Quote:
Originally Posted by Piscator
I believe it starts from the top down. That being said, Bush left Obama an economy problem. Instead of fixing the problem, Obama made that problem a whole lot worse.
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It starts from the top down, but we have a republic, not a dictatorship, which means the legislature has more say in deciding the agenda than the president.
When the Democrats took control of congress in January 2006, unemployment was at 4.6%, the Dow was at 12,600, and the GDP had been growing like crazy since Clinton balanced the budget. In other words, what the democrats "inherited" in 2006 was a thriving, robust economy. Since 2006, the Democrats had control of all the committees.
It was Democrats who pushed subprime mortgages. In my opinion, the worst you can say about the GOP was that they proposed the de-regulation of financial markets in 1999 (I think it was 99) that Clinton signed. However, no one knew what was going on with those crazy mortgage-backed securities. If it was so clear that Wall Street was abusing the de-regulation, why didn't the Democrats propose to re-regulate Wall Street when they took control in 2006? Answer? No one had a clue what Wall Street was doing. But everyone knew that banks were being reckless by writing so many subprime mortgages, which was based on liberal doctrine that everyone is entitled to a home, even if they can't afford one.
Spence is 100% right when he says there is blame on both sides. I'd love to know what Spence thinks when he sees Obama, time and time again, putting all the blame on the Republicans, who had been out of power for almost 3 years when the economy collapsed. If Spence is right (and he is), then Obama is either an idiot or a liar, and there simply isn't another option. (In my opinion, Obama is BOTH an idiot and a liar).