Obama owns this recession

[dhussdawg]

It won't. It is just another temporary fix that will not get you as high as the first stimulus. You will need to keep coming back for more but never get anywhere at addressing our need for the stimulus.

Nice analogy, nobody wants to deal with the wicked detox that will be a super recession/depression. Sadly, that thing will only continue to get more onimous as we keep putting bandaids on bullet holes.

[TYLERTECHSAS]

1. Because when Bush took over from Clinton he could have continued the balance budget that Clinton left him. It was a lost opportunity. The republicans in control of both Congress and the WH. If we had had 8 years of balanced budgets I doubt that the democrats would be back in control.

Today, with the country staring a major recession in the face, Obama has no choice concerning even bigger deficit spending.


5. He didn't focus on the important stuff.

Granted Bush wasn't much of a leader the last 2 years putting up and voting along with liberal/Dem Pelosi/Reed/Dodd/Frank disaster. But to state your #5 is laughable and ignorant.

Nope, this one will be Obama's depression/full bore recession. Let's hope it is a short one.

[saltydawg]

Just think. GWB balances the budget for 8 years in a row. Popularity at high levels when he leaves, McCain/Palin get elected, and John picks the SC Justices for the next 8 years, filling the Court with conservative Justices. Roe v. Wade is over-turned and everybody is happy. Democrats are so frustrated that they split into fractions and can't agree on anything. Palin eventually elected the first woman President of the United States. Hillary becomes an alcoholic and Bill divorces her.

[FishingBack]

Just think. GWB balances the budget for 8 years in a row. Popularity at high levels when he leaves, McCain/Palin get elected, and John picks the SC Justices for the next 8 years, filling the Court with conservative Justices. Roe v. Wade is over-turned and everybody is happy. Democrats are so frustrated that they split into fractions and can't agree on anything. Palin eventually elected the first woman President of the United States. Hillary becomes an alcoholic and Bill divorces her.

I agree that the republicans squandered opportunity and pissed off America. Dumb moves and it paid off for dems.

[Guisslapp]

Just think. GWB balances the budget for 8 years in a row. Popularity at high levels when he leaves, McCain/Palin get elected, and John picks the SC Justices for the next 8 years, filling the Court with conservative Justices. Roe v. Wade is over-turned and everybody is happy. Democrats are so frustrated that they split into fractions and can't agree on anything. Palin eventually elected the first woman President of the United States. Hillary becomes an alcoholic and Bill divorces her.

LOL. You are just pouring salt in wounds now.

[saltydawg]

I will say this, that Obama has 3 years to fix this economic mess. If the country is still sucking the hind teat a year before the election he better start looking for another day job.

[TYLERTECHSAS]

Just think. GWB balances the budget for 8 years in a row. Popularity at high levels when he leaves, McCain/Palin get elected, and John picks the SC Justices for the next 8 years, filling the Court with conservative Justices. Roe v. Wade is over-turned and everybody is happy. Democrats are so frustrated that they split into fractions and can't agree on anything. Palin eventually elected the first woman President of the United States. Hillary becomes an alcoholic and Bill divorces her.

The above is all a wet dream now but the highlighted part above could still happen. Although it will probably be the reverse.

[T_Won]

1. Because when Bush took over from Clinton he could have continued the balance budget that Clinton left him. It was a lost opportunity. The republicans in control of both Congress and the WH. If we had had 8 years of balanced budgets I doubt that the democrats would be back in control.

Today, with the country staring a major recession in the face, Obama has no choice concerning even bigger deficit spending.

3. Bush appointed the people who supervised Wall Street and the big banks.

4. He did re-appoint Greenspan. But the treasury has ways to lessen the impact of what the Fed does if it wants to use them.

5. He didn't focus on the important stuff.

1. I don't see how a balanced budget could have prevented a recession. To me, Clinton's balanced budget is just a sign of how much he was taxing us.

3. Wall Street was fine until the housing bubble hit. No one could have predicted that huge companies would go bankrupt because of bad mortgages (mortgage backed securities).

4. The Fed does what the Fed wants to do.

[Guisslapp]

1. I don't see how a balanced budget could have prevented a recession.

I don't think it would have, but it has certainly affected the severity since the government has been consuming so much credit (a limited resource). Also, as I was complaining about earlier when Tyler kept posting "recession is a media myth" articles, much of the "economic growth" over the last year was not real growth - it was borrowed and/or inflated growth. Government spending allowed us to continue on our merry way when we were due for a correction, but like most things in life, delaying just made it worse.

[TYLERTECHSAS]

1. I don't see how a balanced budget could have prevented a recession. To me, Clinton's balanced budget is just a sign of how much he was taxing us.

BINGO!!!!!

3. Wall Street was fine until the housing bubble hit. No one could have predicted that huge companies would go bankrupt because of bad mortgages (mortgage backed securities).

Actually, Bush and McCain were on record as having warned about Fannie Mae and Freddie and this potential problem years ago. But nobody would listen.

4. The Fed does what the Fed wants to do.

So true as well.

[TYLERTECHSAS]

I don't think it would have, but it has certainly affected the severity since the government has been consuming so much credit (a limited resource). Also, as I was complaining about earlier when Tyler kept posting "recession is a media myth" articles, much of the "economic growth" over the last year was not real growth - it was borrowed and/or inflated growth. Government spending allowed us to continue on our merry way when we were due for a correction, but like most things in life, delaying just made it worse.

I kept looking for the text book 2 full quarters in a row of lower growth/GDP etc....yada ..yada ..yada You are right that now it looks as if the Gov/Congress etal was borrowing as fast as it could spend.

[Guisslapp]

I kept looking for the text book 2 full quarters in a row of lower growth/GDP etc....yada ..yada ..yada You are right that now it looks as if the Gov/Congress etal was borrowing as fast as it could spend.

I know you were focused on that but business cycles happen and all the objective indicators of an inventory sell-off were present even with all the cash the government was injecting into the system.

One thing I try to remind myself - if you look around and imagine 10 trillion dollars worth of wealth vanishing between the U.S. borders, that will show you the REAL state of our economy. 10 trillion dollars worth of flat screen tvs, buildings, infrastructure, automobiles, etc. is not really "ours" because we produced or earned it. It is on credit and we will have to pay for it at some point.

[TYLERTECHSAS]

I know you were focused on that but business cycles happen and all the objective indicators of an inventory sell-off were present even with all the cash the government was injecting into the system.

One thing I try to remind myself - if you look around and imagine 10 trillion dollars worth of wealth vanishing between the U.S. borders, that will show you the REAL state of our economy. 10 trillion dollars worth of flat screen tvs, buildings, infrastructure, automobiles, etc. is not really "ours" because we produced or earned it. It is on credit and we will have to pay for it at some point.

True

[Guisslapp]

Actually, I just realized it is more than 10 trillion when you consider that I did not account for foreign ARs of U.S. consumer debt.

[T_Won]

I don't think it would have, but it has certainly affected the severity since the government has been consuming so much credit (a limited resource). Also, as I was complaining about earlier when Tyler kept posting "recession is a media myth" articles, much of the "economic growth" over the last year was not real growth - it was borrowed and/or inflated growth. Government spending allowed us to continue on our merry way when we were due for a correction, but like most things in life, delaying just made it worse.

I believe that if there was no mortgage crisis, we would not be talking about a recession today. It alone was the cause of our problems today. Government spending is bad for future generations, but it can't destroy a healthy economy... until the debt is called by the debtors.