Unemployment rate hits 8.3 pct. after hiring burst

they also say the stimulus created a couple million jobs

 

Yes, everyone was defrauded. Nice conspiracy theory. The reality, however, is that people who couldn't afford loans were given loans. If banks were allowed to keep the same lending standards they had for many years before the Government got involved with the lending process, these people would not have gotten loans and this would have never happened. Although, I guess this wouldn't be "fair".

 

CBO ... eh.
yeah I know OF the thing.

Cockeyed Barack Oligarchy

 

You got that right...

CBO - Unemployment @ 10%
GDP - A ghastly 1.8%

Over 1,000,000 people quit looking for work and we have liberals dancing around celebrating that 200K jobs were created?

[ame="http://www.youtube.com/watch?v=4a6YdNmK77k"]Bob Hope on Zombies and Democrats - YouTube[/ame]

 

I wonder how many it destroyed?

 

Celebrating a figure that is higher than the absolute maximum that Obama set when passing the stimulus. You can't make this stuff up.

 

The community reinvestment act had nothing to do with the meltdown. The community reinvestment act was created because minorities and other groups were being discriminated against by banks and lenders. The idea that the government forced banks to give out loans to people who couldn't afford the home is a load of garbage. The banks STILL had the power to turn down loans for people who couldn't afford them.

What happened was that banks would approve the loans and then boost the interest rate to ridiculous levels. If the tenants couldn't afford the new interest rate, the banks would foreclose on the tenants, keep their down payment, and subsequently flip the house and do the process all over again. Thanks the insane housing market, flipping a house was easy and profitable.

However, what you're talking about isn't what I was talking about. I was talking about people being tricked into refinancing homes they already owned by companies like Countrywide, Citifinancial, and Lendingtree.

 

Your viewpoint lacks common sense. Nowhere in the CRA does it say that banks must give loans to people who can't afford it.

Do you honestly believe that from 1977 to 2008 anyone who came into a bank for a home loan would be approved regardless of financial standing?

 

Perhaps Iriemon overlooked my post. Under Republican "rule" in Ohio, Republican Governor signed legislation to promote job and economic growth and Ohio's state unemployment has significantly dropped the last 2 months. In fact, Ohio's Republican Governor was required to pay back the Federal stimulus funds that former Democratic governor Ted Strickland "borrowed" from The Federal Government in his budget. While Ohio's unemployment currently stands at 8.1%, the lowest rate since 2007, Ohio's Republican Governor is on pace to balance Ohio's budget within the next 2 year's. Any inclination of giving President Obama sole credit for the recent decline in the nation wide unemployment rate is absolutely ridiculous!

 

I agree it was a failure of regulation that allowed banks to employ lax lending standards by which they made (*)(*)(*)(*)load of money lending to people on terms they had no business doing.

 

See post # 127.

 

Good for Ohio. What does that have to do with my post?

 

With that amount of people dropping out of the hunt, of course the unemployment figures will look better.

This is not something to cheer about, it's a spin on the terrible 1.2 Million figure above.

Hey imagine if 2 Million more drop out, we can all stand and cheer about the "hiring burst" , the lower unemployment numbers, and sing koombayah.

 

No. He has cut taxes across the board since he has been in office. Oh yeah, and he's not after your guns either. And he's not gutting the military either (he has increased it). That's just conservative vivid imagination syndrome...

 

You did just make that up.

 

would you hire someone woh told you they just stopped looking for a job?

 

We came out of the recession and we should be in the plus percentage but we are only at 1.8%+ which is not very good.

Keep trying to justify it but the economy is in a much slower recovery than other recessions because of Obama policies

Unemployment falls because of people not counted not because of created jobs

http://rawfinanceblog.com/2012/02/0...n-january-2012-unemployment-rate-dips-to-8-3/

 

Oh righties...lol.

Banks weren't forced to lower their standards. The whole lynchpin of the subprime crisis is that a very shady practices were being used to entice people to get mortgages that they couldn't afford. I'm sure there were a few consumers who fudged their applications a bit, but for the most part the diesel engine that powered the housing bubble was built around passing loans that were essentially garbage up the line in bundles.

Historically low interest rates, low government regulation of the financial vehicles used to swap off these bad loans AND ratings companies that didn't do their jobs - all of these led to a housing bubble that started in 2004 and popped soon afterwards decimating the US economy.

The housing market still hasn't fully recovered and probably won't or a few years.

 

Ohio's 8.1% state wide unemployment is lower than the 8.3% national state wide unemployment. Perhaps Iriemon will applaud Ohio's Republican governor for job and economic growth in The "Buckeye" State??? (I doubt it)

 

You can thank the auto bailout, and Columbus for most of Ohio's resurgence.

 

I am showing the government policy that caused it. not that anything was inherited. Bush is at fault for not changing it but it was Reno that threatened lenders

 

Here's someone who explains the non-issue of the participation rate better than I did:
http://swampland.time.com/2012/02/0...-for-the-economy-bad-news-for-the-pessimists/

Some Obama opponents are struggling to find a cloud in the silver lining of January’s jobs numbers, which estimated that there was a 243,000-job boost and a big drop in the unemployment rate, from 8.5% to 8.3%, last month. Their biggest gripe focuses on the size of the labor force: As the unemployment rate has trended down over the last few months, anti-Obama commentators have argued that the official percentage for those without jobs is deceptive because the Bureau of Labor Statistics doesn’t count those who have stopped looking for work. In Friday’s report, they found a sharp increase in that group: More than 1.2 million people joined the non-job seeking pool of working-age Americans last month.

I was ready to join the pessimists Friday morning when I saw the sharp drop in the unemployment rate, but for a different reason. The January unemployment report, I had been forewarned by BLS, was the first to be based on models using 2010 census figures. (All these numbers are guestimations based on surveys of smaller samples taken around the country). A big shift up or down in the unemployment rate, I thought, could be explained by the change in the overall population of the country, reflected in the census numbers.

But the census adjustments actually work against my theory and that of the Obama-detractors. The demographic adjustments had no effect on the unemployment rate, says Mary Bowler, the resident expert in these matters at the BLS. And when it comes to labor force estimates, the steep jump in the number of those not seeking work came entirely from the census adjustment, which added 1.25 million people to that group. If you take out the census adjustment, the labor force numbers stayed essentially the same, as reflected by the labor force participation rate of 63.7%. In other words, the spike in the number of people no longer looking for work is entirely the result of some people at the Labor Department adding numbers to their spread sheets rather than an actual observed shift anywhere in the real economy.

Face it, people: This employment report is excellent news, undiluted.

 

Which "across the board" tax cuts has he implemented? Obama is trying to increase taxes on the rich. That was one of his campaign promises, remember?

And he is making serious cuts to the military. You're about a month or two behind that story.

Try again.

 

We are talking about today's unemployment figures and you go off topic to the housing bubble bursting so you can blame Bush and get the discussion off your messiah Obama

 

I believe Obama said the stimulus would prevent the unemployment rate from going beyond 8%, yet it has been above 8% ever since. You're such a fan of his, you should know what he actually says.