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Originally Posted by Guest
The making of the 2008 financial crisis began in 1977 when Carter passed the Community Investment Act. Bill Clinton pushed that same agenda and with the assistance of both Dodd and Frank suddenly underwriting rules were thrown out the window and anyone who said s/he wanted a house got one via Fannie and Freddie. It was obvious to everyone but not one politician nor the FED had the guts to do anything about it.
When the sky fell Obama threw money at the problem and that money landed in the pockets of Obama's minions. Obama broke long standing rules and stiffed General Motor creditors (bond holders) when bailing out GM and arbitrarily giving a substantial portion of ownership to the union. ...a unprecedented and illegal move.
To fix the "too big to fail"problem Dodd-Frank devised a plan that in effect didn't resolve the too big to fail problem it just shifted the burden to taxpayers For the sake of brevity much of what was written in Dodd-Frank only exacerbates the same situation that created the bubble buster in 2008
Obama and Company have continued with their irresponsible and ineffective spending campaign. Fannie and Freddie still allow anyone who desires a home to have one. Students who claim they didn't get what they paid for are granted forgiveness. heck 1/3 of the students who took out loans didn't even know they were obligated to pay them back. SO now we have Hillary calling for free college education. and anyone with an IQ over 30 knows
where that all is heading
The FED working with Obama has been in a long campaign of helicopter money. the interest free money has not helped anyone except Wall Street and clearly has harmed retirees. The FED needs to be audited and from my personal view eliminated because all they have done is create more uncertainty...
As the OP stated this is the most anemic recovery since 1949. so what do Obama and Company do to explain less than a 2% GDP growth label it the "new normal"
Republican on the other hand have repeated for the last eight years that growth is possible with business friendly regulation and tax policies that create incentives for businesses small medium and large.
but that doesn't fit the progressive agenda because how can they pay for free stuff As Thatcher once stated the problem with socialism is ...what do you do when you run out of other people's money
Using Obama's favorite word "it is audacious for progressives to think their platform benefits America and the last eight years has proven what a disaster it really is
Personal Best Regards:
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You have to be kidding. How do you make the tax code any more friendly for businesses?
16 Giant Corporations That Have Basically Stopped Paying Taxes -- While Also Cutting Jobs! | Alternet
Not only did GM not pay taxes on 81 billion of income, but they got a refund of 3 billion. How much more friendly do you want to get?
Republicans here keep pointing to people on food stamps. When you underpay your workers with a minimum wage that is not a living wage, people do receive food stamps, but the business is also benefitting. Wal-Mart was one of the businesses that got this backdoor benefit. They have said that they will be increasing their pay levels to above minimum level, but they had to be shamed into doing it. Trump wants to lower the minimum wage, or do away with it. This won't have an effect food stamps.
The Democrats are pushing the break up of big banks. This undoes the 2008 Republican fix, which made banks to big to fail bigger. The Republicans are going right along with this. Sure, they are.
You keep about talking about a slow recovery. Never once do you mention the depth of the 2008 Recession. You try to treat all recessions as the same to fit your agenda the recovery was slowest in 60+ years. There is no mention at all of the economic conditions. Did globalization exist at the level it is now for the years 50's thru early 90's? No, everything is the same nothing has changed, since 1950.
The Republican plan for the economy is going back to the Reagan era, supply side. How many does that have to fail before it sinks in to Republicans that supply side doesn't work? Apparently not enough yet.
How is GM doing now? Where would the country be, if it went out of business? How many small business would have went out of business, if GM went through bankruptcy? Even when the outcome benefits the country, Republican still bitch about the results. Their biggest problem is Obama helped the country, and goes against their belief that he will do everything possible to make sure the country goes down.
Hillary, and Sanders were pushing for free tuition as state colleges for people that couldn't afford to go there without getting in large debt.
Dodd and Frank never said everyone that wants a house should be able to buy it even though they couldn't afford to pay for it. The next thing that you are going to throw out there is they were for grouping worthless home mortgages together getting rating agencies to classify them as AAA and peddling them out there to retirement plans.
When interest rates on savings were high 70's into the 80's, what was the rate of inflation? You have a doubled edge sword right now. You increase the prime rate, and interest earned on savings will increase. However, the stock market will go down, so your retirement plan will suffer.
Obama hasn't helped your retirement plan! The stock market was in the 6,000, when the great recession bottomed out. It is now over 18,000. Obama has really hurt retirees.
Please tell us in detail what Trump will do to increase the GDP. He is going to cut taxes, and hope the GDP will increase to offset the cuts. People that have looked into his tax plans have stated that it will add another 10 trillion to the debt over the next ten years.
Take a damn good look at "W's" tax cut, and see what problems that sprung from it. We want to repeat this.