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Obama's Economic Failures Hurting his Voters


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While everyone suffers for sure, I think the interesting points made in this article are that the only real regain of wealth that has occurred has been due to stock market growth and thus disproportionately benefits the rich.

 

 

The biggest losers: The poor, minorities and the young.

 

I just find it interesting that the people latch on to his words and believe what and who he says he's for, when empirical evidence shows the exact opposite.

 

And you say you are not cult members? Well explain yourself then.

 

http://www.washingtonpost.com/business/economy/americans-have-rebuilt-less-than-half-of-wealth-lost-to-the-recession-study-says/2013/05/30/7d29a878-c930-11e2-8da7-d274bc611a47_story.html

 

American households have rebuilt less than half of the wealth lost during the recession, leaving them without the spending power to fuel a robust economic recovery, according to a new analysis from the Federal Reserve.

 

From the peak of the boom to the bottom of the bust, households watched a total of $16 trillion in wealth disappear amid sinking stock prices and the rubble of the real estate market. Since then, Americans have only been able to recapture 45 percent of that amount on average, after adjusting for inflation and population growth, according to the report from the St. Louis Fed released Thursday.

In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker.

 

 

 

“A conclusion that the financial damage of the crisis and recession largely has been repaired is not justified,” the report stated.

 

 

The study is part of a growing body of research on the role of household wealth — or lack thereof — in amplifying the impact of the recession and slowing the rate of recovery. Traditionally, economists and policymakers have focused on the effects of employment and income. But the report from the St. Louis Fed argued that swings in household balance sheets — which include home values, stock prices, savings and debt — were critical in determining which families weathered the financial storm and which got swept away.

 

 

The report found that the most fragile households were not well educated, relatively young or black or Hispanic, or some combination of those characteristics. Those families tended to have low savings combined with high debt and accrued much of their wealth through housing.

 

How those households respond to the changes in wealth is a critical component of the recovery. Top officials, including Chairman Ben S. Bernanke, have pointed to the rebound in real estate and the soaring stock market as evidence of the success of the central bank’s policies.

The Fed is spending $85 billion a month to lower long-term interest rates and stimulate the economy. It has also kept short-term interest rates to near zero. that has helped push stock markets to record highs, while home prices have jumped by the most in seven years. Consumer confidence is at its highest point since February 2008. Officials hope those factors will eventually result in more consumer spending power.

 

“I think we’re at an inflection point,” said Beth Ann Bovino, senior economist at Standard & Poor’s. “We’re seeing things turn around. And that’s where the optimism comes in among households.”

But research by noted economists Karl Case, John Quigley and Robert Shiller found the households were more powerful affected by declines in wealth than increases. An unexpected 1 percent drop in housing prices caused a permanent 0.1 percent decrease in spending, that study found. But a similar 1 percent rise in housing prices boosted consumer spending by only 0.03 percent.

“Rising wealth is gratifying, but the loss of wealth is terrifying,” said Mark Zandi, chief economist at Moodys.com. “Households spend somewhat more freely as their nest eggs grow, but they slash their spending when their nest eggs shrink.”

William Emmons, chief economist for at the St. Louis Fed’s new Center for Household Financial Stability, said that many of the most vulnerable households began to treat credit as another form of income during the boom. After the bust, they were forced to dramatically rethink their finances, resulting in more cautious spending.

 

 

Emmons said many families have not experienced any recovery — or are even still losing wealth. Young Americans, those with few skills or are unemployed may not have been able to rebuild any wealth. He noted that though the number of foreclosures has dropped significantly, it is still more than double the pre-crisis amount.

 

Meanwhile, he estimated that recent gains in the stock market mean that the recovery of wealth is nearly complete for white and Asian households and older Americans.

 

Wealth accumulation not only impacts families’ current financial status but also their prospects for future economic success. The St. Louis Fed report points to studies that connect savings to the likelihood of attending and completing college and economic mobility.

“Balance sheets matter in ways that income alone does not,” said Ray Boshara, head of the center.

 

 

I will add that this is part and parcel the playbook of a tyrant.

 

 

 

Hurt his own people and keep them down, scapegoat someone else, prop yourself up as their savior by promising hope and change.

 

Prediction: No one this message should reach will allow it past their limbic system.

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While everyone suffers for sure, I think the interesting points made in this article are that the only real regain of wealth that has occurred has been due to stock market growth and thus disproportionately benefits the rich.

 

 

The biggest losers: The poor, minorities and the young.

 

Yeah, but that's okay because the rich are getting richer as the stock markets rise!

 

Ask any troll. :glare:

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Yeah, but that's okay because the rich are getting richer as the stock markets rise!

 

Ask any troll. :glare:

You know, that's OK with me. I've done well with the growing market. It just find it quite ironic that they don't acknowledge that the gaps have never grown wider than under Obama.

 

 

Yeah, capitalism is a fking failure. All the capitalists kings can't put humpty dumpty back together again. LMAO!!! You simple simeons never learn.

 

 

Thank you for making my case.

 

Stated again for reference, Prediction: No one this message should reach will allow it past their limbic system.

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While everyone suffers for sure, I think the interesting points made in this article are that the only real regain of wealth that has occurred has been due to stock market growth and thus disproportionately benefits the rich.

 

 

The biggest losers: The poor, minorities and the young.

 

I just find it interesting that the people latch on to his words and believe what and who he says he's for, when empirical evidence shows the exact opposite.

 

And you say you are not cult members? Well explain yourself then.

 

http://www.washingtonpost.com/business/economy/americans-have-rebuilt-less-than-half-of-wealth-lost-to-the-recession-study-says/2013/05/30/7d29a878-c930-11e2-8da7-d274bc611a47_story.html

 

American households have rebuilt less than half of the wealth lost during the recession, leaving them without the spending power to fuel a robust economic recovery, according to a new analysis from the Federal Reserve.

 

From the peak of the boom to the bottom of the bust, households watched a total of $16 trillion in wealth disappear amid sinking stock prices and the rubble of the real estate market. Since then, Americans have only been able to recapture 45 percent of that amount on average, after adjusting for inflation and population growth, according to the report from the St. Louis Fed released Thursday.

In addition, the report showed most of the improvement was due to gains in the stock market, which primarily benefit wealthy families. That means the recovery for other households has been even weaker.

 

 

 

“A conclusion that the financial damage of the crisis and recession largely has been repaired is not justified,” the report stated.

 

 

The study is part of a growing body of research on the role of household wealth — or lack thereof — in amplifying the impact of the recession and slowing the rate of recovery. Traditionally, economists and policymakers have focused on the effects of employment and income. But the report from the St. Louis Fed argued that swings in household balance sheets — which include home values, stock prices, savings and debt — were critical in determining which families weathered the financial storm and which got swept away.

 

 

The report found that the most fragile households were not well educated, relatively young or black or Hispanic, or some combination of those characteristics. Those families tended to have low savings combined with high debt and accrued much of their wealth through housing.

 

How those households respond to the changes in wealth is a critical component of the recovery. Top officials, including Chairman Ben S. Bernanke, have pointed to the rebound in real estate and the soaring stock market as evidence of the success of the central bank’s policies.

The Fed is spending $85 billion a month to lower long-term interest rates and stimulate the economy. It has also kept short-term interest rates to near zero. that has helped push stock markets to record highs, while home prices have jumped by the most in seven years. Consumer confidence is at its highest point since February 2008. Officials hope those factors will eventually result in more consumer spending power.

 

“I think we’re at an inflection point,” said Beth Ann Bovino, senior economist at Standard & Poor’s. “We’re seeing things turn around. And that’s where the optimism comes in among households.”

But research by noted economists Karl Case, John Quigley and Robert Shiller found the households were more powerful affected by declines in wealth than increases. An unexpected 1 percent drop in housing prices caused a permanent 0.1 percent decrease in spending, that study found. But a similar 1 percent rise in housing prices boosted consumer spending by only 0.03 percent.

“Rising wealth is gratifying, but the loss of wealth is terrifying,” said Mark Zandi, chief economist at Moodys.com. “Households spend somewhat more freely as their nest eggs grow, but they slash their spending when their nest eggs shrink.”

William Emmons, chief economist for at the St. Louis Fed’s new Center for Household Financial Stability, said that many of the most vulnerable households began to treat credit as another form of income during the boom. After the bust, they were forced to dramatically rethink their finances, resulting in more cautious spending.

 

 

Emmons said many families have not experienced any recovery — or are even still losing wealth. Young Americans, those with few skills or are unemployed may not have been able to rebuild any wealth. He noted that though the number of foreclosures has dropped significantly, it is still more than double the pre-crisis amount.

 

Meanwhile, he estimated that recent gains in the stock market mean that the recovery of wealth is nearly complete for white and Asian households and older Americans.

 

Wealth accumulation not only impacts families’ current financial status but also their prospects for future economic success. The St. Louis Fed report points to studies that connect savings to the likelihood of attending and completing college and economic mobility.

“Balance sheets matter in ways that income alone does not,” said Ray Boshara, head of the center.

 

 

I will add that this is part and parcel the playbook of a tyrant.

 

 

 

Hurt his own people and keep them down, scapegoat someone else, prop yourself up as their savior by promising hope and change.

 

Prediction: No one this message should reach will allow it past their limbic system.

 

Yeah; it hurts Obama voters along with the rest of us when the economy does not improve more quickly than it is doing. I'll give you that.

 

But then, here's the number of his voters he needs to vote for him again: 0

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Yeah; it hurts Obama voters along with the rest of us when the economy does not improve more quickly than it is doing. I'll give you that.

 

But then, here's the number of his voters he needs to vote for him again: 0

I think my goal is not to make them not vote for him again, but to be more discerning in the future about liars such as he is from ever pulling the wool over your their eyes again. Not to let emotion override their common sense. And to see a charlatan for what he or she is.

 

For example, Elizabeth Warren. Why that fraud who used fake affirmative action to get aheqad, flipped houses for profit, and ran cases for corporations against the workers then goes around and claims she is for the little guy.

 

You guys have GOT to look deeper than rhetoric. You're lazy...I'm calling you Obama voters out, you're lazy because you WANT to believe.

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I think my goal is not to make them not vote for him again, but to be more discerning in the future about liars such as he is from ever pulling the wool over your their eyes again. Not to let emotion override their common sense. And to see a charlatan for what he or she is.

 

For example, Elizabeth Warren. Why that fraud who used fake affirmative action to get aheqad, flipped houses for profit, and ran cases for corporations against the workers then goes around and claims she is for the little guy.

 

You guys have GOT to look deeper than rhetoric. You're lazy...I'm calling you Obama voters out, you're lazy because you WANT to believe.

 

People need goals, but in fact, in party self-identification polling, Dem is holding steady at the #1 spot, while Ind is growing and in the #2 spot, with Rep diminishing to the point, that it's now in the #3 spot; and only 1-in-4 Americans call themselves "Republicans."

 

You're going backward and not nearer your goal. So maybe try harder, i.e., come back from the loony right that's alienating more and more Americans each and every day.

 

Just a thought.

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People need goals, but in fact, in party self-identification polling, Dem is holding steady at the #1 spot, while Ind is growing and in the #2 spot, with Rep diminishing to the point, that it's now in the #3 spot; and only 1-in-4 Americans call themselves "Republicans."

 

You're going backward and not nearer your goal. So maybe try harder, i.e., come back from the loony right that's alienating more and more Americans each and every day.

 

Just a thought.

Is there any part of your response that is relevant to the OP or the post you were responding to? I am a registered independent. I made no claim for any particular ideology.

 

 

You can choose to be naive as to the content of character of the indviduals you support all you want. I'm just asking people to be more discerning that what they think they are voting for is what they actually are voting for.

 

As demonstrated by the OP and my statement.

 

Obama is claiming to want to help the poor, minorities and youth (incidentally those groups are the most easily deceived) but the actual behavior and results is counter to that. Many of those people are not knowledgeable that he is not doing what he says.

 

Similarly - Elizabeth Warren is running on the fraudulant claim she is for the little guy as well. But a look at her life reveals a person that consistently sought how to get herself ahead by taking advantage of the little guy.

 

It bothers me that people can just say something and have the sheep believe it without demanding that they demonstrate that commitment to those values in their behavior.

 

Feel free to give me a right winger with no character. Who says one thing to manipulate for votes, but does another, and I will gladly bash them as well.

 

Also feel free to show me a liberal with character such as Dick gephardt or Paul Wellstone (RIP) and I will defend them to the end.

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