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Considering the recession began in 2006 while the GOP was large and in charge an had been for the past 6.5 years, I find it interesting that there are still people out there who blame the current administration for the global meltdown.
A new Washington Post/ABC poll suggests that most Americans continue to blame the sluggish economy on former President George W. Bush, a development that could complicate Republican efforts to lay it at President Barack Obama's feet this fall.
Nearly six in ten (59 percent) of those polled said that Bush was to blame for the current state of the economy while 25 percent put the blame on Obama.
While those blaming Obama has risen from a July 2009 Post/ABC survey when 16 percent said the economy was his fault, the number of people blaming Bush is virtually unchanged -- 61 percent in July 2009 as compared to 59 percent now.
It's ALWAYS something the Dems./Left can fall back on.
Running low....on excuses kinda stinks for 'em.
Too bad they can't freeze time though......so they can't fall back on it for much longer.
REALLY......this increasingly LAME excuse has gotten old, sort of like this administration has, in just one year.
LOL I don't think that "most Americans" are that stupid! Give me a break.
Obama has had more than enough time to turn the economy around if he wanted to. The fact of the matter is that he doesn't. He has something else in mind ("fundamentally transform[ing] the United States of America").
He has done nothing but make things hundreds of times worse with his policies.
Sorry, but this is the Obama economy. The Bush economy was not bad, even at it's worst, toward the end. It was just sluggish. This is close to a depression, and Obama has created it.
I'm continually amazed by how quickly commentators have forgotten that the primary purpose of TARP was to prevent the complete collapse of the U.S. (and global) financial system, and not just to increase bank lending to consumers and businesses.
But while we are there.. Lets play Obamas game.. TARP increased the flow of money, (just like the stimulus helped keep people employed).. Prove otherwise, and while you are there, admit it prevented the complete collapse..
What you fail to realize, is that the "problem mortgages" were being written back during the early Bush years.
Foreclosures started to grow beginning in 2006.
it wasnt until the 2nd quarter of 2007, that the outstanding mortgages in some stage of foreclosure stood at 1.4%. Remind me again who controlled Congress when this took place, and what they did to stem off any future collapse?
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Originally Posted by RD5050
The fact that the "official" date the recession started was Dec 2007 is irrelevant.
The topic is the "Bush economy" meaning the recession date is VERY relevant..
Quote:
Originally Posted by RD5050
The events which led up to the recession were put into motion during Bush, at a time when Republicans controlled ALL OF CONGRESS !!!
So you now will credit Bush with the recovery and not Obama since the events leading up to the recovery were also put into place during his tenure? (ignoring the fact that you are flat out wrong that Republicans controlled congress at the time)
1993 NAFTA---- passed by the democrat controlled congress, pushed by clinton, signed by clinton---the consequence ...... 60+ million HIGH PAYING jobs have been lost, 2 trillion worth of debt from the lost wages.
Actually, Carter started deregulation. Banks, airlines, railroads, the post office, and the trucking industry were deregulated 1976-1980. Reagan deregulated ports, shipping, phone companies, cable providers, and helped promote intermodal transportation networks. The energy sector was also deregulated, and oil prices dropped like a rock in the 80s.
By the late 80s the US had one of the most efficient transportation networks on the planet, thanks to deregulation.
Semantics mostly. Think tanks did start this whole trend. I recall Nixon and council of economic advisors getting the ball rolling with railroads but it was theory stage, RR reform act was signed by Ford, and Carter followed through with expansion into other sectors of transport. Plenty of this and that legislation proposed in congress, but what changed the playing field for financial institutions was 1978 SC Marquette vs First Omaha deregulation. The events leading up to that challenge were a canvassing effort from think tanks.
Oil prices dropping wasn't a reflection of deregulation. Inflation and international political shennanigans have the substantive influence, and diminishing both reflect lower oil prices. Historical Crude Oil Prices Table Deregulation led to price volatility to a larger degree than it helped spur competition. Net result was behemoth institutions (similar to financial institutions now deemed too big to fail). They've also trended towards monopolistic practices, but because speculation (spot market) operates in shadows beyond regulatory jurisdictions, it goes unfettered. We might have had just enough deregulation, but because of additional deregulation tossed into the cocktail... globalized 'free' market agenda, we had contrary results of intended purpose. Global "Free" market does not exist. What does exist is the expanded power to hedge sovereign economies off one another in a higher stakes casino where the prices keep changing even after you've signed the contract.
Macroeconomic effect on all industry, citizens & govt can be viewed in a microeconomic parallel without losing too much truth. Fiscal discipline is impossible to achieve if I cannot predict how much my phone, cable, mortgage, gas bill etc will amount to at the end of the month. My adaptive behavior muscles and due diligence cannot compensate for wild fluctuations inevitably resulting in complete disruption of my home. Translate that to other industries= the wild fluctuation of overhead. Translate that to fiscal prudence of budget restraint in governance= same phenomena of disruption.
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