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That right there might just have been the thing that got the turn around in motion.
You are ready to give him credit right? Just as much as you want to place all of the blame on his administration?
TARP did not do one of the main things it was supposed to do, start credit flowing. The banks took the money to reward their bad behavior, then kept the door closed on credit.
just like liberals to continue to blame someone that was president 1.4 years ago. yet when Bush supporters say 9-11 was partially Clinton's fault since Bush was only in office for 8 months they are hell bent on placing 100% of the blame on Bush. oh well.
Sooooo, what you are saying (in the guise of being clever, "junior") is that the economy IS actually Bush's fault.
Sorry to inform you that this deregulation plan was hatched in a conservative think tank in the 70's and implemented by Reagan (and all conservatives since). Less was more if anyone was paying attention.
At the national level, housing prices peaked in early 2005, started to decline in 2006, and may not yet have hit bottom. On December 30, 2008 the Case-Shiller home price index reported its largest price drop in its history.[1] Increased foreclosure rates in 2006–2007 among U.S. homeowners led to a crisis in August 2008 for the subprime, Alt-A, collateralized debt obligation (CDO), mortgage, credit, hedge fund, and foreign bank markets.[2] In October 2007, the U.S. Secretary of the Treasury called the bursting housing bubble "the most significant risk to our economy."[3]
TARP did not do one of the main things it was supposed to do, start credit flowing. The banks took the money to reward their bad behavior, then kept the door closed on credit.
I'm continually amazed by how quickly commentators have forgotten that the primary purpose of TARP was to prevent the complete collapse of the U.S. (and global) financial system, and not just to increase bank lending to consumers and businesses.
But while we are there.. Lets play Obamas game.. TARP increased the flow of money, (just like the stimulus helped keep people employed).. Prove otherwise, and while you are there, admit it prevented the complete collapse..
The committee determined that a peak in economic activity occurred in the U.S. economy in December 2007. The peak marks the end of the expansion that began in November 2001 and the beginning of a recession. The expansion lasted 73 months; the previous expansion of the 1990s lasted 120 months.
And for you math challenged.. the economic expansion begain during the Bush years, and continued to grow. It must be a coincidence that the economy expanded right after the Bush tax cuts were passed, and then the economy stopped growing right after Democrats started talking about retracting tax cuts, and legislating businesses to extinction..
I don't have to guess. I already know that it officially started in Dec., 2007.
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