memoirs:
But it was all the evil Democrats....Muahahahahahahahah!
Thanks! Reading the likes, memoirs written by the presidents themselves, auto-biographies, biographies, takes a bit more time than most Americans are willing to invest these days, so instead we're given to what we learn on Facebook, our favorite blogs and social media forums like this one...
"Facebook’s CEO, Mark Zuckerberg, initially doubted that the platform could have influenced the election, but later pledged to make political advertising more transparent."
Mark Zuckerberg: "Not only will you have to disclose which page paid for an ad, but we will also make it so you can visit an advertiser’s page and see the ads that they’re currently running to any audience on Facebook."
I am a liberal, but I read the books written by presidents regardless their party, because I am interested in the truth, not so much the partisan nonsense. Not that presidents don't also tell their side of the story with some bias, but much they tell provides insight hard to get otherwise. That's why I also read Bush's book, "Decision Points." I wonder how many going on about "all the evil Democrats" have done the same. The same ones who actually blame Obama for the economic mess GW admittedly turned over to Obama in 2009, as well as blaming Obama for essentially what corrective action GW began as he signed off (as just about any economist of note also recommended), also of course how it was Obama's fault for how long it took to turn that mess around, and then when we were finally back on the upswing as Obama was leaving office, let's credit Trump?!?
From a brief web search, it's apparent that "your" analysis is nearly entirely lifted from Peter Wallison and the American Enterprise Institute.
Actually, no. It's analyzed from the Federal Reserve's H.4.1s from 2008 to current. That is, unless you can prove the $2 trillion to bail out Fannie and Freddie came from elsewhere.
Where'd the $2 trillion come from to fund the following?
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