Dismantling the left's attempt to take credit for the economic recovery they hindered

[artichoke]

Trump humiliated all their wildly erroneous predictions about how the economy would fall apart, so now they are forced to lie about all the prosperity they said wouldn't happen being due to THEIR OWN economy-killing policies that somehow saved us (from the Democrat's Affirmative Action lending policies that destroyed the economy in the first place). So now there is this masterful dismantling of this latest Democrat lie...

Attachment 14253

"To examine the Obama economy, one must compare apples to apples, similar economic conditions to similar economic conditions. Obama dealt with a severe economic downturn, as did President Ronald Reagan. Historically, the bigger the downturn, the bigger the economic bounce back. During the recession Obama faced, unemployment reached a high of 10 percent, while inflation and interest rates remained low. During the recession Reagan faced, unemployment reached 10.8 percent, prime interest rates rose to 20.5 percent and inflation hit 13.5 percent.

Obama raised taxes, spent nearly $1 trillion on a so-called stimulus plan, increased regulations and signed a new entitlement program known as "ObamaCare." Reagan did the opposite. He decreased taxes and continued deregulation. Differences in results were stark. Obama's recovery, according to the Joint Economic Committee, averaged an inflation-adjusted GDP growth of 2.2 percent over the next 25 quarters. The average recovery following post-1960 economic slowdowns, which lasted more than 12 months, is 3.9 percent. Under President Ronald Reagan it was 4.8 percent. Obama was the first president ever to preside over an economic recovery in which not a single year of the economy grew at least 3 percent.

Obama's own economic team anticipated much higher growth. In February 2009, the Obama administration published its "Analytical Perspectives: Budget of the U. S. Government: Fiscal Year 2010." It said: "The Administration projects an economic recovery will begin in the second half of the year sparked by the American Recovery and Reinvestment Act. By the end of the year, real growth is expected to have reached 3-1/2 percent at an annual rate, a pace that is maintained through 2010. In 2011-2013, the rate of growth in real GDP is projected to accelerate to around 4-1/2 percent annually for several quarters."

The economy under Obama did not come close to meeting his team's projections. Trump boasts about "historic lows" in unemployment for blacks. But in January 2016, black liberal commentator Tavis Smiley admitted: "Sadly, and it pains me to say this, over the last decade, black folk in the era of Obama have lost ground in every major economic category. Not one, two or three, but every major economic category, black Americans have lost ground." Again, the big economic downturns historically produce big economic upturns. The media insist on calling the economic conditions Obama dealt with the "Great Recession," even though by many metrics, Reagan faced a more serious "Great Recession." But, unlike the economy under Obama, Reagan oversaw what should be called The Great Recovery."

Trump's economy is so good that Dems' new talking point is Obama built it

And for those still being misinformed by the left about how the economy was destroyed in the first place, let's review:

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies.

-Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead precisely to the kind of meltdown that ended up happening in 2008.

-Studies directly connect the collapse of the housing market to these Democrat policies.

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary (see the video below)...to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

-Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Democrats blame, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

[Celticguy]

Touche !

[artichoke]

Touche !

[Charoite]

Capt. Bullshit strikes again. The scales have been trending up since it started turning around under Obama. It has continued the same trend for the most part. You simpletons always getting giddy with every rise. Don't you know there's an ebb and flow to this? If you want to glorify every little rise where is the opposite response when you get the declines? As it stands trend will continue for some time unimpeded with the same ebb and flow. Only drastic things are likely to cause real change in this trend. You know, like a war, housing bubble, or more bullshit from the banks. Who's mess was that we had to clean up, hmmm?

[archives]

Trump humiliated all their wildly erroneous predictions about how the economy would fall apart, so now they are forced to lie about all the prosperity they said wouldn't happen being due to THEIR OWN economy-killing policies that somehow saved us (from the Democrat's Affirmative Action lending policies that destroyed the economy in the first place). So now there is this masterful dismantling of this latest Democrat lie...

Attachment 14253

"To examine the Obama economy, one must compare apples to apples, similar economic conditions to similar economic conditions. Obama dealt with a severe economic downturn, as did President Ronald Reagan. Historically, the bigger the downturn, the bigger the economic bounce back. During the recession Obama faced, unemployment reached a high of 10 percent, while inflation and interest rates remained low. During the recession Reagan faced, unemployment reached 10.8 percent, prime interest rates rose to 20.5 percent and inflation hit 13.5 percent.

Obama raised taxes, spent nearly $1 trillion on a so-called stimulus plan, increased regulations and signed a new entitlement program known as "ObamaCare." Reagan did the opposite. He decreased taxes and continued deregulation. Differences in results were stark. Obama's recovery, according to the Joint Economic Committee, averaged an inflation-adjusted GDP growth of 2.2 percent over the next 25 quarters. The average recovery following post-1960 economic slowdowns, which lasted more than 12 months, is 3.9 percent. Under President Ronald Reagan it was 4.8 percent. Obama was the first president ever to preside over an economic recovery in which not a single year of the economy grew at least 3 percent.

Obama's own economic team anticipated much higher growth. In February 2009, the Obama administration published its "Analytical Perspectives: Budget of the U. S. Government: Fiscal Year 2010." It said: "The Administration projects an economic recovery will begin in the second half of the year sparked by the American Recovery and Reinvestment Act. By the end of the year, real growth is expected to have reached 3-1/2 percent at an annual rate, a pace that is maintained through 2010. In 2011-2013, the rate of growth in real GDP is projected to accelerate to around 4-1/2 percent annually for several quarters."

The economy under Obama did not come close to meeting his team's projections. Trump boasts about "historic lows" in unemployment for blacks. But in January 2016, black liberal commentator Tavis Smiley admitted: "Sadly, and it pains me to say this, over the last decade, black folk in the era of Obama have lost ground in every major economic category. Not one, two or three, but every major economic category, black Americans have lost ground." Again, the big economic downturns historically produce big economic upturns. The media insist on calling the economic conditions Obama dealt with the "Great Recession," even though by many metrics, Reagan faced a more serious "Great Recession." But, unlike the economy under Obama, Reagan oversaw what should be called The Great Recovery."

Trump's economy is so good that Dems' new talking point is Obama built it

And for those still being misinformed by the left about how the economy was destroyed in the first place, let's review:

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies.

-Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead precisely to the kind of meltdown that ended up happening in 2008.

-Studies directly connect the collapse of the housing market to these Democrat policies.

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary (see the video below)...to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

-Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Democrats blame, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.

And now for the facts:

https://www.afr.com/world/north-amer...0190821-p52j88

Trump inherited a wave, the economy was progressing the day he took office, his only major accomplishment has been that he hasn't blown it, although he did add trillions to the national debt unsuccessfully attempt to boost it further

[evince]

the subprime loans that ruined the economy were NOT handed out by the government program lie bag

[StoneByStone]

The only people who will fall for this are people who are already NPC Trumpcucks.

[evince]

https://en.wikipedia.org/wiki/Govern...nd_regulations




Lack of enforcement of laws and regulations[edit]
Many existing laws and regulations were not effectively enforced prior to the crisis. The SEC was criticized for relaxing investment bank oversight and requiring inadequate risk disclosures by banks. The FDIC allowed banks to shift large amounts of liabilities off-balance sheet, thereby circumventing depository banking capital requirements. The Federal Reserve was criticized for not properly monitoring the quality of mortgage originations.[1] The oligarchy of top financial firms had substantial clout in Washington and promoted an ideology of deregulation and a culture of "industry self-regulation" and the idea that rational business actors avoid taking undue risks. As a result of this culture and the revolving door between Wall Street and Washington, regulators failed to act notwithstanding important warning signs in the form of a series of financial crises, including the savings and loan crisis, the Long-Term Capital Management (LTCM) crisis, each of which necessitated major bailouts, and the derivatives scandals of 1994.[171][172][173] These warning signs were ignored as financial deregulating continued, as career SEC investigators were removed, and as finance industry employees were installed in key posts in regulatory agencies. The 1998 bailout of LTCM sent the signal to large "too-big-to-fail" financial firms that they would not have to suffer the consequences of the great risks they take.[174]
Once the crisis hit its critical stage in September 2008, the regulators did not consistently apply remedies available to them, thereby increasing uncertainty. A primary example was allowing the demise of investment bank Lehman Brothers in September 2008, despite the Fed and Treasury Department facilitating a rescue/merger for Bear-Stearns in March 2008 and the Merrill-Lynch merger with Bank of America in September 2008.[1]
Journalist Gretchen Morgenson cites the Financial Crisis Inquiry Commission as noting with disapproval that during the course of the housing boom from 2000 to 2006, the Federal Reserve "referred a grand total of three institutions to prosecutors for possible fair-lending violations in mortgages." The report also quotes a former fraud investigator in the savings-and-loan crisis — William K. Black — lamenting as “terrible” that the “FBI got virtually no assistance from the regulators, the banking regulators and the thrift regulators.”[175]

[evince]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.



the link is the first link in my signature

[evince]

a law duly passed law by our government in 1999


WAS NOT INFORCED for 8 LONG YEARS under Bush

[evince]

SEC Votes for Final Rules Defining How Banks Can Be Securities Brokers
Eight Years After Passage of the Gramm-Leach-Bliley Act, Key Provisions Will Now Be Implemented
FOR IMMEDIATE RELEASE
2007-190
Washington, D.C., Sept. 19, 2007 - Ending eight years of stalled negotiations and impasse, the Commission today voted to adopt, jointly with the Board of Governors of the Federal Reserve System (Board), new rules that will finally implement the bank broker provisions of the Gramm-Leach-Bliley Act of 1999. The Board will consider these final rules at its Sept. 24, 2007 meeting. The Commission and the Board consulted with and sought the concurrence of the Office of the Comptroller of the Currency, Federal Deposit Insurance Corporation, and Office of Thrift Supervision.



the link is the first link in my signature

this is a release by the Security and exchange department while Bush was president

[artichoke]

Capt. Bullshit strikes again.

Capt. Original strikes again.

The scales have been trending up since it started turning around under Obama.

The economy barely ticking up by an inch after the worst recovery since the Great Depression (another unusually garbage recovery overseen by a Democrat) in no way magically makes Democrats (who caused the meltdown to begin with) responsible for job-creators suddenly hiring everyone once Trump got government back out of the way...while job-creators EXPLICITLY CITED those tax cuts and acts of deregulation as the reason they started hiring again.

Economists agree: Trump, not Obama, gets credit for economy

Nice try, dishonest demagogue. What else you got?

You simpletons always getting giddy with every rise. Don't you know there's an ebb and flow to this?

Says the simpleton desperately clinging to the most trivial uptick in the most garbage recovery ever to take credit for the Trump boom Democrats said would never happen. You simpletons always getting giddy with every rise. Don't you know there's an ebb and flow to this?

Attachment 14262

And noticing all the non-stop economic records Trump has broken isn't getting giddy with every rise (what only Democrat simpletons do). It's noticing that almost every movement in the economy under Trump is skyrocketing prosperity, the opposite of what we had under Obama, and it only started happening the moment Democrat policies were removed, as usual.

If you want to glorify every little rise [the fallacy that only Democrats are guilty of] where is the opposite response when you get the declines?

Generally the response is to point out the Democrat policy failure that is directly responsible for the implosion, as with the conservative policy success that led to the prosperity, as with Reagan clawing us out of the Carter years, etc.

Only drastic things are likely to cause real change in this trend. You know, like a war, housing bubble, or more bullshit from the banks. Who's mess was that we had to clean up, hmmm?

You misspelled Democrats. Banks didn't put a gun to the banks' heads and force them to make bad loans to unqualified minorities while guaranteeing their losses. That was Democrats.

Next lie, please.

[artichoke]

And now for the facts:

https://www.afr.com/world/north-amer...0190821-p52j88

Trump inherited a wave...

"Wave" meaning, Obama's unprecedented garbage recovery barely spent one second moving in the right direction toward the end, and therefore, the record-breaking economic explosion for four years straight that started the moment Democrat policies were removed (the removal of which was directly cited by job-creators and economists as the reason they suddenly reversed course) must be the result of Obama doubling and tripling everyone's health care costs and burying job-creators under one avalanche after another of job-killing over-regulation...you know, because that creates jobs.

What an easily brainwashed imbecile.

Economists agree: Trump, not Obama, gets credit for economy

[artichoke]

The only people who will fall for this are people who are already NPC Trumpcucks.

And economists, and anyone who notices all the people doing all the hiring directly citing the removal of tax hikes and Democrat regulations as the reason they reversed course, sure.

Trump's economy is so good that Dems' new talking point is Obama built it

[artichoke]

https://en.wikipedia.org/wiki/Govern...nd_regulations




Lack of enforcement of laws and regulations[edit]
Many existing laws and regulations were not effectively enforced prior to the crisis. The SEC was criticized for relaxing investment bank oversight and requiring inadequate risk disclosures by banks. The FDIC allowed banks to shift large amounts of liabilities off-balance sheet, thereby circumventing depository banking capital requirements. The Federal Reserve was criticized for not properly monitoring the quality of mortgage originations.[1] The oligarchy of top financial firms had substantial clout in Washington and promoted an ideology of deregulation and a culture of "industry self-regulation" and the idea that rational business actors avoid taking undue risks. As a result of this culture and the revolving door between Wall Street and Washington, regulators failed to act notwithstanding important warning signs in the form of a series of financial crises, including the savings and loan crisis, the Long-Term Capital Management (LTCM) crisis, each of which necessitated major bailouts, and the derivatives scandals of 1994.[171][172][173] These warning signs were ignored as financial deregulating continued, as career SEC investigators were removed, and as finance industry employees were installed in key posts in regulatory agencies. The 1998 bailout of LTCM sent the signal to large "too-big-to-fail" financial firms that they would not have to suffer the consequences of the great risks they take.[174]
Once the crisis hit its critical stage in September 2008, the regulators did not consistently apply remedies available to them, thereby increasing uncertainty. A primary example was allowing the demise of investment bank Lehman Brothers in September 2008, despite the Fed and Treasury Department facilitating a rescue/merger for Bear-Stearns in March 2008 and the Merrill-Lynch merger with Bank of America in September 2008.[1]
Journalist Gretchen Morgenson cites the Financial Crisis Inquiry Commission as noting with disapproval that during the course of the housing boom from 2000 to 2006, the Federal Reserve "referred a grand total of three institutions to prosecutors for possible fair-lending violations in mortgages." The report also quotes a former fraud investigator in the savings-and-loan crisis — William K. Black — lamenting as “terrible” that the “FBI got virtually no assistance from the regulators, the banking regulators and the thrift regulators.”[175]

But you know which ones WERE effectively enforced? The ones forcing banks to lower their lending standards...the ones that directly caused the meltdown, like the Community Reinvestment Act. As already posted, even the NY Times warned that this lunatic Democrat extremism was going to obliterate the economy in exactly the way that ended up happening.

Try again, dishonest demagogue.

Again...

-No one was making bad loans to unqualified people until Democrats came along and threatened to drag banks into court and have them fined and branded as racists if they didn't go along with the left's Affirmative Action lending policies.

-Even the New York Times warned in the late 1990s that Democrats continuing to force banks into lowering their standards would lead precisely to the kind of meltdown that ended up happening in 2008.

-Studies directly connect the collapse of the housing market to these Democrat policies.

-President Bush went to Congress repeatedly for years warning them that Fannie Mae and Freddie Mac were going to destroy the economy (17 times in 2008 alone). Democrats continuously ignored him, shut down his proposals along party lines and continued raiding the institutions for campaign contributions on their way down.

-John McCain also co-sponsored urgently critical reforms that would have prevented the housing market collapse, but Democrats shut that down as well, along party lines, and even openly ridiculed anyone who suggested reforms were necessary (see the video below)...to protect their taxpayer-funded campaign contributions as the economy raced uncontrollably toward the cliff.

-Even The New York Times admitted that there is "little evidence" of any connection between the "Republican" deregulation measures Democrats blame, like the Gramm-Bleach-Liley Act (signed into law by a Democrat), and the collapse of the housing market.