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From listening to what passes for public debate in our country, you'd never know that. You'd think that the federal government could revive the economy quickly if only Congress would let it be more aggressive with stimulus spending. Or that the Fed could fix it if only it weren't overly worried about touching off inflation. Or that the free market could fix it if only we made deep and permanent tax cuts. Watch enough cable TV, listen to enough talk radio, read enough blogs and columns, and you'd think that they -- the bad guys -- are forcing the country to suffer needlessly when a simple and painless solution to our problems is at hand.
But if you look at things rationally rather than politically, you'll see that Washington has far less power over the economy, and far less maneuvering room, than many people think.
Its not one person its one set of ideas that caused this.
They are the republican ideas of deregulation and unfettered markets.
But the Great Recession was different: It was triggered by a financial meltdown brought on by excessive lending, reckless risk taking, the implosion of an unregulated shadow banking system that assumed that short-term money would always be available -- and ignorant and careless borrowing by people and institutions.
Well it would sound better if that had been acknowledged all along, that the mess wasn't all the 'other party.' Or that all the spending wouldn't actually, ya know, stimulate much other than more spending.
Well it would sound better if that had been acknowledged all along, that the mess wasn't all the 'other party.' Or that all the spending wouldn't actually, ya know, stimulate much other than more spending.
Sorry, but I've followed this economic tragedy going way back to the collapse of Bear Stearns, and have read hundreds of viewpoints as to the "cause," and of course they followed along party lines. The WSJ would spin it one way; the NYT another. But all sorted out, it was a combination of failed practices of both the private and public sectors supported by BOTH parties all along the miserable trail leading to the eventual meltdown. As for the solutions put in place by Bush and Obama (TARP) and the stimulus package (Obama), there was really nothing to do but hold my breath. Something had to be done. Only time will tell how successful those bandaids were.
Anyone that reads with a bit of skeptism would come to the same conclusion. However, I guess I am addressing only partisans on both sides, whether in media or even something with limited impact like this messageboard.
Well it would sound better if that had been acknowledged all along, that the mess wasn't all the 'other party.' Or that all the spending wouldn't actually, ya know, stimulate much other than more spending.
Sorry, but I've followed this economic tragedy going way back to the collapse of Bear Stearns, and have read hundreds of viewpoints as to the "cause," and of course they followed along party lines. The WSJ would spin it one way; the NYT another. But all sorted out, it was a combination of failed practices of both the private and public sectors supported by BOTH parties all along the miserable trail leading to the eventual meltdown. As for the solutions put in place by Bush and Obama (TARP) and the stimulus package (Obama), there was really nothing to do but hold my breath. Something had to be done. Only time will tell how successful those bandaids were.
I agree with the reasonableness of your analysis. Shocking I know.
As for the stimulus, I think that's pretty much already determined, at least in my opinion. TARP to some degree was needed, the stimulus? No. In fact probably has caused more problems, with more to come in the coming years.
Its not one person its one set of ideas that caused this.
They are the republican ideas of deregulation and unfettered markets.
Sorry, but I've followed this economic tragedy going way back to the collapse of Bear Stearns, and have read hundreds of viewpoints as to the "cause," and of course they followed along party lines. The WSJ would spin it one way; the NYT another. But all sorted out, it was a combination of failed practices of both the private and public sectors supported by BOTH parties all along the miserable trail leading to the eventual meltdown. As for the solutions put in place by Bush and Obama (TARP) and the stimulus package (Obama), there was really nothing to do but hold my breath. Something had to be done. Only time will tell how successful those bandaids were.
I agree with the reasonableness of your analysis. Shocking I know.
As for the stimulus, I think that's pretty much already determined, at least in my opinion. TARP to some degree was needed, the stimulus? No. In fact probably has caused more problems, with more to come in the coming years.
Appearing in US News and World Report, owned by Mort Zuckerman, and therefore considered more conservative than its competition, this article tends to disagree:
5 Campaign Fibs About the Economy - Rick Newman (usnews.com)
Sorry, but I've followed this economic tragedy going way back to the collapse of Bear Stearns, and have read hundreds of viewpoints as to the "cause," and of course they followed along party lines. The WSJ would spin it one way; the NYT another. But all sorted out, it was a combination of failed practices of both the private and public sectors supported by BOTH parties all along the miserable trail leading to the eventual meltdown. As for the solutions put in place by Bush and Obama (TARP) and the stimulus package (Obama), there was really nothing to do but hold my breath. Something had to be done. Only time will tell how successful those bandaids were.
I agree with the reasonableness of your analysis. Shocking I know.
As for the stimulus, I think that's pretty much already determined, at least in my opinion. TARP to some degree was needed, the stimulus? No. In fact probably has caused more problems, with more to come in the coming years.
Appearing in US News and World Report, owned by Mort Zuckerman, and therefore considered more conservative than its competition, this article tends to disagree:
5 Campaign Fibs About the Economy - Rick Newman (usnews.com)
I agree with the reasonableness of your analysis. Shocking I know.
As for the stimulus, I think that's pretty much already determined, at least in my opinion. TARP to some degree was needed, the stimulus? No. In fact probably has caused more problems, with more to come in the coming years.
Appearing in US News and World Report, owned by Mort Zuckerman, and therefore considered more conservative than its competition, this article tends to disagree:
5 Campaign Fibs About the Economy - Rick Newman (usnews.com)
Well as I said, what I wrote was my opinion. I've been wrong before, certainly will be again. True too, I have been right a few times.
Some people...actually a lot of people...simply refuse to admonish their party of choice.
Somehow believing they are betraying their party of they speak out against it.
My favorite forum posters bar-none are those that are critical of their usual party. I always respect that. At the same time I have little use for those who don't.
They'll fix it just like they did last time.
World War.
Its not one person its one set of ideas that caused this.
They are the republican ideas of deregulation and unfettered markets.
Its not one person its one set of ideas that caused this.
They are the republican ideas of deregulation and unfettered markets.
It is one set of ideas - but not the ones attributed by TruthSplatters.
The one set of ideas belong to Big Government Statism in which whatever is accretive to centralized government power is promoted.
