How long will it take to repair the damage Bush and the Republicans have done? (millionaire, liberals)
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The Dems had no hand in it?
Banking deregulation? Barney Franks and Chris Dodd had no hand in this mess?
The current congress with an approval rating at one point in single digits no hand in this?
Typical party line thinking and we wonder why things never change.
Those with your way of thinking deserve to be on the sidelines for at least another decade, so that the "punishment" will good and sink in. Take off the partisan blinders and look at the results of what Dubya and the neo-cons have done. Big Capital has looted the country.
For example, my brother will soon lose his job, with his duties taken up by workers (Sun Microcomputer) making about one-half as much in Bangalore, India, and St. Petersburg, Russia. That's "free trade" in action! We steadily export more and more jobs and import borrowed dollars to bailout corrupt Big Capital.
Those with your way of thinking deserve to be on the sidelines for at least another decade, so that the "punishment" will good and sink in. Take off the partisan blinders and look at the results of what Dubya and the neo-cons have done. Big Capital has looted the country. .........................
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Your respect and caring for your fellow Americans is heartwarming. I often wonder what people like you are going to do when you don't have Bush to kick aroound anymore.
You live in a trumped up dream world that now that your guy has been elected, he'll be able to change what has happened in this country. It's as if you believe that all Republicans are somehow evil and all Democrats are here to nurture and care for you. That's their promise, it's not what they deliver.
This didn't happen in 8 years. You have to know that. And all the fault doesn't lie with government. It all comes down to greed. Greed caused this and there's plenty of blame on that score to be spread across this great country of ours. An awful lot of even ordinary people come up with their hands dirty.
So this is our wake-up call. I strongly doubt you'll see the Democrats in office more than 4 years because people in their haste for everything to be "fixed" will toss them out. It may not seem fair, but people today have no patience. I am already hearing the grumblings of the Democrats who don't feel Barack is "coming through" for them the way they expected.
The economy was plugging right along - up until two years ago when the dems took control of congress.
I would encourage you to learn some basic Keynesian macroeconomics, and to watch what is going on on Wall Street - bloomberg.com, cnbc.com, and elsewhere.
Last edited by ParkTwain; 11-24-2008 at 06:15 PM..
This didn't happen in 8 years. You have to know that. And all the fault doesn't lie with government. It all comes down to greed. Greed caused this and there's plenty of blame on that score to be spread across this great country of ours. An awful lot of even ordinary people come up with their hands dirty.
Greed is a basic human motivator. A market-based economy assumes that greed is driving economic decision-making, along with other factors. If those who make the rules for (that is, regulate) the marketplaces in the various industries, such as on Wall Street, don't make the effort in cogitation and otherwise to anticipate the counterproductive manifestations of greed in the marketplace and to make and enforce rules to mitigate greed, then the few can totally spoil the party for the many, which is exactly what has happened. It happened in the mortgage origination industry since the year 2000, and in the market among investment banking and other financial institutions for credit default swaps before that, just as it happened in the stock markets during the late 1990s up to the year 2000.
Asset bubbles happen (for various kinds of reasons, depending on the industry), just like the business cycle happens. But with the knowledge and tools available to regulators today, there is little excuse for allowing the few to wreck an entire industry, not the mention the entire economy, because of greed. But sometimes, the inertia in Congress, and the interests of the few in Congress, is too great for reform movements to gain traction until a disaster makes plain what should have already been done.
Correcting the tendency of Federal regulators to allow greed-driven excess in private industry to occur, is what I hope that Obama's leadership of the Democratic Party can achieve during his Presidency. He certainly can't do it alone, but he can lead the Congress, the bureaucracy, and the people to improve greatly on the malfeasance that took place under the Dubya Administration.
Last edited by ParkTwain; 11-24-2008 at 06:44 PM..
CNBC was pretty happy with Obama's choice of center right economics team members and the stock market rebounded. There's talk of Obama doing nothing to change Bush's economic plans for the next year and its almost as if Bush will still be in office on the economic front for at least a year or maybe two. Good or bad, you decide.
They are concerned about Obama raising spending and hope that he'll be talked into dropping some plans in favor of more budget cuts. This may not sit well with many of his supporters but may be a tough reality and best in the long run.
I would encourage you to learn some basic Keynesian macroeconomics, and to watch what is going on on Wall Street - bloomberg.com, cnbc.com, and elsewhere.
80% of the US economy is private. You seem to absolve *US* the American consumers from any and all responsibility in....
1) Racking up massive debt on credit cards.
2) Sucking equity out of homes to pay for things we can't really afford
3) Speculating on any variety of stocks, housing etc. contributing to any number of bubbles.
You cannot have freedoms without taking responsibility for your actions. It's something I teach my 9 & 11 year old...sadly, many people never learn this critical life lesson and instead redirect the source of the problem to someone or something else.
Obama has hinted at this very point, one of the reasons I voted for him. Blame W all you want, it shows an understanding of the problem as deep as a puddle.
Oh well, off to clip coupons, work and not keep up with the Jones', life is good.
I would encourage you to learn some basic Keynesian macroeconomics, and to watch what is going on on Wall Street - bloomberg.com, cnbc.com, and elsewhere.
Have no fear - when they do write-ups of this period in economic books, they will place blame at the feet of Bush for his deregulation frenzy, at Phil Graham for pushing legislation to repeal Glass-Steagal and to also put derivatives off balance-sheet and totally unregulated, with Clinton for signing the 2 prior bills that the Republicans presented to him, and for all who supported & expanded the CFA act that Carter originally signed.
Most of the blame will be put on the Bush Republicans in my opinion - they had total control of the government for 6 years - during which time the problems were clearly surfacing for anyone who cared to look - they did absolutely NOTHING to help prevent the nightmare - they in fact made it worse by turning their heads and forcing government agencies to lighten up on regulating.
If Bush had been less concerned with his 'Ownership Society', tax cuts for the rich in a time of war, and with deregulating almost every aspect of business, we could have avoided a worldwide economic disaster, and had a much softer landing from the housing bubble and the derivative nightmare (which is still out there and has not yet reared it's ugly head)..
Have no fear - when they do write-ups of this period in economic books, they will place blame at the feet of Bush for his deregulation frenzy, at Phil Graham for pushing legislation to repeal Glass-Steagal and to also put derivatives off balance-sheet and totally unregulated, with Clinton for signing the 2 prior bills that the Republicans presented to him, and for all who supported & expanded the CFA act that Carter originally signed.
Most of the blame will be put on the Bush Republicans in my opinion - they had total control of the government for 6 years - during which time the problems were clearly surfacing for anyone who cared to look - they did absolutely NOTHING to help prevent the nightmare - they in fact made it worse by turning their heads and forcing government agencies to lighten up on regulating.
If Bush had been less concerned with his 'Ownership Society', tax cuts for the rich in a time of war, and with deregulating almost every aspect of business, we could have avoided a worldwide economic disaster, and had a much softer landing from the housing bubble and the derivative nightmare (which is still out there and has not yet reared it's ugly head)..
Funny because before about two years ago, when the Dems took control the economy was fine, low unemployment, high production, high consumer confidence, steady increase in consumer spending so it looks to me like the blame needs to be at the feet of the people that borrowed more then they could afford and the Dems for requiring banks to lend the money to them.
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