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During the election we were told the economy is on the upswing. Prominent Obama supporters, such as Warren Buffet suggested that the economy will improve next year and beyond regardless of who is President.
What happens if that doesn't occur? It seems to me if before the election Buffet predicted a recovering economy but the economy then sputters, Obama's policies would be to blame.
I'm curious as to what conclusion Obama voters will draw from a sputtering economy in a 2nd Obama term?
Quote:
A major backer of President Barack Obama said Wednesday that American business will improve during the next four years “under either candidate.”
“Well, I do think under either of the two candidates, either one that becomes president, American business is going to get a lot better over the next four years,” said Warren Buffett in an interview on CNBC’s “Squawk Box.”
To answer your question, things have already improved a great deal. I don't hold Bush fully responsible for the financial crisis of 2008, but his refusal to regulate credit default swaps was part of the problem. Just like I don't fully blame him for Katrina or for voter suppression, but his lazy attitude towards government made things worse.
To answer your question, things have already improved a great deal. I don't hold Bush fully responsible for the financial crisis of 2008, but his refusal to regulate credit default swaps was part of the problem. Just like I don't fully blame him for Katrina or for voter suppression, but his lazy attitude towards government made things worse.
Ok let's move forward shall we. If within the next 4 years the economy doesn't improve will you hold Obama responsible?
I do think that President Obama now 'owns' the economy, if one wishes to believe in such simplistic mottos.
I also do not believe that President Bush had any intent to 'destroy' the economy, or that he was solely responsible. There were numerous factors involved in the creation of the recession, not the least of which was our fighting two wars at once, without raising revenue to pay for said wars. We must recall that in WWII taxes, of necessity, had to go up to try to pay for the war (and even then we had massive debt). One cannot say, on the one hand, let us spend 100s of billions of dollars to fight on two fronts and, on the other hand, reduce revenue at the same time.
I object to people being unreasonable, whether Democrat or Republican.
True story, which I have told here before: I was listening to Rush a week or two after Mr. Obama was elected president in November 2008. The economy was in a nosedive.
Rush made the astonishing statement that the economy became Mr. Obama's as soon as he, Obama, accepted the Democratic nomination for the presidency the previous June (or July, whichever). Rush reasoned that as soon as Mr. Obama was nominated that 'business' people became scared of the coming socialism, etc., and so, I guess, committed economic suicide.
I laughed, but was then surprised at how many accepted Rush's idiotic argument. I mean, at the very least (I doubt he meant to), Rush was saying that Senator McCain had no chance from the beginning to win the presidency, and that as soon as Mr. Obama was merely nominated by his party, his future election was set in stone, and the business community acted accordingly.
They will --- but the huge irony -- Obama was promising the illegals he was going to rebuild that whole Bush housing bubble -- because that makes good paying jobs that hispanics like and he's going to get them government help with loans for buying those homes.
Obama has absolutely no clue on how to build up an economy. Pathetic that he can only look at what seemed successful for a short time in the Bush years -- housing construction and open borders.
I don't think anyone ever blamed Bush for not fixing the economy, people blame him for destroying it in the first place.
And exactly how did he do that?
The bush adminstration in 4/2001 raised red flags, the 2002 budget requests declares Fannie Mae and Freddie Mac "Potential problem.. and can cause strong repercussions in the financial markets"
In 2003 the White House upgraded the warning to a systemic risk that could spread beyond the housing sector.
John Snow Treasury Secretary called for Regulations & Supervision of GSE's.
Barney Frank (D-MA) denied there was any problem " Fannie Mac & Freddie Mare are not in Crisis"
Encouraging the government to do more to get low income families into homes, Ultimately blocking the regulation.
Allan Greenspan , 2/17/2005 spoke about the dangers of Fannie Mae & Freddie Mac "enabling these institutions to increase in size -and they will once the crisis in their judgement passes-we are placing the total financial system of the future at a substantial risk
Charles Schumer (D-NY) 4/6/2005 ..."I think Fannie & Freddie have done an incredibly good job, and are an intrinsic part of making america the best housed people in the world....if you look over the last 20 or whatever yrs. They've done a very, very good job.
McCain (R-AZ) 5/25/2006 For years I have been concerned about the regulatory structure that governs Fannie Mae & Freddie Mac... and there sheer magnitude of these companies and the role they play in the housing market...the GSE's need to be reformed without delay."
That bill ( FEDERAL HOUSING ENTERPRISE REGULATORY REFORM ACT) made it out of the senate banking committee with a party line vote all the democrats voted against it.
To answer your question, things have already improved a great deal. I don't hold Bush fully responsible for the financial crisis of 2008, but his refusal to regulate credit default swaps was part of the problem. Just like I don't fully blame him for Katrina or for voter suppression, but his lazy attitude towards government made things worse.
Going from the second worse state EVER to where we are now is hardly a good situation, it was literally impossible for it to get worse, only one direction to go, up. And quite honestly, a HUGE chunk of that improvement is directly related to QE Infinity, so its just one big house of cards waiting to come down. Lets see what happens when we get to the fiscal cliff and our "leaders" don't do anything of significance. Look out below!
They will --- but the huge irony -- Obama was promising the illegals he was going to rebuild that whole Bush housing bubble -- because that makes good paying jobs that hispanics like and he's going to get them government help with loans for buying those homes.
Obama has absolutely no clue on how to build up an economy. Pathetic that he can only look at what seemed successful for a short time in the Bush years -- housing construction and open borders.
Saving Housing is not about illegals.
It is about Saving the Banks. They are still sitting on the REO and Foreclosures.
Whom do we love -- Banker$ or illegals?
come on, have some sense, here.
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