Earning power lost to Great Recession: $50K or more
The Dallas Fed tried to calculate the impact in dollars and cents. Its report also acknowledges the profound psychological costs of the lingering downturn.
This post comes from Christine DiGangi at partner site Credit.com.
Banks and greed got us to this...Though the Democrats will have you believe it was Bush! So tell me what Obama has done? He has spent almost 4 times what Bush did(including iraq & afghanistan) and we have less.. so where has Obama spent the money? Food Stamps, Welfare. cell phones, Unions, Democrat agencies like ACORN & Planned Parenthood. All the time saying he is trying to build up the middle class of America. When, in fact, he is tearing us down and taking the 'United" out of the country!
And these same idiots want to put Hillary in the whitehouse after him! What does it matter, they're dead Hillary and her cigar tube Bill need to go to mexico with obama and play. Take reid & Pelosi with you!
1. Break up the "too big to fail" corporations into pieces small enough that they can fail and not take everything down with them.
2. Execute the executives who's incompetence enabled the crash to happen.
3. Raise interest rates to a realistic level: slightly higher than the actual rate of inflation (including energy, food, housing, telecommunications, etc.)
4. Increase the capital gains tax rate to be the same as the tax rate for earned income (to reduce extremely risky "get rich quick" investment betting)
5. NEVER bailout another bank!!!
You must be kidding me, where do these people live, not in Mainstream America when they make a statement like this: "Further losses COULD result from the psychological effects of stress, reduced job security and unemployment-induced declines in self-worth." Plus this lame statement: "the Fed says it’s more difficult to quantify how the PAIN of the economic downturn will linger in the minds of Americans."
I'm not an Isolationist but our Government should be more concerned about things at home for the 99% or the second American Revolution will take place!
After 15 years of 'easy' money...then a serious recession...people have forgotten that you have to work hard for success. Is it any more difficult today than it was in the Mid-70s to Mid-80s? I don't think so.
Has the playing field changed? Yes. There's no debate that the wealthiest are increasingly becoming weathier faster. Is that their fault? I don't think so...greed/success/winning is human nature. If we, the middle class, are unhappy about this we need to quit whining and get smarter, adapt and work together to change this. Don't look to the government to level the playing field. Look to yourself and your neighbors. There's still plenty of opportunity in this nation and around the globe.
West, Your right about a lot of this stuff. Don't know about the black and white thing but in the end people of all incomes levels were jumping on the no down ARMS mortgage to buy houses they couldn't otherwise afford, encouraged by the fast growing equity, 20-30% per year instead of the normal 6-7%. Anyone who thinks that kind of situation is sustainable does not have their heads on straight. Yup, can remember banks being threatened with suit if they did not ok those loans. Clinton & Ruben created a insurance program to help with what they new would be increased mortgage failures, credit defaults, turned out to be totally short sighted. Many people were using their new found equity to buy toys or Escalades they couldn't otherwise qualify for and getting a tax deduction for doing it. This is wrong, those deductions should only go for home improvement loans as was intended. Lots of flippers as well. For these people I feel little pain.
Banks got a good return before the wheels came off, 17% margin instead of the normal single digit returns at a time when hated Exon because the media was reporting their billons in earnings but not on a percentage margin basis at 5.9%. A great and moral idea that made them feel warm a fuzzy al over and one few dare vote against for fear of retaliation. I would feel better about gov. if they would admit they thought they were doing the right thing but were wrong and quit blaming the banks.
If you haven't been paying Attention. Fannie and Freddie have PAID back, $146Billion of the $187 Billion that is has borrowed. At the current rate of payback, the Debt will be paid in full in less than 12 months, if not far sooner.
Now you can say Obama is in Bed with Big Banks, and that wouldn't be far from the truth. However, to think this financial Crisis wasn't cooked up by Bush and Company, then you are really smoking the good stuff. This is a two party problem with ZERO third party solutions.
So sure go with the same idiots that want to put back the same party that created this mess to begin with. That's what this country has been doing for decades. Both parties are laughing all the way to the bank, Literally.
Fannie and Freddie combines exposure to Sub prime, less than 300 Billion Dollars.
Fannie and Freddie borrowed amount from Treasury, 187 Billion Dollars.
Amount paid back so far, 146 Billion Dollars.
So sure, stop whining and start acting like you have a freaking clue. Clearly one particular poster has not a clue to what happened nor the dollar amounts associated. All this propaganda is paid and bought for by the Big Banks. My how they are getting a bang for their buck. Big Banks control the Government. The Government didn't force Big Banks to do a darn thing concerned who got a Loan. Yet that is exactly what fools will tell you, over and over again.
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