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Which is what made it worse, record high interest rates and high inflation plus rising unemployment.
That was worse for the American people than what we we faced in 2008. I lived and worked during the 81 recession, did you?
The Bush Recession is much worse than the Reagan Recession. No serious economist will argue that.
Democrats weren't in charge. Why are you blaming the minority Democrats for failing to pass oversight when the majority Republicans didn't?What did the Democrats do with oversight and what was the Democrat Plan on home ownership? Selective memory as usual
This is only your opinion, which is drawn from an incredibly uninformed knowledge base. Any economist worth a damn is in agreement.
Your anecdote is not a valid substitute for an argument.
Democrats weren't in charge. Why are you blaming the minority Democrats for failing to pass oversight when the majority Republicans didn't?
Seems your outrage is partisan based.
Another intellectual book smart street stupid statement. obama got a 800 billion dollar stimulus for shovel ready jobs and tax reform. What did he do with the money?
And that gets us to politics. This really does look like a plan that falls well short of what advocates of strong stimulus were hoping for — and it seems as if that was done in order to win Republican votes. Yet even if the plan gets the hoped-for 80 votes in the Senate, which seems doubtful, responsibility for the plan’s perceived failure, if it’s spun that way, will be placed on Democrats.
Reagan's recession began well into his first year in office -- that is not a recession inherited. In fact, his was manufactured to combat inflation.
Whereas Obama who truly did inherit a recession, which resulted in 12 million additional underemployed, bringing the total to 26 million underemployed; GDP falling 5.1%, 9% in Q4-2008 and a stock market which lost more than half it's valuation.
Did you bother to read the exert on fiscal policy?
Ever pay 17+% interest rate for a mortgage? Ever live under 20+ misery index? A tough recession today is not being able to get the latest cell phone or an IPAD
No, I call it better than what Republicans have given us.Look at the economic growth today, you call that a success? Only the 40% that continue to support Obama believe it was a success
Yes, your numbers. This is what you said...My numbers? LOL, dilusional, CBO numbers not mine and CBO only scores what they are given thus that was what they were given by Obama
This does not refute my claim that our recent financial crisis was by far the most damaging to the macro economy since the great depression. Ever witness 40% of your life savings vanish within 3 months?
As it should, 800 billion for shovel ready jobs that didn't even buy a shovel.
No, I call it better than what Republicans have given us.
Yes, your numbers. This is what you said...
"Don't you just love the Obama results? 15 million unemployed, 3.5 trillion added to the debt, 821 billion stimulus program that created or "saved" jobs that cost the taxpayer $228,000 each. Those are the results "your" President generated and why he got shellacked in 2010." ~ Conservative
You said the results of Obama's stimulus cost is $228,000 for each job. The CBO never made such a claim -- you did. You accepted that number as accurate so why shouldn't I? That equals 3.5 million jobs saved/created.
You're welcome. :2wave:I realize that you think you are just being cute, but we would not want truth to be lost in your cuteness. I never said that Bush was or was not lying. I asked the person to tell me if it was. Again, there are many things about which I do not know and I need other people to help me out. He did and now you have. I thank both of you.
I don't see where Demcorats were in a position to do anything until 2007 when they became the majority party. Not that they wanted to, mind you.I don't see the Democrat position on Home ownership. What are you afraid of?
I don't see where Demcorats were in a position to do anything until 2007 when they became the majority party. Not that they wanted to, mind you.
Asked and answered.What was the Democrat Plan on home ownership?
Asked and answered.June 1981, what economic plan did Reagan have in place that caused that recession?
Ever pay 17+% interest rate for a mortgage? Ever live under 20+ misery index? A tough recession today is not being able to get the latest cell phone or an IPAD
Democrats controlled the Senate in 2001-2002 and had control of the committees including oversight committees. Now what was the Democrat Position on home ownership?
You haven't proven that nor do the numbers support it.
The financial crisis that broke out in the United States around the summer of 2007 and crested around the autumn of 2008 had destroyed US$34.4 trillion of wealth globally by March 2009, when the equity markets hit their lowest points.
On October 31, 2007, the total market value of publicly traded companies around the world reached a high of $63 trillion. A year and four months later, by early March 2009, the value had dropped more than half to $28.6 trillion. The lost $34.4 trillion in wealth is more than the 2008 annual gross domestic product (GDP) of the US, the European Union and Japan combined. This wealth deficit effect would take at least a decade to replenish even if these advanced economies were to grow at mid-single digit rate after inflation and only if no double-dip materialized in the markets. At an optimistic compounded annual growth rate of 5%, it would take more than 10 years to replenish the lost wealth in the US economy.
In the US, where the crisis originated after two decades of monetary excess that encouraged serial debt bubbles, the NYSE Euronext (US) market capitalization was $16.6 trillion in June 2007, more than concurrent US GDP of $13.8 trillion. The market capitalization fell by almost half to $7.9 trillion by March 2009. US households lost almost $8 trillion of wealth in the stock market on top of the $6 trillion loss in the market value of their homes. The total wealth loss of $14 trillion by US households in 2009 was equal to the entire 2008 US GDP.
As the financial crisis broke out first in the US in July 2007, world market capitalization took some time to feel the full impact of contagion radiating from New York, which did not register fully globally until after October 2007. In 2008 alone, market capitalization in EAME (Europe, Africa, Middle East) economieslost $10 trillion and Asian shares lost around $9.6 trillion.
You don't think that 40% of life savings didn't vanish in the 81-82 recession? Keys to homes were thrown at the banks, foreclosures were every bit as bad if not worse than now and savings were wiped out by mortgages and inflation.
Conservative claims he is more knowledgable than leading economists and knew before the recession was delcared in December of 2008 that we were in a recession and pulled his money out of his 401K before losing it.This does not refute my claim that our recent financial crisis was by far the most damaging to the macro economy since the great depression. Ever witness 40% of your life savings vanish within 3 months?
Asked and answered.
You didn't just give them -- you said those were Obama's results.Here we go again, CBO gave the numbers I divided the cost by that number. Obama claims that jobs were saved, BLS doesn't show jobs saved.
Conservative claims he is more knowledgable than leading economists and knew before the recession was delcared in December of 2008 that we were in a recession and pulled his money out of his 401K before losing it.
Of course, he also claimed to have such bold confidence inthe market after Obama took over, that he claims he re-invested much of it.
Come to think of it, Conservative makes all sorts of claims. Hmmm.
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