TRumps biggest and most insulting lie to date.

Nordberg said:
You still do not understand it. You think some idiotic microeconomic neighborhood home sales resulted in the world economy crashing. You don't have the intelligence or knowledge base to understand it at all.
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The absolute ignorance about the cause of the 2008 economic crisis is shocking. It was Clinton, or it was Barney Frank, or it was Fannie and Freddie. They all just parrot the same thing and ignore the reality. I'd recommend 'The Big Short' but most of these Trump cultists wouldn't understand it.
 
Tacomaman said:
Trump fools the mentally weak with misdirection gestures like forfeiting his POTUS salary. The trumpanzees cannot see how much $$$ tRUMPCO is making off of his presidency. His tax cuts alone are saving him millions, while some middle class folks see their taxes actually increase.
When you have this type of cult worshipping stupidity as your base, coupled with Republican cowardness, tRump can continue to "fleece America" almost unabated.
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Remember when they all lined up behind the con man Brian Kolfage and gave their money to him for nothing? I just laughed the entire time over that one. Total rubes.
 
Loving91390 said:
Ok .... post up all these so called “ lies “ .....
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I would do it, but I'm down to one roll of toilet paper, and it would take the entire roll. But, my favorite one was the 10% pay raise for the military lie, because it was accompanied by this imaginary conversation that Trump had with 'them'. I still laugh every time I see it.
 
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Unless Congress and/or the President act to set a different military basic pay raise, annual military basic pay raises are linked to the increase in private-sector wages, as measured by the Employment Cost Index (ECI).

The basic pay raises since 2007:
1 January 2007: 2.2%
1 April 2007: 0.5%
1 January 2008: 3.5%
1 January 2009: 3.9%
1 January 2010: 3.4%
1 January 2011: 1.4%
1 January 2012: 1.6%
1 January 2013: 1.7%
1 January 2014: 1.0%
1 January 2015: 1.0%
1 January 2016: 1.3%
1 January 2017: 2.1%
1 January 2018: 2.4%
1 January 2019: 2.6%
1 January 2020: 3.1%
 
Concart said:
I would do it, but I'm down to one roll of toilet paper, and it would take the entire roll. But, my favorite one was the 10% pay raise for the military lie, because it was accompanied by this imaginary conversation that Trump had with 'them'. I still laugh every time I see it.
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Oops .....
 
Loving91390 said:
Sure he can just throw $10 trillion at it like Obama did ....
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Now you know that presidents really don't hold the purse strings!

Obama did try to get Congress to focus on deficit reduction, But Mitch and his ramrods wanted to gut Social Security, Medicare, and Obamacare!

That wasn't very nice now was it?
 
Concart said:
The absolute ignorance about the cause of the 2008 economic crisis is shocking. It was Clinton, or it was Barney Frank, or it was Fannie and Freddie. They all just parrot the same thing and ignore the reality. I'd recommend 'The Big Short' but most of these Trump cultists wouldn't understand it.
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The crash was a result of financial pros selling trillions of dollars in investment papers backed by mortgages. They were benign in the beginning because they used solidly backed mortgages. But the wealthy international buyers wanted more. So Banks told the mortgage companies they controlled to drop standards so they could get them. The investment banks were not at risk since they immediately packaged mortgages breaking them up into many of the investments.It was free money for them. As the House investigation showed, the rating agencies were entirely bought off by banks.
If you were around in 2008 you would have received a dozen emails a day trying to get you to remortgage or take out a mortgage to pay off credit cards and do home improvement. The rates and terms got lower and lower as time passed . They were ridiculous. Note what is missing, Freddie . Did they contribute? Probably, but not much. It was at the hands of the investment bankers who walked off penalty-free.
The bankers lowered standard until the mortgage backed investments were worthless. I suppose we could go into SWAPs which was insurance of the mortgage securities. They sold so much of that, that all the cash on the planet could not meet what they sold.
 
Nordberg said:
The crash was a result of financial pros selling trillions of dollars in investment papers backed by mortgages. They were benign in the beginning because they used solidly backed mortgages. But the wealthy international buyers wanted more. So Banks told the mortgage companies they controlled to drop standards so they could get them. The investment banks were not at risk since they immediately packaged mortgages breaking them up into many of the investments.It was free money for them. As the House investigation showed, the rating agencies were entirely bought off by banks.
If you were around in 2008 you would have received a dozen emails a day trying to get you to remortgage or take out a mortgage to pay off credit cards and do home improvement. The rates and terms got lower and lower as time passed . They were ridiculous. Note what is missing, Freddie . Did they contribute? Probably, but not much. It was at the hands of the investment bankers who walked off penalty-free.
The bankers lowered standard until the mortgage backed investments were worthless. I suppose we could go into SWAPs which was insurance of the mortgage securities. They sold so much of that, that all the cash on the planet could not meet what they sold.
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Nice to come on a message board and see someone that gets it. I did refi during that period, but only to lower my rate. No cash out, no longer term. There is a constant barrage of misinformation from the far right on this. But the FACT is that very near 90% of all subprime loans that were bought during the runup to 2008 in the secondary market were sold to investment banks, and NOT to Fannie or Freddie. The reason for that is that Fannie and Freddie had much tighter underwriting standards. This credit markets froze from fear that the malaise in the investment banking industry would impact consumer banks. Had those consumer banks not been allowed to own investment arms, 2008 would have been ugly in the housing market, but probably wouldn't have had near the impact that it did. As for the default swaps, they effectively put AIG out of business. I guess it never occurred to them that all of their customers would crash at the same time, and crash hard. I think I recall that Bear Stearns was leveraged about 40:1. When the storm hit, they couldn't give their stuff away.
 
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