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All great booms come to an end. In a capitalistic society there will always be a business cycle. America caused the Great Depression by poor response to the recession in 1929. Americans then, like today, turned to big government for help and ended up with a decade long-disaster rather than waiting it out.
The other option is to go to a socialist economy in which everyone is equally poor and there is no business cycle because its all controlled by the government. The responses in 1929 and 2009 have moved us closer to that reality.
Ah yes because the economy was so better prior to this "socialist economy" in which there was the gold standard and there was very little to no regulations. And the inequality is only increasing under this "socialist economy".
Not really you have to remember that there was a huge crash under Bush. If you look at the stock market the day Obama took over the Dow was under 8,000 Now it is something like 13,880.
Bush was President for eight years. 2008 was only one of those years, and the crash happened at the end of 2008. If the crash would have held off for just four more months, it would have occurred under Obama or McCain's watch. It's irrational to judge the entire Bush economy, for all eight years of his term, off what happened in late 2008.
There was a very mild recession in the early '00s that started at the close of Clinton's term. Clinton is credited for the tech boom, not the bust that followed.
I agree with him we are in better shape now than on Jan 19, 2009, if only slightly.
We are in WORSE shape however than we were on Jan 19, 2007, and thats by a long shot. That isn't good news at all.
Uh.... did you think the downturn was going to turn around quickly consdiering how many trillions were wiped away from this recession?
When companies are sitting on trillions in cash because there is no demand for their goods/services and partisan in Washington only creates more uncertainty...there's not much you can do besides having the public sector fill in the gaps in the mean time. I don't think people realized how many people in all levels of government were let go and fully grasp how it has hurt our recovery.
In 2001 the recession started which lasted until 2008, then in September of that year is when the world economic depression started and still continues today. This depression could be ended rather quickly but the Wall Street puppets and austerity ghouls occupy the White House and congress so the pain continues.
Bush was President for eight years. 2008 was only one of those years, and the crash happened at the end of 2008. If the crash would have held off for just four more months, it would have occurred under Obama or McCain's watch. It's irrational to judge the entire Bush economy, for all eight years of his term, off what happened in late 2008.
Not really when policies implemented by him and previous president's led to this. Would the debt as much of an issue if we didn't simulataneously cut taxes, start two wars, expand the federal govt, and increase medicare rx benefits?
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There was a very mild recession in the early '00s that started at the close of Clinton's term. Clinton is credited for the tech boom, not the bust that followed.
We are now in the sixth year of recession and things don't appear to be getting better any time soon. Does anybody think its possible to ever return to 2004-2007 level growth like we had when Bush was President? The Bush economy was by no means a boom like Clinton's was, but it was a comfortable time and most Americans were better off than they are today. Bush was President eight years and 2008 was only one of those years. Most of his presidency he presided over a growing economy. A return to that level of growth would be an acceptable recovery.
Or is this the new normal and the best we'll ever see the economy going forward?
Bush economy growth was based on a fake bubble. I hope we stay away of bubbles and grow the economy in real terms. Having said that, I am quite skeptical. With so much job outsourcing and high corporate earnings in other countries, I doubt genuine investment (as opposed to speculation) will start soon.
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Originally Posted by bchris02
Bush was President for eight years. 2008 was only one of those years, and the crash happened at the end of 2008. If the crash would have held off for just four more months, it would have occurred under Obama or McCain's watch. It's irrational to judge the entire Bush economy, for all eight years of his term, off what happened in late 2008.
There was a very mild recession in the early '00s that started at the close of Clinton's term. Clinton is credited for the tech boom, not the bust that followed.
The years of Bush in office were masked by the real estate bubble. Without that, the recession would have probably started in 2000 at the end of Clinton's time in office.
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