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LOL, we never spent so much money to achieve so little. We are clearly on the wrong road, yet the true believers will follow Obama of the cliff. Thank goodness the Republican House can mitigate the damage until 2012!!
Nonsense. The Carter recession was worse. Interest rates at 24%, inflation, gas shortage, the old malaise working.
Recessions come and go about every 8-10 years - they are normal and should be considered as a self-correction, but what happens is the fed and party in power at the time "fiddle" and intervene when they shouldn't, thereby prolonging the recession, spending money they don't have, ALL for political reasons.
Obama's actions, namely the Failed Stimulus, obamacare, tax hikes, regulatory agenda have made the recession worse. As the CBO said, the recession would end in late 2009/2010 WITHOUT any intervention....it happened to end in June of 2009.
Nope, just a glimpse of what shall be when they have the Senate and the Presidency in 2012. The country just has to hang on for 2 more years until we can turn things around!
Funny ... the last time your party held all branches of government, it led us into the WORST RECESSION since the Great Depression.
Most of the problem subprime ARM (adjustable rate) mortgages were written back in the 2003-2006 period, when Republicans controlled government.
Then these ARMS started to reset to higher rates in late 2007 through 2008, which is when the foreclosure fiasco began, and unqualified homeowners walked away from their mortgages.
Nonsense. The Carter recession was worse. Interest rates at 24%, inflation, gas shortage, the old malaise working.
Recessions come and go about every 8-10 years - they are normal and should be considered as a self-correction, but what happens is the fed and party in power at the time "fiddle" and intervene when they shouldn't, thereby prolonging the recession, spending money they don't have, ALL for political reasons.
Obama's actions, namely the Failed Stimulus, obamacare, tax hikes, regulatory agenda have made the recession worse. As the CBO said, the recession would end in late 2009/2010 WITHOUT any intervention....it happened to end in June of 2009.
The "recovery" is squarely on obama's shoulders.
Guess you know more than Bloomberg, and thousand of other finacial experts?
Aug. 1 (Bloomberg) -- The first 12 months of the U.S. recession saw the economy shrink more than twice as much as previously estimated, reflecting even bigger declines in consumer spending and housing, revised figures showed. The world’s largest economy contracted 1.9 percent from the fourth quarter of 2007 to the last three months of 2008, compared with the 0.8 percent drop previously on the books, the Commerce Department said yesterday in Washington. Gross domestic product has shrunk 3.9 percent in the past year, the report said, indicating the worst slump since the Great Depression.
Funny ... the last time your party held all branches of government, it led us into the WORST RECESSION since the Great Depression.
Most of the problem subprime ARM (adjustable rate) mortgages were written back in the 2003-2006 period, when Republicans controlled government.
Then these ARMS started to reset to higher rates in late 2007 through 2008, which is when the foreclosure fiasco began, and unqualified homeowners walked away from their mortgages.
Republicans led us into this economic disaster!
Sorry, your revisionist history is a bit off. The democrats took over both chambers of congress in 2006, the recession got rolling in 2007, the debt increased by $4 trillion...all on their watch.
Funny ... the last time your party held all branches of government, it led us into the WORST RECESSION since the Great Depression.
Most of the problem subprime ARM (adjustable rate) mortgages were written back in the 2003-2006 period, when Republicans controlled government.
Then these ARMS started to reset to higher rates in late 2007 through 2008, which is when the foreclosure fiasco began, and unqualified homeowners walked away from their mortgages.
Republicans led us into this economic disaster!
Too funny, the left is rewriting history again.
The dems controlled Congress 2 full years before the recession started, talk about asleep at the switch!! Old Barney Frank's boyfriend got preferential treatment that lead to the housing crisis. But I understand your frustration, the Dems are on course to have their butts bounced from power.
Sorry, your revisionist history is a bit off. The democrats took over both chambers of congress in 2006, the recession got rolling in 2007, the debt increased by $4 trillion...all on their watch.
Democrats didn't assume office until Jan 2007.
And the recession BEGAN AS A RESULT of Republicans not regulating the mortgage industry between 2003-2006 when these problem Subprime ARM mortgages were being handed out to unqualified homebuyers.
Add to that Republicans allowing interest rates to remain way too low for too long, which inflamed the housing bubble.
We have never experienced a recession THIS BAD since the Great Depression.
So how can we know precisely how long it will take to fully recover?
There is nothing to compare it to.
It is unprecedented.
The early 1980s recession was worse. Unemployment went to 10.8% and remained in the double digit range for several months. The 1948 recession was also quite steep, so was the 1957 recession. In terms of GDP, the 1974-75 recession was worse, so was that 1957 downturn.
You could argue with a reasonable degree of success that this is the worst recovery since the Great Depression. But as for the actual recession, not really. So far, employment has only increased by 0.8% vs. the average rate of 1.9% and the 3.1% rate of recovery from the early 1980s recession.
Quote:
Originally Posted by RD5050
Guess you know more than Bloomberg, and thousand of other finacial experts?
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