GDP: US Economy grows at fastest pace in nearly two years. God Bless Bidenomics.

[BartenderElite]

Democrats CAUSED the 2008 financial meltdown.

The buck stops w/ the President on the economy.

And it has been our history for decades that the Republican leaves office with either a Recession, crash, massive jobs loss or downturn, and the Dem (Clinton, Obama, Biden) leads an upswing/recovery. That's established history.

Anyone objective would only be able to conclude that Republicans are bad for the economy, and Dems are good for the economy.

 

[cawacko]

The 2008 housing crisis was caused by liberal Democrats like Barney Frank pushing banks into making risky home loans to people that could not afford them. Who knew that was a bad idea.


Hey, Barney Frank: The Government Did Cause the Housing Crisis

The reality is there were a number of factors that contributed to the housing crisis but at its core was a bi-partisan effort to 1) increase home ownership and 2) increase minority home ownership. At the Presidential level both Clinton and Bush were very much behind this as well as people in Congress. (and the Fed played a role with its low interest rates post 9/11).

On the surface it's an admirable goal (increasing home ownership) but if not done correctly or well even admirable goals can have very negative consequences/results and that's what we saw.

 

[cawacko]

The buck stops w/ the President on the economy.

And it has been our history for decades that the Republican leaves office with either a Recession, crash, massive jobs loss or downturn, and the Dem (Clinton, Obama, Biden) leads an upswing/recovery. That's established history.

Anyone objective would only be able to conclude that Republicans are bad for the economy, and Dems are good for the economy.

Sorry but it doesn't work that way. We talk a lot about our democracy but statements like that imply more a dictatorship. Yes, voters often credit or blame the President for results while they are in office (because even though the Fed arguably plays a bigger role in the economy we don't vote for the Fed Chairman or those who go on the Fed Board) but that doesn't change the fact the President doesn't have total control.

To be clear, my statement in no way implies the President has no role in the economy. They certainly do. But the President is not some all powerful figure with total control.

 

[BartenderElite]

Sorry but it doesn't work that way. We talk a lot about our democracy but statements like that imply more a dictatorship. Yes, voters often credit or blame the President for results while they are in office (because even though the Fed arguably plays a bigger role in the economy we don't vote for the Fed Chairman or those who go on the Fed Board) but that doesn't change the fact the President doesn't have total control.

To be clear, my statement in no way implies the President has no role in the economy. They certainly do. But the President is not some all powerful figure with total control.

If a Dem was President in 2008, EL would have blamed the President - not the circumstances, or Congress.

And it would be tough to argue. The President is the steward of the economy. I agree he doesn't control everything - but Bush was happy to reap the benefits of the housing bubble when it was expanding, while basically ignoring the warning signs, aside from a few isolated comments.

 

[Phyllis Diller]

The reality is there were a number of factors that contributed to the housing crisis but at its core was a bi-partisan effort to 1) increase home ownership and 2) increase minority home ownership. At the Presidential level both Clinton and Bush were very much behind this as well as people in Congress. (and the Fed played a role with its low interest rates post 9/11).

On the surface it's an admirable goal (increasing home ownership) but if not done correctly or well even admirable goals can have very negative consequences/results and that's what we saw.

and then bankers took bad loans (which they knew were bad) and resecuritized them and resold them with a known false rating, magnifying the damage many times.

and then they god bailed out for their malfeasance.

bankers are trash. fascists are trash.

 

[cawacko]

If a Dem was President in 2008, EL would have blamed the President - not the circumstances, or Congress.

And it would be tough to argue. The President is the steward of the economy. I agree he doesn't control everything - but Bush was happy to reap the benefits of the housing bubble when it was expanding, while basically ignoring the warning signs, aside from a few isolated comments.

Partisans will (almost) always try to spin things to make their side look good. That doesn’t change what I wrote about the role of the President and about what led up to housing crisis. It didn’t happen overnight, it was years/decade(s) in the making

 

[Walt]

The consumer price index in the same period rose 4%. Inflation rose to 3.7%. That in effect means that the economy is stagnant

Not how it works. GDP growth is in constant, inflation adjusted dollars. Inflation has no impact on it.

Gardner thinks he is much smarter than 100 years of economists. He is not.

 

[ExpressLane]

The buck stops w/ the President on the economy.

And it has been our history for decades that the Republican leaves office with either a Recession, crash, massive jobs loss or downturn, and the Dem (Clinton, Obama, Biden) leads an upswing/recovery. That's established history.

Anyone objective would only be able to conclude that Republicans are bad for the economy, and Dems are good for the economy.

Sorry you are way too simplistic. Both Clinton and the Banking Chairman Barney Frank pushed legislation for banks to make subprime loans to people that could not afford them by the time those loans defaulted to an avalanche of debt Bush was in office. But the decisions that caused the 2008 financial crisis were firmly rooted in the Clinton Administration.

BTW Did you know Barney Frank had a bordello in his house?

 

[ExpressLane]

If a Dem was President in 2008, EL would have blamed the President - not the circumstances, or Congress.

And it would be tough to argue. The President is the steward of the economy. I agree he doesn't control everything - but Bush was happy to reap the benefits of the housing bubble when it was expanding, while basically ignoring the warning signs, aside from a few isolated comments.

Barfly please don't try to tell me what I would have done. Gees you guys amaze me always trying to put words in other people's mouths or trying to say what they would have done. Since you don't know what I would have said I'm just going to chalk this one up as another one of your lies.

This is like a murder shooting someone then tossing you the gun so that when the police arrive you are holding the gun. Do that make you the murder?

BTW I had a patient that bought a home that was way over his head. I saw pictures of it. It was very nice. About 6 months later it was in foreclosure and he was ranting about suing the bankers because they should have known he couldn't afford it. Before the Community Reinvestment Act and President Clinton’s mandate for banks to extend a minimum number of “affordable loans.” I doubt he would have even gotten a loan in the first place. I do think Banker's greed also played a big part.

As Peter Wallison lays out on the Journal’s op-ed page, you can blame Wall Street for reckless gambling on mortgage-backed securities all you want, but the risk of the mortgage-backed securities never takes off unless the federal government starts pushing lenders to lower their standards for worthy borrowers. Sure, the big-bank investors never should have gone dancing in the minefield, but the minefield was set up by federal policies that encouraged massive loans to “borrowers with blemished credit, or were loans with no or low down payments, no documentation, or required only interest payments.”

https://www.nationalreview.com/the-...ment-act-was-republican-failure-jim-geraghty/

 

[Concart]

Partisans will (almost) always try to spin things to make their side look good. That doesn’t change what I wrote about the role of the President and about what led up to housing crisis. It didn’t happen overnight, it was years/decade(s) in the making

And it was almost entirely due to a lack of regulations on the banking and mortgage industries. Pretty hard to pin that on Democrats, eh?

 

[Concart]

Not how it works. GDP growth is in constant, inflation adjusted dollars. Inflation has no impact on it.

Gardner thinks he is much smarter than 100 years of economists. He is not.

Nazis make bad economists.

 

[BartenderElite]

Barfly please don't try to tell me what I would have done. Gees you guys amaze me always trying to put words in other people's mouths or trying to say what they would have done. Since you don't know what I would have said I'm just going to chalk this one up as another one of your lies.

This is like a murder shooting someone then tossing you the gun so that when the police arrive you are holding the gun. Do that make you the murder?

BTW I had a patient that bought a home that was way over his head. I saw pictures of it. It was very nice. About 6 months later it was in foreclosure and he was ranting about suing the bankers because they should have known he couldn't afford it. Before the Community Reinvestment Act and President Clinton’s mandate for banks to extend a minimum number of “affordable loans.” I doubt he would have even gotten a loan in the first place. I do think Banker's greed also played a part.

You blamed Biden for GLOBAL inflation that started in December of 2020, a month before he took office.

Case closed.

 

[Joe Capitalist]

The buck stops w/ the President on the economy.

And it has been our history for decades that the Republican leaves office with either a Recession, crash, massive jobs loss or downturn, and the Dem (Clinton, Obama, Biden) leads an upswing/recovery. That's established history.

Anyone objective would only be able to conclude that Republicans are bad for the economy, and Dems are good for the economy.

ExcessLies is a far right Republiclown and is severely right wing biased. And, of course he has zero proof to back up his lies.

https://georgewbush-whitehouse.archives.gov/news/releases/2003/12/20031216-9.html

President Bush Signs American Dream Downpayment Act of 2003

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) President Bush Signs American Dream Downpayment Act of 2003 And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities.

And there's more to do, as well. We'll continue to pursue a broad agenda to help people own a home. There are three steps I want to describe to you right quickly about what we intend to do. First, those who apply for mortgages should be made aware of all the costs and warned about predatory lenders who take advantage of inexperienced buyers. So we've doubled the funds for housing counseling services, including those run by faith-based and community groups.

We understand that buying a home for the first time is complicated, and we want to simplify the process. We want to help people understand the pros and cons of buying a home. We want people to be fully aware of what it means to buy a home and what it takes. And we want people as best protected as possible from those shysters who would take advantage of first-time buyers. (Applause.)

Second, we need to make the home-buying process more affordable. Some of the biggest up-front costs in a home purchase are the closing costs. Sometimes they catch you by surprise. (Laughter.) Many home buyers do not have the time to shop around looking for a better deal on closing costs. You're kind of stuck with what you're presented with. And so they end up paying more than they should. So we've proposed new rules to make it easier for buyers to shop around and to compare prices on closing costs, so they can get the best deal and the best service possible.

And thirdly, we want to make buying a home simpler. Many first-time buyers look at the paperwork from a loan application, and frankly, get a little nervous about all the fine print. Those forms can be intimidating to the first-time home buyer. They can be intimidating to the second or third-time home buyer, too. (Laughter and applause.) So this administration has proposed new rules to simplify the forms home buyers and homeowners fill out when they apply for a loan or close on a mortgage.

 

[Guno צְבִי]

The consumer price index in the same period rose 4%. Inflation rose to 3.7%. That in effect means that the economy is stagnant

^^^^
In other words

 

[Joe Capitalist]

You blamed Biden for GLOBAL inflation that started in December of 2020, a month before he took office.

Case closed.

Follow the timeline:

2002: Bush Jr. Signs the American Dream Downpayment Act
2004: The Mortgage Bubble begins. People start buying homes with no money down. Homes they can't afford but Bush Jr wanted to put 5 million low-income Americans in homes.
2007: The Bubble starts to burst as the Low-income buyers walk away from the homes they can't afford.
2008: The Mortgage Meltdown and Bush Jr Recession send the economy in the tank causing the worst economic crisis in 80 years.

Bush Jr: One of the biggest hurdles to homeownership is getting money for a down payment. This administration has recognized that, and so today I'm honored to be here to sign a law that will help many low-income buyers to overcome that hurdle, and to achieve an important part of the American Dream.

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities.

 

[Hawkeye10]

Iis a mirage created by massive government spending.

 

[ExpressLane]

And it was almost entirely due to a lack of regulations on the banking and mortgage industries. Pretty hard to pin that on Democrats, eh?

D Barney Franks the Chairman of the Banking Committee pushed for subprime loans. A LOT of those loans failed.

As Peter Wallison lays out on the Journal’s op-ed page, you can blame Wall Street for reckless gambling on mortgage-backed securities all you want, but the risk of the mortgage-backed securities never takes off unless the federal government starts pushing lenders to lower their standards for worthy borrowers. Sure, the big-bank investors never should have gone dancing in the minefield, but the minefield was set up by federal policies that encouraged massive loans to “borrowers with blemished credit, or were loans with no or low down payments, no documentation, or required only interest payments.”

https://www.nationalreview.com/the-...ment-act-was-republican-failure-jim-geraghty/

 

[Into the Night]

https://apple.news/AuvZA91dZSl--B_WlnIXKrw

GDP: US economy grows at fastest pace in nearly two years

The US economy grew at its fastest pace in nearly two years during the past three months, once again defying predictions for a slowdown as many expected the Federal Reserve's monetary tightening to constrain the American consumer.
The Bureau of Economic Analysis's advance estimate of third quarter US gross domestic product (GDP) showed the economy grew at an annualized pace of 4.9%**** during the period, faster than consensus forecasts.**** Economists surveyed by Bloomberg estimated the US economy grew at an annualized pace of 4.5% during the period.

MAGA soils diapers.

An economic depression is not 'growth of the economy'. The GDP is not the economy.

 

[Into the Night]

ExcessLies is a far right Republiclown and is severely right wing biased. And, of course he has zero proof to back up his lies.

https://georgewbush-whitehouse.archives.gov/news/releases/2003/12/20031216-9.html

President Bush Signs American Dream Downpayment Act of 2003

Last year I set a goal to add 5.5 million new minority homeowners in America by the end of the decade. That is an attainable goal; that is an essential goal. And we're making progress toward that goal. In the past 18 months, more than 1 million minority families have become homeowners. (Applause.) President Bush Signs American Dream Downpayment Act of 2003 And there's more that we can do to achieve the goal. The law I sign today will help us build on this progress in a very practical way.

Many people are able to afford a monthly mortgage payment, but are unable to make the down payment. So this legislation will authorize $200 million per year in down payment assistance to at least 40,000 low-income families. These funds will help American families achieve their goals, and at the same time, strengthen our communities.

And there's more to do, as well. We'll continue to pursue a broad agenda to help people own a home. There are three steps I want to describe to you right quickly about what we intend to do. First, those who apply for mortgages should be made aware of all the costs and warned about predatory lenders who take advantage of inexperienced buyers. So we've doubled the funds for housing counseling services, including those run by faith-based and community groups.

We understand that buying a home for the first time is complicated, and we want to simplify the process. We want to help people understand the pros and cons of buying a home. We want people to be fully aware of what it means to buy a home and what it takes. And we want people as best protected as possible from those shysters who would take advantage of first-time buyers. (Applause.)

Second, we need to make the home-buying process more affordable. Some of the biggest up-front costs in a home purchase are the closing costs. Sometimes they catch you by surprise. (Laughter.) Many home buyers do not have the time to shop around looking for a better deal on closing costs. You're kind of stuck with what you're presented with. And so they end up paying more than they should. So we've proposed new rules to make it easier for buyers to shop around and to compare prices on closing costs, so they can get the best deal and the best service possible.

And thirdly, we want to make buying a home simpler. Many first-time buyers look at the paperwork from a loan application, and frankly, get a little nervous about all the fine print. Those forms can be intimidating to the first-time home buyer. They can be intimidating to the second or third-time home buyer, too. (Laughter and applause.) So this administration has proposed new rules to simplify the forms home buyers and homeowners fill out when they apply for a loan or close on a mortgage.

Nothing in this Act caused the 2007-2008 crash followed by the economic depression that lasted for nine years, thanks to Obama and the Democrats.

 

[Into the Night]

Three years ago, Donald Trumpf practically guaranteed that if Americans dared to elect Biden there would be an unprecedented economic depression of apocalyptic proportions.

...and it's here.