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It's Customer Demand that drives Jobs, not Trickle Down Fantasy


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In reply to an earlier post on Jun 25, 2012 8:55:35 PM PDT
Last edited by the author on Jun 25, 2012 8:57:24 PM PDT
HBO put out a film on this too, called Inside Job.

and yes I agree completely with the criticisms on Obama too!
But it is the Republicans who are furiously fighting against ANY return to banking regulations.

INSIDE JOB

"Part I: How We Got Here
From 1940 to 1980, the United States experienced 40 years of economic growth without a single financial crisis because the financial industry was tightly regulated. In the 1980s, investment banks went public and the U.S. financial industry exploded. A 30 year period of deregulation (1981-2011) was inaugurated. But by the end of the 1980s, savings and loan (S&L) deregulation had caused hundreds of S&Ls to fail, resulting in the savings and loan crisis with taxpayer losses of about $124 billion. Thousands of S&L executives went to jail. By the late 1990s, the U.S. financial sector had consolidated into a few giant firms, "each so large that their failure would threaten the whole financial system". Some mergers violated the law - the Glass-Steagall Act (1933). But Glass-Steagall was revoked by Congress in 1999 with the Gramm-Leach-Bliley Act - called by some the "Citigroup Relief Act"."

Part II: The Bubble (2001-2007)
The housing boom was the biggest financial bubble in history. Annual subprime lending shot from $30 billion to $600 billion in just 10 years. Profits and executive bonuses were immense, but the system was, in reality, a global Ponzi scheme. The degree of "leverage" - the ratio of money borrowed by an investment bank versus the bank's own assets - in the financial system, reached unprecedented levels

Part III: The Crisis
By this time, warnings were being sounded by advisors to the Federal Reserve (the Fed) and the FBI, which was seeing a rise in mortgage fraud. Hedge fund manager Bill Ackman and author Charles R. Morris sounded public warnings. The market for CDOs collapsed and investment banks were left with hundreds of billions of dollars in loans, CDOs and real estate they could not unload

Part V: Where We Are Now
The dual rise of the U.S. financial sector and American information technology have been accompanied by the decline of heavy industry and manufacturing in the country. U.S. factory workers were laid off by the tens of thousands. Bush's tax cuts - designed by Hubbard - have exacerbated the nation's inequality of wealth, which is now worse than in any other developed country. In response, workers work longer hours and go into debt. "For the first time in history, average Americans have less education and are less prosperous than their parents". The new Obama administration's financial reforms have been weak, and as regards the practices of ratings agencies, lobbyists, and executive compensation, "nothing significant was even proposed". Geithner became Treasury Secretary and a host of other government officials appointed by Obama would appear to have significant conflicts of interest. Feldstein, Tyson and Summers are all top economic advisors to Obama. Bernanke was reappointed Fed Chair. European nations have imposed strict regulations on bank compensation, but the U.S. has resisted them

http://en.wikipedia.org/wiki/Inside_Job_(film).

Posted on Jun 25, 2012 9:00:55 PM PDT
A customer says:
"If I cant turn the economy around in 4 years this is a one term proposition" ~ Barry Obama

You betcha!

In reply to an earlier post on Jun 25, 2012 9:01:27 PM PDT
Last edited by the author on Jun 25, 2012 9:08:01 PM PDT
To let you know how bad it was, a relative of mine knew a woman who worked for CountryWide Mortgage.

She said whenever she turned down applicants for loans, her supervisors ALWAYS overrode them?

Why? They were repackaging the loans into securities and selling them to other parties for a profit, so they wouldn't get hit with the bad mortgage loans.

Yes CountryWide did go bankrupt. It is today part of Bank of America.

In reply to an earlier post on Jun 25, 2012 9:05:48 PM PDT
Last edited by the author on Jun 25, 2012 9:07:37 PM PDT
"If I cant turn the economy around in 4 years this is a one term proposition" ~ Barry Obama

You betcha!

TS: I thought him a fool at the time. If you had been reading my posts, I consistently say I consider Obama the lesser of two evils. With Romney being worse.

Now the Democrats also say that Obama's advisors did not begin to estimatethis high a rate of decline. I would think if Bush knew, that Obama should have...

The federal reserve has estimated now that it led to about a 40% drop in net work for the average American family from 2007 to 2010.

Obama's only two choices were really going with the banks or nationalize them. You probably would have been among those to call him a commie, if he had done the latter, am I worng? Why because your news sources would have told you that.

the Federal Reserve released an important update this week on the state of American households that puts numbers in a grim light. The median net worth of families decreased 39% from 2007-2010. The value of a family's assets, such as cars, homes, and stocks minus debt, decreased from $126,400 in 2007 to $77,300 in 2010. In other words, all the gains experienced in the nineties in family wealth were lost and family finances are in roughly the same state as they were in 1992.

The decline in real estate values is a major component to blame with a decrease of 42% in the median value of American's stake in their homes>>
http://www.washingtonpost.com/business/economy/fed-americans-wealth-dropped-40-percent/2012/06/11/gJQAlIsCVV_story.html

In reply to an earlier post on Jun 25, 2012 9:11:02 PM PDT
Last edited by the author on Jun 25, 2012 9:12:49 PM PDT
S: You betcha!

By the way, what do you think McCain and Sarah Palin would have done differently.

McCain had already slipped to say he thought the "fundamentals" of the banking system were "sound" just prior to the collapse.

Poor Sarah couldn't even tell Katie Couric what newspapers she read, then later claimed it was a "trick" question.

Obama did follow the Republican policy for a bailout -- for it was structured by and for the banks. Bush had started it; and obama added to it.

Now the Recovery act, you can argue about. It was an infusion on top of the bank bailouts, because economists were seeing an alarming rate of job losses starting in a chain reaction.

OK. past my bedtime.

Regards, TS

In reply to an earlier post on Jun 25, 2012 9:45:19 PM PDT
Last edited by the author on Jun 25, 2012 9:45:39 PM PDT
A customer says:
I was always in favor of letting the banks fail. And the homes be foreclosed upon. This is how free market capitalism works & when you interfere then you unbalance the strong from the weak OR the smart from the dumb.

American free market capitalism is the greatest economic system the world has ever known.

Bill Clinton let all 501 S & L banks fail in the 1990's with their risky loans. Yeah, we struggled for 5 years but capitalism was back & stronger then ever.

I believe it's ALWAYS a mistake for government to bail out private business.

In reply to an earlier post on Jun 25, 2012 9:58:10 PM PDT
A customer says:
McCain said " the fundamentals of the economy are good" and he was right, free market capitalism was fine. Revenue isn't down, it's spending that has skyrocketed.

I believe Sarah Palin was a reform governor like Daniels & Walker and would of made the necessary budget adjustments. I don't believe McCain would of bailed out private banks & car companies. I also don't believe they would of wasted a trillion dollars on alternative energy.

Obama has just continued 'W' policies on the economy & war on terror. Pretty hard to tell them a part really. But, he ran in 2008 against Bush policies.

Sarah Palin fixed the corrupt government in Alaska. I believe with McCain's ability to work in a bi-partisan fashion they would of began the reform of the Federal government.

We are now twice as bad off as when Obama took office & you can go to factcheck.org to see the "Obama meter" for the other campaign promises he didn't deliver on.

In reply to an earlier post on Jun 26, 2012 1:01:26 AM PDT
Truthseeker ( **Not** TeaPartyWoman) says:kbw: having know you here for quite some time. I understood you were kidding.

TS: MD is great.

====================

:) I wrote that with you in mind as an affirmation of his post. But I see you were already on top of it.

In reply to an earlier post on Jun 26, 2012 1:04:36 AM PDT
Truthseeker ( **Not** TeaPartyWoman) says:Derivatives were a big problem. So were sub-prime mortgages, that started slowly under Clinton then grew astronomically under Bush.

===================================

they had to keep up with the the HOT mortgage market. It all started with the CRA, but it took years for it to reach the tipping point. It was fine under carter, but the compounding effect of it over 30 years of cause a problem.

In reply to an earlier post on Jun 26, 2012 1:32:12 AM PDT
D. Mertins says:
Don't tell the "truth"

He's only interested in accient history. Todays facts MEAN NOTHING

In reply to an earlier post on Jun 26, 2012 1:35:22 AM PDT
MisterTee says:
I'm glad you put truth in quotation marks.

Faux's version of truth has little in common with accepted reality.

In reply to an earlier post on Jun 26, 2012 4:15:35 AM PDT
visionary says:
mertins [[Giving people a free ride has never produced good results.]]

Then spouses and children of wealthy people never produce good results. Hmmmmm - I don't think so.

[[If they need support, surely that (sic) can do something to earn it.]]

They do by suffering a giving compassionate people something to do.

Don't forget that everyone else on this earth is different than you. They are born with different genes and are reared in a different milieu than you. " The modern conservative is engaged in one of man's oldest exercises in moral philosophy, that is, the search for a superior moral justification for selfishness." - John Kenneth Galbraith

In reply to an earlier post on Jun 26, 2012 4:19:29 AM PDT
visionary says:
daniel [[The federal courts--it is the only interpretation that counts.]]

That's silly. Their interpretations have changed over the years. Look at how the Roberts' court has ravaged the country and changed the US into a purely corrupt entity. So much for the federal courts and those authoritarians who cannot exist without a father image directing them. (You?)

In reply to an earlier post on Jun 26, 2012 4:25:25 AM PDT
visionary says:
brian [[ok, i think we'll see in Nov. how popular your totalitarian ideals are]]

I have no totalitarian ideals, but you do. Your adoration and protection of the wealthy illustrates that constantly.

Popularity means nothing to me as it doesn't mean a thing to most visionaries.

In reply to an earlier post on Jun 26, 2012 4:29:52 AM PDT
visionary says:
brian [[we know that this communist approach actually leads to the betterment of the very few, and the impoverishment and loss of liberty to the majority. ]]

Apparently 'we' know very little. Cooperation is practiced by most not under the yoke of capitalism and results in living like humans rather than predating like brutes.

Cooperative societies are the most free of all societies.

In reply to an earlier post on Jun 26, 2012 4:35:25 AM PDT
visionary says:
daniel [[Many times politicians cringe at the things their consultants resort to---but they are paying them big bucks so they better listen to them. ]]

If the politicians pay the pigs, they are pigs themselves.

[[I do not believe Democrats are liars any more than Republicans---they are the same morally, ethically, etc]]

Utter nonsense. Republicans exist to protect the wealthy and increase their wealth; Democrats exist to better the lives of everyone through cooperative efforts.

In reply to an earlier post on Jun 26, 2012 4:39:28 AM PDT
visionary says:
brian [[so, no private property rights and no liberty or pursuit of happiness, just his true love ... totalitarian collectivism ]]

You blather on and don't know what you are writing about. I never denied property rights, liberty, or pursuit of happiness. And my true love is not totalitarian collectivism. You are lying to the worst person to lie to, yourself.

In reply to an earlier post on Jun 26, 2012 4:51:15 AM PDT
visionary says:
kbw [[having know you here for quite some time.]]

See how lying disables the liar. What does that mean?

In reply to an earlier post on Jun 26, 2012 4:54:50 AM PDT
visionary says:
moderate, Your post is truthful. TX.

In reply to an earlier post on Jun 26, 2012 5:06:09 AM PDT
visionary says:
super [[American free market capitalism is the greatest economic system the world has ever known.]]

That's not very smart when free market capitalism has never existed. You are praising nothing but air.

In reply to an earlier post on Jun 26, 2012 5:30:19 AM PDT
M. Daniel says:
visionary says: "That's silly. Their interpretations have changed over the years."

The fact that they change does not mean they are not the law; therefore, they are the only ones that count. Because you don't like their interpretations is irrelevant.

Whose constitutional interpretations do you follow? An elected committee of priests, nuns, and monks?

visionary says: "So much for the federal courts and those authoritarians who cannot exist without a father image directing them. (You?)"

I do not always agree with the decisions but I am not silly enough to think they do not constitute constitutional law.

What good does it do you to not accept their opinions? "But officer, you do not have probable cause to arrest me because the Supreme Court was wrong."

In reply to an earlier post on Jun 26, 2012 5:33:18 AM PDT
M. Daniel says:
visionary says: "Utter nonsense. Republicans exist to protect the wealthy and increase their wealth; Democrats exist to better the lives of everyone through cooperative efforts."

Visionary, you are so naive. Obviously, the Democrats have successfully duped you into believing their propaganda.

In reply to an earlier post on Jun 26, 2012 9:17:06 AM PDT
*Wrong. Learn some constitutional law. It is part of the provision to tax and spend which was intended to be for those powers enumerated to Congress only.

This is the problem as words change meaning over time. Regulate meant to make regular. That is a well regulated militia was one that was uniform. The meaning has changed to mean control as in being able to control commerse in the country. We can have a court decide that infringed means allowed and the right to bear arm not be infringed (allowed).

In reply to an earlier post on Jun 26, 2012 9:18:56 AM PDT
*JMC: Yes we wanted him to fail much like Clinton did, when it came to stimulus health care and adding new regulation. Obama did not fail and the country is hurting.

TS: Thanks for proving my point to DM, JMC.

Yes, Clinton falied and the country did well. Obama succeeded and the country is failing.

In reply to an earlier post on Jun 26, 2012 9:29:09 AM PDT
*Every administration and both parties have always pushed for more home ownership. This of it self did not cause the meltdown. Walstreet invented mortgage based dirivatives. They were highly leveraged and emensely profitable.

I didn't se Sarbanes Oxley being blamed with market to market accounting which artifically lowered bank assetts contributing to the financial crisis. The question we have to ask was how much fraud was behind the borakers who sold these risky mortgauges to the banks. They can make a loan and they then sell that loan and they could have cared less if the people could actually pay. The government actually did participate a great deal in backing buying and packaging those loans through Fannie Mae and Freddie Mac. Yes, individuals were also to blame where they took out blaoon loans on as much house as they could to flip it before the interest kicked in. The Fed also played a part keeping interest rates artifically low which created inflation in the market.
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Discussion in:  Politics forum
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Initial post:  May 26, 2012
Latest post:  Jul 14, 2012

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