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Politics : Liberalism: Do You Agree We've Had Enough of It?
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To: lorne who wrote (55489)11/15/2008 12:18:58 PM
From: RetiredNow  Read Replies (1) of 224864
 
Well, it wasn't a recession. It was a downturn after an incredible 6 year boom. What we're in now will most certainly become a recession and perhaps a depression. The boom of the 1990s was fueled by innovation and then got too exuberant at the end. The growth of the 2000s was fueled primarily by liquidity growth. In other words, it was built on a house of cards. We're now having to pay the piper for that, which is why this downturn is worse than the 2001-2 downturn.

The truth is I can't lay it all at Bush's feet. Greenspan had an easy money policy that lead to a bubble in 1999. However, Bush's actions and those of his Republican Congress in his first 6 years, have made it near impossible to get out of this one without serious damage to our retirements. Bush's administration was directly responsible for the increase in our national debt from $4 trillion to $10 trillion. During Clinton's administration, we had a surplus and were reducing the debt. The Republican propaganda of fiscal conservatism has now been proven to be a big fat lie.

Now I see Obama is bringing in a lot of old Clinton economic policy advisors, which gladdens my heart, because they were the fiscal conservatives along with the Republican Congress lead by Newt in the House, who was also a fiscal conservative, that lead our country to huge prosperity and surpluses in the 1990's. What happened to the Newt Republicans? They are extinct or voted for Obama, like me.

It's about time we start acting responsible wrt our economy.
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