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Title: Krugman's Rightful Victory Lap - Mone Too...
Source:
The NY Times
URL Source: http://www.nytimes.com/2011/06/03/opinion/03krugman.html?_r=1
Published: Jun 3, 2011
Author: Paul Krugman
Post Date: 2011-06-03 12:10:35 by war
Keywords: None
Views: 140835
Comments: 159
Earlier this week, the Federal Reserve Bank of New York published a blog post about the “mistake of 1937,” the premature fiscal and monetary pullback that aborted an ongoing economic recovery and prolonged the Great Depression. As Gauti Eggertsson, the post’s author (with whom I have done research) points out, economic conditions today — with output growing, some prices rising, but unemployment still very high — bear a strong resemblance to those in 1936-37. So are modern policy makers going to make the same mistake? Mr. Eggertsson says no, that economists now know better. But I disagree. In fact, in important ways we have already repeated the mistake of 1937. Call it the mistake of 2010: a “pivot” away from jobs to other concerns, whose wrongheadedness has been highlighted by recent economic data. To be sure, things could be worse — and there’s a strong chance that they will, indeed, get worse. Back when the original 2009 Obama stimulus was enacted, some of us warned that it was both too small and too short-lived. In particular, the effects of the stimulus would start fading out in 2010 — and given the fact that financial crises are usually followed by prolonged slumps, it was unlikely that the economy would have a vigorous self-sustaining recovery under way by then. By the beginning of 2010, it was already obvious that these concerns had been justified. Yet somehow an overwhelming consensus emerged among policy makers and pundits that nothing more should be done to create jobs, that, on the contrary, there should be a turn toward fiscal austerity. This consensus was fed by scare stories about an imminent loss of market confidence in U.S. debt. Every uptick in interest rates was interpreted as a sign that the “bond vigilantes” were on the attack, and this interpretation was often reported as a fact, not as a dubious hypothesis. For example, in March 2010, The Wall Street Journal published an article titled “Debt Fears Send Rates Up,” reporting that long-term U.S. interest rates had risen and asserting — without offering any evidence — that this rise, to about 3.9 percent, reflected concerns about the budget deficit. In reality, it probably reflected several months of decent jobs numbers, which temporarily raised optimism about recovery. But never mind. Somehow it became conventional wisdom that the deficit, not unemployment, was Public Enemy No. 1 — a conventional wisdom both reflected in and reinforced by a dramatic shift in news coverage away from unemployment and toward deficit concerns. Job creation effectively dropped off the agenda. So, here we are, in the middle of 2011. How are things going? Well, the bond vigilantes continue to exist only in the deficit hawks’ imagination. Long-term interest rates have fluctuated with optimism or pessimism about the economy; a recent spate of bad news has sent them down to about 3 percent, not far from historic lows. And the news has, indeed, been bad. As the stimulus has faded out, so have hopes of strong economic recovery. Yes, there has been some job creation — but at a pace barely keeping up with population growth. The percentage of American adults with jobs, which plunged between 2007 and 2009, has barely budged since then. And the latest numbers suggest that even this modest, inadequate job growth is sputtering out. So, as I said, we have already repeated a version of the mistake of 1937, withdrawing fiscal support much too early and perpetuating high unemployment. Yet worse things may soon happen. On the fiscal side, Republicans are demanding immediate spending cuts as the price of raising the debt limit and avoiding a U.S. default. If this blackmail succeeds, it will put a further drag on an already weak economy. Meanwhile, a loud chorus is demanding that the Fed and its counterparts abroad raise interest rates to head off an alleged inflationary threat. As the New York Fed article points out, the rise in consumer price inflation over the past few months — which is already showing signs of tailing off — reflected temporary factors, and underlying inflation remains low. And smart economists like Mr. Eggerstsson understand this. But the European Central Bank is already raising rates, and the Fed is under pressure to do the same. Further attempts to help the economy expand seem out of the question. So the mistake of 2010 may yet be followed by an even bigger mistake. Even if that doesn’t happen, however, the fact is that the policy response to the crisis was and remains vastly inadequate. Those who refuse to learn from history are condemned to repeat it; we did, and we are. What we’re experiencing may not be a full replay of the Great Depression, but that’s little consolation for the millions of American families suffering from a slump that just goes on and on.
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Should be "Mine Too"...damn "O" and "I" keep switching places on my keyboard... Se...that should have been "I" and "O"... Anyway, I warned on LP back in 2009 that Obama was allowing the stim to be watered down because the GOP had their eyes on the 2010 midterms. I was correct, of course...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Now they're looking at 2012 with not much to lose and everything to gain.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
So far the GOP plan for 2013 is to take away health care, unemployment benefits, medicare, more tax cuts for the wealthy and a default on debt. Sounds like a winning platform to me.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Mone Too. [snicker]
war has to do something for entertainment. The voices in his head aren't speaking to him and his imaginary friends have found reasons not to come over anymore.
It is the class warfare they accuse the left of.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
mon Dieu!
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Ok, here we go... You want to stand with the Keynesian idiot Krugman, then you'll fall with him... So I'll go over this bullshit article point by point, and when I am proven right, while you and your fellow dumbass Krugman are demonstrated to be the useless shills you truly are, I'll enjoy watching you eat crow... (or squirm and pretend you never supported the idiotic Keynesian policies and their inevitable results.) Back when the original 2009 Obama stimulus was enacted, some of us warned that it was both too small and too short-lived.... By the beginning of 2010, it was already obvious that these concerns had been justified. Krugman- like you- uses the 25 Rules of Disinformation to great effect. They're lies of course, but he lies very convincingly. For the above quote, he uses: Rule of Disinformation #13. Alice in Wonderland Logic. Avoid discussion of the issues by reasoning backwards with an apparent deductive logic in a way that forbears any actual material fact. His agenda is to start selling QE-3, 4, 5....N, i.e., money-printing, to further rob the middle-class, and line the pockets of his bankster backers. This is a very subtle delivery of Rule of Disinformation #5. Sidetrack opponents with name calling and ridicule. This is also known as the primary attack the messenger ploy, though other methods qualify as variants of that approach. Associate opponents with unpopular titles such as “kooks”, “right-wing”, “liberal”, “left-wing”, “terrorists”, “conspiracy buffs”, “radicals”, “militia”, “racists”, “religious fanatics”, “sexual deviates”, and so forth. This makes others shrink from support out of fear of gaining the same label, and you avoid dealing with issues. In this case, he refers to those who warn us that having too much debt has severely negative consequences, as "debt hawks." Of course, he also inserts the word "austerity" to a public who now understands the negative connotations of that word- to paint anyone who is against printing our money into oblivion as pushing for such austerity measures. Very effective... and very disengenuous. Another disengenuous statement... If I max out my credit cards, and I can't even make the minimum monthly payments, why would I be so stupid as to ask the bank for an increase of my limits...? Why would THEY do it? In this case, the bank (Congress) is refusing to raise the limits- as well they should. Saying "oh, the banks won't raise the limits on my maxed-out cards will force me to cut back on the money I'm spending for my lavish life-style... "It will "be a drag" on my party, dude..." Of COURSE it will, you dipshit moron... But the people who are behind the bank.... the depositers.... WE the PEOPLE... can't pay any more...! So live within your means, go bankrupt or just STFU, because the money's gone. GONE. This is COMPLETE LIE. By raising the debt ceiling, you GUARANTEE inflation, and later hyperinflationary events. By preventing the FED from printing more money then we're prepared to take, we SLOW inflation, and perhaps we can stop it for a while. There's even the small chance that we'll survive this financial catastrophe, without devolving into CWII. But they raise the debt ceiling, and the Fed will just PRINT BABY, PRINT!!!! It'll be Zimbabwe, Hungary and Weimar, all over again... But far worse then ANY of them experienced, due to their never having relied on their currency as the "world reserve" and having that snatched away by a disgusted market. Uh-HUH. Of course, only an idiot believes anything the Fed says... Bernanke has been 100% WRONG on his predictions, to date. In other words, what the official Fed line is, you can bet it's going the other way. But to sell this pile of shit (inflation is temporary and low), in spite of what we see whenver we go shopping, Krugman relies on Rule of Disinformation #22. Manufacture a new truth. Create your own expert(s), group(s), author(s), leader(s) or influence existing ones willing to forge new ground via scientific, investigative, or social research or testimony which concludes favorably. In this way, if you must actually address issues, you can do so authoritatively. Rule of Disinformation #19. Ignore proof presented, demand impossible proofs. This is perhaps a variant of the “play dumb” rule. Regardless of what material may be presented by an opponent in public forums, claim the material irrelevant and demand proof that is impossible for the opponent to come by (it may exist, but not be at his disposal, or it may be something which is known to be safely destroyed or withheld, such as a murder weapon). In order to completely avoid discussing issues may require you to categorically deny and be critical of media or books as valid sources, deny that witnesses are acceptable, or even deny that statements made by government or other authorities have any meaning or relevance. Rule of Disinformation #20. False evidence. Whenever possible, introduce new facts or clues designed and manufactured to conflict with opponent presentations as useful tools to neutralize sensitive issues or impede resolution. This works best when the crime was designed with contingencies for the purpose, and the facts cannot be easily separated from the fabrications. Indeed. Throughout history, NO country or empire has ever raised itself to full and lasting prosperity, by debasing its own currency (which is what Krugman wants). He has learned NOTHING about history... and neither have you, DwarF.
List of those unable to think: Bumper sticker on DwarF's car: More ca ca from the NY Times...... aint that a surprise.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Knock off the BS noise and stick to the article, Erica. I don't need your asshole comments about banksters and other crap. Why do you believe that Krugman was incorrect when he said that the stim was not big enough? The crap above is crap I can read in any of your posts. Stick to the issue. When you feel like offering up an actual argument rather than the same frothy mouth end of the world BS that you've been spurting on the internet for 15 years, PING me. Until then, don't bother.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Krugman is an editorial page contributor to the Times. He's syndicated and published elsewhere. In other words, take your Sean Hannity talking point and stick it.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." And is that supposed to impress me into believing what he says..... not....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
America was a closed economy in the 1930s and the government didn't owe trillions of dollars in debt to foreign countries. The Keynesian idiots whose heads are stuck in the 1930s just don't understand that the world has changed.
Of course, you can't cite a cogent reason WHY you don't believe him - even though what he predicted 2 years ago has come true.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Do you believe that monetary flows are more efficient or less efficient now? If you say "less" you're more stupid than I have previously pointed out. Do you believe that it MATTERS who holds the debt?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Actually, America has been the world's largest trading partner going back to the late 19th century. They tried to close it and semi-did but it was for a very brief period.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." International trade was tiny in the 19th century compared to today. Smoot Hawley shut most trade down in the early 1930s.
Yep, money can very easily flee a country today when a government acts irresponsibly. That's part of my point bozo.
Keynesian economics 101: Wages are "sticky" downwards. In a recession, people won't voluntarily take wage cuts to clear the market price for labor so that businesses will start hiring again. So, people have to be fooled into taking a pay cut through inflation. Prices go up, wages stay the same -- a pay cut has occurred. The market price clears and businesses start hiring again. That's Keynesian economics in a nutshell. Two problems: 1.) This model stopped working in the 1970s because people started expecting inflation and demanded automatic cost of living increases in their union contracts, etc. 2.) The government owes a tremendous debt to foreign countries. Creating inflation to lower real wages in the U.S. also lowers the value of the debt held by foreigners, which makes it harder for the government to borrow more money. There are many more problems with Keynesian economics today than these, but this basically why it doesn't work anymore. There's an old adage that is very instructive here: You can fool some of the people some of the time, but you can't fool all of the people all of the time. The people stopped being fooled by the Keynesian inflation scam in the 1970s.
More Communism! was the battle cry of the USSR right up to the end. If they'd only had enough, everything would've been peachy. /s
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
The US was to Europe in the late 1800s what China is to us today.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Economists know better, but the GOP is listening to the teahadist minority. Just today Boehner said that the jobs report was evidence that further spending cuts are needed, ignoring the fact that he claimed to have passed "historic" spending cuts not long ago - and the result is falling job growth. And then of course we had the extension of the Bush tax cuts plus additional tax cuts in December. Never let facts get in the way of ideology though.
"Thats because your basically and idiot." Romney says he will balance the budget in his first term, I can't to hear how. Even Ryan wouldn't balance it until 2019.
"Thats because your basically and idiot." Almost everyone I know took a pay cut in 2008. Keynesian approaches have never really been applied to this recession. The stimulus only spent about $300 billion on infrastructure, the rest went to tax cuts and aid to states. Now that state aid is done we're seeing big cuts in state spending and big cuts in state employment (the latest report showed another decline of 30,000 government workers. So what we've got now is that we just had "historic" federal spending cuts, earlier this year we passed another round of tax cuts. Governments across the U.S. are shrinking. And guess what, job growth is anemic. So the GOP answer is "more" spending cuts and tax cuts, right?
"Thats because your basically and idiot." You're blaming falling job growth on spending cuts?
Tag lines are gay.
Obama said he'd cut the deficit in half in his first term. That's not a defense of Romney, who is an idiot.
Tag lines are gay.
Cutting spending will slow the economy. Economics 101 - See U.S. 1937, UK 2011
"Thats because your basically and idiot." Take a look in the mirror, if you want to see what stupid REALLY looks like. It has been empirically proven- MANY TIMES- that more government interference in the market-place results in greater inefficiencies. Just look at Soviet Union, for a real-world example of a fully government-managed economy, and its results. Don't throw China into that mix, though- their economy is capitalistic, with a Communist government. Intermediate macroeconomics would have explained this to you, but it is abundantly clear that you don't understand basic econ, much less the intermediate or advanced levels. Oh, BTW, you never addressed my point- NO country or empire has ever propelled itself to lasting prosperity, by devaluing its own currency. (What we now call "quantitative easing.") Check-mate. :)
List of those unable to think: Bumper sticker on DwarF's car: Lol. DwarF is quite the moron...
List of those unable to think: Bumper sticker on DwarF's car: You ignorant libTURD cow, there is no possible similarity between the two. Except in the fetid and fevered bird like "brain" pan of the typical libTURD mouth breather. Did you even finish third grade?
Spoiled, stupid and ignorant, brain dead phuckwads, libTURD fools, tools, and idiots, are the real sickness; the messiah "king" obammy and his regime are only the symptoms.
Regardless... Smoot Hawley shut most trade down in the early 1930s. Both imports and exports were about 5% of GDP. Even after Smoot-Hawley, the US had the lowest or near lowest tariffs in the world. As a monetarist, per se, and knowing that recessions and depressions are monetary in nature, I discount Smoot Hawley as having any substantial impact.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Government spending and tax credits do not equate to communism. They don't equate to Socialism either. PING me in a few years when you've had a HS level course in "isms".
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Money is not fleeing the US. IN fact, the US bends over backwards via the tax code to accommodate these inflows. So, if that was your point it was...pointless.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." That the stimulus would be a failure because of where it was targeted? (A way to keep his union pals working for awhile longer so he could reap the benefits of their campaign contributions for 2012)... So did he say that???? We didn't need the stimulus, plain, pure and simple.... It didn't accomplish anything other than to put us more in debt, and help bribe his "Gangsta" buddies for their support....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Inflation is not an indicator or a characteristic of a recession. Want to try again? What does occur during a recession is that people LOSE their jobs. Companies have a productivity baseline that, minimally, would have to be that the result of every dollar invested in production should equal a dollar of output. labor, being a cost of production, is the "easiest" to adjust. What Keynes would tell you, and which he states in his general theory, is that WAGES and PRICES should be subject to legislative controls rather than controlled through monetary policy. Had you made that argument as being a flaw in his General Theory you'd have agreement with me. Keynes saw inflation as a temporary dislocation that could be easily manipulated. He was wrong, of course. And while you do cite history correctly - Nixonomics - you take away the wrong lesson. The reason why the Keynesian model does not work is because the fiscal policy of the US government has been anti-Keynesian for the last 30 years. IN 1985/86, Keynes would have been demanding of Reagan that he stop spending and pay down debt. He would have been doing the same in the middle part of the last decade. Keynes was not an advocate of spend, spend, spend.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." It targeted consumers and public works projects. We didn't need the stimulus, plain, pure and simple.... We were in the depths of a recession that was on its way to being a Depression. It did a great job of stopping that almost in its tracks. The problem is that it did little else. Tax cuts, btw, are both stimulative AND put us into debt. I've never seen you argue against one.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Putting aide the aphoristic qualities of that statement, the goal of quantitative easing is not to devalue the currency but to fund an available capital pool. And if you want to see a currency devalue, watch what happens when the EU meltsdown.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." That the stimulus would be a failure because of where it was targeted? It targeted consumers and public works projects. Yea I remember all of those stupid road signs that said "This Road will be repaired using Stimulus money"..... Well the signs are now gone and the road is still the way it was before, no repairs, no repaving, no nothing.... "EXCEPT" the signs are gone, guess that's what the money was for to put up and take down signs..... phucking brilliant!!!!
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Ask the Japanese about stimulus plans, they did 8-10 of them and are still suffering to this day from that useless shit....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
I've never seen you argue against one. You won't because the debt is temporary..... if in conjuction with that you get rid of a lot of government rules and regulations that inhibit economic growth... Which is pretty much all the bureacracy the Dumbassocrats have dreamt up over the years, because they think we are all just too stupid to run our own lives..... (And they can't even run their own....... LOL.....)
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
"EXCEPT" the signs are gone, guess that's what the money was for to put up and take down signs..... phucking brilliant!!!! Challenge.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Are you Obamas lover? You sound like a bitch protecting her man.
Have you been asleep since KempRoth? You cannot cut taxes that fall predominantly into the hands of 2% of taxpayers and expect to see any kind of significant return in revenues. As for your other GOP talking point, the US is very pro-business. I challenge you here and now to cite "rules and regulations" that put a significant damper on economic growth. I issued that challenge to Erica last year, btw, and his response was to throw a snit fit and pout me on bozo - so he claimed. I've also challenged pegler when he's mouthed that talking point. I'm still waiting for his answer.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." You can enjoy bozo for a while again while you unstick your needle.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I worked for a Japanese company for 9 years. You can't stimulate an economy without giving incentive to spend money. All of their "stimulus" was to give incentive for foreign investments [capital outflow] and exports.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I think I'm going to see if you are telling the truth. If so you get a timeout.
A timeout for what? You seem to have a napoleon complex. Are you shorter than six feet tall?
Why would you give a timeout for telling the truth?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
war received a 15 min timeout for bozoing the host.
See 48.
You're a petty little tyrant.
Which is an enabled function and does you no harm. You can always email someone, bonehead. "He's ignoring me." Shit Stone, you sound like the Tammy Faye Bakker of forum owners.
rotflmao.
Proxy IP's are amusing.....lmao
I worked for a Japanese company for 9 years. You can't stimulate an economy without giving incentive to spend money. All of their "stimulus" was to give incentive for foreign investments [capital outflow] and exports. But the point is their stimulus plans didn't work either!!!!! They are so far in debt it isn't funny and have publically said they were a waste of time.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Challenge. So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Did you take away his milk and cookies too????
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
I'm pretty harsh. 15 min. But I let him keep the cookies.
That may be your point that supports your agenda however that doesn't make it "the" point.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
We had one of those projects a few blocks from my house; the intersection was torn up, the work was done, and the street repaved. Now the signs are gone.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
That may be your point that supports your agenda however that doesn't make it "the" point And the original point was..... "Back when the original 2009 Obama stimulus was enacted, some of us warned that it was both too small and too short-lived". In essence do the same thing the Japanese did and failed at......
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Well goody for you.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
You should have done him a favor and took them away, permanently... that way he wouldn't have to keep wearing spandex
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
The 2009 stim worked. No matter by what measure you care to apply it worked. Just because the US is experiencing what is actually near the long term trend growth as opposed to above trend growth it does not mean that the stim was a failure.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." The Japanese did - and have done - nothing to stimulate domestic consumption.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." What's so funny Boofer? That you're an idiot or that Stone is?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." All projects in Ohio were completed or are near completion. Google it if you don;t believe me.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." So their population is growing but they're not buying anything made in their own country???? Sounds familiar doesn't it!!!!!
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
All projects in Ohio were completed or are near completion. Google it if you don;t believe me. So why don't you just send me the link.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Ask Boofer...I'm not your file clerk.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Japan raised the consumption tax, what effect do you think that would have on domestic buying?
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
He's not your file clerk.
Ha...beat you by 34 seconds... By Goldi's definition he's trying to "censor" me...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I'm starting to get a little bit tired of spoon feeding these grossly under-informed people. All that they do is regurgitate talk radio and Fox News lies or believe some Moonbat website - as in Capitaine Erica.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." What gets me is when theory meets real life and fails, they seem to think reapplying the failed theory will yield a different result.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
You are still acting like a coward. What are you afraid of little boy? Grow up.
Title: Krugman's Rightful Victory Lap - Mone Too... ROFLMAO! They don't get any more moon-batty, than the NY Times.
Obama's watch stopped on 24 May 2008, but he's been too busy smoking crack to notice.
Dumbass, you're a legend in your own mind. All you do is take whatever situation exists and use whatever convenient, available left wing talking points that exist to credit moonbats if it's good news or blame conservatives if it's bad news. That's it. That's all you are, and it's pretty fucking transparent. You say we should have had more stimulus? 800 fucking billion was not enough? How much would have been enough? 900 billion? 2 trillion? 100 trillion? Ask just about any small business owner right now what the problem is and they will tell you that they are content not to expand because they don't want to stick their necks out to wait for Obama's left wing Sword of Damacles to chop their head off.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
Not even half that amount has been spent.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Cutting spending will slow the economy. Economics 101 - See U.S. 1937, UK 2011 Increasing spending when you're broke will do what? What brought us to this point? Keynesians Gone Wild! Film at 11:00.
Tag lines are gay.
Let's not forget about Bush's $700 billion bailout.
Tag lines are gay.
Wasn't that the size of the tax cut that you just claimed would get jobs going again? Wasn't that also around what your hero spent on wars that a) he borrowed and b) fucked up? The tax credits in the stim and the demand side incentives should have remained open ended. Ask just about any small business owner right now what the problem is and they will tell you that they are content not to expand because they don't want to stick their necks out to wait for Obama's left wing Sword of Damacles [sic] to chop their head off. You're asking one now, nutjob. I've received more "incentives" in the last two years than I had during the previous 8.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Bankers stole the treasury by lending it out according to policies they lobbied for?
You believe that Obama's BC was forged. They don't get any more moon-batty than YOU.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I didn't like that and all I can say is that Bernanke and Paulson told Bush that if it wasn't passed, a collapse of the Nation's banking system was imminent. Evaluations of the results have been mixed.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
Feel free to link us to your bitching about it, fifty yard line...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Best summary yet!
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Question for you: is there a theoretical limit to federal stimulus? If there is such a limit, what are the components that limit it? If there is no limit, I want to understand the wonders behind the concept.
It did. The downturn happened for different reasons. demand side incentives should have remained open ended Yeah, and just how much fucking money do you think we can print? You and Krugman are fucking scary.
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
That isn't true at all. Over the years the "The Community Reinvestment Act" of 1977 maintained an increasing perspective on local banks portfolios requiring the banks to reinvest at larger rates into their same communities. This, in turn, required lowering the standards for real estate loans (first time home buyers with the idea of their own family occupation). The banks were literally PUSHED into this issue by the federal government even by GWBush.
We aren't broke. The U.S. debt as a percentage of GDP is still lower than many other countries, and given tax rates are historically low (especially compared to the Reagan years) there is plenty of room to raise taxes on incomes above $250k without negatively impacting the economy. Federal tax rates, as a percentage of the economy, are at 60 year lows. Furthermore, interest rates on U.S. bonds don't reflect that anyone investing in U.S. treasuries thinks "we're broke." We're paying 0.68 percent on a two-year note that was at 5.1 percent in 2007. Again, a massive cut in spending now will slow the economy even further, create more unemployed, and further lower the tax base. If you really want to balance the budget, you do it through spurning economic growth, not through massive spending cuts - as we have seen in the UK, Ireland, and here in the U.S. in 1937.
"Thats because your basically and idiot." The banks were literally PUSHED into this issue by the federal government even by GWBush. The CRA didn't cause the financial crisis - private banks seeing the profit potential of making garbage loans to unqualified people, because they could then spin into CDS in an unregulated market caused the financial crisis.
"Thats because your basically and idiot." Right. Lenders, who invest hundreds of millions of dollars in politicians, meekly went along with this oppressive and destructive policy. Sure, I buy that - not.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
I agree with you about some of the shady bundled re-packaging of the loans. But, that is not the trigger mechanism for the issue. It was CRA that created the requirement of lowering first-time homeowner's qualifications as those same requirements were strictly enforced by both Freddie Mac and Fannie Mae. And others, too, in the private markets. It was an artificial bubble in the housing market that went on and on pushing up demand while simultaneously requiring fewer qualifications of first time home buyers. That demand drove the price valuations to incredible heights. Which in turn gave reason for many existing homeowners to refinance their own homes adding even more fuel to the fire in a latter collapsed market.
By policies that they and the home construction industry lobbied for.
Often, Fannie Mae and Freddie Mac (both federal entities) purchased the loans, so why not? Do as the government dictates and make a bundle in the process, correct?
I don't think this is true in a general sense. The political environment (especially with Clinton and GWBush) begged for increased home-ownership by minority groups, PROVING THE STRENGTH OF AMERICAN FREEDOM TO THE WORLD. It was a myth. Government has no business dictating how a local bank should manage its own formulas of success unless there are obvious errors by management. Of course, that is why some oversight is supposed to exist in the first place, to ensure the bank's portfolio is justified with respect to law but it is another issue where the federal government forces banks to make loans based on poor qualifications for federal government quota considerations. Today, the folks heading CRA are in fact calling the trends for increased qualifications "racist." How about that?
Assuming that's true - because it's wrong. Why is it wrong? Because lenders in your scenario knew they were screwing others down the line.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
You just made the case for regulation and oversight.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Really? Since all the Congressional investigations of and about the real estate bust, name one player in the markets that is behind bars. The only ramblings I have heard are about are Fannie and Freddie. The rest of banks, loan originators and so forth simply went "bust" or were absorbed by other conglomerates with federal money (FDIC) (TARP) that make up the difference in the absorption costs.
Particularly for and about the US government to lower banking standards so as to achieve some arbitrary quota system as a political feather in someone's hat. I am a strong proponent of laissez-faire. What we saw (and are in fact still experiencing) was government intrusion into the otherwise free markets causing ALL of the problems we see today.
There are no free markets nor have there ever been. And most government intrusion is either lobbied for by one capitalist entity or another, or created by citizen complaint due to poor business practices. Too bad businesses have proven they are unable to police themselves.
That is only a matter of relative degree. By the way, not all banks are federally chartered and did not have to comply with federal CRA rules. Then again, those same banks are often considered "shady" or "risky" to investors. They have their place though in an otherwise free market. But we are discussing CRA requirements that are ludicrous and were the reason for the issues we see today for added federal stimulus or less into the economy. In fact, that is the "tug-of-war" on this thread. More stimulus or less stimulus? Both John Keynes and Arthur Laffer are idiots and they are somewhat at opposites poles of thought.
Yet that tug of war has been going since the founding of this country and probably always will. It's a much surer thing than the actual existence of free 'anything goes' markets.
As I asked war earlier: Please answer the question, particularly since the US federal debt is at an all time high while America is losing confidence from other nations to support that same debt.
Frankly, I doubt that there is a magic bullet number or ratio. We did an amount equal to about 7% of GDP...Japanese around 15%...Germans around 1%. My issues with the stim were a) the tax credits to stimulate demand should have been open ended until we had a real growth rate 10-15% over the recovery point, which is the point at which current $ value of GDP matches $ value GDP at the beginning of the recession and b) the politics of it which was for the Padlock and Boofers of the worlk [read GOP] to promote the FALSE idea that a stimulus should somehow evoke a quick and sharp turnaround in the economy.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Lie. Yeah, and just how much fucking money do you think we can print? We "printed" more money during your hero's era.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I really have no idea. But I do know that being the world's policeman has it's price, but I'm sure new markets will be opening up momentarily courtesy of our military prowess.
I don't give a damned about your (b) considerations as it leads nowhere to me. With your (a) considerations, how did you arrive at that growth rate and relative value? Why not above 15% or are you saying, that you agree there are limits in the first place? If there are limits, why not below 10% value? You see, your own answer suggests bounds to a theoretical limit. The window you set is arbitrary from my perspective.
That is truly humorous. Thanks!
You seem to have forgotten that this is a chit chat channel.
Don't you have a Hitler Youth event today? /boofer
/boofer It got rained out.
Not at all. But this is a "political chit-chat channel" correct? That term "politics" should infer some seriousness on current events. I don't agree that there are two teams in these channels, either. I don't care how it may be phrased: (conservative vs. liberals) or (bad vs. good) or (left vs right) or (Americans vs. the world) or (red vs. blue) or (dimwit vs. intellectual) or any of the polarizing remarcks; it should be all in good fun. What I like to understand is hypocrisy in poster stance no matter the position held. For some reason I am fascinated by this characteristic in some posters. Once I sense hypocrisy I know the rest of discussion is lost until some form of realistic explanation is created.
Mental Midget DwarF: Putting aide the aphoristic qualities of that statement, the goal of quantitative easing is not to devalue the currency but to fund an available capital pool. Translation: The goal of QE is not to devalue money, but to print as much as we need to spend. Of course, this devalues the money. Thanks for playing, you pathetic moron. Check-mate.
List of those unable to think: Bumper sticker on DwarF's car: No kidding. Of course, the NYT is effectively bankrupt, too... on a variety of levels. Financially. Intellectually. Morally. That's why DwarF loves them.
List of those unable to think: Bumper sticker on DwarF's car: I don't agree that there are two teams in these channels, either. I don't care how it may be phrased: (conservative vs. liberals) or (bad vs. good) or (left vs right) or (Americans vs. the world) or (red vs. blue) or (dimwit vs. intellectual) or any of the polarizing remarcks; it should be all in good fun. I don't know about the seriousness, since you yourself state it should all be in good fun. Anyway I see politics nowadays as not much more than the marketing of mediocre candidates as anything else. I do agree with your polarization stuff though, since it's obviously a divided we fall ploy.
I never said it was. But it be shortly unless the politicians do something about the debt.
Once you learn how to read, I will respond to again. For now, there is no point.
And the asset reallocation will be into what, Warren?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." This is what you wrote: In a recession, people won't voluntarily take wage cuts to clear the market price for labor so that businesses will start hiring again. So, people have to be fooled into taking a pay cut through inflation. Prices go up, wages stay the same -- a pay cut has occurred. The market price clears and businesses start hiring again. You are claiming that in an ongoing recession, people won't take a direct pay cut so they are forced into taking one through inflation, i.e. RISING PRICES. I can read fine even though your mind is an absolute mess. A) Rising prices are not necessarily inflation. America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Many things. There isn't any 1 to 1 correspondence. China has already dumped 97% of their short term U.S. government debt. As their long term U.S. debt come due, they will be dumping that too. Other countries will follow. The BRIC countries have already been proposing alternatives to the dollar as the world's reserve currency. Once that happens, the U.S. will have no choice but to create massive inflation to pay it's bills. It's coming soon because the politicians are too addicted to spending to stop.
Bullshit. TBilll issuance decreased so they rolled it out the curve. I'm a fixed income broker. Go peddle your nonsense somewhere else.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." More bullshit. Good luck getting industrialized nations accepting a currency created by the third world's banker that, wait for it, is funded mostly by the US.* *Poor word choice...the US provides the highest amount of funding.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I stated that I don't believe that there is a "Magic Bullet" number. Economies suffer dislocation for any number of reasons. Thus, a "recession" in Year A and recovered from in year A+Z may have the characteristics of both its cause and recovery differ markedly from the next recession. Most certainly the recession of 2001 was caused by the decline in business activity and consumer spending associative to the Y2K switch. Most certainly the recession of 2007-2009 was caused by a lack of credit which caused a severe dislocation in real estate.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." The goal of QE2 is to make sure that an adequate pool of capital is available to fund business lending. The last recession was caused, in part, by a virtually unregulated market "creating" money because the Fed had refused to. When the "market" itself took on the role of "banker" and began assessing counter party risk, the game was over. Of course, this devalues the money. Of course, that's absolute nonsense. What actually "devalues" money is when the relative level of production is unable to meet the demand for what is produced. IN other words, a currency is devalued when, systemically, it requires ever increasing amounts of dollars to purchase the same amount of goods.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." We "printed" more money during your hero's era. My "hero"? Assumably Bush? So now your argument is that the Kenyan needs to be more like Bush?
Now, I know I’m not going to change the minds of any of the True Believers…those who read all of Reverend Al’s sermons, and say things like, “You know, global warming can mean warmer OR colder, wetter OR drier, cloudier OR sunnier, windier OR calmer, …”. Can I get an ‘amen’??
http://en.wikipedia.org/wiki/Causes_of_the_United_States_housing_bubble `Criticism of mandated loans as the cause of the crisis However, government-mandated loans did not cause the boom in subprime mortgages. [10] More than 84 percent of the subprime mortgages came from private lending institutions in 2006[10] and share of subprime loans insured by Fannie Mae and Freddie Mac also decreased as the bubble got bigger (from a high of insuring 48 percent to insuring 24 percent of all subprime loans in 2006).[10] The Community Reinvestment Act also only affected one out of the top 25 subprime lenders.[10] Despite conservative criticism for government lending programs as the main cause of the crisis,[11][12][13][14] much of the crisis was independent of government home loan programs. In 2008, Federal Reserve Governor Randall Kroszner, said the CRA wasn’t to blame for the subprime mess, "First, only a small portion of subprime mortgage originations are related to the CRA. Second, CRA-related loans appear to perform comparably to other types of subprime loans. Taken together… we believe that the available evidence runs counter to the contention that the CRA contributed in any substantive way to the current mortgage crisis,". Only 6% of subprime loans were handed out by CRA-covered lenders to lower income people (the people the CRA is responsible for, CRA-covered banks can technically lend subprime loans to anyone).[15] Others have also concluded that the CRA did not contribute to the financial crisis, for example, Federal Deposit Insurance Corporation Chairman Sheila Bair,[16] Comptroller of the Currency John C. Dugan,[17] Tim Westrich of the Center for American Progress,[18] Robert Gordon of the American Prospect, [19] Ellen Seidman of the New America Foundation,[20] Daniel Gross of Slate,[21] and Aaron Pressman from BusinessWeek.[22]
My argument in your case is that you should be quiet more and thus stupid less.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." The loose CRA requirements for home ownership drove the issue. And, on top of that, both Freddie Mac and Fannie Mae (GSEs) competed in the markets for these same loans FURTHER exacerbating the issues. US government intervention created the entire mess, particularly after FED lowered interest rates in response to the 2000 Stock collapse.
And here is an article written by Edward Pinto, a consultant to the mortgage-finance industry, was the chief credit officer at Fannie Mae in the 1980s. The question of how well CRA loans have performed is of vital importance because of the trillions of dollars in such lending. During the first 15 years of the act’s existence, total announced commitments under the CRA totaled $9 billion. But starting in 1992, volume exploded. Over the next 16 years, from 1992 to 2008, announced CRA commitments totaled . And incredible though it may seem, the same federal regulators who forced the CRA on banks have neglected to track the performance of trillions of dollars of loans made to satisfy it. But there is a strong prima facie case that they constitute toxic lending—that is, lending that leads to unsustainable loans, resulting in an unacceptable level of foreclosures. To begin with, the CRA defenders’ claim that CRA lending mostly wasn’t subprime is highly misleading. It would be more accurate to say that 90 percent of CRA lending wasn’t classified as subprime. CRA lenders, along with Fannie Mae and Freddie Mac—the two government-sponsored entities that bought loans from lenders, enabling them to make more loans—commonly classified CRA loans as “subprime†only if they contained such features as high fees, high rates, or low initial payments with adjustable interest rates. But approximately 50 percent of CRA loans for single-family residences were nevertheless made to borrowers who made down payments of 5 percent or less or had low credit scores—characteristics that indicated high credit risk. Whether or not anyone called these loans “subprime,†in other words, the chances are good that many of them have defaulted or remain at high risk of doing so. Though the feds, again, haven’t collected figures for CRA loans’ performance as a whole, we do have statistics from a few lenders that are troubling indeed. In Cleveland, Third Federal Savings and Loan has a 35 percent delinquency rate on its CRA-mandated “Home Today†loans, versus a 2 percent delinquency rate on its non–Home Today portfolio. Chicago’s Shorebank—the nation’s first community development bank, with largely CRA-related loans on its books—has a 19 percent delinquency and nonaccrual rate for its portfolio of first-mortgage loans for single-family residences. And Bank of America said in 2008 that while its CRA loans constituted 7 percent of its owned residential-mortgage portfolio, they represented 29 percent of that portfolio’s net losses. Whatever the precise magnitude of the CRA’s role, there is no question that as the government pursued affordable-housing goals—with the CRA providing approximately half of Fannie’s and Freddie’s affordable-housing purchases—trillions of dollars in high-risk lending flooded the real-estate market, with disastrous consequences. Over the last 20 years, the percentage of conventional home-purchase mortgages made with the borrower putting 5 percent or less down more than tripled, from 8 percent in 1990 to 29 percent in 2007. Adding to the default risk: of these loans with 5 percent or less down, the average down payment declined from 5 percent to 3 percent of the loan’s value. As for Fannie and Freddie, most of the loans with 5 percent or less down that they had acquired by 2005 had down payments of 3 percent or even no down payment at all. From 1992 to 2007, the two entities acquired over $3.1 trillion in low-down-payment or credit-impaired loans and private securities backed by credit-impaired loans—and these are performing horribly: the delinquency rate on Fannie’s and Freddie’s remaining $1.1 trillion in such high-risk loans is 15.5 percent as of this past June 30, about 6.5 times the rate on the entities’ traditionally underwritten loans. All this risky lending, of course, drove the nation’s homeownership rate up and inflated a housing-price bubble. The pain and hardship that CRA has likely spawned are immeasurable. What is measurable, though, is exactly how the trillions in past CRA loans are performing and what we can learn from this debacle. http://www.city-journal.org/2009/19_4_snd-cra.html
It wasn't the CRA that forced banks to make all of those sub-prime loans. It was the sub-prime loans that lead to the meltdown.
And you want me to believe something you said, that you can't/don't want to provide proof of ????? ROTFLMAO........
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
In a sense I agree with you. Again, both the CRA (increasing the banks percentage of overall loans for homes, small businesses and small farms for those with credit scores of 620 or below) AND the GSEs created the issue. The article I posted for your review demonstrates what happened beginning in 1992 under Bill Clinton. Here is what Clinton did in concert with CRA requirements: He basically fueled markets based on high risk with government mandates.
I wouldn't think a whole lot unless it was a large amount..... and that wouldn't make sense.... but then again doing a stimulus didn't make any sense either....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
I've debated this to death, Freddie and Fannie had very little to do with the financial crisis, they controlled a very small percentage of junk loans, most were controlled by private institutions including countrywide. Less than 20% of subprime mortgages issued in the 2000's were subject to CRA. read this when you get a chance: "Thats because your basically and idiot." Thanks for taking the bait..."I'm not your file clerk" had a link on it...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." CRA had nothing to do with the financial crisis. CRA was a designation of a particular piece of geography rather than a particular type of person.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." Weren't you bitching the other day about the federal gas tax?
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." It’s telling that, amid all the recent recriminations, even lenders have not fingered CRA. That’s because CRA didn’t bring about the reckless lending at the heart of the crisis. Just as sub-prime lending was exploding, CRA was losing force and relevance. And the worst offenders, the independent mortgage companies, were never subject to CRA — or any federal regulator. Law didn’t make them lend. The profit motive did. And that is not political correctness. It is correctness. That democrats and poor people by way of the CRA are responsible for the mortgage melt-down is a matter of faith, not fact or reason.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Wasn't me.....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
NO!!! I was paraphrasing Keynes. This is what Keynesian economists believe. This is Keynes' basic program. I don't believe this at all.
China Has Divested 97 Percent of its Holdings in U.S. Treasury Bills There are many articles on the internet that demonstrate this. Don't F with me on the numbers. I am a numbers guy and I will beat you every time.
You are living in the past. America and Europe are in retreat. Why? Because they lost their way with their social welfare systems. The final straw will be a BRIC inspired dumping of the dollar as the world's reserve currency. They can't do it emotionally because they own too many dollars. It will take time, but it will happen because America has become fat and lazy. The world is starting to understand this.
No. $60 billion on infrastructure out of nearly $800 billion. The rest went to prop up state government bureaucrats, who are now inevitably losing their jobs. In other words, Obama's "stimulus" postponed the recession for one year.
Actually not yet, but they're considering doubling it from 5% to 10% in the wake of the earthquake/tsunami.
Men, have got to be the most inhumane creatures upon the face of this earth. I suppose it would never have crossed anyones mind at a time like this to, freeze prices, and taxes, help alleviate some of the suffering and worry till things got back to some kind of normalacy? I'm one who does believe there is a HELL, and anyone reaping profits and rewards from the misery and suffering of others, they will have a very special place in it waiting for them, they cannot live forever. jmho!
No you weren't. Keynes and Keynesians believe that "inflation" is an end of business cycle phenomenom where the production cannot keep up with demand. IN point of fact, RISING unemployment to a Keynesian is DE-flationary.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." GO back and read what I wrote. Bill issuance decreased so China was forced to roll purchases out the curve. The actual drop was a couple hundred billion. On the other hand, they increased their purchases of GSE discount notes and short callables.
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." In other words, Obama's "stimulus" postponed the recession for one year. Good luck getting some people to believe their government is lying to them....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
Well now, I guess I would have to agree with you.
If you want to see direct capital investment flee the third world there is no easier way than to attack the currency in which those investments are made. Do you really believe that the US will readily cede contolling the value of its currency, fluctuative as it may be, to the IMF or other global body? Do you really believe that Great Britan or Japan would agree to such a scheme? Please...
America...My Kind Of Place... "I truly am not that concerned about [bin Laden]..." I just noticed that yesterday when I got the new computer running, the old one was acting weird and not showing certain things....... maybe a virus????? For the last 3 days is said I had no new e-mail, as soon as I got the new one up it downloaded almost 100...... go figure...... I looked at that list and some of the places it listed work was done, but others weren't.... It even shows one place that doesn't even exist??? LOL... (Looks like Columbus has it's act together)... The one I remember the best (on SR380) the list shows it should have been done by Sept 09, but the status it gave as "Awarded"??????? The last time I went through there about 2 months ago on the way to the lake it still hadn't been done (and the signs were long gone)....
"I love the 45 caliber M1911, I respect the 9MM M9 Beretta but I only carry a CZ for my own personal protection". Quote courtesy of Lt Col John Dean Cooper, recognized as the Father of Modern Handgunning
It was raised in 1997.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
Where has the stimulus money been spent, how much is left: http://projects.propublica.org/tables/stimulus-spending-progress Bush's tax cuts resulted is a decrease of federal money to state and local governments; they have been struggling since befor the recession.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
That explains a lot. Economics has numbers in it and you may be good at that part, however it is a social science.
It is our responsibility to protect that child once that child’s born too. When we start debating a budget, let’s make sure we don’t cut 100,000 vaccines. Let’s make sure we’ve got health insurance. We seem to worship what we cannot see, but as soon as that baby’s born, oh no, we don’t want to be intrusive. Texas is going to shrink government until it fits inside a women’s uterus. Senator Leticia Van de Putte
America and Europe are in retreat. Why? Because they lost their way with their social welfare systems. China doesn't have social welfare programs? Or maybe that company town that a friend was forced to build in China for his workers complete with doctors and a small hospital clinic was just a figment of his imagination.
that's not accurate. See: http://www.propublica.org/special/the-stimulus-plan-a-detailed-list-of-spending nearly $100 billion went to transportation and infrastructure. Another $13 billion went to various government iT projects. $20 billion went to healthcare infrastructure, research, and grants. $41 billion went to energy infrastructure. $58 billion went to state/local, and some of that went into infrastructure.
"Thats because your basically and idiot." I'm one who does believe there is a HELL, and anyone reaping profits and rewards from the misery and suffering of others, they will have a very special place in it waiting for them, they cannot live forever. jmho! Huh? The idea is that the government is trying to raise money to help those that have been effected by the earthquake/tsunami. Between the tsunami damage and the nuclear crisis, do you have any idea of the costs involved? It's staggering... billions of dollars, maybe trillions.
Raise the money from where meguro? Who pays?
Do you understand what consumption tax is? It's a sales tax. So anyone who purchases anything pays.
--GW Bush
#2. To: war (#1)
#3. To: lucysmom (#2)
--GW Bush
#4. To: war (#1)
#5. To: war (#3)
So far the GOP plan for 2013 is to take away health care, unemployment benefits, medicare, more tax cuts for the wealthy and a default on debt.
#6. To: Rudgear (#4)
#7. To: war, a k a stone, cz82, jwpegler, hondo68, Get Outta Dodge!, Coral Snake, socalv8, Wood_Chopper (#0)
Krugman's Rightful Victory Lap - Mine Too...
So are modern policy makers going to make the same mistake? Mr. Eggertsson says no, that economists now know better. But I disagree. In fact, in important ways we have already repeated the mistake of 1937.
AND
Rule of Disinformation #15. Fit the facts to alternate conclusions. This requires creative thinking unless the crime was planned with contingency conclusions in place. ...somehow an overwhelming consensus emerged among policy makers and pundits that nothing more should be done to create jobs, that, on the contrary, there should be a turn toward fiscal austerity. This consensus was fed by scare stories about an imminent loss of market confidence in U.S. debt.
On the fiscal side, Republicans are demanding immediate spending cuts as the price of raising the debt limit and avoiding a U.S. default. If this blackmail succeeds, it will put a further drag on an already weak economy.
Meanwhile, a loud chorus is demanding that the Fed and its counterparts abroad raise interest rates to head off an alleged inflationary threat.
the New York Fed article points out, the rise in consumer price inflation over the past few months — which is already showing signs of tailing off — reflected temporary factors, and underlying inflation remains low.
Those who refuse to learn from history are condemned to repeat it; we did, and we are.
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#8. To: war (#0)
#9. To: Capitalist Eric (#7)
(Edited)
His agenda is to start selling QE-3, 4, 5....N, i.e., money-printing, to further rob the middle-class, and line the pockets of his bankster backers.
--GW Bush
#10. To: CZ82 (#8)
--GW Bush
#11. To: war (#10)
Krugman is an editorial page contributor to the Times. He's syndicated and published elsewhere
#12. To: war (#0)
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#13. To: CZ82 (#11)
--GW Bush
#14. To: jwpegler (#12)
(Edited)
The Keynesian idiots whose heads are stuck in the 1930s just don't understand that the world has changed.
--GW Bush
#15. To: jwpegler (#12)
America was a closed economy in the 1930s
--GW Bush
#16. To: war (#15)
(Edited)
America has been the world's largest trading partner going back to the late 19th century.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#17. To: war (#14)
Do you believe that monetary flows are more efficient or less efficient now?
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#18. To: war (#13)
(Edited)
Of course, you can't cite a cogent reason WHY you don't believe him
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#19. To: Capitalist Eric (#7)
Obama stimulus was enacted, some of us warned that it was both too small and too short-lived
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#20. To: war (#15)
Actually, America has been the world's largest trading partner going back to the late 19th century.
#21. To: war (#0)
Mr. Eggertsson says no, that economists now know better
Badeye posted on 2011-04-29 10:30:22 ET
#22. To: war (#3)
So far the GOP plan for 2013 is to take away health care, unemployment benefits, medicare, more tax cuts for the wealthy and a default on debt.
Badeye posted on 2011-04-29 10:30:22 ET
#23. To: jwpegler (#18)
There are many more problems with Keynesian economics today than these, but this basically why it doesn't work anymore.
Badeye posted on 2011-04-29 10:30:22 ET
#24. To: go65 (#21)
Just today Boehner said that the jobs report was evidence that further spending cuts are needed, ignoring the fact that he claimed to have passed "historic" spending cuts not long ago - and the result is falling job growth.
#25. To: go65 (#22)
Romney says he will balance the budget in his first term, I can't to hear how.
#26. To: We The People (#24)
You're blaming falling job growth on spending cuts?
Badeye posted on 2011-04-29 10:30:22 ET
#27. To: war (#14)
Do you believe that monetary flows are more efficient or less efficient now? If you say "less" you're more stupid than I have previously pointed out.
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#28. To: hondo68 (#19)
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#29. To: lucysmom (#20)
The US was to Europe in the late 1800s what China is to us today.
#30. To: jwpegler (#16)
International trade was tiny in the 19th century compared to today.
--GW Bush
#31. To: hondo68 (#19)
(Edited)
More Communism! was the battle cry of the USSR right up to the end.
--GW Bush
#32. To: jwpegler (#17)
(Edited)
Yep, money can very easily flee a country today when a government acts irresponsibly.
--GW Bush
#33. To: war (#13)
Of course, you can't cite a cogent reason WHY you don't believe him - even though what he predicted 2 years ago has come true.
#34. To: jwpegler (#18)
Wages are "sticky" downwards. In a recession, people won't voluntarily take wage cuts to clear the market price for labor so that businesses will start hiring again. So, people have to be fooled into taking a pay cut through inflation. Prices go up, wages stay the same -- a pay cut has occurred. The market price clears and businesses start hiring again.
--GW Bush
#35. To: CZ82 (#33)
That the stimulus would be a failure because of where it was targeted?
--GW Bush
#36. To: Capitalist Eric (#27)
Oh, BTW, you never addressed my point- NO country or empire has ever propelled itself to lasting prosperity, by devaluing its own currency. (What we now call "quantitative easing.")
--GW Bush
#37. To: war (#35)
#38. To: war (#35)
We were in the depths of a recession that was on its way to being a Depression. It did a great job of stopping that almost in its tracks. The problem is that it did little else.
#39. To: war (#35)
Tax cuts, btw, are both stimulative AND put us into debt.
#40. To: CZ82 (#37)
Yea I remember all of those stupid road signs that said "This Road will be repaired using Stimulus money"..... Well the signs are now gone and the road is still the way it was before, no repairs, no repaving, no nothing....
--GW Bush
#41. To: war (#35)
#42. To: CZ82 (#39)
You won't because the debt is temporary.....
--GW Bush
#43. To: A K A Stone (#41)
--GW Bush
#44. To: CZ82 (#38)
Ask the Japanese about stimulus plans
--GW Bush
#45. To: war (#43)
#46. To: A K A Stone (#45)
#47. To: A K A Stone (#45)
I think I'm going to see if you are telling the truth. If so you get a timeout.
#48. To: Fred Mertz (#46)
#49. To: lucysmom (#47)
#50. To: A K A Stone (#48)
#51. To: A K A Stone (#48)
"war received a 15 min timeout for bozoing the host."
#52. To: A K A Stone (#48)
#53. To: war (#44)
Ask the Japanese about stimulus plans
#54. To: war (#40)
"EXCEPT" the signs are gone, guess that's what the money was for to put up and take down signs..... phucking brilliant!!!!
#55. To: A K A Stone (#48)
war received a 15 min timeout for bozoing the host.
#56. To: CZ82 (#55)
#57. To: CZ82 (#53)
But the point is their stimulus plans didn't work either!!!!!
#58. To: CZ82 (#54)
So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
#59. To: lucysmom (#57)
But the point is their stimulus plans didn't work either!!!!!
#60. To: lucysmom (#58)
We had one of those projects a few blocks from my house; the intersection was torn up, the work was done, and the street repaved. Now the signs are gone.
#61. To: A K A Stone (#56)
I'm pretty harsh. 15 min. But I let him keep the cookies.
#62. To: CZ82 (#53)
But the point is their stimulus plans didn't work either!!!!!
--GW Bush
#63. To: CZ82 (#59)
In essence do the same thing the Japanese did and failed at......
--GW Bush
#64. To: Badeye (#52)
--GW Bush
#65. To: CZ82 (#54)
So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
--GW Bush
#66. To: war (#63)
The Japanese did - and have done - nothing to stimulate domestic consumption.
#67. To: war (#65)
So you want me to go take pictures of where the signs "WERE" at one time and post them for you?????? LOL......
#68. To: CZ82 (#67)
--GW Bush
#69. To: CZ82 (#66)
So their population is growing but they're not buying anything made in their own country????
#70. To: CZ82 (#67)
#71. To: Fred Mertz (#70)
--GW Bush
#72. To: lucysmom (#69)
--GW Bush
#73. To: war (#72)
All that they do is regurgitate talk radio and Fox News lies or believe some Moonbat website - as in Capitaine Erica.
#74. To: A K A Stone (#49)
See 48.
#75. To: war, Capitalist Eric (#72)
believe some Moonbat website - as in Capitaine Erica
Source: The NY Times
Post Date: 2011-06-03 12:10:35 by war
"We (government) need to do a lot less, a lot sooner" ~Ron Paul
#76. To: war (#72)
I'm starting to get a little bit tired of spoon feeding these grossly under-informed people.
#77. To: no gnu taxes (#76)
800 fucking billion was not enough?
#78. To: go65 (#26)
You're blaming falling job growth on spending cuts?
#79. To: no gnu taxes, war (#76)
You say we should have had more stimulus? 800 fucking billion was not enough?
#80. To: no gnu taxes (#76)
You say we should have had more stimulus? 800 fucking billion was not enough?
--GW Bush
#81. To: We The People (#78)
(Edited)
What brought us to this point?
#82. To: hondo68 (#75)
They don't get any more moon-batty, than the NY Times.
--GW Bush
#83. To: We The People (#79)
Let's not forget about Bush's $700 billion bailout.
#84. To: no gnu taxes (#83)
I didn't like that
--GW Bush
#85. To: mininggold (#81)
Bankers stole the treasury by lending it out according to policies they lobbied for?
#86. To: war (#84)
#87. To: war (#80)
Wasn't that the size of the tax cut that you just claimed would get jobs going again
#88. To: mininggold (#81)
Bankers stole the treasury by lending it out according to policies they lobbied for?
#89. To: We The People (#78)
Increasing spending when you're broke will do what?
Badeye posted on 2011-04-29 10:30:22 ET
#90. To: buckeroo (#88)
Over the years the "The Community Reinvestment Act" of 1977 maintained an increasing perspective on local banks portfolios requiring the banks to reinvest at larger rates into their same communities. This, in turn, required lowering the standards for real estate loans (first time home buyers with the idea of their own family occupation).
Badeye posted on 2011-04-29 10:30:22 ET
#91. To: buckeroo (#88)
Over the years the "The Community Reinvestment Act" of 1977 maintained an increasing perspective on local banks portfolios requiring the banks to reinvest at larger rates into their same communities. This, in turn, required lowering the standards for real estate loans (first time home buyers with the idea of their own family occupation).
#92. To: go65 (#90)
The CRA didn't cause the financial crisis - private banks seeing the profit potential of making garbage loans to unqualified people, because they could then spin into CDS in an unregulated market caused the financial crisis.
#93. To: buckeroo (#88)
(Edited)
The banks were literally PUSHED into this issue by the federal government even by GWBush.
#94. To: lucysmom (#91)
Lenders, who invest hundreds of millions of dollars in politicians, meekly went along with this oppressive and destructive policy.
#95. To: mininggold (#93)
By policies that they lobbied for.
#96. To: buckeroo (#94)
Often, Fannie Mae and Freddie Mac (both federal entities) purchased the loans, so why not? Do as the government dictates and make a bundle in the process, correct?
#97. To: buckeroo (#94)
Often, Fannie Mae and Freddie Mac (both federal entities) purchased the loans, so why not? Do as the government dictates and make a bundle in the process, correct?
#98. To: lucysmom (#96)
Assuming that's true - because it's wrong.
#99. To: lucysmom (#97)
You just made the case for regulation and oversight.
#100. To: buckeroo (#99)
Particularly for and about the US government to lower banking standards so as to achieve some arbitrary quota system as a political feather in someone's hat. I am a strong proponent of laissez-faire. What we saw (and are in fact still experiencing) was government intrusion into the otherwise free markets causing ALL of the problems we see today.
#101. To: mininggold (#100)
There are no free markets nor have there ever been.
#102. To: buckeroo (#101)
In fact, that is the "tug-of-war" on this thread. More stimulus or less stimulus? Both John Keynes and Arthur Laffer are idiots and they are somewhat at opposites poles of thought.
#103. To: mininggold (#102)
Question for you: is there a theoretical limit to federal stimulus? If there is such a limit, what are the components that limit it? If there is no limit, I want to understand the wonders behind the concept.
#104. To: buckeroo (#86)
(Edited)
Question for you: is there a theoretical limit to federal stimulus? If there is such a limit, what are the components that limit it? If there is no limit, I want to understand the wonders behind the concept.
--GW Bush
#105. To: no gnu taxes (#87)
It did. The downturn happened for different reasons.
--GW Bush
#106. To: buckeroo (#103)
Please answer the question, particularly since the US federal debt is at an all time high while America is losing confidence from other nations to support that same debt.
#107. To: war (#104)
My issues with the stim were a) the tax credits to stimulate demand should have been open ended until we had a real growth rate 10-15% over the recovery point, which is the point at which current $ value of GDP matches $ value GDP at the beginning of the recession.
#108. To: mininggold (#106)
I really have no idea. But I do know that being the world's policeman has it's price, but I'm sure new markets will be opening up momentarily courtesy of our military prowess.
#109. To: buckeroo (#108)
That is truly humorous. Thanks!
#110. To: mininggold (#109)
#111. To: Fred Mertz (#110)
Don't you have a Hitler Youth event today?
#112. To: mininggold (#109)
#113. To: war (#36)
Capitalist Eric: Oh, BTW, you never addressed my point- NO country or empire has ever propelled itself to lasting prosperity, by devaluing its own currency. (What we now call "quantitative easing.")
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#114. To: hondo68, war, DwarF the mental midget (#75)
They don't get any more moon-batty, than the NY Times.
mcgowanjm, ferret mike, skippy, fartboy/yukko, white sands, bucky, lucys idiot mom, e_type_jackoff, go56, badlie, wreck, calCON, mininggold, war, Banjo Boris, Biff, Godwinson and meguro. If you're on the above list, you're too fucking stupid to hold a real conversation.
#115. To: buckeroo (#112)
That term "politics" should infer some seriousness on current events.
#116. To: war (#32)
Money is not fleeing the US.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#117. To: war (#34)
Inflation is not an indicator or a characteristic of a recession. Want to try again?
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#118. To: jwpegler (#116)
I never said it was. But it be shortly unless the politicians do something about the debt.
--GW Bush
#119. To: jwpegler (#117)
(Edited)
B) Prices don't rise during a recession. A recession is characterized by RECEDING business activity. You just re-wrote the whole theory of pricing by stating that businesses have POSITIVE PRICING POWER during a recession, i.e. a period of receding demand and activity.
--GW Bush
#120. To: war (#118)
And the asset reallocation will be into what
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#121. To: jwpegler (#120)
(Edited)
China has already dumped 97% of their short term U.S. government debt.
--GW Bush
#122. To: jwpegler (#120)
(Edited)
The BRIC countries have already been proposing alternatives to the dollar as the world's reserve currency.
--GW Bush
#123. To: buckeroo (#107)
--GW Bush
#124. To: Capitalist Eric (#113)
(Edited)
The goal of QE is not to devalue money, but to print as much as we need to spend.
--GW Bush
#125. To: war (#105)
Yeah, and just how much fucking money do you think we can print?
#126. To: buckeroo (#101)
#127. To: no gnu taxes (#125)
--GW Bush
#128. To: NewsJunky (#126)
#129. To: NewsJunky, war, all (#126)
Yes, the CRA Is Toxic So why is Congress thinking about expanding it? Did the Community Reinvestment Act—the 1977 federal law pressing banks to lend to low- and moderate-income borrowers—fuel toxic lending and thus play a significant role in causing the financial meltdown? “CRA was not the cause of the crisis,†Comptroller of the Currency John Dugan maintained this past August. Though he had little quantitative detail about the performance of CRA-related loans, Dugan claimed that they had performed better than loans made by lenders not subject to the CRA. Further, he contended, borrowers of CRA loans had defaulted at much lower rates than borrowers of subprime mortgages. Other defenders of the act assert that almost all CRA loans originated at “prime†interest rates, rather than the higher rates that lenders offered risky “subprime†borrowers. And they add that the mortgages made under CRA were almost entirely fixed-rate, not the notorious adjustable-rate mortgages with quick rate resets and high payment shock that led so many borrowers to default.
Taxpayers deserve to know why not one regulator had the common sense to track the performance of CRA loans. They also deserve to know why the Federal Reserve, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, and other regulators appear to have no idea how trillions of dollars in CRA loans are performing now. But above all, they deserve to know that the damage done by the CRA won’t happen again. Incredibly, the House Financial Services Committee is considering legislation that would broaden the scope of the CRA. Before it takes any action on HR 1479—which would expand the CRA’s mandates from banks to bank subsidiaries, mortgage bankers, credit unions, insurance companies, and other nonbank financial institutions—the committee should demand that regulators request detailed CRA performance data from Fannie Mae and Freddie Mac, as well as from the four banks that have announced 94 percent of the nation’s $6 trillion in CRA commitments: Wells Fargo, JPMorgan Chase, Citibank, and Bank of America. These six institutions should be able to provide performance information for an estimated 70 percent of outstanding CRA loans.
#130. To: buckeroo (#129)
#131. To: war (#68)
Ask Boofer...I'm not your file clerk.
#132. To: NewsJunky (#130)
It wasn't the CRA that forced banks to make all of those sub-prime loans. It was the sub-prime loans that lead to the meltdown.
That one move by Clinton - inspired by the CRA - shifted to the tax payers ALL moral hazard associated with originating ANY bad subprime loan - whether directly covered by the CRA or not. From that day forward, ANYBODY could originate an excessively risky subprime loan, book the origination profits and then sell that risky loan to Fannie Mae or have Fannie Mae or Freddie Mac or any other “too big to fail†entity insure that risky loan.
#133. To: lucysmom (#69)
Japan raised the consumption tax, what effect do you think that would have on domestic buying?
#134. To: buckeroo (#92)
(Edited)
It was CRA that created the requirement of lowering first-time homeowner's qualifications as those same requirements were strictly enforced by both Freddie Mac and Fannie Mae.
Badeye posted on 2011-04-29 10:30:22 ET
#135. To: CZ82 (#131)
--GW Bush
#136. To: buckeroo (#129)
--GW Bush
#137. To: CZ82 (#133)
I wouldn't think a whole lot unless it was a large amount.....
--GW Bush
#138. To: go65 (#134)
read this when you get a chance:
#139. To: war (#137)
Weren't you bitching the other day about the federal gas tax?
#140. To: war (#119)
(Edited)
You are claiming
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#141. To: war (#121)
(Edited)
Bullshit.
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#142. To: war (#122)
third world's
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#143. To: go65 (#23)
(Edited)
The stimulus only spent about $300 billion on infrastructure
"Everything that can be invented has been invented."-- Charles Duell, Commissioner of US Patent Office, 1899
#144. To: lucysmom (#69)
Japan raised the consumption tax, what effect do you think that would have on domestic buying?
#145. To: meguro (#144)
.."but they're considering doubling it from 5% to 10% in the wake of the earthquake/tsunami".
#146. To: jwpegler (#140)
NO!!! I was paraphrasing Keynes.
--GW Bush
#147. To: jwpegler (#141)
(Edited)
--GW Bush
#148. To: jwpegler (#143)
No. $60 billion on infrastructure out of nearly $800 billion. The rest went to prop up state government bureaucrats, who are now inevitably losing their jobs.
#149. To: Murron (#145)
"...anyone reaping profits and rewards from the misery and suffering of others, they will have a very special place in it waiting for them, they cannot live forever."
#150. To: jwpegler (#142)
--GW Bush
#151. To: war (#135)
Thanks for taking the bait..."I'm not your file clerk" had a link on it...
#152. To: meguro (#144)
Actually not yet, but they're considering doubling it from 5% to 10% in the wake of the earthquake/tsunami.
#153. To: CZ82, jwpegler (#148)
No. $60 billion on infrastructure out of nearly $800 billion. The rest went to prop up state government bureaucrats, who are now inevitably losing their jobs.
#154. To: jwpegler (#141)
Don't F with me on the numbers. I am a numbers guy and I will beat you every time.
#155. To: jwpegler (#142)
You are living in the past.
#156. To: jwpegler (#143)
No. $60 billion on infrastructure out of nearly $800 billion. The rest went to prop up state government bureaucrats, who are now inevitably losing their jobs.
Badeye posted on 2011-04-29 10:30:22 ET
#157. To: Murron (#145)
Men, have got to be the most inhumane creatures upon the face of this earth. I suppose it would never have crossed anyones mind at a time like this to, freeze prices, and taxes, help alleviate some of the suffering and worry till things got back to some kind of normalacy?
#158. To: meguro (#157)
Huh? The idea is that the government is trying to raise money to help those that have been effected by the earthquake/tsunami. Between the tsunami damage and the nuclear crisis, do you have any idea of the costs involved? It's staggering... billions of dollars, maybe trillions.
#159. To: Murron (#158)
Raise the money from where meguro? Who pays?
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