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What is interesting is the GOP is trying to say the economy would have been so much better with the austerity, deficit reduction stuff. That has worked so well in Europe. If you wonder if the stimulus worked, just compare it to those countries. We are not doing great, but neither are we going down the tubes. That is about the best you can get when deregulation fuels a bubble of epic proportions, destabilizing the whole global economy. I think Brooks is saying something to this effect, and I appreciate his honesty.
Thats because economies drop after you finish stimulating. It always happens because stimulating is a short term boost at a long term expense. Its why things are best left to go on their own. Just like government created the housing bubble, they now created an economic bubble. Those funds need to be paid back and when doing so, it causes a negative effect upon the economy which compounds the fact that stimulus spending isnt taking place and thus those that were artificially kept employed by stimulus spending, lose their jobs regardless.
Isn't he just telling the truth? Especially when talking about market economies like America's. I mean a communist/socialist economy is probably the only economy where one leader can actually try to dictate economic outcomes.
He actually can't have it both ways. He told us that we would go over the precipice if his stimulus was not enacted. When it looked like the economy was starting to right itself in 2009, he took credit for that.
It looks like his stimulus really did little to stimulate the economy. And why should that surprise anyone? It was largely Chicago style graft meted out to donors and pet causes, and we are saddled with the debt to pay for it.
He still wants to blame Bush for the economy he inherited. Did Bush have more power than Obama as president to effect the economy? Never mind that much of what led to the financial crisis and real estate bubble bursting had been in place long before Bush took office. (see link to NYT article foreshadowing subprime crisis from easing of credit standards in 1999: http://www.nytimes.com/1999/09/30/bu...e-lending.html ).
Now his supporters and apologists (Brooks falls somewhere between the two) want to tell us, poor guy, there's not much he can do. You cant simulaneously assign blame to the previous president, take credit for saving the economy, and then claim there's really not much you can do about it.
Sorry, it doesn't work that way. Were you better off 4 years ago? Most people have to answer that in the negative. The buck stops in the White House.
Global economic conditions were much better during W's Presidency.
Global economic conditions were better because we didnt have world wide economies draining disposable income out of their economies in order to boost them.
Quote:
Originally Posted by noexcuseforignorance
That excludes at the end where the stupid deregulation mantra nearly destroyed the financial system in the US and pretty much sent the global economy into a recession.
oh please stop just babbling stuff thats an outright lie. There was no deregulation in the financial system, and thats not the cause of the economic collapse. Liberal governmental programs which got INVOLVED in the industry did, by guaranteeing mortgages that the private sector never would have issued did.
He still wants to blame Bush for the economy he inherited. Did Bush have more power than Obama as president to effect the economy? Never mind that much of what lead to the financial crisis and real estate bubble bursting had been in place long before Bush took office.
Thats actually a great point. If Obama has little control over the economy then why does he run around blaming Bush who had the same exact effect?
Global economic conditions were much better during W's Presidency. That excludes at the end where the stupid deregulation mantra nearly destroyed the financial system in the US and pretty much sent the global economy into a recession.
Bush's command economy failed. Obama tripled that command economy and it's also failing. What both of those situation tell people who understand it is that command economies fail.
Command economies have been failing throughout history and before you point to China go look up all those GDP growing ghost cities.
Bush's command economy failed. Obama tripled that command economy and it's also failing. What both of those situation tell people who understand it is that command economies fail.
Command economies have been failing throughout history and before you point to China go look up all those GDP growing ghost cities.
The subprime crisis was not caused by anything Bush did or did not do. In fact, the pressure to ease mortgage standards began prior to Bush:
Bush pushed housing just as much as Clinton did. I fully understand how and where all the legislation came from going all the way back to CRA and this gem of a piece:
Bush pushed housing just as much as Clinton did. I fully understand how and where all the legislation came from going all the way back to CRA and this gem of a piece:
Tried tried 13 times to reign in the housing, even held Congressional hearings where the Democrats fought tooth and nail to not only stop reform, but expand and loosen regulations, including among other things, lowering debt to asset rations on Fannie and Freddie.
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