Name one thing Obama did that helped america

[Truth Detector]

The beginning when Congress had a chance to act and the race hustling idiots in the Democratic Party shouted "racist" out loud; watch as they attack the regulator they placed over these institutions basically claiming he is full of shit:

 

[Truth Detector]

Unemployment has always been calculated in the same fashion. As such, it's never been accurate. It's meant to use for comparison. Nobody decided to change the way they compute unemployment numbers after Obama took office.
It's like wind chill factor vs. actual temperature. The former is not a claim of accuracy, just a way to let you know how cold it will feel.

The fact that the only jobs available in this corporate run country don't pay enough to feed a family, has more to do with corporate greed, and less to do with any policy put forth by this administration.

The majority of people who get a pittance for food, are employed.

Using anything BUT the U6 unemployment figures is a scam. Government will NEVER openly report those figures because they seldom, if ever, paint a rosy picture about the REAL state of our economy.

http://www.forbes.com/sites/louisef...the-real-unemployment-rate-12-6/#1505678a1e12

 

[Text Drivers are Killers]

If the unemployment rate is as high as you claim; why would you want to raise interest rates, and slow demand even further? How would a hike raise you pension?

You don't understand. Pensions have always been able to invest in 30 year govt bonds that paid around 6%. Under obama its been more like 2-3%. This has wiped out their income while the money they pay out has NOT gone down.

 

[Billy Batts]

Please link me up with these "depositors" who lost money they placed in the banks care. Government regulation CAUSED the mortgage. Forcing banks to carry loans from low income borrowers in the interest of "fairness" helped build that house of cards. To blame banks and ignore the acts of Congress is ignorant. The Glass Steagall Act would have done NOTHING to prevent institutions from finding ways to package these loans and sell them on the market.

Former Treasury Secretary Tim Geithner, have said the focus on Glass-Steagall is misguided. They argue other factors were more important in causing the 2008 crisis, such as bad mortgage underwriting, poor work by the ratings agencies and a securitization market gone crazy. All of that would have happened no matter the size of the big banks.

In fact, some of the financial institutions that fared the worst, such as Bear Stearns, AIG, Lehman Brothers and Washington Mutual, weren't part of large bank holding companies at all.

"I have often posed the following question to critics who claim that repealing Glass-Steagall was a major cause of the financial crisis: What bad practices would have been prevented if Glass-Steagall was still on the books?" wrote former Federal Reserve Vice Chairman Alan Blinder. "I've yet to hear a good answer."

http://www.npr.org/sections/thetwo-...lass-steagall-cause-the-2008-financial-crisis

What government regulations do you believe caused the Great recession? Did you read the entire NPR piece you linked, or just conclude Tim Geitners remarks were the only one's relevant on the topic? Tim Geithner opinion placed with ridiculious large fonts in your post, hardly settles the matter, and many Economist disagree. Even the skeptics in the piece conclude: "The 1999 changes to Glass-Steagall led to much bigger banks, but that was, at best, just one factor in the 2008 financial crisis". -Citing NPR piece-

Given the skeptics option of "only one relevant factor", that is more than sufficent to place Glass-Steagall back to it's original form. The 1933 Congress understood that the business of banking is to make sound loans to viable businesses to grow U.S. industry and create good jobs that underpin a sound economy. Gambling in stocks, and futures and exotic, hard to price derivatives should never be an authorized use of bank depositor funds – which are backstopped by the U.S. taxpayer.

 

[evince]

the Bush admin then kept all the states from regulating them themselves


states rights is a fucking lie the republicans spew

 

[Althea]

You don't understand. Pensions have always been able to invest in 30 year govt bonds that paid around 6%. Under obama its been more like 2-3%. This has wiped out their income while the money they pay out has NOT gone down.

I've already posted a link to the Fed rates for the last couple of decades. Rates on bonds have not gone down considerably since he took office. They've been flat.

Get your chronology in order if you want to run with the big dogs.

 

[Billy Batts]

We are basically in the same camp, but I'm leaning toward the examination of all causes of the perfect storm we saw when the bubble collapsed.

Back when Congress was capable of compromise, Gramm/Leach/Bliley smply didn't have the votes to pass. At the time, it seemed like a good compromise if these banks that were chomping at the bit to return to the risky investment game were 'forced' to increase CRA lending. (another favorite diversion of the Right wing idiots).

In theory, it increases home ownership and cuts back even further on prejudiced banking practices. CRA paper got rave reviews for performance in the early 00's from BOA.

Where I expand blame, is the introduction of AIG writing insurance on garbage, the ratings agencies giving AAA ratings to same, real estate appraisers who were all too happy to create an inflated market, and finally...Wall St for coming up with new and exciting 'products' to trade, that were virtually worthless.

Of course, lack of regulation of the above takes the lion's share of the above, which is what I believe D/F attempted to do after the horse was out of the barn.

That aside, there were so many players writing horrid paper, I don't think G/S would have done enough to stop the toxic atmosphere that ultimately led to the crash.

In essence, isn't one of the biggest issues the lack of actual insurance from AIG et. al? Were investors duped into thinking that their risk was insured?

That doesn't negate the insider scams perpetrated by the likes of Goldman, etc.



edit to add...

IMO, the biggest issue I have is the fact that the terms of the bogus paper were unprecedented. I got my first mortgage under Reagan, and back then no bank would loan more than 75% of appraised value.

After Reagan killed the Savings and Loan industry, the way appraisals were done changed drastically. It got stricter.

Before the most recent crash, lenders were pushing borrowers to accept 125% of appraised value....(fictional value, at that)

In essence, this paper was guaranteed to fail the moment it was written.

I agree with all that. Yes if mortgage brokers had done their job and only made loans to people who could pay them back ("reasonable" levels of default), we wouldn't have had the financial crisis. But under Glass-Steagall; banks were precluded from hold these bundled mortgage securities. JPMorgan Chase, Goldman Sachs,Bank of America all held these triple A rated bonds, that became toxic,they are the ones that needed TARP bailout.

You are correct Dodd- Frank was as good as it would have got under the political climate of the time, going forward, I would like it replaced. Hilary Clinton so far seems to believe Dodd -Frank turned the trick; I disagree.

The Community Reinvestment Act (CRA) is a straw man argument held by Baggers. The Financial Crisis Inquiry Commission formed by Congress in 2009, concluded "the CRA was not a significant factor in subprime lending or the crisis". Also the CRA has been law since 1977. I doubt it would take a law that sweeping 31 years to cause a recession.

 

[Billy Batts]

You don't understand. Pensions have always been able to invest in 30 year govt bonds that paid around 6%. Under obama its been more like 2-3%. This has wiped out their income while the money they pay out has NOT gone down.

Very few pension plans, place all of the participants money in 30 year Treasury notes, even Federal employees, are allowed to invest a portion in mutual funds. Pensions are formed by plan committees, if there is a union involved it is a joint committee (but not always), if not the Employer forms the committee, and the employees do not have to participate, unless it is exclusively paid by the employer (in that case who in their right mind would want to opt out).

 

[Billy Batts]

If the economy is doing as great as Obamaphiles say it is, why keep interest rates at ZERO for EIGHT F'ing years????

Good lord; leftists are the most mathematically challenged, economically ignorant, low information voting twits on the planet.

Because there was a recession, and the President does not set the interest rate- the Federal Reserve does. Obamaphiles? Is that some new Bagger word?

 

[Truth Detector]

What government regulations do you believe caused the Great recession? Did you read the entire NPR piece you linked, or just conclude Tim Geitners remarks were the only one's relevant on the topic? Tim Geithner opinion placed with ridiculious large fonts in your post, hardly settles the matter, and many Economist disagree. Even the skeptics in the piece conclude: "The 1999 changes to Glass-Steagall led to much bigger banks, but that was, at best, just one factor in the 2008 financial crisis". -Citing NPR piece-

Given the skeptics option of "only one relevant factor", that is more than sufficent to place Glass-Steagall back to it's original form. The 1933 Congress understood that the business of banking is to make sound loans to viable businesses to grow U.S. industry and create good jobs that underpin a sound economy. Gambling in stocks, and futures and exotic, hard to price derivatives should never be an authorized use of bank depositor funds – which are backstopped by the U.S. taxpayer.

Go back to these links and actually pay attention; then get back to me when you are better informed instead of asking the same moronic question that has been answered over and over again.

http://www.justplainpolitics.com/sh...did-that-helped-america&p=1712131#post1712131
http://www.justplainpolitics.com/sh...did-that-helped-america&p=1712130#post1712130

 

[Truth Detector]

the Bush admin then kept all the states from regulating them themselves

states rights is a fucking lie the republicans spew

 

[Truth Detector]

I agree with all that. Yes if mortgage brokers had done their job and only made loans to people who could pay them back ("reasonable" levels of default), we wouldn't have had the financial crisis.

This is nothing more than a massive pile of uninformed bile. Do you think if you keep repeating the same BS over and over again, it will make it factual? It wasn't about MAKING loans, it was about Congress forcing banks to lower their standards for "low income" individuals who shouldn't have been getting the loans and unscrupulous BROKERS packaging them into financial tools that greedy rich investors bought up thinking they were easy money.

Thank Democrats in Congress for that one. Glass Steagall had NOTHING to do with it.

 

[Billy Batts]

Go back to these links and actually pay attention; then get back to me when you are better informed instead of asking the same moronic question that has been answered over and over again.

http://www.justplainpolitics.com/sh...did-that-helped-america&p=1712131#post1712131
http://www.justplainpolitics.com/sh...did-that-helped-america&p=1712130#post1712130

I did read it very carefully,and I imagine everyone else that read it realizes you don't know what you are talking about as well. I do not spend any time on posters that are willfully ignorant. So we part company right here.

 

[CFM]

I did read it very carefully,and I imagine everyone else that read it realizes you don't know what you are talking about as well. I do not spend any time on posters that are willfully ignorant. So we part company right here.

Willfully ignorant? That's the excuse many like you use because you can't defend your position. It gives you a way out by blaming the other guy. Good little Liberal.