permafrost Loc: Minnesota

Good post from a nice lady.... but on a different forum...

I know a lot of people are are saying we were doing so much better under Trump and we need him back again.

It takes a lot to turn a ship around. Things don’t happen so fast in a big economy like the United States’. We get Republican presidents, they goose the economy, things start running red hot, then we crash and burn. A Dem president comes in, puts things back together, hands over a beautifully running economy to a Republican president, who then proceeds to wreck it. Rinse, repeat.

In Obama’s case we crashed just before he came in. Remember the Great Recession? That happened because the GOP didn’t think we needed so much pesky banking regulation; it stood in the way of making $$$. So they did away with a lot of it, loans were made to people who never should have gotten them, some at highway robbery terms. In the short term banks made a lot of money, but then the whole thing crashed.

Obama came in and slowly put things back together. He was young and untried, but he put good people in places of authority, people who knew what they were doing.

Trump inherited a perfectly running economy, one of the best we’d ever had. He proceeded to cut taxes for the ultra-rich, who had slowly, starting with Reagan and his “trickle-down economy”, been taking more and more of the pie. Now the top .1% have half the wealth of this country and they don’t like to share. Nothing trickled down, they kept it.

Those taxes Trump cut for the ultra-rich are now a quarter of our debt. Trump managed to create a quarter of our debt in four short years.

The main problem with Trump, though, is that he puts in bad people. Their prime directive is to kiss up to him and praise him to the media. Beyond that, Trump doesn’t care about their qualifications. And so in four short years, Trump managed to wreck our economy. We didn’t see it, we were coasting along on what Obama had done, but now we’re paying the price. It’s bad, isn’t it?

Biden is slowly but surely getting the economy up and running. We can already see the light at the end of the tunnel. Things will get going well just in time to hand it over to Trump again, who will then proceed to wreck it AGAIN. All while bragging about how “great” he’s doing.

Biden is old, yes. But he’s likely to make it to 90 with all his marbles. He still struggles with his stutter, do you know that? He speaks very well in spite of it. Most importantly, Biden chooses good people for positions of authority. With Biden, we get a whole functioning administration. With Trump we get “You’re fired” when his people don’t kiss up enough, or people quitting in frustration because Trump is such a moron.

Please, People, look at the big picture. Gas prices were low during Trump because the world stopped moving during C***d. Oil was still being produced and some of it had to be thrown away; there wasn’t enough storage space. So of course gas prices were low. That wasn’t a “GOOD” thing; yes, it was good for your pocketbook, but it was because our economy was stalled, we weren’t moving things, we weren’t driving to work.

And remember how Trump was so proud of all those checks he sent out to people during C***d? He even held them up so his signature could be printed on them. But that was printing money and now every penny and more is being taken back with inflation.

The Federal Reserve knew we were running too hot and yet it d**gged its feet over raising interest rates. They didn’t start raising until after Biden got in. High interest rates now are responsible for a lot of our inflation. Plus your retirement portfolio is low because rich people pulled a lot of money out of the stock market and put it into bonds. You can get bonds yielding 5% interest; that’s safe money. When interest rates were low, you could only get .5%.

So this is a lot more complicated than “Trump, good, Biden, bad”. Just wait: money will flood back into the stock market once interest rates go down. The sun will start shining again. Hopefully T***p w*n’t be the president then, because he will take credit for that. And his Trumpers will believe it.

Bruce123

You have absolutely no idea or a clue about economics.
According to just about all democrats and a large percentage of republicans.a country can spend more than it takes in FOREVER.
Pure insanity and fantasy thinking at its best.
Life for you is getting ready to be really bad.
Your delusion is that you believe a man can save this country. Biden can’t Trump can’t no one can .
The mold has been set. The curing process has started. Trump in theory could stop it but he want be able to because a huge percentage of v**ers in this country cannot think rationally anymore.
The quiet majority ( including myself) have waited to long to put a stop to the insanity being presented to us daily.
Our country has sown immorality for years now we ALL are going to reap the consequences

American Vet

Typical ELWNJ RANT. Long on ‘if’s’ and short on facts.

proud republican Loc: RED CALIFORNIA

What a bunch of bull crap!!! Wow!! Is that why majority of Americans, including BTW Democrats think that his economy SUCKS?? His approval rating is 39 lowest than recent Presidents.... even lower than Trump's.... He's the worst President in my lifetime living in US..

RandyBrian Loc: Texas

Uh-huh. Hmmmmm. And here I thought President Biden and his 'team' keep insisting that the economy is 'booming', and inflation is 'temporary' and "all is well and humming along". That is probably why a weeks worth of groceries for my wife and I was $100 in 2022 is now over $300. And jumped AGAIN by 20% (on a wide se******n of items) just three weeks ago. That was at HEBs, but a similar jump happened at Walmart. That is a $66 dollar PER WEEK increase for food and necessities for EACH YEAR Biden has been in office.
And for the past 4 mounts gasoline prices are dropping, apparently due to a lack of demand.....how does THAT look for the economy, when the demand for gasoline is FALLING during the busiest travel season of the year?

permafrost Loc: Minnesota

While you mention one point i agree with, the rest is SO WRONG...

If you know the least thing about our economy, you would know that republicans are the driving force of the Incredible national debt we must contend with.. Just the criminal trump added over 8 trillion to the debt in just 4 years of destruction..

fix it or lose it and I do not wish to lose it..

permafrost Loc: Minnesota

sorry for you randy, up in our neck of the woods, cost of everything is truly going down...

Except coke and pepsi... pop for the holidays cost triple.. darn...

gas, 2.76,, turkey 79 cents , did not pay attention to the rest... but the total ticket was about normal from over the years...

Milosia2 Loc: Cleveland Ohio

Perms post was absolutely right on .
Another facet , that is still true to date is that a Republican strategist named Jude Waniskey developed a plan for republicans.
They had become sick and tired of always being the bad guys .the Dems were like Santa Claus , always giving something to the people.
Like healthcare ,social security , unemployment benefits, higher wages , 40 hour work weeks.
Overtime payments .
The republicans were sick and tired of being fiscally responsible. Jude Waniskey created the
Two Santa Claus theory .
This would allow republicans while in office to spend on tax breaks for rich people , artificially pumping the economy.
But not really doing anything.but running up the deficit.
When Dems were in office they would be plagued by high Republican created deficits and would be chastised for the high deficits . This would force the Dems to shoot their Santa Claus in the face in order to pay the high Republican deficits .
This continues to date .
Just look at the Republican v****g record for the past 40 years .
They have never v**ed yes for anything other than tax breaks for rich people.
Nein !Nein ! Nein ! Nein ! Nein !
For the past 40plus reaganomic years of stagnation .
They’ve spent zero on infrastructure for the past 40+ years of reaganomics.
Only Yes V**es were for tax breaks for rich people!
MAGA seems so unaware of these facts , they continue to v**e for the side who continues to rob them blind every chance they get !!!!
Only to blame it all on the Dems.
Who created the $3Trillion in Student Debt ?
Yes ! Republicans.
Debt !
The republicans best friend yet !

permafrost Loc: Minnesota

Good post Milosia....

BIRDMAN

🤪🤪🤪🤪🤪

permafrost Loc: Minnesota

Bird, I think your first MEME is right on.. it will be very nasty...

Gatsby

Yep, your brain cell is festering.

Jim0001 Loc: originally from Tennessee, now Virginia, USA

AND Biden has added more and more and more debt. Plus giving billions of unaccounted for taxpayer dollars to Ukraine.

Blade_Runner Loc: DARK SIDE OF THE MOON

Wow, talk about projection.

FYI: Oct. 2008: the Washington Times incorrectly accused the White House of ignoring warnings of trouble ahead for government-sponsored enterprises (GSEs) and neglecting to "adopt any reform until this summer," when it was too late. "Neither the White House nor Congress heeded the warnings, Fannie and Freddie retained strong bipartisan support during the 1990s and early part of this decade." (Editorial, "Hear, See And Speak No Evil About Fannie And Freddie," The Washington Times, 10/9/08)

Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. In fact, it was Congress that flatly rejected President Bush's call more than five years ago to reform the GSEs. Over the years, the President's repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.

2001

April: The Administration's FY02 budget declares that the size of Fannie Mae and Freddie Mac is "a potential problem," because "financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity." (2002 Budget Analytic Perspectives, pg. 142)

2002

May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President's 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)

2003

February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.

September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact "legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises" and set prudent and appropriate minimum capital adequacy requirements.

September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration's assessment, saying "these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing." (Stephen Labaton, "New Agency Proposed To Oversee Freddie Mac And Fannie Mae," The New York Times, 9/11/03)

October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying "if it ain't broke, don't fix it." (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)

November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any "legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk." To reduce the potential for systemic instability, the regulator would have "broad authority to set both risk-based and minimum capital standards" and "receivership powers necessary to wind down the affairs of a troubled GSE." (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11*6/03)

2004

February: The President's FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: "The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator." (2005 Budget Analytic Perspectives, pg. 83)

February: Then-CEA Chairman Mankiw cautions Congress to "not take [the financial market's] strength for granted." Again, the call from the Administration was to reduce this risk by "ensuring that the housing GSEs are overseen by an effective regulator." (N. Gregory Mankiw, Op-Ed, "Keeping Fannie And Freddie's House In Order," Financial Times, 2/24/04)

April: Rep. Frank ignores the warnings, accusing the Administration of creating an "artificial issue." At a speech to the Mortgage Bankers Association conference, Rep. Frank said "people tend to pay their mortgages. I don't think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren't there." ("Frank: GSE Failure A Phony Issue," American Banker, 4/21/04)

June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying "We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System." (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)

2005

April: Then-Secretary Snow repeats his call for GSE reform, saying "Events that have t***spired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system." (Secretary John W. Snow, "Testimony Before The U.S. House Financial Services Committee," 4/13/05)

July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, "while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process." ("Dems Rip New Fannie Mae Regulatory Measure," United Press International, 7/28/05)

2007

August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying "first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options." (President George W. Bush, Press Conference, the White House, 8/9/07)

August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President's warnings and calls on him to "immediately reconsider his ill-advised" position. (Eric Dash, "Fannie Mae's Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism," The New York Times, 8/11/07)

December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying "These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I've called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon." (President George W. Bush, Discusses Housing, the White House, 12/6/07)

2008

February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying "A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully." (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)

March: President Bush calls on Congress to take action and "move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages." (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)

April: President Bush urges Congress to pass the much needed legislation and "modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes." (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)

May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.

"Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans." (President George W. Bush, Radio Address, 5/3/08)

"The government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator." (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)

"Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans." (President George W. Bush, Radio Address, 5/31/08)

June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying "we need to pass legislation to reform Fannie Mae and Freddie Mac." (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)

CONT'D

Blade_Runner Loc: DARK SIDE OF THE MOON

July: Congress heeds the President's call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.


September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions "why weren't we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years." (Dawn Kopecki, "Fannie Mae, Freddie 'House Of Cards' Prompts Takeover," Bloomberg, 9/9/08)