A critical look at Harris

[cv5]

LOL....By Bush you mean it just happened on his watch. However, the collapse had been set in motion by Clinton, Correct?

In 92 the CRA, Community Reinvestments Act revisions signed by Clinton. Clinton signed the Federal Deposit Insurance Corporation Improvement Act, which strengthened the CRA’s requirements for banks to meet local credit needs. This led to increased lending to underserved communities, including subprime borrowers.

He also that year pushed for the Housing Enterprise Asset Preservation Act, which required that Fannie Mae and Freddie Mac to dedicate 30% of their purchases to affordable housing. Latter to become 50%. Giving way to a large addition of subprime mortgages onto the market.

In 95 his HUD department wanted to increase even more home ownership to low income families. This strategy encouraged lenders to make more subprime loans, as it prioritized access to credit over prudent lending practices. Where whatever you put on the loan doc was taken as gospel as ninja, no income no job loans, became a thing.

Then in 99 Clinton led the charge and signed the repeal of sections 20 and 32 of the Glass Steagall Act. You have also the congress during those years and Robert Rubin his Sec of the Treasury that were involved. Not to forget that Greenspan was in favor. So there is a host of folks involved and Clinton has a lion share as well.

So to just say that it all came down under Bush is intellectually dishonest to do so without proper explanation. Your internet rekt moment comment, just lacks any real substance.

P.S. As a side note don't ever make me have to defend Bush.........yuck............LOL Puts a bad taste in my mouth.........LOL

All of this led to the inevitable 2007-2008 unwind/deleveraging event.

And all the right people (like Hank Paulson) were bailed out by taxpayers @100 cents on the dollar.
And thus began the perpetual socialized losses gameplay that we still suffer today.

 

[stilllearning]

All of this led to the inevitable 2007-2008 unwind/deleveraging event.

And all the right people (like Hank Paulson) were bailed out by taxpayers @100 cents on the dollar.
And thus began the perpetual socialized losses gameplay that we still suffer today.

Yeah unknown to me at the time and by chance. Back in 89 I was headed out for deployment so picked up a book called Liar's Poker. It is by Michael Lewis and was his story as a member of Salomon Brothers and their mortgage securities dept.

Goes into how they came up with zero's and interest only or coupon only income paying mortgage securities you could bundle and then sell off for an investment. He then later wrote the book after the crisis they used to make the movie "The Big Short". So is interesting going back now and seeing what happened in 78 when they formed those new securitized investments. Then deregulation and such in the 90's how it led to the meltdown.

Yean with HUD and Fannie Mae, and Freddie Mac and such being involved you just knew the gov was gonna have to bail out using the taxpayers dime.

 

[JayBird]

Well it's now a matter of record that corporations gouged consumers during the global inflation period.

https://www.newsweek.com/kroger-executive-admits-company-gouged-prices-above-inflation-1945742

A top company leader at Kroger has admitted during an antitrust trial the company gouged prices on select items above inflation levels.​

​

While testifying to a Federal Trade Commission attorney Tuesday, Kroger's Senior Director for Pricing Andy Groff said the grocery giant had raised prices for eggs and milk beyond inflation levels.​

 

[NightTwister]

Well it's now a matter of record that corporations gouged consumers during the global inflation period.

https://www.newsweek.com/kroger-executive-admits-company-gouged-prices-above-inflation-1945742

A top company leader at Kroger has admitted during an antitrust trial the company gouged prices on select items above inflation levels.​

​

While testifying to a Federal Trade Commission attorney Tuesday, Kroger's Senior Director for Pricing Andy Groff said the grocery giant had raised prices for eggs and milk beyond inflation levels.​

It's "Newsweak" and what the Kroger exec said does not equal "price gouging." You are incapable of telling the truth about anything.

 

[JayBird]

It's "Newsweak" and what the Kroger exec said does not equal "price gouging." You are incapable of telling the truth about anything.

Seriously? The guy actually testified that they increased prices above the rate of inflation during a period of global inflation.

If that's not price gouging, what is?

 

[NightTwister]

Seriously? The guy actually testified that they increased prices above the rate of inflation during a period of global inflation.

If that's not price gouging, what is?

Companies are not required to have their prices follow inflation. I have no idea where you got that, and you have no idea how the free market works.

 

[JayBird]

Companies are not required to have their prices follow inflation. I have no idea where you got that, and you have no idea how the free market works.

You didn't answer. What is price gouging during a period of global inflation?

 

[cv5]

Well it's now a matter of record that corporations gouged consumers during the global inflation period.

https://www.newsweek.com/kroger-executive-admits-company-gouged-prices-above-inflation-1945742

A top company leader at Kroger has admitted during an antitrust trial the company gouged prices on select items above inflation levels.​

​

While testifying to a Federal Trade Commission attorney Tuesday, Kroger's Senior Director for Pricing Andy Groff said the grocery giant had raised prices for eggs and milk beyond inflation levels.​

So you would have a communist/Marxist economic model in place to fix this?

 

[JayBird]

So you would have a communist/Marxist economic model in place to fix this?

Huh? Do you think cracking down on price gouging = communism?

 

[NightTwister]

You didn't answer. What is price gouging during a period of global inflation?

There was no global inflation.

 

[JayBird]

There was no global inflation.

Yes there was, and I showed you the data earlier.

 

[NightTwister]

Yes there was, and I showed you the data earlier.

No there wasn't, and your data showed there wasn't. You don't get to unilaterally define terms, and I'm not going to accept your lies.

 

[cv5]

Huh? Do you think cracking down on price gouging = communism?

It is if a communist economist (or dictator) is doing it.
Or a communist at heart desires it for communist reasons.

 

[JayBird]

No there wasn't, and your data showed there wasn't. You don't get to unilaterally define terms, and I'm not going to accept your lies.

Utterly bizarre. I posted data showing that the US ranked 19th in post-pandemic inflation rate, and was about even with or just higher than 6-10 other countries. All you did after that was basically post "Nuh uh".

And since empty contradiction seems to be your MO, I'll just pass on any of your future posts unless they have some actual substance. Thanks for your time.

 

[JayBird]

It is if a communist economist (or dictator) is doing it.
Or a communist at heart desires it for communist reasons.

LOL....I guess you don't realize that under communism, there are no private businesses to gouge prices in the first place.

 

[NightTwister]

Utterly bizarre. I posted data showing that the US ranked 19th in post-pandemic inflation rate, and was about even with or just higher than 6-10 other countries. All you did after that was basically post "Nuh uh".

And since empty contradiction seems to be your MO, I'll just pass on any of your future posts unless they have some actual substance. Thanks for your time.

Yes, your evaluation of it is utterly bizarre. You said "GLOBAL", and now you admit it wasn't global. What was the difference? They didn't throw money around which increased demand while supply was constrained. It definitely was *not* gouging, but it's clear you have no understanding whatsoever of the complexities of supply and demand.

 

[cv5]

Yes, your evaluation of it is utterly bizarre. You said "GLOBAL", and now you admit it wasn't global. What was the difference? They didn't throw money around which increased demand while supply was constrained. It definitely was *not* gouging, but it's clear you have no understanding whatsoever of the complexities of supply and demand.

Communists never do.

 

[NightTwister]

I'll just pass on any of your future posts unless they have some actual substance.

My posts are for the benefit of others to show your disinformation and lies. Whether you "pass" on them or not really isn't a concern of mine.

 

[ZNP]

Utterly bizarre. I posted data showing that the US ranked 19th in post-pandemic inflation rate, and was about even with or just higher than 6-10 other countries. All you did after that was basically post "Nuh uh".

And since empty contradiction seems to be your MO, I'll just pass on any of your future posts unless they have some actual substance. Thanks for your time.

That is the benefit of being the reserve currency, all countries bear our pain and we don't bear theirs. Enjoy it while it lasts.

 

[JayBird]

Yes, your evaluation of it is utterly bizarre. You said "GLOBAL", and now you admit it wasn't global. What was the difference?

So you're thinking something is "global" only if absolutely every single country is involved? I guess then there is no such thing as a "global economy" and the term "globalist" is effectively meaningless.

If that's the level of pedantry you want to engage in, then okay. Let's say the post-pandemic inflation occurred in pretty much all the economically developed countries, with the US faring better than at least 18 of them.