Phyllis Diller
Was it me?
wait until it crashes and get back to me.
GDP: US Economy grows at fastest pace in nearly two years. God Bless Bidenomics.
- Thread starter Joe Capitalist
- Start date
wait until it crashes and get back to me.
ThatOwlWoman
Not Nice
I have been through so many crashes that I have lost count. I really do not let them bother me. In the long run, a diversified stock investment is always up.
In fact, crashes are good for me. It gives me time to invest at lower prices. I have what the kids call today "diamond hands", and am willing to out wait the market.
cawacko
Well-known member
The housing crisis didn't happen overnight. It wasn't one piece of legislation that caused this, it was a host of actions over a longer time horizon. At the core was the desire of the government to 1) increase home ownership and 2) increase home ownership among underserved minority communities
From a political perspective we often see Democrats and Republicans at odds. In this particular case we had a Democratic and a Republican President both pushing for the same thing as well as a Congress that was sympathetic (at least to the idea of increasing minority home ownership). Clinton pushed for what Bush did, loosened lending standards that allowed access to capital for traditionally underserved areas/communities (with Clinton through the CRA).
Even today, on the surface, that sounds like an ok thing. In hindsight, with how it turned out at least, not as much.
There's much more to it than that but at a high level that's how we got there.
Phyllis Diller
Was it me?
More people want ownership of revenue generating companies than want to sell them, so when the few that want to sell actually sell, they sell at a profit. We have seen the Baby Boomers retire, without a collapse in the markets. That means that we will not see the unified selloff you claim.
In other words, the stock market has delivered 10+% returns for our entire lives(and I do mean everyone here's).
I starting investing when I was 13, from the money from my first job. You had the same opportunities I did.
I can understand the communists who say I should not be doing as well as I am. I disagree with them, but I understand their ideology. I understand the laissez-faire people who say I bare no responsibility to those who are not doing as well. Again, I disagree with them, but I understand their ideology.
I do not understand this alt right philosophy that I owe them something, should not be able to do well off investing, but they owe everyone else nothing.
Phyllis Diller
Was it me?
T. A. Gardner
Serial Thread Killer
As is everything that proves you Trumpers wrong.
Then explain the relevance of that chart, by all means...
Subprime mortgages are what caused the collapse, and subprime mortgages had been 8-10% of the mortgage market from 1993-2003.
From 2004-2006 it grew to 40% of the mortgage market.
So it wasn't Democrats or Democratic policies that caused the subprime mortgage market to grow and ultimately collapse.
Joe Capitalist
Racism is a disease
If anyone doubts what you say, they only need to read the Bush Jr American Dream Downpayment Act. Bush Jr wanted to put millions of low-income Americans in homes with little or no Downpayment. I remember in 2004, my brother-in-law was a Real Estate broker and he could see it happening in front of his eyes. He said if homeowners don't put down a Downpayment, they have no skin in the game and can just walk away from the mortgage. He was very critical of Bush Jr's plan.
Bush Jr said about his plan:
"Obtaining the resources to meet upfront downpayment and closing costs is the most significant obstacle to homeownership among lower income families. Thirty percent of low-income buyers cannot afford to buy a modestly priced home solely because they lack sufficient funds for the downpayment and closing costs.
• By providing a dedicated stream of funding to cover the upfront costs of buying a home, the American Dream Downpayment Initiative would eliminate this obstacle for tens of thousands of families each year while enabling localities to increase homeownership rates, broaden their tax base, and stabilize neighborhoods.
• In 2003 and 2004, a combined $162 million was provided for Bush Jr's American Dream Downpayment Initiative within the HOME
program. These funds are expected to help an estimated 22,000 new homebuyers with an average of $7,500 in assistance."
Joe Capitalist
Racism is a disease
Isn't it pathetic that MAGA morons are hoping and praying for a market crash that would devastate America?
They don't care what happens to America as long as they get back in power. Fucking scumbags.
Its a sugar high built entirely on debt. But feel free to cheer if you like.Just saw that happy news, too. But... but... according to the Debbie Downers around here, Biden is DESTROYING America, families are in crisis, and if we don't get Trump back we're doomed.
Consumer spending is what is driving this large uptick. People "in crisis" who are "fearful of the future" don't typically spend; they conserve. Oops!
serendipity
Verified User
That was exactly what happened when Trump was president, so what?
serendipity
Verified User
There were many that contributed to the financial crash not least , the president of S&P Kathleen Corbet.
Of course, as to be expected, you've also left out Barney Frank, BJ Clinton, Fannie Mae, Freddie Mac, Standard and Poors , investment banks and hedge funds.
ThatOwlWoman
Not Nice
I'm sure that must be true. Everyone knows when a (D) in the WH, the economy goes to shit.
ThatOwlWoman
Not Nice
Climate-change-denying pretend sci guy British ex-pat living in Thailand knows all about American economic history. Bwahahahaha!
serendipity
Verified User
You said that you'd ignore me from now on, lying cuntwhistle*
*Acknowledgement to Dumbcunt 69 for this one
By slapping AAA seals of approval on large portions of even the riskiest pools of loans, rating agencies helped lure investors into loading on collateralized debt obligations (CDOs) that are now unsellable. Corbet ran the largest agency, Standard & Poor's, during much of this decade, though the other two major players, Moody's and Fitch, played by similar rules. How could a ratings agency put its top-grade stamp on such flimsy securities? A glaring conflict of interest is one possibility: these outfits are paid for their ratings by the bond issuer. As one S&P analyst wrote in an email, "[A bond] could be structured by cows and we would rate it."
https://content.time.com/time/specials/packages/article/0,28804,1877351_1877350_1877325,00.html
Last edited:
Much as it is now, yes.I'm sure that must be true. Everyone knows when a (D) in the WH, the economy goes to shit.
Did you know the Federal Reserve bank is losing money ?
They really are a bank and they have always made money and put a portion of the profits into the General Fund, a fre billion a year. No more.
Six trillion in debt that was borrowed at very low interest rolling over soon at far higher interest.
Yeah, bidenomics is killing it.