http://www.thedenverchannel.com/mone...95/detail.html

Worst in years! Slumps starts when Dems take over!

Quick, raise the minimum wage again!!

If you will examine the economic performance under democrativ vs
republican administrations from 1900 to the present, you will find that
the economy faired much better under democratic than under republican
administrations. Also, if you will look at the rise and fall of world
powers since the industrial revolution, you will find the economies with
major concemtrations of wealth stagnated, while those whose wealth was
less concentrated thrived.

The current slump is caused by a meltdown in the housing market that
was fueled by irresponsible lending practices, advocated and supported
by the current administration's laissez-faire policies toward America's
financial industry. When the enormous deficits being racked up by the
Republican administration to finance a war while cutting taxes to the
wealthiest 10 percent of the nation resulted in a significant increase
in interest rates, the people with subprime and zero-equity mortgages
got caught short. Foreclosures and forced sales, as well as tightening
requirement for new mortgages caused the housing bubble to deflate. At
least it is deflating gently for now.


"Bob Crantz" wrote in message
...
http://www.thedenverchannel.com/mone...95/detail.html

Worst in years! Slumps starts when Dems take over!

Quick, raise the minimum wage again!!

"Dave" wrote in message
...
On Fri, 27 Apr 2007 19:56:43 -0400, "Beauregard"
wrote:

The current slump is caused by a meltdown in the housing market that
was fueled by irresponsible lending practices, advocated and supported
by the current administration's laissez-faire policies toward America's
financial industry.

Gee, yeah. Those irresponsible evil bankers just pushed money at
people and let folks who shouldn't be allowed to own houses buy them.
Now maybe one in ten of those folks will lose that non-existent
down-payment. The gummint should have insisted that those folks be
kept down on the plantation in those perfectly fine public housing
projects. Meanwhile all those defaulted mortgages are gonna make the
irresponsible bankers rich.

Some, perhaps, but not all. Many banks, counting on the upward spiral of RE
values, loaned money with no down payments and interest-only monthly
payments. If the properties in question fell below the principle amount
loaned--any most have in such places as San Francisco and Chicago--the buyer
walks away from the home, but the bank takes a bath, unable to resell the
property for anything near the amount invested in it and essentially unable
to sell it even at a loss due to the market slump.

Max

"Dave" wrote in message
...
On Sat, 28 Apr 2007 21:03:36 -0400, Charlie Morgan wrote:

Max, my head was planted firmly in my ass.

Dave, we are all capable of figuring that out without you stating the
obvious.

That's what I had thought. But Max's comment about some of the banks
losing money suggests he didn't read my comment about the bankers'
getting rich as irony.

I need to quit reading and posting late at night. I only skimmed your
comments and posted a quick response. Missed the irony--sorry.

Max