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Herman Cain: ♫ Taking Care of Business ♫ Part 1

jasonxe

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I'll judge the man on the content of his articles, not who chooses to allow the posting of them.

Cain main strength is his economic background. He is a "great" businessman so he should be able to take the economy back on track (perception). One way to find out if this is true is to look back at his past comments during the housing collapse. This quickly led the the recession. If Cain was president, or was in a position of power, what would he have done? Even though he has no political voting record, he made his opinions public.


Middle of the Housing Bubble

In 2005, when most economic analyst made it known that a pop will happen to the housing market. Herman Cain response:

Commentary: The Media Say the Economy Is Horrible, So It Must Be True
Wednesday, August 17, 2005 10:00 AM EDT

You could write a book just on how poor the coverage has been of the alleged housing bubble. The media have been foretelling a massive bust in housing prices for months now. On May 19, ABCs Elizabeth Vargas said: The run up in housing prices is now beginning to look something like the boom in Internet stocks, and we know what happened there. That kind of ignorance makes homeowners fear that their most expensive possession could turn worthless overnight. That wont happen. No matter how much the media compared Bush to Herbert Hoover last year, this is not the Great Depression.

Note: he was mad that the media was bashing Bush because under his analyst, he was doing great. Working in the fed, he probably develop a Cainynesian economic way of thinking and was reassure of former Fed chairman Alan Greenspan saying "we have a strong economy". If you're wondering, the fed is bad.

Within the next month to years end:

Fall 2005: Booming housing market halts abruptly; from the fourth quarter of 2005 to the first quarter of 2006, median prices nationwide dropped of 3.3 percent.[SUP][41]
[/SUP]Year-end: A total of 846,982 properties were in some stage of foreclosure in 2005.[SUP][42][/SUP]

Damnit, well maybe it's just a bloop and will pass. What are your predictions next year Cain?

A Whale of a Tale
By Herman Cain
Wednesday, December 07, 2005 9:00 AM EST

Holiday traditions are grounded in stories from the past, including how St. Nicholas became Jolly St. Nick. But some storytellers are hard at work no matter what the season. You can always trust the liberal wing of the U.S. news media to come up with a whopper. Unfortunately, these tall tales arent harmless. They distort the facts, deliberately mislead the public, and form the basis for bad public policy.

It is my hope that calling attention to media bias and distortion will empower the public and policymakers to be better news consumers in 2006. We must demand that the media stop treating us like were stupid. We must show them we know the facts. To this end, the Media Research Centers Business & Media Institute, which focuses on the accuracy of business and economic news, has released its list of the Top 10 Media Myths of 2005.

5. The housing bubble is about to burst. The media have been harping on this one for years. Way back in 2001, the housing market was supposedly on the verge of catastrophe. Journalists dont seem to understand that there is no such thing as a national housing price. Each local market has its own ups and downs. And when prices start to go down, its good news for those who want to buy.

Cool, thanks Santa Cain, I'll go buy one. Everything is going to be alright everyone!!!
*People cheer*

----

So, ok, a mistake happens once in a while. But the economy is doing great according to Cain and he gave us a great outlook for 2006. But the housing market are still falling Cain, should I be concerned?

When Republicans were in office in the early '90s, it was the economy. TV told us it was in bad shape and hyped the slogan "It's the economy, stupid"—helping Bill Clinton slink into the West Wing in 1992. Afterward, the Washington Post admitted the media had been wrong. A Jan. 29. 1993, report revealed that "growth for the second half of last year was the strongest in five years." The economic reporting was just another fairy tale.

Now, 14 years later, the media are telling the same economic story—trying to convince us that what goes up must be down. It has many names—housing bubble, recession, gas prices or even hurricanes named Katrina or Rita—but the boogeyman is always the same. The media portray it as another Big Bad Wolf out to huff and puff and blow away the economy.

Source: Human Events Oct. 23, 2006 (p. 20)

Ok cool, it's just the liberal media playing tricks on us like they did in the early 90's. Nothing to worry about....

2006: Continued market slowdown. Prices are flat, home sales fall, resulting in inventory buildup. U.S. Home Construction Index is down over 40% as of mid-August 2006 compared to a year earlier. A total of 1,259,118 foreclosures were filed during the year, up 42 percent from 2005.[43]

Ah ****! Damnit Cain, I thought you told me it was just the boogeyman!
 
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jasonxe

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Housing Bubble pop

Lets skip to 2008 (I don't have all day).

So far in this year....

  • January 2–21: January 2008 stock market downturn.
  • January 24: The National Association of Realtors (NAR) announced that 2007 had the largest drop in existing home sales in 25 years,[SUP][79][/SUP] and "the first price decline in many, many years and possibly going back to the Great Depression."[SUP][80][/SUP]
  • March 10: Dow Jones Industrial Average at the lowest level since October 2006, falling more than 20% from its peak just five months prior.
  • March 14–18: Dropping valuations of mortgage securities caused by skyrocketing default and foreclosure rates forces margin calls to the Wall Street bank Bear Stearns for debts the bank used to leverage mortgage issuances, and threatens BSC with bankruptcy and causes worldwide market jitters. In a weekend deal brokered by U.S. Treasury secretary Paulson and Fed chairman Ben Bernanke, JPMorgan bank agrees to purchase BSC for $2 per share, compared to their 2007 high of nearly $170, in exchange for the Federal Reserve Bank agreeing to accept BSC's devalued mortgage backed securities as collateral for public loans at the newly created Term Securities Lending Facility (TSLF), effectively providing a mechanism to bail out Wall Street banks threatened with insolvency.[SUP][81][/SUP]
  • March 1–June 18: 406 people were arrested for mortgage fraud in an FBI sting across the U.S., including buyers, sellers and others across the wide-ranging mortgage industry.[SUP][82][/SUP]
  • June 18: As the chairman of the Senate Banking Committee Connecticut's Christopher Dodd proposed a housing bailout to the Senate floor that would assist troubled subprime mortgage lenders such as Countrywide Bank, Dodd admitted that he received special treatment, perks, and campaign donations from Countrywide, who regarded Dodd as a "special" customer and a "Friend of Angelo." Dodd received a $75,000 reduction in mortgage payments from Countrywide.[SUP][83][/SUP][SUP][84][/SUP] The Chairman of the Senate Finance Committee Kent Conrad and the head of Fannie Mae Jim Johnson also received mortgages on favorable terms due to their association with Countrywide CEO Angelo R. Mozilo.[SUP][83][/SUP][SUP][85][/SUP]
  • June 19: Ex-Bear Stearns fund managers were arrested by the FBI for their allegedly fraudulent role in the subprime mortgage collapse. The managers purportedly misrepresented the fiscal health of their funds to investors publicly while privately withdrawing their own money.[SUP][86][/SUP]
Now Cain, after following your ****ty advice, the economy is falling...What do you got to tell me now?

North Star Writers Group - Syndicated Commentary: Opinion, Humor and Features
September 1, 2008
Economic Growth Surges, but Democrats Ignore the Truth Again

While the Democrats had their week of unchallenged propaganda about their party – how perfect it is and how terrible the Republicans are – the latest good news about the economy and the average adjusted gross income went unnoticed.

Once again, when Democrats don’t like the facts, they just ignore them with the help of the mainstream media....

As a reminder, we still have not had a recession since 2001, using the standard definition of a recession as two consecutive quarters of negative GDP growth. But don’t tell the Democrats and the mainstream media. You might disrupt their imaginary recession.

Since the truth police did not do its job during the Democratic convention, I will have to do it again this week at the Republican convention.

Next week I will let you know the results.

Sigh... I dunno why but ok I believe you. You're a "great business man" and all. I'm sure next week will be dandy with rainbows.

Next week.. here we come......


– Fannie Mae and Freddie Mac were taken over by the U.S. government (Sept. 7);
– Merrill Lynch was sold to Bank of America;
– Lehman Brothers declared bankruptcy;
– The Fed bailed out AIG;
– Washington Mutual was sold to JP MorganChase;
– Treasury Secretary Paulson said the economy was so bad that $700 billion must be spent on bailouts immediately; otherwise, warned Ben Bernanke, “we may not have an economy on Monday.”

YOU........!!!!

fuuuuu-s514x389-208933-580.jpg

One week before the collapse, you told me the economy was great! Are you serious!!

Now what are you going to do Cain, huh? What brilliant idea are you going to support?

Cain: TARP. "Now don’t tell Nancy Pelosi and Harry Reid, but if this works, and I believe it will, the Bush Administration will have gotten this one right.

As we say in the South, y’all hush! "

End of 2008:

  • Year-end: A total of 3,157,806 foreclosures were filed on 2,330,483 properties during the year, up 81 percent from 2007. More than 1.84 percent of all households were in some stage of foreclosure during 2008, up from 1.03 percent in 2007.[SUP][88][/SUP]
 
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jasonxe

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Working on another part for tomorrow. Probably won't be as long since I want it to be one page. (character limit 13000) :-(
 

apdst

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When Cain suggests that the depression was manufactured by politicians and the media; that is to say that they called for economic collapse so often, that it eventually happened, then he is on time and on target.
 

votewho2012

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Seems like your killing the honeymoon period before it even happens.
Is Part 2 gonna be more Cain-bashing or are you gonna give a "on the other side...?"
It's good to be skeptical and a bit cynical too, but try be a little bit balanced.
 

Camlon

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First, off! Which of the candidates apart from Ron Paul who always think we are heading towards a crisis, saw the crisis coming in 2005? Herman Cain is not an economist, he is a business man. A President doesn't need to be an economist, because he can get advice from the best economists in the world.

And he was mostly correct, the house prices in the US kept increasing till 2007. And the median house prices has only dropped from 250K till 200K after 2007.

http://upload.wikimedia.org/wikiped...ew_Homes_Sold_in_the_US_1963-2010_Monthly.png
 

jasonxe

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Herman Cain And The Constitution

Keeping this shorter because of the character limit: To note: I'm not a journalist so I can take liberties on the way I express myself as long as I keep it factual. The dude just a week before the cookie crumble said that this **** was imaginary. Take the good with the bad like everyone else please. Some people don't know about his past so I'm helping them out to make an inform decision. If you want to see the good points then go to the Herman Cain Bio thread. I don't think he is the worst candidate in the field by far but he does have his flaws.
------


Please play while reading :-D. Yes i know Im a jackass.


*Lights go on, Camera zooms in* :3

In today episode, we go deeper inside the universe of Herman Cain. Presidential Candidate that is gaining a lot of attention.

Herman Cain is a strong advocate of the Constitution. He insists for everyone to (re)read and enforce the constitution which is an admirable. But does he know the Constitution himself? In a speech, Herman Cain said:

We don’t need to rewrite the Constitution of the United States of America, we need to reread the Constitution and enforce the Constitution. … And I know that there are some people that are not going to do that, so for the benefit of those who are not going to read it because they don’t want us to go by the Constitution...



Please hear what he has to say after that quote and tell me something did not sound a bit off.

Finish the video?

K, If you haven't figured it out. He was citing the Declaration of Independence.

You may be saying “Hey, it's a mistake, it happens.”.

Well for example, if you or I were to make a post saying “In the Constitution, there is a little section that says life, liberty and the pursuit of happiness. Also when any form of government becomes destructive of those ideals, it is the right of the people to alter or abolish it.”

The first response would be. “Dude, are you a idiot?” and obviously lose creditably. They'll laugh if I told them I was running for the Presidency of the United States.

Let's say it was a mistake, the video looks old (May 22, 2011) and someone corrected him. When his campaign was contacted about it, there response was

"Quite often, he references them together when speaking of his appreciation for the work of our Founders," she said.

But confusing the Constitution and the Declaration of Independence is no small mistake, especially for a candidate for president, said Donald E. Wilkes Jr., a University of Georgia law professor.

The Declaration is a statement of beliefs. The Constitution is the supreme law of the land.

"No court makes a legal decision based on the Declaration of Independence," Wilkes said.

From Politfact
(Odd note, he has a "0" in the "truth" category. Could possibly be outdated but is concerning nonetheless.)

So, there may be a precedent where he may have believed this before it possibly got corrected. Well, doing some googling, I wanted to see if he got any other part of the Constitution wrong. Since Cain is a strong advocate of people rereading, and enforcing the Constitution, he should know it in and out.

Talking on his Radio show

All of the talk about a national foreclosure freeze . . . all they’re trying to do is appeal to people’s emotions. You see, the United States federal government, folks, has no jurisdiction over bankruptcy law. States do!

So, if some states decide that they want to investigate some of these phony or incomplete foreclosures, it’s up to the states. This is not even under the jurisdiction of the federal government! But it sounds good. It really sounds good, though.

Again, he is wrong. Article I of the Constitution, “[t]he Congress shall have power . . . [t]o establish a uniform rule of naturalization, and uniform laws on the subject of bankruptcies throughout the United States.”

There is also Cain supporting majority of the patriot act which violates six parts our Constitution..

(There were some other mistakes he made about the constitution while googling but character limit.)

As a final note, I'm guessing if you're a supporter of his, you might brush this off as nothing. Or say I'm making a big deal out of it since it's rare for a President to follow & know it fully. You're correct but he's the one who challenged us to reread and enforce the Constitution. I'm just wondering if he'll do the same? Also if this was Bachmann, or Palin, you know damn well you'd be calling them an “idiot” or at least thought about it in your head.

*light goes off, camera zooms out, and background themes play* da daaa daa daaa ♫ ♫ ♫ ♫

There is a third part.
 

jasonxe

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First, off! Which of the candidates apart from Ron Paul who always think we are heading towards a crisis, saw the crisis coming in 2005? Herman Cain is not an economist, he is a business man. A President doesn't need to be an economist, because he can get advice from the best economists in the world.

And he was mostly correct, the house prices in the US kept increasing till 2007. And the median house prices has only dropped from 250K till 200K after 2007.

http://upload.wikimedia.org/wikiped...ew_Homes_Sold_in_the_US_1963-2010_Monthly.png

Ron Paul specifically warned about the collapse of 1987 at 1983. He specifically warned about the housing bubble, how it's going to happen and a general estimate of the date at 2001. Cain decided not to believe in it because he mainly thought it was liberal media fabrication and defending his republican party position. Then supports TARP which is crony capitalism and mocks "free market" advocates.
 
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Camlon

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Ron Paul specifically warned about the collapse of 1987 at 1983. He specifically warned about the housing bubble, how it's going to happen and a general estimate of the date at 2001. Cain decided not to believe in it because he mainly thought it was liberal media fabrication and defending his republican party position. Then supports TARP which is crony capitalism and mocks "free market" advocates.
There was no economic crash in 2001, so Ron Paul was wrong.

If you always think there is going to be another crisis, you will be correct eventually.

What's up with TARP? Most economist say that it was necessarily, but badly implemented. If it wasn't implemented, the crisis could be much worse. Also TARP has now turned positive.
 

jasonxe

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There was no economic crash in 2001, so Ron Paul was wrong.

If you always think there is going to be another crisis, you will be correct eventually.

What's up with TARP? Most economist say that it was necessarily, but badly implemented. If it wasn't implemented, the crisis could be much worse. Also TARP has now turned positive.

Sorry, he said it at 2001, not that there was a collapse at 2001. He gave specific dates and more importantly how, and why it was going to happen (and who (fannie mae and freddie mac & federal home loan) if you watched the video). Most free market economists knew it was bad from the gecko.

I'm surprise you didn't knew this about Ron Paul. I thought people who picked Cain would of possibly glance at Paul's past record to compare.
 
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Camlon

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Sorry, he said it at 2001, not that there was a collapse at 2001. He gave specific dates and more importantly how & why it was going to happen. (if you watched the video) Most free market economists knew it was bad from the gecko.
No, he said the crisis was coming. You complain about Herman Cain not knowing a recession 3 years in advance.Ron Paul couldn't even predict the next year.

The next recession, from which I’m sure we’re already suffering, will be even more pervasive worldwide than the one in the 1930s
Ron Paul ~ September 6, 2001
 

jasonxe

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There was a recession in 2002 and 2003 when the dot com bubble burst. Most free market economists will argue that we've been in a prolonged recession since that time that's only been interrupted with harmful government stimulus that produced GDP growth.

As far as the housing bubble, check out what Ron Paul said in late 2003:

http://paul.house.gov/index.php?opti...=258&Itemid=60

The connection between the GSEs and the government helps isolate the GSE management from market discipline. This isolation from market discipline is the root cause of the recent reports of mismanagement occurring at Fannie and Freddie. After all, if Fannie and Freddie were not underwritten by the federal government, investors would demand Fannie and Freddie provide assurance that they follow accepted management and accounting practices.

Ironically, by transferring the risk of a widespread mortgage default, the government increases the likelihood of a painful crash in the housing market. This is because the special privileges granted to Fannie and Freddie have distorted the housing market by allowing them to attract capital they could not attract under pure market conditions. As a result, capital is diverted from its most productive use into housing. This reduces the efficacy of the entire market and thus reduces the standard of living of all Americans.

Despite the long-term damage to the economy inflicted by the government's interference in the housing market, the government's policy of diverting capital to other uses creates a short-term boom in housing. Like all artificially-created bubbles, the boom in housing prices cannot last forever. When housing prices fall, homeowners will experience difficulty as their equity is wiped out. Furthermore, the holders of the mortgage debt will also have a loss. These losses will be greater than they would have otherwise been had government policy not actively encouraged over-investment in housing.

Perhaps the Federal Reserve can stave off the day of reckoning by purchasing GSE debt and pumping liquidity into the housing market, but this cannot hold off the inevitable drop in the housing market forever. In fact, postponing the necessary, but painful market corrections will only deepen the inevitable fall. The more people invested in the market, the greater the effects across the economy when the bubble bursts.
 

Camlon

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There was a recession in 2002 and 2003 when the dot com bubble burst. Most free market economists will argue that we've been in a prolonged recession since that time that's only been interrupted with harmful government stimulus that produced GDP growth.

As far as the housing bubble, check out what Ron Paul said in late 2003:
No, there was no recession in 2002 and 2003. The growth rate in 2002 and 2003 was 2 and 3%. That is not a recession.

However, I do think Paul understand the economy better than Herman Cain, but I don't think that's a very important quality as a President. What I'm looking for is a authentic sharp person with good values, and leadership qualities.
 

jasonxe

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Stock market downturn of 2002 - Wikipedia, the free encyclopedia

authentic sharp person with good values, and leadership qualities.. hmmm


I'll be posting a third article tomorrow night. Today, I'm going to sleep like a panda.

Panda%20Sleeping%20on%20Tree%20Branch.jpeg
 
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