I,m just a grandma that wants to bake cookies. After I destroy what Obama hasn't.
- Thread starter robEERt
- Start date
So by DNC logic, everything that happens in a DNC administration is due to the previous administration and vice versa. I have learned that over the last the 7 years. GOP is kicking ***!!
In all fairness, the way many Republican admins have run things into he ground, it doesn't take much to improve things. After all, W was losing over half a million jobs per month during his last year in office and the stock market crashed. When you're at the bottom, you can move up pretty quickly.[banana]
The reason the economy tanked was because the job growth was based on the housing market. The fiasco started when congress ramped up the ability for everybody to buy a house. No interest loans, no doc loans and no money down and then the banks started trading in derivatives. Either way, banks did what they were asked to do. When people buy something based on no principal [payments you just tanked the economy. Blame who you will but that'swhat led to the depression if that's what we want to call it. By putting off the bankruptcy you have delayed any recovery.
You will never get the nutjobs to understand what you correctly stared. A good friend and former neighbor of mine who was the CEO of Huntington Bancshares told me years ago what was going to happen because of the housing issues and the lending practices that were forced upon him and others. This guy was a lifelong Democrat and worked in the Clinton administration before he became the CEO. Needless to say he is no longer a Democrat.
Typical crock of revisionist shite from the right, to say that the banks were "forced" to do something they had been pushing to get permission to do for decades. They lobbied their asses off to get the Glass-Steagall Act repealed so that they could do exactly what they did do.
http://www.usnews.com/opinion/blogs...of-glass-steagall-caused-the-financial-crisis
The housing market is only a small piece of the overall economy. We had to bail out banks and the auto industry. The price of gasoline skyrocketed to almost $5 a gallon; that was the single biggest hit to our economy. The price of everything else skyrocketed because of the price of gasoline. Consumption went down and in turn, employers started layoffs.
It was directly related to the housing market. We had to bail out the banks because so many of them were on the brink of failure thanks to their risky schemes coming back to bite them. From there everything rippled outward.
http://www.conservapedia.com/Financial_Crisis_of_2008
No it's not. Normal housing starts back then were 1.5 million, after the bottom fell out, 500,000. I million new starts= 7 workers per house= 7,000,000 employees, New appliances, new air conditioners, all new everything means a great economy. Unfortunately, it wasn't based on good economic policy. Obama's failure to let people bankrupt, stalling it over time, means we will never get out of recession until there's good economic policy. Don't try to say that the economy is good. Food stamps, underemployed and people not looking for work is the true economy.
Gas ws not the biggest hit, it was the 1 million less housing starts and the deflated worth of houses because of the glut of houses. The worse part is, by not allowing the owners to bankrupt quickly, it has prolonged this mess.