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#1
Posted to rec.audio.opinion
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To Scott and all other assorted right-wingnut loonies: A final word on Fannie and Freddie as my last post here
Despite the heading "John Stewart....." this piece was written by Mark Thoma, a distinguished economist and his own man when it comes to discussing these issues. I hesitate to call him "centrist" since he can be both right or left and sometimes both simultaneously. I've copied the text, but the URL contains both a video of Stewart and Sununu, but also an illustrative and elucidating chart. I actually don't think this bears much more discussion. This is accepted wisdom in financial circles. Congress, of course, is another story. See you all at the barricades.......... http://economistsview.typepad.com/ec...hn-sununu.html John Stewart Explains Economics to John Sununu Sununu's talking point - that the crisis was the government's fault, and in particular the role played by Fannie and Freddie - has been thoroughly debunked: Supply Curves Slope Up. Demand Curves Slope Down, by Brad DeLong: There is one huge argument against the claim that the crash in the mortgage market was in some sense the fault of excessively risky lending by the GSEs Fannie Mae and Freddie Mac which pulled the private sector along behind them: it is that Fannie Mae and Freddie Mac lost market share as all the loans that have now gone bad were made. http://img.skitch.com/20081218-8b4mq...5yfkx3de9s.jpg As Milton Friedman always used to say: supply curves slope up, and demand curves slope down. If something is due to a change in supply that causes movement along the demand curve, price will go down and quantity will go up. If something is due to a change in demand that causes movement along a supply curve, price will go down and quantity will go down. Between 2001 and 2006 the "price" at which Fannie Mae and Freddie Mac sold mortgages--the terms they set--certainly went down. But did the quantity go up? No: Fannie Mae and Freddie Mac together had made a much smaller share of mortgages in 2006 than in 2001: 37% as opposed to 48%. Price went down, and quantity went down. This means that the dominant feature of the mortgage market in the 2000s was not an expansion of supply by Fannie Mae and Freddie Mac pushing their implicit government guarantee past the limits of prudence, but was a reduction in demand for Fannie Mae and Freddie Mac's products as private-sector mortgage lenders aggressively pursued and took away their markets. At least, this is the dominant feature if you follow Milton Friedman and believe that typically supply curves slope up and demand curves slope down. Or, see this from an entry he It Wasn't Fannie and Freddie. One last note. It's pretty sad that John Stewart clearly has a better understanding of economics - much better - than a former senator who has been a member of the Committee on Finance and the Joint Economic Committee. No wonder the Republicans screwed the economy up so much - they can recite the ideological talking points that "tax cuts make it better, government makes it worse," but most of them don't seem to have a clue what makes the economy tick. Economist's View 02/20/09 Mark Thoma Economics Financial System Regulation Video Comments |
#2
Posted to rec.audio.opinion
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Hoover shows his cowardice, taunts and runs away.
In article
, ScottW2 wrote: Or, see this from an entry he It Wasn't Fannie and Freddie. Stats never tell the whole story. Especially when they counter your point of view. Stephen |
#3
Posted to rec.audio.opinion
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2pid's dilemma
On Feb 22, 11:09*am, ScottW2 wrote:
BTW, there is nothing more cowardly than your "final word" last post. It's a taunt and run-away. What a dilemma you create, 2pid. As I've shown...again, we do not need any more F-22s. Your argument (to those capable of thought, i.e. "smart people") in that regard is in tatters. But you will not see it that way. Your 'differing POV' remains as valid to you as it was before I went to all of the trouble of pulling up cites...again. LoL. Yet you yap and bark and whine when I call you an imbecile. But if I said, "Here's my final word, 2pid. You're a waste of air" and stopped posting you'd call me a coward. Not everybody will assist you in chasing your tail. Me? I'm back to shorthand: Imbecile. LoL. |
#4
Posted to rec.audio.opinion
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Hoover shows his cowardice, taunts and runs away.
On Feb 22, 3:46*pm, wrote:
Just what is it you're bringing to this discussion that merits equal consideration? No studies. No documentation. No statistical refutation. You've made a number of claims and stated them as grounding assumptions, but why should anyone accept that as a good response? Translated: 2pid are a imbecile. |
#5
Posted to rec.audio.opinion
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Hoover shows his cowardice, taunts and runs away.
Shhhh! said: Just what is it you're bringing to this discussion that merits equal consideration? No studies. No documentation. No statistical refutation. You've made a number of claims and stated them as grounding assumptions, but why should anyone accept that as a good response? Translated: 2pid are a imbecile. Somebody should tell our apologetic would-be dog trainer that all previous methods of getting Scottie to heel have been unsuccessful. |
#6
Posted to rec.audio.opinion
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Hoover shows his cowardice, taunts and runs away.
On Feb 22, 4:29*pm, George M. Middius
wrote: Shhhh! said: Just what is it you're bringing to this discussion that merits equal consideration? No studies. No documentation. No statistical refutation. You've made a number of claims and stated them as grounding assumptions, but why should anyone accept that as a good response? Translated: 2pid are a imbecile. Somebody should tell our apologetic would-be dog trainer that all previous methods of getting Scottie to heel have been unsuccessful. But he did bring up far more interesting points than 2pid did, so cut him some slack. I even bitch-slapped 2pid...again today. I fully understand the futility of it. I expect 2pid to come back with "Yes, but we still need more F-22s". |
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