Obama on economic crisis: 'We didn't know how bad it was.

AspenValley wrote: All I can say is if you think it was only NAR lying, I've got some swampland you might be interested in.....

And since the housing collapse is in and of itself a HUGE part of the economic problem, even if not one single other organization fudged any of their numbers (Sure they didn't. All of those mortgage based securities were just as good as gold, too!) just having such bad information on home sales alone is enough to totally skew the picture.

And if you want to talk about being unable to keep up with spin, what about your post? You are rocking and rolling there, throwing in a bunch of crap that has absolutely nothing to do with what Obama did or did not know about the economy in 2008. What the heck does fwhat Debbie Schulz has to say about unemployment have to do with what Obama knew in 2008? You don't make sense.

Even aside from all the lying and cover ups and lack of transparency on the part of many industries, especially the financial one, I don't think Obama possibly COULD have known the extent of the problems when he took office because the collapse was still unfolding. How many people out there can you point me to who did? No one short of a psychic.

How many people out there can you point me to who did?

Although an economic bubble is difficult to identify except in hindsight, numerous economic and cultural factors led several economists (especially in late 2004 and early 2005) to argue that a housing bubble existed in the U.S.[18][26][38][39][40][41][42][43] Dean Baker identified the bubble in August 2002,

Congressman Ron Paul of Texas predicted the bubble and bust on 16 July 2002 with his address to the House of Representatives stating the following

John A. Kilpatrick, of Greenfield Advisors, was cited by Bloomberg News on June 14, 2007, on the linkage between increased foreclosures and localized housing price declines:

http://en.wikipedia.org/wiki/United_Sta ... ing_bubble

How about...

On September 30, 1999, The New York Times reported that the Clinton Administration pushed for more lending to low and moderate income borrowers, while the mortgage industry sought guarantees for sub-prime loans: In the early and mid-2000s, the Bush administration called numerous times[35] for investigation into the safety and soundness of the GSEs and their swelling portfolio of subprime mortgages.

In a June 2008 speech, President and CEO of the New York Federal Reserve Bank Timothy Geithner — who in 2009 became Secretary of the United States Treasury — placed significant blame for the freezing of credit markets on a "run" on the entities in the "parallel" banking system, also called the shadow banking system

John C. Bogle wrote during 2005 that a series of unresolved challenges face capitalism that have contributed to past financial crises and have not been sufficiently addressed:

Lebanese-American trader and financial risk engineer Nassim Nicholas Taleb, author of the 2007 book The Black Swan, spent years warning against the breakdown of the banking system in particular and the economy in general owing to their use of bad risk models and reliance on forecasting, and their reliance on bad models, and framed the problem as part of "robustness and fragility".[148][149] He also took action against the establishment view by making a big financial bet on banking stocks and making a fortune from the crisis ("They didn't listen, so I took their money").[

http://en.wikipedia.org/wiki/Financial_crisis_of_2007 –2010

Shall I keep going... ?

I didn't ask you to name someone who predicted a bubble, several did. And everyone knew the bubble was bursting in 2008. But knowing the bubble was bursting is NOT the same thing as being able to predict just how bad things would get or how long this recession would last. I think even the gloomiest (and I was and am among them) were still shocked at the depth and intractability of the problems.

AspenValley wrote: I didn't ask you to name someone who predicted a bubble, several did. And everyone knew the bubble was bursting in 2008. But knowing the bubble was bursting is NOT the same thing as being able to predict just how bad things would get or how long this recession would last. I think even the gloomiest (and I was and am among them) were still shocked at the depth and intractability of the problems.

"I didn't ask you to name someone who predicted a bubble," well... yes you did... in very plain English. But we'll make believe you never said it (did Debbie Was-a-man Schultz help you with this comment). You keep moving the target... now you add the modifier " depth and intractability" of the problem. Then in that case... this was no more Bush's fault as it was Obama fault. I can accept that.

The Liberals GOP Twin wrote:

AspenValley wrote: I didn't ask you to name someone who predicted a bubble, several did. And everyone knew the bubble was bursting in 2008. But knowing the bubble was bursting is NOT the same thing as being able to predict just how bad things would get or how long this recession would last. I think even the gloomiest (and I was and am among them) were still shocked at the depth and intractability of the problems.

"I didn't ask you to name someone who predicted a bubble," well... yes you did... in very plain English. But we'll make believe you never said it (did Debbie Was-a-man Schultz help you with this comment). You keep moving the target... now you add the modifier " depth and intractability" of the problem. Then in that case... this was no more Bush's fault as it was Obama fault. I can accept that.

No, I didn't move the target.

I don't think Obama possibly COULD have known the extent of the problems when he took office because the collapse was still unfolding. How many people out there can you point me to who did? No one short of a psychic.

Where in that do you see me asking, in plain English or otherwise, for someone who predicted the bubble? I asked you to point me to someone who knew what the EXTENT OF THE PROBLEMS AS THE RESULT OF THE COLLAPSE OF THAT BUBBLE WERE GOING TO BE, all the way back in 2008 when Obama took office.

AspenValley wrote:

The Liberals GOP Twin wrote:

AspenValley wrote: I didn't ask you to name someone who predicted a bubble, several did. And everyone knew the bubble was bursting in 2008. But knowing the bubble was bursting is NOT the same thing as being able to predict just how bad things would get or how long this recession would last. I think even the gloomiest (and I was and am among them) were still shocked at the depth and intractability of the problems.

"I didn't ask you to name someone who predicted a bubble," well... yes you did... in very plain English. But we'll make believe you never said it (did Debbie Was-a-man Schultz help you with this comment). You keep moving the target... now you add the modifier " depth and intractability" of the problem. Then in that case... this was no more Bush's fault as it was Obama fault. I can accept that.

No, I didn't move the target.

I don't think Obama possibly COULD have known the extent of the problems when he took office because the collapse was still unfolding. How many people out there can you point me to who did? No one short of a psychic.

Where in that do you see me asking, in plain English or otherwise, for someone who predicted the bubble? I asked you to point me to someone who knew what the EXTENT OF THE PROBLEMS AS THE RESULT OF THE COLLAPSE OF THAT BUBBLE WERE GOING TO BE, all the way back in 2008 when Obama took office.

"Lebanese-American trader and financial risk engineer Nassim Nicholas Taleb, author of the 2007 book The Black Swan, spent years warning against the breakdown of the banking system in particular and the economy in general owing to their use of bad risk models and reliance on forecasting, and their reliance on bad models, and framed the problem as part of "robustness and fragility".[148][149] He also took action against the establishment view by making a big financial bet on banking stocks and making a fortune from the crisis ("They didn't listen, so I took their money")."

Simple.

So he wrote a book in 2007 about what everyone would know by 2008 but again, what the heck does that have to do with being able to look at the situation in 2008 and be able to predict how deep the problems were and how long they were going to last?

AspenValley wrote: So he wrote a book in 2007 about what everyone would know by 2008 but again, what the heck does that have to do with being able to look at the situation in 2008 and be able to predict how deep the problems were and how long they were going to last?

Read the book.

Yawn.

The Liberals GOP Twin wrote:

AspenValley wrote: So he wrote a book in 2007 about what everyone would know by 2008 but again, what the heck does that have to do with being able to look at the situation in 2008 and be able to predict how deep the problems were and how long they were going to last?

Read the book.

Yawn.

Yeah, I"m gettng pretty bored with this conversation, too. If you can't provide something from the book that supports your contention, I'm gonna assume you ain't got it.

AV, it might help if you quote who you are answering.