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False again, the last time the country was running on all cylinders, and the best economy the nation has ever had was under Clinton. Progressive fiscal policies have been proven to be very successful, while right wing policies disastrous. Every time there has been a republican in the white house and especially with a republican congress, it's lead to nothing but more outrageous spending, more handouts to the rich and corporations, and more debt, time and time again. Only someone with extremely distorted views or possible mental illness would think conservative fiscal plans have ever, or will ever work.
It was Bubba Clinton whose big claim to fame other than Monica was the signing of NAFTA which began the real problems of our economy. Clinton was a puppet of the global corporations, how often did he travel to China working to export American jobs? He definitely was not for the American people.
Later this decade the jobs will still be out of the USA, and the problems of right now will be revealing themselves, the problems of too many children being born to single mothers, into welfare handouts.
There is no basis for a good economy - we would need to bring manufacturing back but it would take time for it to be rebuilt.
That boom is the reason why we are in the mess we are in now.
The housing bubble was not real economic growth. It was an economy based on lies.
So was the dotcom boom of the 90's, and several other booms throughout history. Exploitation occurs when sharks smell blood in the water. With the housing crash, we can pinpoint policies that failed and blame the many guilty citizens that gambled on buying houses they should not have. We can also blame HGTV for spurring on the "flippers" craze which helped drive up prices. The bottom line is, it happens. The markets expand and contract. Our issue is how to move on to the next boom.
So was the dotcom boom of the 90's, and several other booms throughout history. Exploitation occurs when sharks smell blood in the water. With the housing crash, we can pinpoint policies that failed and blame the many guilty citizens that gambled on buying houses they should not have. We can also blame HGTV for spurring on the "flippers" craze which helped drive up prices. The bottom line is, it happens. The markets expand and contract. Our issue is how to move on to the next boom.
Actually I would not compare the dot com boom to the housing boom. The dot com boom brought about a massive infrastructure that we are benefiting from today. Housing bubbles only bring benefit to those who cashed out on top.
Actually I would not compare the dot com boom to the housing boom. The dot com boom brought about a massive infrastructure that we are benefiting from today. Housing bubbles only bring benefit to those who cashed out on top.
Fair enough. There was a lot of phantom money in the dotcom boom too but we did end up with some really cool advances.
If Strauss and Howe of the Fourth Turning are accurate, we may see the next era of prosperity after the 2020s decade. Assuming that the crisis era were in ends well for us(which could be anywhere from the mid 2020s to the early 2030s.) they say we will see economic prosperity in the next High era like the one seen in the 1950s. They've been pretty accurate in their predictions so far since the late 1990s, so I'm keeping my trust in their theory.
And the folks who were supposed to be the biggest beneficiaries of the deliberate gutting of mortgage underwriting standards, African-Americans & other minorities with substandard credit, wound up getting obliterated, as did the rest of us.
When Bubba Clinton stated that he wanted to unleash 'innovative and creative' new methods of home financing from Wall Street, he essentially told the bankers 'sell those houses to anybody,' whichthey did, and we all know the rest.
That certainly constituted a full endorsement of predatory lending, something which the Democrats continuer to endorse, utilizing a page or two from John Kerry's 'I was for it before I was against it' playbook.
Propsperity later in this decade is several years away; it'll take the GOP a few years to straighten out the Obama/Pelosi/Reid/Johnson-engineered economic meltdown.
The economy goes through times of expansions and contractions. Right now, companies are stockpiling capital. That money is going to go somewhere, into something. When it starts flowing, we're going to have an expansion that matches the contraction. Either that, or western civilization as we know it has ended, and the long slow slump has begun. That's possible, but I think the odds are much better that this is just temporary downturn.
Yes that money is going to go somewhere, but it doesn't have to go here.
Actually I would not compare the dot com boom to the housing boom. The dot com boom brought about a massive infrastructure that we are benefiting from today. Housing bubbles only bring benefit to those who cashed out on top.
One could argue the early 90s recession and early 2000s recession, and the last 30 years was all a part of the same financial bubble that has finally completely busted.
Essentially the problem was too much "easy" credit, which made it seem as if everyone was doing well. Very few people and companies have gained or created any new wealth over the past 30 years, except for those who discovered the technology companies such as Microsoft or Google. Of course "easy" credit is history now, so we're pretty much back to reality, likely worse thanks to our non-chalant attitude on trade regulation and border security.
The goodtimes are gone and they ain't coming back .
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