Jeez, really? Were the banks insolvent?
You come here claiming to understand economics. Yet, you claim that GWB is somehow responsible for what happened with the banks?
If you want to blame someone for the banking crisis, GWB would be at the bottom of that list -- above him would be Alan Greenspan, Barney Frank, Chris Dodd, a whole host of other democrats on Capitol Hill, BILL CLINTON (who had this idea of making home ownership a "right"), and many others. But if you really want to blame someone, it has to be Congress who created FNMA in the first place giving the government control of the mortgage markets.
I see no indication you have even a shallow understanding of these issues.
Were the auto companies going out of business?
Of course. As I pointed out to Al yesterday, the business model in which UAW sucked all the profits out of these companies became unsustainable in the 90s. They just had a ton of money and borrowing that had to occur before they collapsed. They were teetering on the bring of folding and all it took was an economic downturn -- even a minor one would have done it.
Was the unemployment rate skyrocketing?
We were basically at full employment throughout the Bush Administration until early '08 -- for 7 years, through some of the most difficult economic challenges in history.
The REAL unemployment rate increases have occurred AFTER GWB left office, however, due to a failed Obama policy. Had the $800 Billion in "stimulus" been used to immediately eliminate all withholding taxes, the economy would have come back instantaneously. The $800 Billion is a waste of money.
>> Was the deficit increasing by a $trillion?
This one really makes me laugh. Bush never produced a trillion dollar deficit or anything close to it -- even with the TARP loan of $350B (a significant portion of which has been or will be paid back).
Obama has proposed deficits exceeding a trillion dollars for the next ten years. It is insanity.
That you would bring up the deficit is hilarious. The nitwit you elected has destroyed ALL deficit records of the past. |
