Why are financial job cuts along with foreclosures soaring in Bush's deficit spending economy?
Question:
http://biz.yahoo.com/rb/070821/economy_h...
As much as I would like to blame Bush, what you are seeing is the direct result of Greenspan's policy. My husband works in banking . . . everyone knows your just as likely to get hired as you are to get fired. It's why they make so much money . . .
Why do you take one sector and draw conclusions about the whole economy? The job cuts are primarily with mortgage brokerages - sales jobs, not analyst jobs. Foreclosures always increase when rates increase - some people get low-rate short-term loans, rates go up, and they can't pay at the higher rates.
None of this changes the fact that, overall, incomes are up at all levels of society, unemployment is low, inflation is low.
And that whole "rich get richer while everyone else goes to the poorhouse" argument is complete and utter bs.
There are a lot of fly by night lenders that sprang up during the real estate bubble that are basically crooks. They probably should not exist - I'm not happy about job losses, but all those sub-prime lenders are better off gone.
Because stupid irresponsible people gave loans to illegals and others who could not afford them and they defaulted.
Fiscal Conservatives would NEVER have done that.
because he has set it up so that the rich get richer and the regular guys go straight to the poorhouse.why? because he is a self-serving evil power-hungry waste of a human being.
"Bush's" economy is a complete misnomer. Foreclosures are happening because people made poor investments. They did so because of the housing boom bubble, and that has to do with the markets. Presidents have no control over that.
Sorry, but you cannot blame this on GB.
Wait until the Iraq fiasco ends and the defense spending dries up. It's time to start looking at the bond market while there are still some capital gains left in the portfolio before the stock market takes a real dive. I pity the next President who has to bear the brunt of the fiscal responsibility of this administration.
I know you would like to blame BUsh for this but it's a direct result of Greenspan. Foreclosures happen all the time and are due to people over extending their own budget.oh, my faucet is leaking...Bush must have done that too!
I say BS.. Wages are up? thats a load of crap! national minimum wage just went up to under 6 dollars, I know of no one that can live under those circumstances with everything from rent, food,gas, medicine, and clothing. People are completely ignorant, obviously. They do not want their lives changed in any way, regardless of how many people can actually live decent lives from it. If the change means they will be one less extra home, car, super computer, or spa down, they dont want it. This is complete crap! Stop being so damn selfish, I dont want your extra crap, but everyone deserves enough to live on, stop being selfish pricks and do something to allow everyone to have basic living needs. 20,000 a year for a family of four is complete bull and you all know it!
making bad loans to people who can't pay. and secondly people being stupid and not living on less than they make.
These job losses are directly related to the monetary policy of FED in 2001-2003. When Greenspan lowered the fed. rate to 1%, albeit for good cause following 9/11, it caused a run on banks, not to cash out but to cash in. Everyone and their mothers borrowed on their equity at low low variable rates that eventually caused the current credit crisis.
Not to mention that mortgage companies traded this credit as AAA. I thought we realized in the accounting scandals of Enron and the like that a system that allows customers to pay companies to rate their credit - and benefits lenders that get borrowers to agree to higher and/or variable rates - is inherently a conflict of interest.
This system caused the current hiccup, not Bush's deficit spending/tax cuts. Those policies have not even been felt in the market yet. By the way, the current credit crisis is actually a good sign for private investors to get good blue chip stocks at discount to fair market values. The fundamentals are still good with average of Dow and S&P at P/E 15-17.
Vote for the democrats in '08. They want to bring manufacturing jobs back to the U.S. and make it harder for companies to pack up and move overseas.
Financial job cuts really dont have anything to do with who is president. These cuts are being made; because there are to many forclosures. The companys are selling off and to many people have bitten off more than they can chew... The liberal media will then put them on tv,and have them cry to everyone else how they cant afford thier adjustable mortgage. Duh.. Then why did they get into it? Because they over lived thier means...You liberals amaze me.. 99 % of most peoples problems are the face looking back at them in the mirror.
Those are the unnecessary jobs of nickle and dime employees.
In the Bush Plutocrat World those little people are frequently whistle blowers. It is a necessity to send them back to MacDonald's once they learn too much.
Go Team Bush Go
Jobs are once again shrinking. I can think of several people that I know that are basically only worth about 20 bucks a day that are actually getting paid 56. So I think a really smart congress would tax me an additional 20% so all the bums that dropped out of school or didn't care and can't hold a job should live better. It's only fair. I'll take my profits out of this stock market that has treated me so well and give it to the have nots. The guy with a crappy income and 4 to 8 kids deserves more money. Give him food stamps, WIC, free breakfast at school, free lunch at school, utility bill help, tax refund since he should never ever have to pay any taxes at all. A housing allowance and make sure it is in a nice neighborhood since he will probably live there for 40 years subsisting with entitlement money. Give him free medical insurance and I would imagine he would like free tickets every weekend to WWF wrestling events. It's not fair to make him take a bus, why not give him a car allowance so he can get around and a gas credit through the federal government because he doesn't have enough money to drive. I'll pay his insurance, he personally can't afford it. I'll wait in line at the Dentist office while his family gets treatment and just go ahead and bill me for it, that's fair. Glasses? NO way, give him contacts and charge it to me. Groceries -- Generic brands, ain't no way - give him a state food card and let buy what he wants. Tax me for it though.
This is all well and good but I will fight forever my right to vacation anywhere on the planet I want, whatever beach in the South Pacific or Caribbean but I refuse to pay for his family to rent the condo next door with tax money or a direct donation from me, I'm a greedy Republican. And GWB invented this crap with these ARM's. Excuse me, I thought they were around 20 years ago.
Sorry Cons, but it is DIRECTLY attributable to GWB and a severe and chronic lack of oversight and regulation. Where human greed and the potential for loss to so many people is present, the presence of oversight and regulation becomes essential to prevent widespread devastation to so many people.
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