Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Except the recovery started under Obama, so while it is not accurate to give credit to the economy to ANY president, it is factually correct to say "the stock market started doing really well again under Obama and rose to new highs."
On the other hand, it is factually INCORRECT to pretend that Trump started at a terrible low in the market - unlike Obama - and somehow drove the market to new highs. The reality is that under Obama, the market recovered from a huge crash to new highs, while Trump is just riding along on Obama's coattails.
Obama spent most of his presidency blaming Bush. The only thing he did to recover the economy was just throw a ton of money at it, and keep printing currency. It wrecked our credit rating for the first time and jacked up the national debt to epic levels.
It doesn't begin to compare with the impact of the Carter recession. Unemployment was far higher and a mortgage interest rate approaching 20% (associated with rampant inflation) destroyed the economy. This one was initiated in the housing market, and was driven by the fact that we had Fannie Mae and Freddie Mac backing bad credit risks, taking that responsibility off the banks. They, and federal law, didn't just BACK bad credit risks, they forced them by laws and regulations that mandated such loans.
And yet housing prices did not decline in the late seventies, early eighties to anywhere near the extent they did in 2007/2008.
I noticed that you skipped right over the private investment banks who were not under government mandates to buy sub-prime loans, but did dominate the market in sub-prime loans at the height of the bubble. The very same investment banks that collapsed leading to the credit crunch.
Obama spent most of his presidency blaming Bush. The only thing he did to recover the economy was just throw a ton of money at it, and keep printing currency. It wrecked our credit rating for the first time and jacked up the national debt to epic levels.
Obama wrecked the US credit ranking? I believe that would be the US congress when it threatened not to pass a debt limit increase. There is a good chance the deficits during the Obama years are going to look very good compared to what is about to occur.
Obama wrecked the US credit ranking? I believe that would be the US congress when it threatened not to pass a debt limit increase. There is a good chance the deficits during the Obama years are going to look very good compared to what is about to occur.
How about the debt ? What would it have to be to make Obama look good ?
Obama spent most of his presidency blaming Bush. The only thing he did to recover the economy was just throw a ton of money at it, and keep printing currency. It wrecked our credit rating for the first time and jacked up the national debt to epic levels.
And he was correct to do so for at least 2 years into his presidency, if not longer. If Bush had left a great economy, alternatively, Obama would not have/should not have taken any credit for it.
In case no one here has already pointed this out: When a new president takes office, the state of his economy for the first year is largely dependent on his predecessor. The current improved economy is a result of Obama.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
