stock market was up today...

#2,001
#2,001
volinbham said:
Could you explain the mechanism by which war spending and Bush tax cuts (which Obama has continued) led to a housing bubble and financial product meltdown?

Thanks.
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That was caused by the financial system, which was deregulated by the Republicans after receiving massive infusions of cash into campaigns and God knows what else.
 
#2,002
#2,002
lawgator1 said:
That was caused by the financial system, which was deregulated by the Republicans after receiving massive infusions of cash into campaigns and God knows what else.
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Deregulated? Can you identify the deregulation that led to this? Can you also show how massive infusions of cash came to Rs but not Ds or that the massive infusions of cash to Ds had no impact on regulations?

Thanks
 
#2,011
#2,011
lawgator1 said:
That was caused by the financial system, which was deregulated by the Republicans after receiving massive infusions of cash into campaigns and God knows what else.
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Clinton is just as much to blame for deregulation as Regan and Bush 1&2.
 
#2,013
#2,013
nbakerld said:
Yeah, deregulation is the problem.
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It's naive to believe an economy as complex as ours, especially with corporations and banks as large as ours, that some basic regulation isn't necessary. The financial crisis can be blamed on many things, but had there been proper oversight, it could have avoided. Investment banks knew CDO's were a ticking time bomb, everyone was just making too much money.
 
#2,014
#2,014
Brewerw said:
It's naive to believe an economy as complex as ours, especially with corporations and banks as large as ours, that some basic regulation isn't necessary. The financial crisis can be blamed on many things, but had there been proper oversight, it could have avoided. Investment banks knew CDO's were a ticking time bomb, everyone was just making too much money.
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Those doing the "oversight" provided implicit and explicit backstops that created the problem.

This crisis from a 40,000 foot level is very simple. The federal government and monetary authorities created a system that insulated large and well-connected financial institutions from their mistakes. That explains everything - the total obliteration of lending standards, the leverage employed, the creation of a shadow banking system. It's really that simple.
 
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#2,015
#2,015
Brewerw said:
Clinton is just as much to blame for deregulation as Regan and Bush 1&2.
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This. He was the one who signed the repeal of glass-steagall. However, the pressure to do so was endemic at the time. Byron dorgan was one of the few sounding the alarm at the time and said specifically in 99 as congress passed the repeal "in ten years we're going to regret this." It's scary how right he was.
 
#2,016
#2,016
nbakerld said:
Yeah, deregulation is the problem.
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To restrain private people, it may be said, from receiving in payment the promissory notes of a banker, for any sum whether great or small, when they themselves are willing to receive them; or, to restrain a banker from issuing such notes, when all his neighbours are willing to accept of them, is a manifest violation of that natural liberty which it is the proper business of law, not to infringe, but to support. Such regulations may, no doubt, be considered as in some respect a violation of natural liberty. But those exertions of the natural liberty of a few individuals, which might endanger the security of the whole society, are, and ought to be, restrained by the laws of all governments; of the most free, as well as of the most despotical. The obligation of building party walls, in order to prevent the communication of fire, is a violation of natural liberty, exactly of the same kind with the regulations of the banking trade which are here proposed.
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- Adam Smith
 
#2,018
#2,018
OWB said:
So you're saying Clinton didn't leave us a surplus?
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I know this is from page 1 of a 135-page thread but I didn't see it responded to. Clinton and Congress stole from the SS "Trust Fund" to balance the budget.

The economy of the 1990s had nothing to do with government action. As always, the economy grew in spite of government, not because of it. Boomers were in their peak earning years, new consumer technologies were rapidly coming on line (the PC, the internet, etc.), and credit generally was very loose.

Towards the end of the move, it became a bubble, which was exacerbated by the Fed.
 
#2,020
#2,020
I'm not a very big fan of the man, but i'm wondering why Obama is still getting so much hate? Unemployment is falling, down from 10% in Oct. 2009 to 8.5% today. Dow is the highest since 2008, Nasdaq is the highest since 2000.
 
#2,021
#2,021
rmsmith said:
I'm not a very big fan of the man, but i'm wondering why Obama is still getting so much hate? Unemployment is falling, down from 10% in Oct. 2009 to 8.5% today. Dow is the highest since 2008, Nasdaq is the highest since 2000.
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While I do agree that there is a fragile recovery that's underway, the manufacturing sector is coming back slowly but surely and general optimism is the highest it's been since the crash, you have to look more carefully behind the numbers. The unemployment figure doesn't take into account the flow of unemployment, or other various figures of underemployment such as adults in part time jobs or college graduates in low-skill jobs, i.e. not utilizing their degree.

It's kinda like when before Rick Perry got in the race, he was out there pimping his state's incredible private sector job growth rate while he failed to mention most of those private sector jobs were at Hardee's.
 
#2,024
#2,024
milohimself said:
While I do agree that there is a fragile recovery that's underway, the manufacturing sector is coming back slowly but surely and general optimism is the highest it's been since the crash, you have to look more carefully behind the numbers. The unemployment figure doesn't take into account the flow of unemployment, or other various figures of underemployment such as adults in part time jobs or college graduates in low-skill jobs, i.e. not utilizing their degree.

It's kinda like when before Rick Perry got in the race, he was out there pimping his state's incredible private sector job growth rate while he failed to mention most of those private sector jobs were at Hardee's.
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I need to find the detailed numbers
 
#2,025
#2,025
obama-by-the-numbers.jpg


Identity_Theft_Obama_US.jpg
 
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