A recession started under Clinton and became official 3/01 ended 11/01.
Because idiots don't seem to comprehend... RECESSIONS are like large ships.. it takes miles to turn one...i.e. so does a "RECESSION"...
it doesn't just start the day NBER states... it is a slow degradation and it started under CLINTON!!!
Source:
USATODAY.com - It's official: 2001 recession only lasted eight months
You're 100% correct; all the causal events leading up to the onset of a recession must be considered to properly place blame where it belongs. Let's examine the same criteria you have established for the two worst recessions in US history for a set of three examples, shall we?
The worst recession to date is that remembered as the Great Depression beginning in Oct 1929 and lasting for at least 10 years into late 1939, and by some estimates even much later. During the decade of the 1920's, the Harding, Coolidge and Hoover administrations, Republicans all, steered the Ship of State into the worst economic calamity this Nation has ever experienced with a full decade of unbridled laissez-faire and a non-interventionist government. Here is a brief but rather somewhat incomplete economic synopsis of that decade:
- Organized labor declines throughout the decade. The United Mine Workers Union will see its membership fall from 500,000 in 1920 to 75,000 in 1928. The American Federation of Labor would fall from 5.1 million in 1920 to 3.4 million in 1929.
- Over the decade, about 1,200 mergers will swallow up more than 6,000 previously independent companies; by 1929, only 200 corporations will control over half of all American industry.
- By the end of the decade, the bottom 80 percent of all income-earners will be removed from the tax rolls completely. Taxes on the rich will fall throughout the decade.
- By 1929, the richest 1 percent will own 40 percent of the nation's wealth. The bottom 93 percent will have experienced a 4 percent drop in real disposable per-capita income between 1923 and 1929.
- Individual worker productivity rises an astonishing 43 percent from 1919 to 1929. But the rewards are being funneled to the top: the number of people reporting half-million dollar incomes grows from 156 to 1,489 between 1920 and 1929, a phenomenal rise compared to other decades. But that is still less than 1 percent of all income-earners. ~~ Timeline of the Great Depression ~~
History does have a way of repeating itself, ney? The second worse recession in US history, the Great Recession from Dec 2007 to June 2009, is the prime example. Match any of the points above, such as the move to absolute laissez-faire, a move to business non-interventionism, union busting, corporations swelling in size as they consume other smaller enterprises to reduce competition, reductions in disposable income of the vast majority of while taxes for the top 1% fall with that same group holding a very high percentage of wealth and worker productivity rising while their wages stagnate and the increasing profits are funneled to the top! And all of this under a Republican administration.
Is it a coincidence that the two worst recessions in our Nation's history came about during Republican control of the government preaching the same economic Gospel?
Now just what will come of the US economy under another Republican administration displaying such arrogant and utter disregard for historical relevance crooning he'll do it his way? And Jesus wept, while Mona Lisa smiled!
How many Americans own stock today versus 1929?
By 1929 about 4 million Americans, or 3% of the nation’s population, owned stock People began engaging in speculation
The Stock Market Crash Of 1929
With the Dow Jones industrial average near its record high, slightly more than half of Americans (52%) say they currently have money in the stock market, matching the lowest ownership rate in Gallup's 19-year trend.
Just Over Half of Americans Own Stocks, Matching Record Low
So who owned the stocks in 1929? THE MILLIONAIRES!... How many were there?
Population of United States .. in 1930: 122.8 million
Number of millionaires in America at time of stock market peak in 1929: 25,000- 35,000
Number of millionaires in America at time of stock market bottom in 1932: 5,000
Percentage of Americans who owned stock at time of 1929 Crash: less than 1 percent.
The 1920s Statistics
Your deflection is well noted! Initially, you raised the valid point that Clinton, a Democrat, held a portion of the responsibility for the 2001 recession, to which I agreed. In direct relational contrast, I presented the two worst recessions in American history outlining the same political relationship, albeit reversed, where Republican administrations held sway politically leading to those two devastating economic crashes; the Great Depression and the Great Recession.
Rather than staying on YOUR OWN TALKING POINTS, to which I responded on point, you respond with 1920's statistics which do not reflect causality or fault in the least but rather RESULTS of poor economic conditions brought about largely through the inaction and failed actions of the Republican administrations in power at the time. You made no mention at all of the piss poor economic conditions left after 12 years of economic ruin left by the inept REPUBLICAN administrations when 1933 came around. Further, you made absolutely no mention at all of the Great Recession, from which we are in the final stages of recovery. I suppose that was because you wished to spare any criticism of Bush, Cheney & Co, Republicans all, of which they so well deserved!
You obviously will not be as honest and candid as I; past experience guides. I was testing to some extent, and your response stood strong agreeing with my prognostication of your likely reply!
ThoughtCrimes: Did I spare GWB when I wrote the below?
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I at least will agree. $2.2 trillion of the loss of $19.2 trillion can be attributed to GWB's lack of attention to the housing bubble... EVEN
though he tried to reign in Fannie/Freddie (AS FRANK admits should have been!)
But dummies like you can't even admit you are off by 90% in that stupid $19 trillion blame on GWB!
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Did I not agree with 10% of your assumption?
Were YOU NOT wrong by 90% to put the entire $19 trillion on GWB?
Let's repeat just to make sure you comprehend...
A) Recession started as the NBER said...much earlier then 3/01 so how in the hell could GWB with just 3 months into office be at fault?
B) Dot.com bust... again... starting under Clinton but blamed on Bush???
The collapse of the bubble took place during 1999–2001 Dot-com bubble - Wikipedia
AGAIN GWB entire fault for $8 trillion in market losses?
C) WTC/Pentagon... 9/11 all Bush's fault? So tell me again GWB totally at fault for Gorelick memo which prevented CIA from sharing with FBI 9/11 bombers? Bush not god for sure! $2 trillion in losses... 3,000 lives.... again GWB FAULT???
D) Anthrax attack right after 9/11 was this done by GWB???
E) Worst hurricane SEASONS not just hurricane... again $1 trillion losses... 2,215 lives and are you faulting GWB for not being like Obama
as Thomas and you and others declared "like a God"???
F) 9/18/08 Economic terrorist attack with $500 billion taken out of $4 trillion Money market that CAUSED everyone to be concerned
about the WORLD's economy collapsing!
And of course the housing bubble... again...
With Frank/Dodd chastising GWB for trying over SIX YEARS to control Fannie/Freddie and later this is what Frank later said:...
"
I hope by next year we'll have abolished Fannie and Freddie," he said. Remarkable. And he went on to say that "it was a great mistake to push lower-income people into housing they couldn't afford and couldn't really handle once they had it." He then added,
"I had been too sanguine about Fannie and Freddie."
Barney Frank Comes Home to the Facts | RealClearPolitics
So again in summary... YOU and your idiot buddies love to blame Bush.... YET the facts and history totally refute your common lemming like
meme that you and even some dumb GOPs state... "Bush spent like a drunken sailor"!!
NOTE if Bush spent like a drunken sailor why do the FACTS in LIGHT of the ABOVE demands... say otherwise?
YET in spite of these gigantic cataclysmic events Bush had:
a) 400,000 jobs lost due to Hurricanes Katrina/Rita ,
b) 2,800,000 jobs lost in alone due to 9/11,
c) 300,000 jobs lost due to dot.com busts... In spite of nearly $8 trillion in lost businesses, market values, destroyed property..
IN SPITE of that:
2002 $157.8 billion deficit.. also 9/11 occurred and tax revenues lowered for years later due to dot.com/9-11 losses against revenue.
2003 $377.6 billion deficit.. BRAND new cabinet Homeland Security, plus loans made to businesses.. again tax revenues down..affect of 9/11
2004 $412.7 billion deficit..
Revenues up by 5.5% spending increased BUT economy coming back.
2005 $318.3 billion deficit..
revenues up by 14.5% deficit decreasing at rate of 22% again tax cuts at play!
2006 $248.2 billion deficit..
revenues up by 11.7% deficit decrease 22%
2007 $160.7 billion deficit..
revenues up by 6.7% deficit decrease 35%
2008 $458.6 billion deficit..
revenues down and deficit INCREASED due TARP loan mostly...
http://www.taxpolicycenter.org/taxfacts/displayafact.cfm?Docid=20
BUT Obama benefited by TARP being totally repaid WITH A PROFIT!!!
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