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The oil crunch in the early 70's was not caused by OPEC. It was caused the debasement of our currency.
Brian
I would like to point out that the growth during those years was particularly artificial, and much of it can be attributed to the eventual credit crisis this country is NOW in. What horrible things are about to ensue in our economy in these next couple years are going to be the by-product of all that "growth" during the early part of this decade.
No, it's not completely Bush's fault, it's the Federal Reserve and congress as well, but Bush appointed Bernanke, who's probably the worst Fed chairman this country has ever had, and the irresponsible congress was basically in lockstep with everything Bush proposed fiscally. There was nary a disagreement with Bush in that congress in 6 years. His administration used fear and manipulation to get congress behind just about everything involving spending.
'Magic is over' for U.S., says French foreign minister
http://www.iht.com/articles/2008/03/12/europe/france.php
Nonsense. The current downturn has been fueled by three things, none of which Bush or his tax policies or Iraq spending has anything to do with. The collapse of grotesquely inflated housing prices and the ensuing loss of capital for additional secured loans, the default of already very risky loans on houses the buyers could never have afforded in any economy, and the explosion of commidity prices further stifling consumer spending.
About the only power any President has on the economy is who he appoints as Fed Chariman.
These people probably weren't working hard enough to keep their jobs, the lazy bastards. It's still the fall out from the Clinton years.
http://biz.yahoo.com/ap/080307/economy.html
Also, it is the right that gets "gleeful" when a Democratic administration is failing and the people are hurting, not the left.
What a bunch of crap. If we dare point out any deficiencies we are gleeful and unpatriotic. That crap worked with Hitler, it don't work here. Instead of attacking the left, come up with your solutions or prove the data wrong.
It's really a fucking waste of time to call names without offering solutions.
Please go and get yourself more educated on economics before you go and call anything anyone says "nonsense".
The housing problem, as far as the LENDING end is concerned, is the fault of the Fed and the banks. On the other end, it can also be attributed to the borrowers for not being more responsible when taking a mortgage. Many of those borrowers could have afforded the mortgage at the time of signing, but there are a few things which affected their abilities later on. One, the ARM's. They were very risky mortgages that obviously most people who are defaulting on didn't put NEARLY the amount of thought into that they should have. But then, most of those people were also pretty damn clueless as to how much runaway inflation was actually going to ensue, and it's not like our government or media is properly informing us on that.
The next problem lies in what you mentioned, the commodities prices skyrocketing, and STILL climbing. How you can say that can't be attributed to congress or the president is beyond me. It's almost as if you are saying that just to say it, hoping it's true.
Congress' spending has been on the brink of probably the most irresponsible in history in the last 8 years. The main difference between the dot-com bubble, and this housing bubble, is that we didn't see the runaway inflation back then, that we are seeing now. The republican-controlled congress was MUCH more fiscally responsible then, as fiscal conservatism still had it's place in politics. Consumers back then had an easier time purchasing what they needed most. I personally didn't feel the dot-com recession NEARLY as bad as I'm feeling this one. Congress' fiscal irresponsibility is what has devalued our Dollar to it's lowest point ever, and caused us this incredible inflation rate that we're in. All one need do is look at the price of gold. It's pretty telling, that the Fed would stop publishing their M3 data back in 2006, right about the time they STARTED their runaway money "creation".
They print the money that congress demands for spending. Or, we borrow more money from foreign nations, which in turn has put us into a record amount of debt internationally. Countries are losing faith in the Dollar, and that is largely attributed to Congress, Bush, and the Fed, pretty much equally.
This is about as absurd an economic statement as you could make. The president doesn't have to sign any bill that is fiscally irresponsible. The fact that he has signed NUMEROUS spending bills, and has caused us a record budget deficit during one of the worst times to even be allowing one, speaks to the power he DOES have on the economy.
The out of control printing, borrowing, and spending that he has endorsed since being in office has DIRECTLY affected the value of our Dollar.
Feel free to argue that if you wish, but you'll be disagreeing with just about everyone who knows even BASIC macroeconomics.
I don't think you can leave out the fact that pressure was put on the gov. and lending institutions to ease lending restrictions. the same sound lending principles ie; credit scores ,% of gross income for housing, loan to value,...etc that had to be abandonded to create a sub-prime market are the same reasons to go back and look at what failed. Bad borrowing risks are STILL just that. SHOCK AND AWE! True leaders wanting to advance their people would be better served selling the principles of sound borrowing but thats no fun. True leaders are like parents that do the right thing for their kids and NOT what THEY want.
