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Post by frankcor on Mar 1, 2009 11:36:46 GMT -5
Here are some interesting data from Charles Krauthammer's recent column, The Obamaist Manifesto: (you'll need to sign up for a free account to read the entire column) In the European Union, government spending has declined slightly, from 48 percent to 47 percent of GDP during the past 10 years. In the United States, it has shot up from 34 percent to 40 percent. Part of this explosive growth in U.S. government spending reflects the emergency private-sector interventions of a Republican administration. But the clear intent was to make the massive intrusion into the private sector temporary and to retreat as quickly as possible. Obama has radically different ambitions.
The spread between Europe and America in government-controlled GDP has already shrunk from 14 percent to 7 percent. Two terms of Obamaism and the difference will be zero. Incidentally, I think Krauthammer is too easy on the Republcians and their 10-year spending binge. |
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Post by dgriffin on Mar 1, 2009 16:06:32 GMT -5
I will indeed sign up. I like Krauthammer's normally even approach, as well as his erudition.
However, quoting him from your post:
"But the clear intent was (for the Republicans) to make the massive intrusion into the private sector temporary and to retreat as quickly as possible. Obama has radically different ambitions." (My emphasis.)
"My clear intention," I told a date years ago, "is tighten the back of your bathing suit for you."
But you know how that goes.
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Post by frankcor on Mar 1, 2009 18:48:28 GMT -5
Dave, are you saying the GOP copped a feel on all of us?
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Post by stoney on Mar 1, 2009 18:49:17 GMT -5
OK, I'm going to get raped over this but I'm doing it anyway.
I was under the impression that APRs would not be able to rise, letting homeowners still pay their mortgage at the same rates they had been paying. The sub-prime loans were given with APRs, which eventually lead to foreclosures?
Correct me if I'm wrong (and I'm sure Gear will).
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Post by frankcor on Mar 1, 2009 18:59:20 GMT -5
The problem wasn't the adjustable rate mortgages, per se. The problem was banks giving loans to people they KNEW couldn't afford the monthly payments once the rate escalated. The bankers told their customers "Don't worry. (Be happy) You'll never have to make payments that hight. You can just refinance over and over again every few years."
Banks are not your friends.
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