Who damage the economy?

Discussion in 'Economy' started by katsung47, Nov 22, 2011.

  1. katsung47
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    katsung47 Senior Member

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    Who damage the economy?

    When Clinton left the W.H. the Federal benchmark interest rate was 6.5%. In Bush's term, the rate drammatically dropped in 2001. Then to the bottom of 1% in 2003 and 2004. It's the low interest rate that pushes up the economy. You could see the result from income tax revenue chart that the Federal income tax started going up from 2003, 2004, but it also created a big bubble - the housing bubble. That bubble broke out in 2007, (You could see it's the peak of income tax revenue). It also caused the financial crisis next year.(2008)

    Real estate industry is an important factor of GDP. The housing bubble is still hurting the economy right now. Even now they low the interest rate to nearly zero, they can't recover the housing industry. (Because of piled up fore-closured houses from that bubble)

    It's evident that Bush created the housing bubble that damaged the US economy. That bubble is still there, continuely erode the economy.

    Bush's tax cut law and the war he started increased budget deficit that caused debt problem. It's ridiculous to cover up his failed policy by these fallacy.
     
  2. Mad Scientist
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    Mad Scientist Deplorable Gold Supporting Member Supporting Member

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    But who was phone?
     
  3. Avorysuds
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    Avorysuds Gold Member

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    ANYTHING to make it ok that Obama failed... lol.

    Clinton played a part, Bush played a part and Obama has played a part... It's really that fucking simple.
     
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  4. Leweman
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    Leweman Gold Member

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    They did? Damn!

    [ame=http://www.youtube.com/watch?v=SHhrZgojY1Q&feature=related]The Who - Won't Get Fooled Again - YouTube[/ame]
     
  5. likeabird03
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    likeabird03 Active Member

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    By 2003 we were well into the forest, we aren't talking about a bubble that formed over 4 years but probably two decades. Interest rates weren't solely responsible for the appreciation in housing that we experienced - hell, the rates are even lower now and that doesn't seem to be helping home prices very much does it?

    The federal reserve started cutting rates a month before Bush took office and the same Federal reserve cut rates from then on, this was in response to the popping of the dot com bubble under Clinton, and an unprecedented terrorist attack.

    This goes back to the 1970's when various housing acts were implemented by Carter, Clinton did the same, and yes - even Bush. In fact, Gore could have won the 2000 election and we would likely still be dealing with the mess we are now. Oh and let's not forget the stuff that had been going on with Fannie Mae and Freddie Mac under various administrations.

    Liberals seem to oversimplify the mess that we are in now so they can try and pin the whole thing on Bush. It's idiotic.
     
  6. Brutus
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    Brutus Senior Member

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    that of course is way idiotic and liberal. Fanny Freddie and Federal Reserve were around long before Bush.

    Can even a liberal say with a straight face that liberal programs designed to interfere with the Republican free market (Fanny Freddie and Federal Reserve) did not cause crisis?

    When a liberal posts he automatically shows the low liberal IQ.
     
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  7. katsung47
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    katsung47 Senior Member

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    Damage the house (2) (9/18/2011)

    Blame others for the mess they had made.

    Normally, president and his administration have annual revenue income, like a salary income for a family. He spends it for mortgage and other expenditure. They used to overspend the income, then they borrow the money by issuing bond.

    But Bush damaged the house with a leaking roof and big hole on wall. (Housing bubble and financial crisis)

    Obama not only has to pay monthly mortgage, but also must change the roof and repair the wall. That repair cost is much more than the normal monthly mortgage. The income remains the same. (salary unchanged or decreased) Expense increase drammatically. (save the firms too big to fall, help the unemployed people, help the drowned home owners....) That become a huge increase of national debt. Who should be responsible for that repair money?

    Damage the house is easy. To repair it cost much. Republicans attacked Obama for the mess their own president (Bush) had made.

    The fact is Bush inherited a surplus from Clinton, he left a deficit for Obama. Worse, he left a big financial crisis to Obama. Now they accuse Obama because he spend a lot of money to repair the roof. You know, to repair a roof costs more than to pay monthly mortgage.
     
  8. hortysir
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    hortysir In Memorial of 47

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    Can I have a "D", Pat?

    :clap2:
     
  9. PredFan
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    PredFan Gold Member

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    Who own da Chiefs?
     
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  10. techieny
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    techieny Conservative Supporting Member

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    [ame=http://www.youtube.com/watch?v=d9-JdubfUCw&feature=fvst]the who - my generation (Smothers Brothers comedy hour) - YouTube[/ame]
     

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