U.S. economy slipped badly during last 4 years

Return To Article
Add a comment
  • Hutterite American Fork, UT
    Oct. 8, 2012 1:13 p.m.

    Since president obama took office? Sorry, but I don't want to return to the good old days of milk and honey that President obama inherited from president cheney.

  • lost in DC West Jordan, UT
    Oct. 8, 2012 9:45 a.m.

    sorry, did I say late 2010,? I meant late 2006.

    Sorry, were the dots too close for you to connect? Fannie and freddie were the catalysts that started it all.

    Let me use an analogy; Fiberglass has three basic components: a cloth-like fabric, a thick resin, and a small amount of catalyst that causes the resin to harden. I do not remember the exact proportions, because it has been at least 20 years since I worked with fiberglass, but maybe a half a cup of catalyst, if that much, will cause an entire gallon of resin to harden. The catalyst is mixed with the resin and spread over the cloth-like fibers. The chemical agents in the catalyst cause the resin to hared on the cloth, and you have fiberglass.

    Just as the catalyst constitutes the smallest percentage of the make-up of fiberglass, it is what gets everything going. Fannie and Freddie act the same, they are not the entire secondary mortgage market, but they are catalysts - they set the standards that all else follow. Without fannie and freddie lowering the bar, the private sector does not follow and melt-down. F&F failed, too, BTW.

  • Eric Samuelsen Provo, UT
    Oct. 7, 2012 6:53 p.m.

    Lost in DC,
    Sorry, but the great financial crisis of 2007 and 08 was a private sector meltdown. Fannie and Freddy were a very small part of it, less than 10% by the most reliable economic analysis.

  • Ali'ikai 'A'amakualenalena Provo, UT
    Oct. 7, 2012 2:16 p.m.

    Do people remember Fall, 2008? America was not on top of the world economically. John McCain stopped campaigning to focus on the economic crisis that was sending the economy into a tail spin. Mitt Romney was there with McCain trying to figure out what was happening and nobody knew. No one understood what the banks had been doing and no one who had been behind the fiasco could explain how what they had been doing worked. All we knew was that some very bright people found a way to make a lot of money but didn't understand the consequence beyond the huge profits they enjoyed. And neither did they care!

    Let's have some historical perspective on the problem. One can only sympathize with the man who inherited that mess. And it took well over 1 1/2 to get things stabilized, much less back on track to recovery.

    I'd sure like some honest talk about all this without the noise and misinformation that comes in a political campaign. Ideas, people. Let's have an honest discussion rather than cliches and partisan rhetoric.

  • lost in DC West Jordan, UT
    Oct. 7, 2012 9:23 a.m.

    "correctly blames bush-cheney"? No, to blame bush-cheney would be incorrect. They may have sat passively by, but it is barney frank to whom belongs the blame for the economic meltdown BO inherited.

    Without barney frank forcing fannie and freddie to buy low-quality mortgages, banks do not make them. If banks don't make low quality loans, the housing does not appear tight, which leads to speculation which ever drives housing prices higher. Fannie and freddie may not be the entire secondary market, but they set the standard.

    In late 2010, the banking regulators issued guidance saying it was no longer acceptable for banks to make such loans,even if fannie and freddie would buy them. Finally in August 2007, fannie and freddie stopped buying junk loans and the subprime collapse hit, then the Alt-A market fell, dragging down the prime market and the rest of the economy.

    Of course, BO's actions since taking over have delayed economic recovery. Obamacare, lack of confidence by the business sector, political gridlock, etc.

    Time to replace the current incompetent occupying the WH with someone who knows how to make money.

  • freedomingood provo, Utah
    Oct. 7, 2012 7:02 a.m.

    Partisan hackery. I'm convinced some people just arn't capable of rational thought anymore. Bush was loosing 700,000 jobs a month at the end of his presidency. We've been loosing manufacturing jobs for 30 years as a result of bipartisan free market policies.

    When we kept passing these "free trade" bills like NAFTA we knew there were going to be jobs lost. Why is it so surprizing now? And why in the world would you blame Obama for 30 years of legislation. Hackery is the only answer.

    Call a waambulance. I voted for Perot, I don't want to hear your whinning now republicans.

  • Dektol Powell, OH
    Oct. 7, 2012 6:04 a.m.

    In visiting friends in North Dakota I found out the State has more than a Billion $$$ surplus, a need for workers all over the State(especially in the West with the Oil boom) and McDonalds and Pizza places in Minot paying over $16 per hour.
    Maybe being fiscally sound and not regulating every little thing helps?