Unemployment is 3.9 percent

[BartenderElite]

December 2007. Obama was elected in November 2007. Obama came into office in January 2008.

Thus, the collapse started right after Obama was elected.

Um, no.

 

[Cypress]

December 2007.

Obama was elected in November 2007.

Obama came into office in January 2008.

Thus, the collapse started right after Obama was elected.

You are either high on crack, mentally retarded, or a shameless liar.

Now I don't trust anything you claim.

 

[Into the Night]

Yes he did.

According to Bush, the crisis was caused by a dramatic weakening of underwriting standards starting in 2004 and extending through 2007.

It was also caused by the Fed.

All regulators work for the Executive Branch.

No. Both actions were done by Congress.

Regulators started turning a blind eye to lending abuses beginning in 2004.

Earlier than that. Back in the Clinton years.

Who was President in 2004? Who controlled Congress? Who controlled most State governments? Who controlled SCOTUS?

Bush II, a RINO.
Congress was controlled by Democrats.
State governments are irrelevant here. SCOTUS is irrelevant here.

 

[Into the Night]

Nope, you and Bush caused the collapse of the housing market

I did not cause the collapse of the housing market. Neither did Bush.

because you inflated the housing market in the months leading up to the 2004 election because you wanted to credit that economic growth to the tax cuts when it was really because of debt.

No. It was easy money from the Fed (Congress sets that) that caused the speculation leading up to the crash, and lack of regulators (Congress again).

Bush Ties Policy to Record Home Ownership

A lie. He was an idiot. Remember, Bush II is a RINO.

Ouch. How damaging to every single thing you believe.

Attempted proof by four term.

So you have Bush crediting the housing market in 2004, that would collapse by 2006, to his tax cuts.

It didn't collapse in 2006, and it was not caused by tax cuts.

So Bush, not me, blamed his tax cuts for the housing collapse.

Tax cuts do not cause a housing collapse, dumbass.

 

[LV426]

It was also caused by the Fed.

How did the Federal Reserve dramatically weaken underwriting standards for subprime loans, beginning in 2004?

 

[LV426]

No. Both actions were done by Congress.

Nope. Wrong again.

Congress has no power over the regulators, and the regulators allowed the weakening of underwriting standards for subprime loans beginning in 2004 because the Bush Treasury Department gave lenders the power to self-regulate.

 

[Into the Night]

Wrong. The Federal Reserve is independently run from Congress and the White House...the only thing either has to do with it is confirming who runs it.

Congress runs it.

There was no depression,

Yes there was.

and the recovery took a long time because it was too small.

No, because of the depression caused by Obama.

 

[Into the Night]

The meltdown started September 2008 when Lehman collapsed, two months before Obama was elected.

The cause of the crash was earlier than that, stretching all the way back to Carter and Clinton. The easy money policy from the Fed came from Congress.

You cannot be in a depression if the economy is growing, which it started doing in Q3 2009 (1.5% GDP growth in Q3 2009).

Yes you can.

All you do is lie and say things that are blatantly not true.

Inversion fallacy.

 

[LV426]

Earlier than that. Back in the Clinton years.

Wrong again.

According to the Federal Reserve: "Since 1995 there has been essentially no change in the basic CRA rules or enforcement process that can be reasonably linked to the subprime lending activity. This fact weakens the link between the CRA and the current crisis since the crisis is rooted in poor performance of mortgage loans made between 2004 and 2007. "

Also, subprime lending was consistently at or below 10% of all lending from 1993-2004, when it suddenly skyrocketed up to 40%.

 

[Into the Night]

No, you're just so outclassed in this discussion that you didn't even realize the garbage subprimes you and Bush flooded the market with in 2004 started defaulting by 2006.

Assumption of victory fallacy. There was no crash in 2006.

 

[LV426]

Bush II, a RINO.

LMAO!

I see Bush disappearing down the familiar Conservative memory hole.

At the time, you loved Bush!

He only became a "RINO" when it became clear everything he believed in was a gigantic crock...which means everything YOU believed in was a gigantic crock.

And since you got taken for that ride, why would you have any credibility today?

Congress was controlled by Democrats.

Wrong again.

The GOP had control of the House since 1995, and gained control of the Senate in 2003.

All you do is lie.

 

[LV426]

State governments are irrelevant here..

Nope.

In 2003, all 50 State AG's sued the Bush Administration for invoking an OCC rule from the Civil War that wiped out state protections against predatory lending.

 

[LV426]

I did not cause the collapse of the housing market. Neither did Bush.

You both did because of his bad policies, and you propagandizing for them.

 

[Into the Night]

You really just say stuff. The meltdown was before Obama took office.

Obama turned the crash into an economic meltdown. Obama caused the depression that followed. Democrats in Congress caused the crash.

Within a few months of his admin, he passed the stimulus and we started the longest economic recovery in history.

A depression is not a recovery. The 'stimulus' was just printing massive amounts of money. Inflation is not profit.

If I started a thread saying the sky is blue, you'd say it isn't, and call it a color fallacy.

No, but I would call it a special pleading fallacy. The sky is not always blue.

 

[Into the Night]

I don't know, either, but BLS has detailed data on this issue.

I don't think it is due to benefits people are getting. Trump's extra $300 and most states have 26 week maximum unemployment benefits which have long expired. When many of the local businesses attempted to hire back employees who had been laid off they had already taken other jobs (many leaving the food business) and not because they were collecting benefits. The huge amount of waste and fraud was in the Payroll Protection program where employees turned in their employer for collecting millions and not paying his employees but buying new houses and cars.

You have no clue why the general strike is happening, do you?

 

[LV426]

No. It was easy money from the Fed (Congress sets that) that caused the speculation leading up to the crash, and lack of regulators (Congress again).

Nope. Wrong as usual.

The Fed was not involved in the pump and dump schemes of Wall Street lenders; they did all that independently.

All the subprime lending? None of that was from the government. And in fact, government-backed loans via F&F performed WAY BETTER than any loans backed by private lenders.

You don't know what you're talking about.

 

[LV426]

A lie. He was an idiot. Remember, Bush II is a RINO.

Bush II became a RINO the moment it became impossible for you to defend his policies.

 

[LV426]

Attempted proof by four term.

This is incoherent babble.

Bush tied his tax cuts to the housing market that would collapse in 2 years.

 

[LV426]

It didn't collapse in 2006, and it was not caused by tax cuts.

Yes, it did. The first shitty Bush Conservative subprimes issued in 2004 with weakened standards started defaulting as early as mid-2006.

 

[Into the Night]

December 2007. Obama was elected in November 2007. Obama came into office in January 2008.

Thus, the collapse started right after Obama was elected.

While Lehman Bros. collapsed in Sept, the full collapse in the housing market started in December. That's when banks started to fail as the bad loans had to unwind.
Obama caused the depression that followed by arguing for and passing the Stimulus act, which was simply a matter of printing money in huge wads, with no corresponding increase in wealth, and in implement 'too big to fail' programs. In other words, he interfered with the normal recovery. Further, Obama also attempted to nationalize the used car market, the automotive market, and the health insurance market. This is communism. All of them failed miserably and caused a lot of waste doing it.