You need a history lesson. The recession when Bush was president was caused by Carter when democrats passed the CRA Community Reinvestment Act that mandated banks take on quotas of bad loans mainly in the black community. This created Fanny Mae and Freddie Mac. Banks demanded the government guarantee 90% of the loans. A huge subprime loan business was created and the largest was Country Wide Mortgage. Democrats controlled both houses and blocked any reforms that could have prevented the mortgage recession. Barney Frank and Chris Dodd were instrumental. Dodd was talking bribes from Countrywide. Frank was the butboy for ahigh level Fanny Mae executive. Both declined to run for reelection. Bush had nothing to do with it.
Bush put in the reforms and policies that ended the recession. Obama did nothing.
Trump gave is the best economy in history until Covid. When Biden took office already suffering form dementia GDP was 6.4% and inflation 1.2%. In 14 months GDP was below 2% and inflation was 9.1%. Gas had doubled.
Biden was a total train wreck
Totally incorrect.
Greenspan Concedes Error on Regulation
For years, a Congressional hearing with Alan Greenspan was a marquee event. Lawmakers doted on him as an economic sage. Markets jumped up or down depending on what he said. Politicians in both parties wanted the maestro on their side.
Many Republican lawmakers on the oversight committee tried to blame the mortgage meltdown on the unchecked growth of Fannie Mae and Freddie Mac, the giant government-sponsored mortgage-finance companies that were placed in a government conservatorship last month. Republicans have argued that Democratic lawmakers blocked measures to reform the companies.
But Mr. Greenspan, who was first appointed by President Ronald Reagan,
placed far more blame on the Wall Street companies that bundled subprime mortgages into pools and sold them as mortgage-backed securities. Global demand for the securities was so high, he said, that Wall Street companies pressured lenders to lower their standards and produce more “paper.”
“The evidence strongly suggests that without the excess demand from securitizers, subprime mortgage originations (undeniably the original source of the crisis) would have been far smaller and defaults accordingly far lower,” he said.
Alan Greenspan, the former Federal Reserve chairman, said he “made a mistake” in trusting that free markets could regulate themselves.
www.nytimes.com
Barack Obama did the hard work of rebuilding an economy that was at an historic low. It has been said that Obama inherited the worst economy since FDR. During his 8 years he rebuilt it even with obstruction from Republicans on a consistent basis. In February of 2009, Obama signed the American Recovery and Reinvestment Act.
According to the National Bureau of Economic Research, the growth period from this policy began in July 2009 and continued through January 2020. People gave Trump credit for economic growth that began 8 years before he took office. Obama rebuilt the economy and created a record decade of growth even with Republican obstruction and austerity policies that actually slowed down economic growth. Despite the opposition, Obama set a record for job growth that began in 2010, 7 years before trump took office and lasted until 2019, which was Trumps third year.
Chuck Jones,
Obama’s 2009 Recovery Act Kicked Off Over 10 Years Of Economic Growth,
Obama’s 2009 Recovery Act Kicked Off Over 10 Years Of Economic Growth
Biden rebuilt the economy after COVID and left Trump with the strongest economy in the world.
President-elect Trump is inheriting a historically strong economy
President-elect Trump will inherit unquestionably the strongest economy for an incoming administration since the George W. Bush administration. That strong economic performance heading up to the 2001 transition, moreover, was largely buoyed by an overvalued stock market that was about to deflate and cause a recession. There are no such obvious macroeconomic imbalances that look set to drag on growth in 2025 or beyond.
While the labor market has slightly softened in recent months, job growth in December was extremely rapid and accompanied by wage growth that remained above inflation yet fully compatible with a return to 2% inflation—the Federal Reserve’s preferred target. In short, the labor market remains extremely strong yet in no need of policy measures to rein it in. All in all, it is hard to imagine an incoming administration wanting a stronger economic situation to inherit.
President-elect Trump will inherit unquestionably the strongest economy for an incoming administration since the George W. Bush administration. That strong economic performance heading up to the 2001 transition, moreover, was largely buoyed by an overvalued stock market that was about to deflate...
www.epi.org
Trump did not do anything but BS low-information people.
www.nj.com
www.theguardian.com
