Keeping Obama's unemployment numbers in perspective

[KevinWestern]

so who do you blame for not correcting the situation???

A lot of people, lol, including Obama.

There are many Republicans and Democrats to blame.

100% cop out of course. Say why Republicans are to blame or admit you lack the IQ to do so?
Why not ask questions if you don't know stuff.

Thanks for insulting my intelligence before hearing me out; very admirable

Why are the Republicans to blame for the current crisis?

Well, if I recall it was the Republican Party that was chiefly behind much of the banking deregulation (including the repeal of Glass-Steagall) that occurred in the early 1990’s. This banking deregulation basically made it possible for banks to securitize their loans (and sell off the risk), which lead to a bubble that exploded 2006-08. Also, Republicans were chiefly behind the major tax cuts in the 2000’s, which paired with a trillion dollar Iraq war meant so BIG TROUBLE from a fiscal perspective, and is much of the reason our Gov’t is in such a large hole today.

 

[EdwardBaiamonte]

This banking deregulation that occurred in the early 1990’s basically made it possible for banks to securitize their loans (and sell off the risk), .

Finance & Development, September 2008 - Back to Basics
Securitization got its start in the 1970s, when home mortgages were pooled by
U.S. government-backed agencies. Starting in the 1980s, other income-
producing ...


Finance & Development, September 2008 - Back to Basics
Understanding Securitization
Feb 15, 2012 ... As previously noted, the securitization process began over 40 years ago and was
used to pool together a wide array of assets. For the historical ...
Understanding Securitization

 

[edthecynic]

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

U6 ( includes those discouraged etc) went from 12 to 22 million (14%)

Why not impeach Obama??

You're such a pathological liar.

When Bush left office there were 12.079 million U-3 unemployed (7.8%), up from 6.023 million when the POS started. Today there are 12.032 unemployed.

U-6 went from 7.3% when Bush started to 14.2% when he ended.

what about stupid liberal policies that keep 22 million unemployed!!

Your own OP says there are only 12 million unemployed. Your 22 million includes people who are employed as well as people who haven't bothered to look for work.

U3 and U6 are both horrible horrible numbers the likes of which would never be tolerated were it not for liberal guilt over slavery. Imagine if Bush had had 2 Nazi parents and a preacher for 23 years had been a Nazi!!

Notice how the liar tries to deflect from his lies by bringing up Bush's Nazi connections.

 

[EdwardBaiamonte]

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

U6 ( includes those discouraged etc) went from 12 to 22 million (14%)

Why not impeach Obama??

You're such a pathological liar.

When Bush left office there were 12.079 million U-3 unemployed (7.8%), up from 6.023 million when the POS started. Today there are 12.032 unemployed.

U-6 went from 7.3% when Bush started to 14.2% when he ended.

Your own OP says there are only 12 million unemployed. Your 22 million includes people who are employed as well as people who haven't bothered to look for work.

U3 and U6 are both horrible horrible numbers the likes of which would never be tolerated were it not for liberal guilt over slavery. Imagine if Bush had had 2 Nazi parents and a preacher for 23 years had been a Nazi!!

Notice how the liar tries to deflect from his lies

would like to make a legally binding bet about whether I lied?? Yes or No???

Or just another attemp to change subject from 22 million unemployed under Obama??

 

[KevinWestern]

This banking deregulation that occurred in the early 1990’s basically made it possible for banks to securitize their loans (and sell off the risk), .

Finance & Development, September 2008 - Back to Basics
Securitization got its start in the 1970s, when home mortgages were pooled by
U.S. government-backed agencies. Starting in the 1980s, other income-
producing ...


Finance & Development, September 2008 - Back to Basics
Understanding Securitization
Feb 15, 2012 ... As previously noted, the securitization process began over 40 years ago and was
used to pool together a wide array of assets. For the historical ...
Understanding Securitization

Ed, again it's a pretty widely accepted fact that much of the deregulation that occurred in 1993 (namely the wall between investment banks and regular banks was torn down) led directly to the derivative bubble that blew up our economy.

At the end of the day I'm arguing with a guy (you) who's claiming the Republican Party bears NO responsibility in our economic collapse. Anyone who thinks in such a ridiculous black and white way is not worth the time to argue with.

Sorry, it's true Ed. They really have you fooled, eh?

 

[EdwardBaiamonte]

Ed, again it's a pretty widely accepted fact that much of the deregulation that occurred in 1993 (namely the wall between investment banks and regular banks was torn down) led directly to the derivative bubble that blew up our economy.

our great newspapers and economists on left and right agree it was liberal government that caused the current depression.

"First consider the once controversial view that the crisis was largely caused by the Fed's holding interest rates too low for too long after the 2001 recession. This view is now so widely held that the editorial pages of both the NYTimes and the Wall Street Journal agree on its validity!"...John B. Taylor


" The Federal reserve having done so much to create the problems in which the economy is now mired, having mistakenly thought that even after the housing bubble burst the problems were contained, and having underestimated the severity of the crisis, now wants to make a contribution to preventing the economy from sinking into a Japanese Style malaise....... - "Joseph Stiglitz"( uber left economist)

You may not have heard of the Federal Reserve system but it exists to inflate and deflate the currency supply through the housing market. They inflated too much for too long. This caused what they call a housing bubble. While the bubble was inflating all the big banks and many insurance companies bought bubble mortgages thinking they were sound rather than merely purchased or made possible by newly printed funny money. When the bubble deflated they all lost money on the mortgages. It would be analogous to the government making cars and giving them to GM so everyone could have a car. If GM got them by the ton and for very little money of course they would find a way to move them . This is essentially what the Banks did with the free money. In addition to the Federal Reserve System you had Fanny and Freddie which bought and guaranteed many of the mortgages so no one had to worry about them failing. Then you had CRA, FHA, Federal Home Loan Bank Board( 3% down payment loans) and several others that were designed to get everybody in their own home.

When the states tried to move against predatory lending by national banks they were blocked by the bank's federal regulator, the office of the comptroller of the currency, That empowered money lenders say Lynn Turner.

Just as significantly you had very badly conceived accounting rules that hid the problems from everyone until it was too late. Accounting rules are supposed to do the opposite, not move billions in potential liabilities off the balance sheet onto tiny footnote on the bottom of a page as happened at Citibank, or onto on sentence at the end of a 10-Q report as happened at AIG, or as generally happened with SIVs (structured investment vehicles). Then you had gov't rules from the last crisis, the Enron Crisis, the created mark-to- market accounting rules for this crisis that many believe greatly exacerbated this crisis.

Then you had the problem with the government backed ratings agencies that simply failed to rate the mortgage backed and related securities, properly. Sorry, it had little to do with Bush, but had everything to do with inane attempts by the liberal to regulate the free market!


Warren Buffett: "There are significant limits to what regulation can accomplish. As a dramatic illustration, take two of the biggest accounting disasters in the past ten years: Freddie Mac and Fannie Mae. We're talking billions and billions of dollars of misstatements at both places".

Now, these are two incredibly important institutions. I mean, they accounted for over 40% of the mortgage flow a few years back. Right now I think they're up to 70%. They're quasi-governmental in nature. So the government set up an organization called OFHEO. I'm not sure what all the letters stand for. [Note to Warren: They stand for Office of Federal Housing Enterprise Oversight.] But if you go to OFHEO's website, you'll find that its purpose was to just watch over these two companies. OFHEO had 200 employees. Their job was simply to look at two companies and say, "Are these guys behaving like they're supposed to?" And of course what happened were two of the greatest accounting misstatements in history while these 200 people had their jobs. It's incredible. I mean, two for two!

“Whatever regulatory changes are made, they will pale in comparison to the change already evident in today’s markets,” he said. “Those markets for an indefinite future will be far more restrained than would any currently contemplated new regulatory regime.”-Alan Greenspan

Courtesy A. Smith:FDR created Fannie.
LBJ Privatized Fannie - creating an "enron" like environment:
Greg Mankiw's Blog: Thanks, LBJ

Carter's Community Reinvestment Act - accelerated by Clinton - pushed risky loans:
Community Reinvestment Act - Wikipedia, the free encyclopedia

Clinton pushed Fannie into Subprime - the most critical mistake:
Andrew Cuomo and Fannie and Freddie - Page 1 - News - New York - Village Voice

Even the NY Times figured this out: Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

Bush and McCain attempted to reform Fannie on 17 occasions
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone Only To Have Dems Ignored His Warnings :: Political News and commentaries :: Hyscience

The risky subprime loans fueled another layer of risk - derivatives
https://www.istockanalyst.com/article/viewarticle/articleid/2947518

The LA Times reported on Clinton's "subprime" success in 1999:
Minorities' Home Ownership Booms Under Clinton but Still Lags Whites' - Los Angeles Times

 

[KevinWestern]

Ed, again it's a pretty widely accepted fact that much of the deregulation that occurred in 1993 (namely the wall between investment banks and regular banks was torn down) led directly to the derivative bubble that blew up our economy.

our great newspapers and economists on left and right agree it was liberal government that caused the current depression.

"First consider the once controversial view that the crisis was largely caused by the Fed's holding interest rates too low for too long after the 2001 recession. This view is now so widely held that the editorial pages of both the NYTimes and the Wall Street Journal agree on its validity!"...John B. Taylor


" The Federal reserve having done so much to create the problems in which the economy is now mired, having mistakenly thought that even after the housing bubble burst the problems were contained, and having underestimated the severity of the crisis, now wants to make a contribution to preventing the economy from sinking into a Japanese Style malaise....... - "Joseph Stiglitz"( uber left economist)

You may not have heard of the Federal Reserve system but it exists to inflate and deflate the currency supply through the housing market. They inflated too much for too long. This caused what they call a housing bubble. While the bubble was inflating all the big banks and many insurance companies bought bubble mortgages thinking they were sound rather than merely purchased or made possible by newly printed funny money. When the bubble deflated they all lost money on the mortgages. It would be analogous to the government making cars and giving them to GM so everyone could have a car. If GM got them by the ton and for very little money of course they would find a way to move them . This is essentially what the Banks did with the free money. In addition to the Federal Reserve System you had Fanny and Freddie which bought and guaranteed many of the mortgages so no one had to worry about them failing. Then you had CRA, FHA, Federal Home Loan Bank Board( 3% down payment loans) and several others that were designed to get everybody in their own home.

When the states tried to move against predatory lending by national banks they were blocked by the bank's federal regulator, the office of the comptroller of the currency, That empowered money lenders say Lynn Turner.

Just as significantly you had very badly conceived accounting rules that hid the problems from everyone until it was too late. Accounting rules are supposed to do the opposite, not move billions in potential liabilities off the balance sheet onto tiny footnote on the bottom of a page as happened at Citibank, or onto on sentence at the end of a 10-Q report as happened at AIG, or as generally happened with SIVs (structured investment vehicles). Then you had gov't rules from the last crisis, the Enron Crisis, the created mark-to- market accounting rules for this crisis that many believe greatly exacerbated this crisis.

Then you had the problem with the government backed ratings agencies that simply failed to rate the mortgage backed and related securities, properly. Sorry, it had little to do with Bush, but had everything to do with inane attempts by the liberal to regulate the free market!


Warren Buffett: "There are significant limits to what regulation can accomplish. As a dramatic illustration, take two of the biggest accounting disasters in the past ten years: Freddie Mac and Fannie Mae. We're talking billions and billions of dollars of misstatements at both places".

Now, these are two incredibly important institutions. I mean, they accounted for over 40% of the mortgage flow a few years back. Right now I think they're up to 70%. They're quasi-governmental in nature. So the government set up an organization called OFHEO. I'm not sure what all the letters stand for. [Note to Warren: They stand for Office of Federal Housing Enterprise Oversight.] But if you go to OFHEO's website, you'll find that its purpose was to just watch over these two companies. OFHEO had 200 employees. Their job was simply to look at two companies and say, "Are these guys behaving like they're supposed to?" And of course what happened were two of the greatest accounting misstatements in history while these 200 people had their jobs. It's incredible. I mean, two for two!

“Whatever regulatory changes are made, they will pale in comparison to the change already evident in today’s markets,” he said. “Those markets for an indefinite future will be far more restrained than would any currently contemplated new regulatory regime.”-Alan Greenspan

Courtesy A. Smith:FDR created Fannie.
LBJ Privatized Fannie - creating an "enron" like environment:
Greg Mankiw's Blog: Thanks, LBJ

Carter's Community Reinvestment Act - accelerated by Clinton - pushed risky loans:
Community Reinvestment Act - Wikipedia, the free encyclopedia

Clinton pushed Fannie into Subprime - the most critical mistake:
Andrew Cuomo and Fannie and Freddie - Page 1 - News - New York - Village Voice

Even the NY Times figured this out: Fannie Mae Eases Credit To Aid Mortgage Lending - NYTimes.com

Bush and McCain attempted to reform Fannie on 17 occasions
Bush Called For Reform of Fannie Mae & Freddie Mac 17 Times in 2008 Alone Only To Have Dems Ignored His Warnings :: Political News and commentaries :: Hyscience

The risky subprime loans fueled another layer of risk - derivatives
https://www.istockanalyst.com/article/viewarticle/articleid/2947518

The LA Times reported on Clinton's "subprime" success in 1999:
Minorities' Home Ownership Booms Under Clinton but Still Lags Whites' - Los Angeles Times

Ed, you posted like 10 million things and I'm not going to read through them all.

But it's time you wake up to the fact that BOTH the Democrats and Republicans are responsible for the financial collapse. There's no "golden" party of good. The sooner you open your eyes to this, the better.

 

[edthecynic]

You're such a pathological liar.

When Bush left office there were 12.079 million U-3 unemployed (7.8%), up from 6.023 million when the POS started. Today there are 12.032 unemployed.

U-6 went from 7.3% when Bush started to 14.2% when he ended.

U3 and U6 are both horrible horrible numbers the likes of which would never be tolerated were it not for liberal guilt over slavery. Imagine if Bush had had 2 Nazi parents and a preacher for 23 years had been a Nazi!!

Notice how the liar tries to deflect from his lies

would like to make a legally binding bet about whether I lied?? Yes or No???

Or just another attemp to change subject from 22 million unemployed under Obama??

You have never paid up on any of the other bets you lost to me, obviously you are never legally bound by your own bets.

You titled this thread "Keeping OBAMA'S unemployment numbers in perspective" and in your OP you gave this lie:

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

When Obama took office U-3 unemployment was over 12 million. It went from 6 million to 12 million under BUSH.

You are a liar, you will always be a liar, you will always welsh on any bet you make because you are a liar.

 

[EdwardBaiamonte]

You are a liar, you will always be a liar,

can you say what the lie is or did it not occur to you??????

 

[edthecynic]

You have never paid up on any of the other bets you lost to me, obviously you are never legally bound by your own bets.

You titled this thread "Keeping OBAMA'S unemployment numbers in perspective" and in your OP you gave this lie:

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

When Obama took office U-3 unemployment was over 12 million. It went from 6 million to 12 million under BUSH.

You are a liar, you will always be a liar, you will always welsh on any bet you make because you are a liar.[/QUOTE]

You are a liar, you will always be a liar,

can you say what the lie is or did it not occur to you??????

You reveal that you know what you lied about in what you edited out of my last post.
Thank you.
Now pay up or shut up.

 

[EdwardBaiamonte]

You have never paid up on any of the other bets you lost to me, obviously you are never legally bound by your own bets.

You titled this thread "Keeping OBAMA'S unemployment numbers in perspective" and in your OP you gave this lie:

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

When Obama took office U-3 unemployment was over 12 million. It went from 6 million to 12 million under BUSH.

You are a liar, you will always be a liar, you will always welsh on any bet you make because you are a liar.

You are a liar, you will always be a liar,

can you say what the lie is or did it not occur to you??????

You reveal that you know what you lied about in what you edited out of my last post.
Thank you.
Now pay up or shut up.[/QUOTE]


are you saying this is a lie??????

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

 

[edthecynic]

You have never paid up on any of the other bets you lost to me, obviously you are never legally bound by your own bets.

You titled this thread "Keeping OBAMA'S unemployment numbers in perspective" and in your OP you gave this lie:
When Obama took office U-3 unemployment was over 12 million. It went from 6 million to 12 million under BUSH.

You are a liar, you will always be a liar, you will always welsh on any bet you make because you are a liar.

You reveal that you know what you lied about in what you edited out of my last post.
Thank you.
Now pay up or shut up.

are you saying this is a lie??????

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

First of all, since you are too stupid to edit a post properly, don't edit!

And secondly, I made it SO clear what you lied about only a moron would continue to try to play dumb.

During Obama's presidential term U-3 unemployment did NOT go from 8 million to 12 million, so yes YOU are lying about U-3 unemployment going from 8 million to 12 million under Obama's presidential leadership. When Bush left office there were 12.079 million U-3 unemployed (7.8%), up from 6.023 million when the POS started. Today there are 12.032 million unemployed. So under president Obama U-3 unemployment went DOWN by 56,000.

Now pay up or shut up.

 

[EdwardBaiamonte]

During Obama's presidential term U-3 unemployment did NOT go from 8 million to 12 million, so yes YOU are lying about U-3 unemployment going from 8 million to 12 million under Obama's presidential leadership.

so then provide the exact quote to prove it or admit you lack the IQ to know what you are talking about

 

[edthecynic]

You have never paid up on any of the other bets you lost to me, obviously you are never legally bound by your own bets.

You titled this thread "Keeping OBAMA'S unemployment numbers in perspective" and in your OP you gave this lie:

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

When Obama took office U-3 unemployment was over 12 million. It went from 6 million to 12 million under BUSH.

You are a liar, you will always be a liar, you will always welsh on any bet you make because you are a liar.

You are a liar, you will always be a liar,

can you say what the lie is or did it not occur to you??????

are you saying this is a lie??????

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

During Obama's presidential term U-3 unemployment did NOT go from 8 million to 12 million, so yes YOU are lying about U-3 unemployment going from 8 million to 12 million under Obama's presidential leadership.

so then provide the exact quote to prove it or admit you lack the IQ to know what you are talking about

Already provided it repeatedly, and even YOU knew what YOUR lie was in your previous post. So obviously YOU lack the IQ to know what you are talking about.

Now pay up, or shut up.

 

[SteadyMercury]

Keeping Obama's unemployment numbers in perspective

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

Total U3 unemployment can be viewed here:

Unemployment levels and related measures, US adult population. - Google Public Data Explorer


Clearly Ed Biamonte was caught lying (again) in his post about total unemployment going from 8 million to 12 million under Obama, since at start of his term it was approximately 12 million. Not only lying but now making a spectacle of himself trying to spin his way out from it.

As I said before, I don't know how Ed Biamonte can even function in society in personal relationships with family or maintain a reasonable career given the pervasive nature of his chronic lying.

 

[EdwardBaiamonte]

Keeping Obama's unemployment numbers in perspective

U3 (official unemployment) went from 8 million to today's 12 million(7.7%)

Total U3 unemployment can be viewed here:

Unemployment levels and related measures, US adult population. - Google Public Data Explorer


Clearly Ed Biamonte was caught lying (again) in his post about total unemployment going from 8 million to 12 million under Obama, since at start of his term it was approximately 12 million. Not only lying but now making a spectacle of himself trying to spin his way out from it.

As I said before, I don't know how Ed Biamonte can even function in society in personal relationships with family or maintain a reasonable career given the pervasive nature of his chronic lying.

if you have evidence I'll pay you $10,000. Bet?? or just a liberal.

 

[SteadyMercury]

if you have evidence I'll pay you $10,000. Bet?? or just a liberal.

Evidence was just posted, from multiple sources.

You are a pathological liar, to the point of mental illness. It is fascinating to watch. Usually we just read about people like you in some elective class in college, yet here you are live and in person, perfectly willing to say whatever pops in your head then insanely defend it with childish offers to bet.

You are a living thesis waiting to be written as the case study.

 

[EdwardBaiamonte]

You are a pathological liar

what a great opportunity for you to make $10,000. Would you like to make a binding legal internet bet with me?? Or run away again with your liberal tail between your legs?? Yes or No???

 

[pinqy]

if you have evidence I'll pay you $10,000. Bet?? or just a liberal.

Evidence was just posted, from multiple sources.

You are a pathological liar, to the point of mental illness. It is fascinating to watch. Usually we just read about people like you in some elective class in college, yet here you are live and in person, perfectly willing to say whatever pops in your head then insanely defend it with childish offers to bet.

You are a living thesis waiting to be written as the case study.

You're not getting it. He never specifically said that when Obama took office there were 8 million unemployed. He implied it, and there's no other rational way to read his OP, but he never specifically stated it.

 

[EdwardBaiamonte]

if you have evidence I'll pay you $10,000. Bet?? or just a liberal.

Evidence was just posted, from multiple sources.

You are a pathological liar, to the point of mental illness. It is fascinating to watch. Usually we just read about people like you in some elective class in college, yet here you are live and in person, perfectly willing to say whatever pops in your head then insanely defend it with childish offers to bet.

You are a living thesis waiting to be written as the case study.

You're not getting it. He never specifically said that when Obama took office there were 8 million unemployed. He implied it, and there's no other rational way to read his OP, but he never specifically stated it.

moreover, Bush's numbers were at depth of recession while Obamas reflect 5 years of liberal economic fixes.