CBO: Longest Period of High Unemployment Since Great Depression

The same year that Barney Frank denied the housing bubble?

That is half the problem, and not the alleviation of responsibility.

They didn't heed the warning signs per say.

Non-sense. This is just partisan.

The responsibility for the housing bubble went way deeper than the 90's and even back to the 70's.

But not the Community Reinvestment Act?

 

well that is a pretty far cry from:

essentially youre saying the problem existed before the dem majority and that blaming them is more of a partisan pay back for the blame you think Bush gets unfairly?

 

how on earth is the CRA to blame when we had no housing bubble for the first 20+ years after it???

 

No. I am saying that their inability to act was more troubling than what they did do in regard to the failure to stem the recession.

The bank bailout is a perfect example.

There is no hard line in the sand. They made decisions which promoted the recession while simultaneously failing to acknowledge the problem existed.

 

It was amended along the way, specifically in the 90's, to put the loans at higher risk.

The entire housing bubble was a result of lacking risk analysis of loans and passing that risk off to unknowing/uncaring investors.

CRA was legislation that specifically addressed risky lending, and then forced it.

Though only a small portion of the loans were high risk sub-prime, the push for this kind of lending encouraged the practice by banks in regard to other lending.

 

well since I know youre not blaming the bank bailout that the president begged them to pass...on the Dem congress....

nobody took action on housing.....because there wasnt anything they could do that wasnt going to (*)(*)(*)(*) off everyone.

 

I agree with most of the above.....but where I have trouble...

is blaming the people who made an attempt to improve the system....and not the people who took advantage of it and destroyed our economy.

you could make the case that fanny and freddie had the same outcome....but since 80% of people have loans backed by them, its not a popular case to make.

 

I agree.

Everybody was getting rich off of it.

The problem was... it wasn't real.

 

no argument....which is why comparing the peak of the housing bubble to the current economy is silly.

not putting it on bush.....but the economy was built entirely on speculative housing values and was just a massive bubble.

for some reason people cant point out that the president inherited a recession...without being accused of blaming Bush.

 

ooh I love these serious discussions opposed to just battling partisan talking points with partisan talking points!

 

I agree that he inherited a recession.

I disagree with using that as a means to deny that his policies, enacted specifically as a means to get out of the recession, have not been successful.

How can we discuss his policies, and their failure to successfully recover the economy, if every time they are discussed the argument turns to "he inherited this mess"?

We have to evaluate if the measures being enacted work.

 

We've been out of the recession for some time....

And recover our economy to where? The peak of the last bubble? Is that the new bar?

 

You are correct, Yosh Shmenge.

These numbers really look bad for Obama.

PRINCETON, NJ -- The U.S. unemployment rate, as measured by Gallup without seasonal adjustment, is 9.0% in mid-February, up from 8.6% for January. The mid-month reading normally reflects what the U.S. government reports for the entire month, and is up from 8.3% in mid-January.

Gallup's mid-month unemployment reading, based on the 30 days ending Feb. 15, serves as a preliminary estimate of the U.S. government report, and suggests the Bureau of Labor Statistics will likely report on the first Friday of March that its seasonally adjusted unemployment rate increased in February. Gallup found that unemployment decreased to 8.3% in its mid-January report, and suggested that the U.S. unemployment rate the BLS reported for January would decline.

Gallup also finds 10.0% of U.S. employees in mid-February are working part time but want full-time work, essentially the same as in January. The mid-February reading means the percentage of Americans who can only find part-time work remains close to its high since Gallup began measuring employment status in January 2010.

http://www.gallup.com/poll/152753/U...ail&utm_campaign=sharing&utm_content=morelink

 

It seems to appear that Bush created a lot of jobs and Obama crashed them into the ground. Thanks Mr. President! Try helping the jobs and economy and not worry so much unconstitutional health care.

 

Except Bush was president for another year and Obama didn't become president until well after the halfway point of that jobs crash.

 

The longest period of high unemployment since the Great Depression due to Obama's policies, he has made it worse than it had to be with his failed policies. They predicted unemployment would be a 6% now if he got his stimulus bill. He did it isn't.

The job losses bottom out before his stimulus package things were getting better. His failed stimulus will in fact be a drag on the economy and unemployment is still horrible and GDP a tepid 1.7% last year.

And he offers NOTHING to will get the economy into the recovery it should have been in over a year ago.

 

Democrats had both houses in 2008 and 2009, Bush budgets and proposals were DOA.

 

And as you have already been the economy was on a rebound before the stimulus went into effect. Had he done nothing the economy was on a rebound. Instead he kept us in the ditch with his schemes and payoffs to his political allies and unemployment has been over 9% for three years and is at 10% when you add in those who have given up looking.

And you try to sugar coat it and excuse it.

 

Yes it bottomed out BEFORE Obama took office and was on a rebound before his stimulus went into effect. It prevented us from going into a full recovery.

 

When Bush came on TV and told us we could be facing a depression worse than the Great Depression, at that moment I knew the next president would be blamed for what was to come. I was right.

 

Rebound? The worst is yet to come from the Bush mess. There are trillions of dollars of worthless mortgage backed securities out there created during the housing bubble. The FED can not fake it forever.
It will take decades to recover from the disaster Bush created. That is if we ever do. So say the recovery began at the end of '08 shows how clueless you are. The recovery hasn't really begun yet.

 

Can't blame Bush for the failed Democrat policies of Barney and Dodd.

If Obama would have gotten the hell out of the way 3 years ago, we'd be booming.

 

No one has blamed Obama for the economic downturn, strawman.


What he is responsible for is preventing us from entering a full recovery and 4 years of the highest deficits on record and the longest period of high unemployment since the Great Depression.

His policies failed, he said if they did he should not be reelected.

Time to oblige him.