And so were the Rats.
Posted on 07/24/2015 12:44:27 PM PDT by Jim W N
LOL, good point.
It’s a short video audio about 1.5 minutes of Bush pushing home loans for unqualified minorities.
https://www.youtube.com/watch?v=GkAtUq0OJ68
There is another video out there which is even more revealing. I’ll try to find it later.
https://www.youtube.com/watch?v=Yga7TlsA-1A I think that Trump needs to look just a bit deeper.... Bill Clinton putting the screws to the banks to make junk loans that Freddie Mac and Fanny Mae were guaranteeing.
no it wasn’t Bush’s fault.
It was the Community Reinvestment Act. Bush tried to reign in Freddie and Fannie but Barney Frank would have none of it. It was really Barney Frank’s fault.
Nope...Not at all...
In one of Paul Harvey’s last broadcasts, he outlined how the sub prime mortgage fiasco happened, and who was responsible.
B Clinton, put together one of his deals, promising investors that loosening the credit requirements for everybody would help not only welfare mothers, but speculators.
So everybody signed on.
When the SHTF... of the 14 gazillion in bad loans, only 4 gazillion were to the poor. The overwhelming majority of the bad loans were flippers... speculators in Vegas, Florida and other hot real estate markets.
I always trusted Paul Harvey. And I think he had it right.
So each of these outreach programs to the so called poor, are tied to loans for speculative purposes. Bush was playing the same game.
Bush’s words, not mine....
Watch this video/audio of Bush speech pushing home loans for unqualified minorities.
“Minority with bad credit history, you don’t have to have a have a lousy home for first time home buys, low income home buyers can have as nice as home as anyone else.”
https://www.youtube.com/watch?v=GkAtUq0OJ68
This Bush speech occurred just several years prior to the epic collapse.
A successful businessman does not necessarily mean he understands the free market or the problems with big government. A lot of successful businessmen LOVE big government. When anyone including Trump talks about the Democrats having any kind of positive influence on the economy, you know something’s wrong.
Trump fails to identify the REAL CULPRIT of our economy: the federal government. Why Let me count the ways - a sampling of the more obvious - much more than this:
- minimum wage: an economic disaster that directly sends manufacturing and jobs elsewhere
- corporate taxes: no such thing - the costs are passed done in the form of higher prices - it’s simply a higher tax on us the consumers. Another factor sending manufacturing and jobs elsewhere.
- the federal protection of unions - so obvious, don’t need to talk about it - helped kill Detroit and the influx of better cars from Japan.
China and Mexico aren’t the main bad guys. The real main economic bad guy is the $4 trillion mostly unconstitutional federal government. Trump doesn’t seem to get that.
In all fairness, the mess goes back very far. In Eisenhower and Nixon’s day they were the “Country Club Republicans”; before then they were the Coolidge Republicans.
The first conservative revolt against them was under Goldwater. The establishment hated him because he was an honest man with money, so they could neither blackmail nor bribe him.
They insisted that if he won there would be nuclear war, but the truth is that he would have decisively ended the New Deal, broken the Democrat’s stranglehold on the South, and made the US economy both much stronger yet independent of international influences.
While that statement is true. I don't claim Donald understands the economy because he is a successful business man. Donald understands the economy because his prescription to fix our economy is the right prescription.
Our country had high import tariffs for our first 180 years. And we did just fine. Our industries grew and competition among American firms kept prices low and quality high.
We lowered the import tariffs in the 60's. And we've been losing industries every since. It took a while to gain momentum but eventually off-shoring became a huge problem.
China and Mexico aren't bad. They are just playing by the rules. Rules that we defined. If I was China, I'd try to get the U.S. to offshore every business it could to me.
The wage differentials between our countries dwarf the impact of corporate taxes and regulations. Chinese will work for $2/day and don't buy the weekly propaganda from China that they are about to crash or that their labor costs have risen. They've been claiming that for years. They still have 200 million people working in the fields that would love to come into a factory job.
Comparative advantage works when countries exchange trade goods. That's not what we are doing. China is simply providing labor which causes us high unemployment. They aren't using the funds to buy stuff from us, except for our debt and worse our equities.
We are liquidating America to buy cheap imports. The price of cheap imports doesn't reflect the cost of paying for the unemployed Americans. The price of cheap imports doesn't reflect the opportunity cost of not having those Americans working and paying taxes to federal, state and local governments and buying even more goods from other American businesses. The price of those imports don't even reflect the cost of taxes that domestic producers have to pay. Our average import tariff is now about 1%. But our domestic produces pay about 15% in labor taxes.
Trump gets it and you don't. Trump gets it and Cruz doesn't. Cruz has made two horrible mistakes lately. Trying to give Obama fast track authority to negotiate even more free trade deals, which Trump called stupid. And trying to kill the Export-Import Bank, which has returned 7 billion dollars in profits to the treasury in the last 20 years while helping our exporters.
We have a huge trade deficit. So did Greece, until their unemployment went so high, they couldn't afford imports. That's the path we are on. We need to change course. Trump understands that. Trump is the only candidate that gets it.
While that statement is true. I don't claim Donald understands the economy because he is a successful business man. Donald understands the economy because his prescription to fix our economy is the right prescription.
Our country had high import tariffs for our first 180 years. And we did just fine. Our industries grew and competition among American firms kept prices low and quality high.
We lowered the import tariffs in the 60's. And we've been losing industries every since. It took a while to gain momentum but eventually off-shoring became a huge problem.
China and Mexico aren't bad. They are just playing by the rules. Rules that we defined. If I was China, I'd try to get the U.S. to offshore every business it could to me.
The wage differentials between our countries dwarf the impact of corporate taxes and regulations. Chinese will work for $2/day and don't buy the weekly propaganda from China that they are about to crash or that their labor costs have risen. They've been claiming that for years. They still have 200 million people working in the fields that would love to come into a factory job.
Comparative advantage works when countries exchange trade goods. That's not what we are doing. China is simply providing labor which causes us high unemployment. They aren't using the funds to buy stuff from us, except for our debt and worse our equities.
We are liquidating America to buy cheap imports. The price of cheap imports doesn't reflect the cost of paying for the unemployed Americans. The price of cheap imports doesn't reflect the opportunity cost of not having those Americans working and paying taxes to federal, state and local governments and buying even more goods from other American businesses. The price of those imports don't even reflect the cost of taxes that domestic producers have to pay. Our average import tariff is now about 1%. But our domestic produces pay about 15% in labor taxes.
Trump gets it and you don't. Trump gets it and Cruz doesn't. Cruz has made two horrible mistakes lately. Trying to give Obama fast track authority to negotiate even more free trade deals, which Trump called stupid. And trying to kill the Export-Import Bank, which has returned 7 billion dollars in profits to the treasury in the last 20 years while helping our exporters.
We have a huge trade deficit. So did Greece, until their unemployment went so high, they couldn't afford imports. That's the path we are on. We need to change course. Trump understands that. Trump is the only candidate that gets it.
A good prescription starts with a accurate identification of the disease. The most serious economic disease in our country is BY FAR the $4 trillion federal government bloated monster that is sucking our country dry with unconstitutional and utterly economically disastrous regulations that literally drive businesses out of business or out of our country. If you don't start there you're not ready for the right prescription.
high import tariffs for our first 180 years
Yes, but they were used as a tax for revenue, not to "punish" trading partners. Are tariffs a better tax than the income tax? Yes. Are tariffs a tax? Yes. Are they and effective economic tool? NO! Tariffs are like shooting yourself in the foot economically because these who suffer are the American consumer with artificially higher prices and the feds pocket the balance. We don't need more federal taxation and burden on the American People we need less - much less. The tariff thing to "punish" China, etc. is self-defeating, wrong-headed and misguided.
Again, the problem in our country isn't China, or Mexico , Japan, or the Man in the Moon. It is the federal government. Their GROSS interference with our free market economy has lead to forced, artificially high wages which drive prices too high and sends business and jobs elsewhere. If you don't get that you completely miss the 800 pound gorilla in the room.
We have a huge trade deficit.
What does that mean? Oh, it's used as an inflammatory phrase to scare people. But what is it? It simply means we are importing more than we are exporting. Why is that per se bad? You and I run our households that way. We have trade deficits every day becasue we buy more stuff then we sell. So what? In the voluntary cooperation for the market economy free of government interference there's nothing wrong with "trade deficits".
How did Hong Kong become one of the richest centers of commerce in the world. Was it because they exported more than they imported? Hardly. It is becasue there were no taxes and business was allowed to grow and thrive in the free market economic environment without government interference. How did America in the 1800's grow to become the wealthiest, most powerful country in the world? Not because of government. It was becasue of the voluntary cooperation of the market economy free of government interference.
The gradual buildup of the federal government and its involvement and interference in the American economy since early 1900 is the reason for our economic woes today.
The federal government is a double-barreled shotgun aimed at America and Americans. The first barrel is most of what they do, especially economically, is patently unconstitutional. Unconstitutional federal acts are by definition acts of tyranny. The second barrel is the more the federal government interferes with the market economy, the more poverty and misery is created. Only the free market can create wealth. The government creates poverty. Evey single government program designed to make America a "New Deal" or a "Great Society" has created more poverty, regulations, burdens on business driving costs higher and higher, while the federal government has become a bloated $4 trillion monster sucking productivity dry while not producing a thing. You're blind of you don't see it.
I trust the Bushes even less.
Me too! I can’t stand Jeb!!!
I can’t wait for the Youtube video which will be like the the one of the liberal black lady gushing over ‘Brobama’ and talking about him paying her rent and food and gas, but it will be some middle aged Tea Partier giddy over Trump saying:
“No more illegals and those here shipped back, and a secure wall will now be built and Mexico has to pay for it all!”
All I can say is he switched parties 3 times or more...
>>Do you think this hurts Trump’s chances at nabbing the 2016 nomination?
Nope.
sorry for the tardiness. was out of town.
humm. did trump the democrat say that or was it trump the republican? :)
See Barney Frank.
No problem at all. I tend to forget things in my ping list, LOL.
"humm. did trump the democrat say that or was it trump the republican? :)"
Well, last week he told "Morning Joe" that some of his stances are Democrat ones, so I would say the former. Or, in other words, same old Trump. ;)
You'e got things completely backwards. I'll say it again. You can eliminate all federal taxes and regulations and you still can't compete with Chinese labor at $2/day.
But let's take your arguments to their logical extremes. We have a $17 trillion economy that employees about 50% of our working age people. Let's say you eliminated the entire goverment of $4 trillion. How many people you think that will employee? Especially considering you just laid off all goverment and military personnel? How many jobs will that bring back from China? ZERO.
Because even without the burden of taxes and regulations, Chinese labor is still about 1 to 2% of our labor costs. Take a low end wage of $8 times the 12 hour Chinese work day and that's $96. And the Chinese is going to do the same labor for $2. Our skilled workers might make $16 or more an hour.
Yes, but they were used as a tax for revenue, not to "punish" trading partners.
Wrong premise. Our founding fathers didn't view it as "punishing" trading partners. That's a red herring. They did view it as a tax on foreigners wishing to sell into our market. And they viewed it as maximizing freedom because they didn't have to tax our own citizens, even as it protected American industries.
Founding fathers original tax plan
And if you use the tariff revenue to reduce income taxes, then you can make the tariff tax neutral while protecting American industries.
What regulations are you going to cut? There's not really much that is not industry specific that you can cut. The most burdensome regulation is payroll taxes, but that's highly automated at this point. So what are you going to cut? OSHA workplace safety rules. Most of those are just common sense and not that big of burden? EPA rules? Are you going to allow companies to dump toxic waste in rivers because it's cheaper? China apparently does. Do you really want to lower our standards to China's level? I can remember when there was a a safe river to swim it because of pollutants. What are you going to cut that's going to bring American industry back? What will provide an incentive to companies to pay $96/day in labor vs $2 a day???
Regulations gets talked about by corporate management, because regulations can be a management headache, and no company wants to tell Americans they are off shoring for cheaper labor, when they intend to continue selling to Americans after they off shore.
Why has government grown so much since the 2007 fiscal crisis? It's mostly because people are out of work. There are 100 million Americans on food stamps now and other supporting programs. If you really want to cut government, you need to put people back to work. And cutting government or regulations simply won't do that. Putting people back to work decreases government outlays even as it boosts government revenues.
There is no greater enabler of big government than high unemployment. And it's not regulation that has caused high unemployment, it's trade policy.
What are you going to cut in Government? You going to cut off the food stamps and let people starve? Or social security that our seniors paid in for? Or maybe the military which would be most liberal of you. Look at the chart in the link under the section named "Where does the money go".
The truth is you'd be lucky to cut $1 trillion of the fiscal budget.
But imagine, if you restored the tariffs, cut income taxes and grew the American economy. Let's say half of those not working, went back to work. Our $17 trillion economy suddenly becomes a $25 trillion economy. 50 million Amercians suddenly start paying income tax instead of drawing food stamps and other benefits.
That's how you fix the budget problem. That's how you fix the debt. And that's how you pay for entitlements like social security and Medicare which people paid into the system for years for.
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