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Politics : Formerly About Advanced Micro Devices
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To: i-node who wrote (614858)6/5/2011 3:07:53 PM
From: bentway  Read Replies (1) of 1578701
 
"What Obama inherited was certainly better than what Bush inherited"

A complete and total partisan LIE.

Nouriel Roubini : The Economic Mess and Financial Disaster that Obama Will Inherit

....Obama will inherit an economic and financial mess worse than anything the U.S. has faced in decades: the most severe recession in 50 years; the worst financial and banking crisis since the Great Depression; a ballooning fiscal deficit that may be as high as a trillion dollar in 2009 and 2010; a huge current account deficit; a financial system that is in a severe crisis and where deleveraging is still occurring at a very rapid pace, thus causing a worsening of the credit crunch; a household sector where millions of households are insolvent, into negative equity territory and on the verge of losing their homes; a serious risk of deflation as the slack in goods, labor and commodity markets becomes deeper; the risk that we will end in a deflationary liquidity trap as the Fed is fast approaching the zero-bound constraint for the Fed Funds rate; the risk of a severe debt deflation as the real value of nominal liabilities will rise given price deflation while the value of financial assets is still plunging.

This is the bitter gift that the Bush administration has bequeathed to Obama and the Democrats.
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