It must be a Depression

[Dousan_PG]

yeah i know dave
i was just having fun before work, i could care less about politics, espiecally on zilvia. hahaha
its the internet!

[Gnnr]

Originally Posted by RJF

Unemployment rate increased to 7.2 percent in December, highest level since Bill Clinton was in office.

Strange, I don't remember us being in a depression back then.

The United States Unemployment Rate

WTF are you talking about Bill Clinton for? The unemployment rate was over 7 when he became president and replaced George H. W. Bush. It began to decline after he came into office.

http://data.bls.gov/servlet/SurveyOu...id=LNS14000000

[BustedS13]

i haven't seen this many people living in boxcars since '29

[SochBAT]

Hoover Town.

BITCH, GET OFF MY CARDBOARD!

[ronmcdon]

Originally Posted by drift freaq

Fact four: The whole relaxation of credit and legislation making credit access easy was initiated by the Democratic house and passed and signed into law by Clinton. That was the beginning of what would lead to the current financial mess and credit mess we are in now.

Fact Five: While I do not like Bush 2 or his policies, he pretty much inherited this mess and downturn from the actions taken during the Clinton administration. The only faults on the financial side of the current administration have been the excessive spending on Iraq. Which had no effect on the financial crisis as it was something completely outside it and the SEC chairman Cox not doing his job properly. Which did have some effect.

Great analysis, but it can be said that the junk mortgages began even as early as the Carter years with the passing of the community reinvestment act. I see this as the most damaging policy.

FDIC: FDIC Law, Regulations, Related Acts - Consumer Protection
Wiki link; http://en.wikipedia.org/wiki/Community_Reinvestment_Act

There were several revisions to this act in the Clinton and W years that didn't make things any better. I also don't think the Fed (esp under Greenspan & Bernanke) is without fault either.

Agreed not everything is Bush's fault (as convenient and appealing is it might be)

[supportTHEezln]

Originally Posted by Gnnr

WTF are you talking about Bill Clinton for? The unemployment rate was over 7 when he became president and replaced George H. W. Bush. It began to decline after he came into office.

Bureau of Labor Statistics Data

Well played.

[sarcasm text]But dude, you're going to trust those statistics over the misery index! So much more unreliable! [/sarcasm text]

[BustedS13]

Originally Posted by Soooshi

Hoover Town.

BITCH, GET OFF MY CARDBOARD!

i boiled my shoes last night to make soup

[BustedS13]

it's the democrats' fault

[BustedS13]

wooddrow wilson was a democrat in office from 1913-1921

the great depression was his fault, not hoover's

they should have been called wilsontowns

[lflkajfj12123]

that one guy that posted a lot of information is like an almanac

what a pro

[ESmorz]

I hate the economy too.

[Mi Beardo es Loco]

wait, I'm confused. In 1992 the yearly AVERAGE for unemployment was 7.5. That was Bush sr. who was president. Clinton was inaugurated in 1993 where the yearly average dropped to 6.9 in 1993, 6.1 in 1994, 5.6 in 1995, 5.4 in 1996, 4.9 in 97, 4.5 in 98, 4.2 in 99, and 4.0 in 2000. EVERY year that Clinton was president the average dropped.
Since 2001 the average has jumped around a ton but has now reached the same low that his father reached in 1992.
Is it a coincidence that this happened?



edit: fixed it ESmorz.

[ESmorz]

Originally Posted by Mi Beardo es Loco

Clinton was inaugurated in 2003

que?

[driven_]

Originally Posted by ESmorz

que?

haha.

i dunno.
but i'm gonna get a segway. and sell my car.
wait i dont even have a car anymore.
d'oh!

[iwishiwas-all*]

well here is the real truth:

Ok, everything is in the fucking shitter, you, me and the rest of America all know it. Regardless of how it was started, it needs to be fixed. Now I would bet my sexy Lebanese ass that regardless of who is in power, shit will not go on much longer because people will not tolerate it. When people want change, they will get it. You can see this by Obama winning the presidency, not because his policies were so much different, but because he was different than the guy who was running things when the country went south.

so please RJF, stop with this partisan bullshit every week. instead of being a problem, get with the rest of the country and try to be apart of the solution. this is the path the country obviously chose, so you gotta fucking deal with it. I just want to make sure I will have a job when I get out of school and a possibility for a prosperous life and I dont care who helps us get there just as long as we do.

[drift freaq]

Originally Posted by Dousan_PG

yeah i know dave
i was just having fun before work, i could care less about politics, espiecally on zilvia. hahaha
its the internet!

Fair enough Aaron, you can be given that and yes it is the internet. LOL and ZILVIAAAAA!

[imotion s14]

Originally Posted by Mi Beardo es Loco

wait, I'm confused. In 1992 the yearly AVERAGE for unemployment was 7.5. That was Bush sr. who was president. Clinton was inaugurated in 1993 where the yearly average dropped to 6.9 in 1993, 6.1 in 1994, 5.6 in 1995, 5.4 in 1996, 4.9 in 97, 4.5 in 98, 4.2 in 99, and 4.0 in 2000. EVERY year that Clinton was president the average dropped.
Since 2001 the average has jumped around a ton but has now reached the same low that his father reached in 1992.
Is it a coincidence that this happened?



edit: fixed it ESmorz.

that's because we had a bubble economy. Remember? The tech bubble? All those internet companies and their grossly overvalued IPOs that made their initial investors overnight millionaires who bled hundreds of million to gain market share but had no viable business model to actually generate real profit? It's like people who voted for Obama totally forgot when these companies and their spectacular crash never occured and they think voting democrat will magically take us back to the 90's internet bubble economy.

[driven_]

Originally Posted by ESmorz

I hate the economy too.

i wonder how much blood/grease would come out of those fat arms.

[Gnnr]

Originally Posted by imotion s14

that's because we had a bubble economy. Remember? The tech bubble? All those internet companies and their grossly overvalued IPOs that made their initial investors overnight millionaires who bled hundreds of million to gain market share but had no viable business model to actually generate real profit? It's like people who voted for Obama totally forgot when these companies and their spectacular crash never occured and they think voting democrat will magically take us back to the 90's internet bubble economy.

Yeah, that bubble was from 1998-2001. How do you account for the other years?

[BustedS13]

Originally Posted by iwishiwas-all*

so please RJF, stop with this partisan bullshit every week. instead of being a problem, get with the rest of the country and try to be apart of the solution. this is the path the country obviously chose, so you gotta fucking deal with it.

stop making sense
let's fite more about senseless bullshit

SEAN HANNITY SAID SO MOTHER FUCKER

[SlideWell]

i need to pick up another copy of this

[imotion s14]

Originally Posted by Gnnr

Yeah, that bubble was from 1998-2001. How do you account for the other years?

it started in 1995.

[imotion s14]

Originally Posted by ronmcdon

Great analysis, but it can be said that the junk mortgages began even as early as the Carter years with the passing of the community reinvestment act. I see this as the most damaging policy.

FDIC: FDIC Law, Regulations, Related Acts - Consumer Protection
Wiki link; Community Reinvestment Act - Wikipedia, the free encyclopedia

There were several revisions to this act in the Clinton and W years that didn't make things any better. I also don't think the Fed (esp under Greenspan & Bernanke) is without fault either.

Agreed not everything is Bush's fault (as convenient and appealing is it might be)

thats what happens when government interferes with the market. It distorts everything.

Apparently 20-30% down and an interest rate set based on your risk of defaulting is racist.

.

[renegade_ewok]

Originally Posted by 240trainee

And there is more to the economy that unemployment rates anyway.

I am really glad someone said it because its just so blatantly obvious. Employment rates aren't everything.

[DALAZ_68]

Originally Posted by driven_

i wonder how much blood/grease would come out of those fat arms.

what are you talking about, WE STRUCK OIL

[imotion s14]

Originally Posted by iwishiwas-all*

so please RJF, stop with this partisan bullshit every week. instead of being a problem, get with the rest of the country and try to be apart of the solution. this is the path the country obviously chose, so you gotta fucking deal with it. I just want to make sure I will have a job when I get out of school and a possibility for a prosperous life and I dont care who helps us get there just as long as we do.

Why would he want to? The path the country has chosen to go down is massive deficit spending during a recession, massive debt and possible massive inflation. No one wants to manufacture anything because that means factory jobs instead of borrowing money to buy houses and flipping it for profit. No one wants to save because they means they can't fill their houses with junk they don't really need and most throw away after a year.

Why would anyone want to follow people, the majority of which are absolutely clueless about economics? They only choose this path because of their total lack of education on the matter and a belief in one man can radically change something as dynamic as the market. They voted for the other side of the same coin because they believed the economy we had under Clinton, fueled by a massive internet bubble was so wonderful.

Bubble economies pop, that's why they are called bubbles.

We don't need bubble economies. We need a real economy, we need to save, we need to stop living beyond our means and we need to manufacture things to sell. None of this is what's being proposed because if people start saving, it would mean a recession because 2/3rds of our economy is debt based consumption.

I bet this country wish they had bit the bullet and paid off the debt when it was one trillion. Now it's 11 trillion and 5 years from now it's gonna be 16 trillion, maybe more.

They say "we'll just pay it back later, trillion dollar deficits should matter in the short term. We need to soften this thing!"

Ask yourself this.. If they won't take the pain of it now, what makes you think they will bite the bullet when the debt is even larger and even more painful later on down the road?

Right now every American needs to watch out for themselves because the government's action is only going to make everything worse and spread the misery.

[RJF]

Originally Posted by iwishiwas-all*

so please RJF, stop with this partisan bullshit every week. instead of being a problem, get with the rest of the country and try to be apart of the solution. this is the path the country obviously chose, so you gotta fucking deal with it. I just want to make sure I will have a job when I get out of school and a possibility for a prosperous life and I dont care who helps us get there just as long as we do.

Who said anything partisan, I'm just stating facts. The economy has been way worse in the late 70's, early 80's, early 90's, yet no one was screaming to spend $1 trillion dollars on some BS government solution and to create jobs. Government doesn't create jobs, businesses do. Look at the Great Depression, FDR and the New Deal spending actually prolonged the situation for almost 12 years.

Government and increased spending is not the solution, government and their regulation is the problem that got us into this mess.

When you get out of school and into the real world with a good-paying job and have to write the IRS a check for $10,000 on April 15th (believe me, I've had to do it) , you'll realize that all this Government spending does nothing to make anyone's life better, it's just to give politicians power, make people more dependent on handouts and continue this deficit-spending spiral which hurts the economy in the long run.

[neverrain]

Originally Posted by Brian

1982 and 1983 were pretty bad.

You weren't even alive lol.

[ronmcdon]

Originally Posted by imotion s14

thats what happens when government interferes with the market. It distorts everything.

Apparently 20-30% down and an interest rate set based on your risk of defaulting is racist.

.

Lol, I'm not so sure that all government intervention is bad, but I'd like to think that some are more disastrous than others. In the 2008 financial crisis, I'm more convinced the culprit was poor regulation of sub-prime loans instead of insufficient regulation of the overall economy.

I have no problem with government acts that encourage lending that was otherwise restricted to racial factors. If you have $ and a sufficient credit history, I'm not sure why it makes sense to discriminate lending based on race and other non-financial factors.

However, I do think it's questionable to lend $$$ out to lower-middle income households that cannot realistically pay it off. economic policy and being PC about class discrimination shouldn't be mixed together.

If regulation has to be put in effect, address the source of the problem. prohibit junk loans entirely. I'm not convinced that anything will be solved by regulating any other part of the economy.

[Gnnr]

Originally Posted by imotion s14

it started in 1995.

Oh really? Where'd you get that from? Wikipedia? Because I've actually read studies and seen documentaries on it. The craze really began in 98 and what was happening before was the humble beginnings of it...prove me wrong though, I always like to learn more.