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HelicopterOff Topics News & Politics › A Deeper U.S. Recession Than Anticipated
12-27-2008 10:04 PM  8 years agoPost 1
Apache Snow

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Northbrook, ILL

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The Conference Board for the second time this month, had to deepen their recession forecast significantly. Their current recession forecast of more than 4 percent (annualized) for both the current quarter and the first quarter of 2009 is based on several factors.
http://www.conference-board.org/eco...efeconomist.cfm
  • Housing market shows few signs of bottoming out.
  • Even though mortgage rates appear on a downward trend, conditions are still tight, and this is true of most other lending instruments (loans for inventory, new plants, large equipment purchases, etc).
  • Consumer expenditures are not showing any signs of recovery.
  • Business investment has hugely declined by more than 14%.
  • Employment is declining at dramatic rates (the total number of jobs in the U.S. is shrinking)..
  • 533,000 workers lost their jobs in November 2008..
  • The U.S. has lost more than 1.5 million jobs over the last year.

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12-27-2008 10:49 PM  8 years agoPost 2
born2rc

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Rolla, Missouri

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we all know the facts you stated, and we all know the current state we are in is because of Bush. what is your point?

let him spend the last few days of his presidency in peace ...

Bob

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12-28-2008 01:39 AM  8 years agoPost 3
Dennis (RIP)

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Oregon

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born2rc
we all know the facts you stated, and we all know the current state we are in is because of Bush
Yeah right. Blame Bush again.

Apparently you did not see this thread:

http://www.runryder.com/helicopter/t482885p1/

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12-28-2008 06:01 AM  8 years agoPost 4
born2rc

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Rolla, Missouri

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sorry, i didn't see that thread.

it is from Fox News, but that is besides the point ... bottom line, under Bush's watch all these things happened (i.e. unemployment, housing market, etc.), doesn't matter if he saw it coming - he is the president, it is his job to fix it, period. if he can't fix it - then at least own up to it.

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12-28-2008 06:24 AM  8 years agoPost 5
flipped2left

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indianapolis,in.

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as much as i hate to say this but,,,,,,,,it wasn't bush's fault, try the federal reserve and wall street, mostly the fed.if you do a search you will find the fed AND the I.R.S. are privately owned companies working independently from the govt. infrastructure. clinton and a few others could be named as well.all of these free trade agreements and our companies moving jobs to cheap labor countries was the nail in the coffin not to mention tax writeoffs.. btw i still don't like bush and have reservations about obama.

Smile! people will wonder what you're up to!!

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12-28-2008 04:05 PM  8 years agoPost 6
Dragon2115

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New England

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Yup, another blame Bush poster. Too bad this all traces back to people like Obama and how when he worked with ACORN they sued banks into making more and more sub-prime loans. Not to mention people like Charles Schummer and Barney Frank that prevented any sort of regulation from being put into place on the finacial and morgage markets BEFORE this all happened.

I will give them credit where it's due though. They did an excellent job of convincing people it was all the republicans fault and subsequently getting re-elected again. Just goes to show how blind and stupid their constituents really are.

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12-28-2008 04:13 PM  8 years agoPost 7
Dragon2115

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New England

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And as for this statement,
he is the president, it is his job to fix it, period. if he can't fix it - then at least own up to it.
you need to learn what powers the office of the President does and doesn't have. Despite what you may think, the president is not all powerful. They have a lot of power in certain areas, such as while acting as Commander-In-Chief. But when it comes to things like regulating morgage lending practices or enacting regulation of financial institutions, the president only has the power to either sign or veto whatever Congress puts on their desk. They can lobby Congress to write something they want but thats about all.

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12-29-2008 05:20 PM  8 years agoPost 8
Apache Snow

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Northbrook, ILL

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we all know the facts you stated, and we all know the current state we are in is because of Bush
Yeah right. Blame Bush again.

Apparently you did not see this thread:

http://www.runryder.com/helicopter/t482885p1/
WoW!!!,,,, an Op/Ed piece from Faux News,, blaming the Democrats for the economic problems,, and one in particular Barney Frank,,, WhoDaThunkIt..

Dennis,,,, Inspector Fuzz,,, or anbody,,,,,, Fannie Mae & Freddie Mac,,, tell me,,, exactly what do they do,, and don't just blurt out "They're in Mortgages"...
.

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12-29-2008 07:54 PM  8 years agoPost 9
whirlyspud

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USA

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Are you defending Barney Frank? Good luck.

Mike

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12-29-2008 09:06 PM  8 years agoPost 10
homer

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Gainesville -​Florida

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Are you defending Barney Frank? Good luck.
No, he's just bashing President Bush again. He has nothing better to do.

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12-30-2008 02:40 AM  8 years agoPost 11
Inspector Fuzz

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NLA

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@Apache

Fannie and Freddie are private corporations that were created by the US government.
They exist largely as middle-men in the mortgage market.
They serve as a clearing house to buy bundled mortgages from banks who make them.
This in turn, keeps money in the banks so that they can loan it out to create more mortgages.

Fannie and Freddie then look for and sell these bundled mortgages to investors. These investors can be foreign or domestic and are usually banks or corporations. I don't know if individuals can buy bundles mortgages or not.

You may have heard the terms "conforming and non-conforming" loans.

It depends on where you live, but a conforming loan in Texas is a loan less than $417K with certain lending restrictions.
What this means is that Fannie and Freddie will buy this loan. Allowing banks to keep their money to make more loans.

A non-conforming loan, in Texas is $417K or more. Fannie and Freddie will not buy these loans. Before the mortgage collapse lots of foreign banks and companies bought these loans and held them for the interest. No one wants to do that now for less than 7% interest (30 year note) and at least a 760 credit score and 20-25% down. That is why it is so hard for people in more expensive areas to sell. Banks or individual investors must make and HOLD ONTO these loans, which ties up their capital.
The bulk of foreclosures I have seen in the Austin, Tx. area this past year are in the $400K range and up.

I currently try to make a living in Real Estate.

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12-30-2008 01:32 PM  8 years agoPost 12
billybob

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Torrance, CA

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RELAX!! change is coming

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12-30-2008 04:55 PM  8 years agoPost 13
Apache Snow

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Northbrook, ILL

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Fannie and Freddie are private corporations that were created by the US government.
They exist largely as middle-men in the mortgage market.
They serve as a clearing house to buy bundled mortgages from banks who make them.
This in turn, keeps money in the banks so that they can loan it out to create more mortgages.

Inspector Fuzz,,, Good start,, you are half way there...

Fannie and Freddie buy "bundled mortgages" 20,000 - 100,000 or more at a time,,, mortgages that already exist.. Fannie & Freddie DO NOT sell mortgages directly to Borrowers... The mortgages they buy are already approved and have been issued by Banks, S&Ls, and Mortgage Companys.

Keeping that in mind,,, how are Fannie & Freddie responsible for the economic downturn????
.

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12-31-2008 02:51 PM  8 years agoPost 14
1stPlace

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Ohio USA

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Keeping that in mind,,, how are Fannie & Freddie responsible for the economic downturn????
In 1999 Congress, the Clinton administration and share holders all pressured Fannie and Freddie to ease credit restrictions to expand home ownership, while maintaining their profitability. Too many people bought homes they couldn't afford. Too many people took advantage of the easy borrowing and jumped on the "house flipping" band wagon (while home values outpaced inflation). Freddie and Fannie further encouraged subprime loans by continuing to buy them from the banks. Freddie and Fannie resold those bundled mortgages as securities. All of this caused the over inflated home values. When the housing bubble finally popped, banks had to tighten lending. Because of that, a whole bunch of people couldn't keep borrowing, so they stopped spending, other people with good credit stopped spending because of the uncertainty of the markets. When that happened, the stock market fell drastically. As people watched their home values and 401K' plummet, they nearly completely stopped borrowing, causing the stock markets to fall even further. There is plenty of blame to go around. But, Fannie and Freddie are at the top of the pyramid.

-Or-

It's all Boosh's fault!

Diejenigen, die nicht lernen aus den Fehlern der Vergangenheit bestimmt sind, zu wiederholen.

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12-31-2008 02:57 PM  8 years agoPost 15
tarmack

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Ky USA

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Don't confuse people with the facts.

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01-01-2009 04:09 AM  8 years agoPost 16
Sealerman

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Long Island, New​York.

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There is plenty of blame to go around. But, Fannie and Freddie are at the top of the pyramid.

-Or-

It's all Boosh's fault!
So where does the BUCK STOP?

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01-01-2009 04:21 AM  8 years agoPost 17
husky385

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Eugene

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So where does the BUCK STOP?
House an Senate period.
Kevin

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01-01-2009 04:33 AM  8 years agoPost 18
Sealerman

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Long Island, New​York.

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House an Senate period.
Gee has the Republicans ever run the House and Senate?

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01-01-2009 05:27 AM  8 years agoPost 19
husky385

rrNovice

Eugene

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Gee has the Republicans ever run the House and Senate?
So whats your point. All of them are a bunch of losers Repubs and dems. Wasn't it the dems that said there was no problem. It's damn sure not going to be good for this country to be run by only one radical group. you need the other radical group to balance it out. You dems will tax us out of existence and then give away our sovereignty.
Kevin

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01-01-2009 12:36 PM  8 years agoPost 20
1stPlace

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Ohio USA

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So where does the BUCK STOP?
Apparently, it stops at the American Taxpayer. Corporate execs and politicians are not being held accountable. But, we are being forced to bail them out.

Diejenigen, die nicht lernen aus den Fehlern der Vergangenheit bestimmt sind, zu wiederholen.

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