Best interview on FOX

[Texas Contrarian]

LostInCypress makes a number of excellent points.

Yes, as odd as it may seem to some, even China has been offshoring to lower-cost producers in recent years.

In the years following World War II, the U.S. was a manufacturing and exporting colossus. It was also the world's biggest creditor nation. But after about $8 trillion of cumulative negative balance-of-payments deficits over the last few decades, and a similarly massive pile of fiscal deficits, the reverse is the case. We are the biggest debtor nation in the history of the world.

Now policymakers have seen fit to accompany fiscal profligacy with ultra-easy monetary policy, which has gone well beyond what used to be called "conventional" central banking operations. With QE (quantitative easing) the Federal Reserve is adding about $85 billion to its balance sheet each month in order to buy treasury bonds and MBSs, in an effort to pancake the entire yield curve and eventually stimulate the economy. That is, to say the least, a controversial policy. It will be difficult to wind down and may produce myriad adverse consequences. My opinion is that it isn't working very well because key structural impediments to economic growth continue to go unaddressed.

Ultra-accommodative Fed policy has driven up the cost of oil, agricultural commodities, and a number of other things. A sad irony is that since the deficit spending attributable to programs intended to help the poor needs to be accommodated by loose Fed policy, what we're seeing now is a giant Leviathan that hands out benefits with one hand, but sticks the other in the pockets of households who can't afford to see the costs of basic necessities rise rapidly.

The artificially low interest rate environment fostered by ZIRP and QE is a wonderful bonanza for those at the very top of the food chain -- dealmakers, big speculators, private equity "buy, strip, and rip" artists, C-level executives of the largest TBTF banks, etc.

For non-affluent households? Not so much.

[EXTXOILMAN]

Originally Posted by Doove

Wrong answer.

But thanks for trying.

Here's a hint. If nobody was poorer than you, then you'd be one of the poor. That's pretty much how your free market capitalist economic system works.

So you'd prefer O'Blunder's wealth distribution philosophy?? Where no matter what any individual accomplishes on their own, a majority of it goes to the collective??

[lostincypress]

Ah yes Captain....the FED.....and the 85 Billon per month in Treasury purchases....destroying the retirement plans of millions with artificially low interest rates....it's a repeat of the Greenspan efforts to stimulate the economy during the first term of GW Bush.....Mr Greenspan encouraged home owners to strip the equity out of their homes and refinance using variable rate mortgages....yep, stole the equity right out from under the home owners who foolishly listened, refinanced, and purchased new cars, boats, pools, vacations....and pussy. When home prices fell we were left with pussy all over our faces and a lot of upside down home owners with pools they could no longer afford to operate. I guess they can't take the pussy memories away....or can they?

[BigLouie]

[I B Hankering]

Originally Posted by CJ7

and the mass exodus of outsourcing jobs took place on a Republican presidents watch ... after three sets of tax cuts that were supposed to create jobs was signed into legislation ..

and that ladies and gents IS what happened ..


in alphabetical order .. (drum roll please)


http://www.cnn.com/CNN/Programs/lou....a/content.html

thank you President Bush.

You need to be thanking Slick Willie the Perjuring Sexual Predator, CBJ7, he and several other Dimotards were in on the jobs transfer.

"With much consideration and emotional discussion, the House of Representatives approved NAFTA on November 17, 1993, 234-200. The agreement's supporters included 132 Republicans and 102 Democrats. NAFTA passed the Senate 61-38. Senate supporters were 34 Republicans and 27 Democrats. Clinton signed it into law on December 8, 1993; it went into effect on January 1, 1994. Clinton, while signing the NAFTA bill, stated that "NAFTA means jobs. American jobs, and good-paying American jobs. If I didn't believe that, I wouldn't support this agreement."

https://en.wikipedia.org/wiki/North_...rade_Agreement

"NAFTA's opponents attribute much of the displacement caused in the US labor market to the United States' growing trade deficits with Mexico and Canada. According to the Economic Policy Institute, rise in the trade deficit with Mexico alone since NAFTA was enacted led to the net displacement of 682,900 U.S. jobs by 2010. Critics see the argument of the proponents of NAFTA as being one-sided because they only take into consideration export-oriented job impact instead of looking at the trade balance, also known as net exports. They argue that increases in imports ultimately displaced the production of goods that would have been made domestically by workers within the United States. . . .

"Others agree with the notion that there has been an increase in net jobs due to NAFTA's implementation, but believe that these net gains are coming at the price of worker's wages. That is, high-paying manufacturing jobs are being lost and replaced by lower paying jobs and is causing wage deflation in certain sectors."

http://en.wikipedia.org/wiki/NAFTA's_effect_on_United_State s_employment

[Doove]

Originally Posted by EXTXOILMAN

So you'd prefer O'Blunder's wealth distribution philosophy?? Where no matter what any individual accomplishes on their own, a majority of it goes to the collective??

Tell ya what, you come up with an economic and/or government system where people aren't, by design, poor (to your benefit, by the way), and we'll talk.

[lostincypress]

I'm still trying to wipe all that Reagan "trickle down" shit out of my eyes.....but, to be fair.....it is a fair description of his economic plan.....how did George H W Bush describe it ......."voodoo economics"....and as far as Reagan revisionism...how about this little item I found on a history website concerning "our military might" under Ronnie..........Grenada....you 've got to be kidding.....after losing 241 US Marines in the 1983 Beirut barracks bombing Reagan "cut and ran" fueling the Islamic radicals with the idea the US was a paper tiger......we get this little gem.....

"Reagan also flexed his military muscle in Grenada, where a coup resulted in the death of the prime minister. Reagan ordered the military to storm the tiny island and remove the Marxists who had taken control. The plan was successful and demonstrated to the world America's might and Reagan's determination to fight communism."

[I B Hankering]

Originally Posted by lostincypress

I'm still trying to wipe all that Reagan "trickle down" shit out of my eyes.....but, to be fair.....it is a fair description of his economic plan.....how did George H W Bush describe it ......."voodoo economics"....and as far as Reagan revisionism...how about this little item I found on a history website concerning "our military might" under Ronnie..........Grenada....you 've got to be kidding.....after losing 241 US Marines in the 1983 Beirut barracks bombing Reagan "cut and ran" fueling the Islamic radicals with the idea the US was a paper tiger......we get this little gem.....

"Reagan also flexed his military muscle in Grenada, where a coup resulted in the death of the prime minister. Reagan ordered the military to storm the tiny island and remove the Marxists who had taken control. The plan was successful and demonstrated to the world America's might and Reagan's determination to fight communism."

Where the fuck would you expect the Marines to stay after the building blew-up? Reagan relocated them just a few miles away to a safer -- more mobile -- location. No "cut and run" about it, the Marines were still there! BTW, grab a clean piece of toilet paper before you wipe your face.

Originally Posted by lostincypress

Ah yes Captain....the FED.....and the 85 Billon per month in Treasury purchases....destroying the retirement plans of millions with artificially low interest rates....it's a repeat of the Greenspan efforts to stimulate the economy during the first term of GW Bush.....Mr Greenspan encouraged home owners to strip the equity out of their homes and refinance using variable rate mortgages....yep, stole the equity right out from under the home owners who foolishly listened, refinanced, and purchased new cars, boats, pools, vacations....and pussy. When home prices fell we were left with pussy all over our faces and a lot of upside down home owners with pools they could no longer afford to operate. I guess they can't take the pussy memories away....or can they?

It was the fraudulent nature of the Community Reinvestment Act that artificially drove up home prices creating the illusion of wealth that was not really there. The "housing bust" debacle is directly attributable to the domestic economic policies adopted and enforced by Carter and Slick Willie the Perjuring Sexual Predator. They're the ones who created the "housing bubble"; they're the ones who ennacted the policies that led to the financial collapse; hence, they are ones who stole the equity from home owners.

[lostincypress]

Originally Posted by I B Hankering

Where the fuck would you expect the Marines to stay after the building blew-up? Reagan relocated them just a few miles away to a safer -- more mobile -- location. No "cut and run" about it, the Marines were still there! BTW, grab a clean piece of toilet paper before you wipe your face.

Thanks for the advice...about using clean toilet paper....we were out of there within three months.....and finding Islamic terrorists....the navy lobbed a few rounds into the Muslim community as a parting shot for the bombing of the barracks. Our reaction to the attack played a significant role in Islamic terrorists opinions of our fortitude. Oh, the Marines were encamped behind a barbed wire fence and sentries had UNLOADED weapons so as not to offend Muslims.....wow, how would that play this weekend up against the tragedy in Benghazi.....


It was the fraudulent nature of the Community Reinvestment Act that artificially drove up home prices creating the illusion of wealth that was not really there. The "housing bust" debacle is directly attributable to the domestic economic policies adopted and enforced by Carter and Slick Willie the Perjuring Sexual Predator: they're the ones who stole the equity from home owners.

A reading of the Community Reinvestment Act ....which I have had the painful experience of completing....reveals the original intent of the ACT and it was exactly what it was labeled as......requiring banks to loan money to their depositors within a defined geographical area. The banks in the inner city were accepting deposits etc from nearby residents but refusing to loan money to members of the community. Now, when the big push took place around 2003 to boost the building industry large financial institutions opened "branch offices" in vacant strip centers in every major inner city in this country. Even if they had a building two blocks away they would open what today may be being used as Asian Spas spaces to "encourage" nearby residents to refinance or purchase property.....they were packaging and reselling these loans before the ink dried to institutions all over the world who in turn were peddling them as secure investment vehicles ....The tranches were graded and bundled and sold....and where they went nobody knows ....the very reason when foreclosures occur no one can find the paperwork....like my home equity loan I paid off and got a letter from Chase saying they can't find the loan but here' s a letter saying you paid off the loan of which we have no original documentation....yes, people were given loans they should never have received but not because of the CRA.....it was sheer greed on the Mortgage / Wall Street Investment bankers begging for more paper to sell globally.....and don't get me started on the rating agencies who rated all the Bullshit as investment grade...another group that should have been prosecuted...but a few civil penalties will teach them a lesson....all this Al Sharpton....CRA....bullshit is bullshit....I pulled the raw data on subprime loans on the books nationally at the time of the 2008 bailout and for around 500 Billion at the time every subprime in default could have been paid off in full....instead we gave the money to Wall Street ...International Banks...and then AIG....selling insurance on paper when they had NO MONEY to pay in the event of a claim....the people in the homes they couldn't afford..that's another subject....didn't make out like bandits....nor did the people who had refinanced ....as Mr Greenspan suggested in 2003 2004 to TAKE THE EQUITY out of their homes and spend it.....as interest rates were so low...on.....on...wait.....Var iable Interest Rate Loans....Follow the money...who came out on top ......the people who got foreclosed on .......or .....Home Builders/Mortgage Companies/Wall Street Banks/......I mean who is on top again......The person at the bottom is a pawn in a big financial game and they always lose. Why is it some people love to blame those who have nothing and ignore where the money ends up.......it didn't just disappear...all that bullshit money was the only thing keeping the fake economy alive.

Maybe it was the Republican control of Congress from 1995 till 2007 that caused the problem? or maybe it was the

http://www.investopedia.com/terms/c/...efaultswap.asp

[EXTXOILMAN]

Originally Posted by lostincypress

A reading of the Community Reinvestment Act ....which I have had the painful experience of completing....reveals the original intent of the ACT and it was exactly what it was labeled as......requiring banks to loan money to their depositors within a defined geographical area. The banks in the inner city were accepting deposits etc from nearby residents but refusing to loan money to members of the community. Now, when the big push took place around 2003 to boost the building industry large financial institutions opened "branch offices" in vacant strip centers in every major inner city in this country. Even if they had a building two blocks away they would open what today may be being used as Asian Spas spaces to "encourage" nearby residents to refinance or purchase property.....they were packaging and reselling these loans before the ink dried to institutions all over the world who in turn were peddling them as secure investment vehicles ....The tranches were graded and bundled and sold....and where they went nobody knows ....the very reason when foreclosures occur no one can find the paperwork....like my home equity loan I paid off and got a letter from Chase saying they can't find the loan but here' s a letter saying you paid off the loan of which we have no original documentation....yes, people were given loans they should never have received but not because of the CRA.....it was sheer greed on the Mortgage / Wall Street Investment bankers begging for more paper to sell globally.....and don't get me started on the rating agencies who rated all the Bullshit as investment grade...another group that should have been prosecuted...but a few civil penalties will teach them a lesson....all this Al Sharpton....CRA....bullshit is bullshit....I pulled the raw data on subprime loans on the books nationally at the time of the 2008 bailout and for around 500 Billion at the time every subprime in default could have been paid off in full....instead we gave the money to Wall Street ...International Banks...and then AIG....selling insurance on paper when they had NO MONEY to pay in the event of a claim....the people in the homes they couldn't afford..that's another subject....didn't make out like bandits....nor did the people who had refinanced ....as Mr Greenspan suggested in 2003 2004 to TAKE THE EQUITY out of their homes and spend it.....as interest rates were so low...on.....on...wait.....Var iable Interest Rate Loans....Follow the money...who came out on top ......the people who got foreclosed on .......or .....Home Builders/Mortgage Companies/Wall Street Banks/......I mean who is on top again......The person at the bottom is a pawn in a big financial game and they always lose. Why is it some people love to blame those who have nothing and ignore where the money ends up.......it didn't just disappear...all that bullshit money was the only thing keeping the fake economy alive.

Maybe it was the Republican control of Congress from 1995 till 2007 that caused the problem? or maybe it was the

http://www.investopedia.com/terms/c/...efaultswap.asp

So, does your absolution of Clinton and the CRA include Barney Frank and Chris Dodd and the shenanigans they pulled in the mid to late 2000's?? Just curious...

[lostincypress]

NO....Barney and Chris.....tiny little shrimp in a vast ocean of sharks. Literally TRILLIONS ....some say 60 Trillion...of dollars in Mortgage Backed Securities, Credit Default Swaps, etc were floating around in the financial stratosphere. The fascinating thing about Billions of dollars of CDS's....no records....faxes, handshakes, verbal arrangements.....trading daily...and no way to absolutely know who was going to owe who when the whole house of cards collapsed. Barney and Chris.....they're a sad distraction to what was the criminal fleecing of the citizens of the world. China held them....Russia held them......and they were pissed. John Paulson made billions betting against the securities. Goldman Sachs set up a fund where he picked the Mortgages ...he shorted because he knew they were shit.. ...and Goldman sold them to their customers as good investments.

[I B Hankering]

Originally Posted by lostincypress

NO....Barney and Chris.....tiny little shrimp in a vast ocean of sharks. Literally TRILLIONS ....some say 60 Trillion...of dollars in Mortgage Backed Securities, Credit Default Swaps, etc were floating around in the financial stratosphere. The fascinating thing about Billions of dollars of CDS's....no records....faxes, handshakes, verbal arrangements.....trading daily...and no way to absolutely know who was going to owe who when the whole house of cards collapsed. Barney and Chris.....they're a sad distraction to what was the criminal fleecing of the citizens of the world. China held them....Russia held them......and they were pissed. John Paulson made billions betting against the securities. Goldman Sachs set up a fund where he picked the Mortgages ...he shorted because he knew they were shit.. ...and Goldman sold them to their customers as good investments.

Barney and Chris aren't "distractions": they're dimotard accomplices (and let's not forget Larry Summers, oh no!). Goldman Sachs exploited the provisions of laws enacted by Carter and Slick Willie the Perjuring Sexual Predator.

[Yssup Rider]

Great reads... All of them!


homos!

[Whirlaway]

You totally ignore the greed of borrowers who signed the loans and pledged to repay! Without these borrowers, the scheming by Wall Street goes nowhere.

[Whirlaway]

++1

Originally Posted by I B Hankering

Barney and Chris aren't "distractions": they're dimotard accomplices (and let's not forget Larry Summers, oh no!). Goldman Sachs exploited the provisions of laws enacted by Carter and Slick Willie the Perjuring Sexual Predator.