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Bush admits he created a recession in the economy





handfleisch
http://economictimes.indiatimes.com/News/International_Business/
Job_losses_reflect_economy_in_recession_Bush/articleshow/3800265.cms

Now the question is, how long will the Bush Recession last? Will it grow into the Bush Depression? And how long before Obama gets blamed for it?
ocalhoun
1- Why do you get a story about USA politics and economics from the India times? Surely if he had come right out and admitted it, a media source closer to home would have run the story, right?
2- Link is broken
3- You can't blame our 'economic crisis' on any one person. The main problem is that people's habit of spending more than they make is starting to catch up with them.
handfleisch
ocalhoun wrote:
1- Why do you get a story about USA politics and economics from the India times? Surely if he had come right out and admitted it, a media source closer to home would have run the story, right?


Wrong.

Every major news outlet in the USA ran the story. Even FoxNews ran it. Which probably means it is too liberal for wingnuts now. Apparently their Obama-shock depression means they avoid any news source at all that would carry the story that Bush admitted in a speech that the US is in recession, and so they stay in a deep, dark hole arguing over the color of the sky.

Fixed.
ocalhoun
handfleisch wrote:
ocalhoun wrote:
1- Why do you get a story about USA politics and economics from the India times? Surely if he had come right out and admitted it, a media source closer to home would have run the story, right?


Wrong.

Every major news outlet in the USA ran the story. Even FoxNews ran it. Which probably means it is too liberal for wingnuts now. Apparently their Obama-shock depression means they avoid any news source at all that would carry the story that Bush admitted in a speech that the US is in recession, and so they stay in a deep, dark hole arguing over the color of the sky.

Fixed.

Er, okay... since all the US sources carried the story, could you give a link to one of them, rather than the broken India Times link?
handfleisch
ocalhoun wrote:
Er, okay... since all the US sources carried the story, could you give a link to one of them, rather than the broken India Times link?


Wow, incredible. I take it you never use any major news sources, ever. But ever heard of Google? Try "Bush" and "Recession".
handfleisch
That's great, El Duq. If you are seriously calling the fact that Bush has admitted the US is in recession an "inflammatory statement(s) with weak to little/questionable support", and you actually think that makes me a troll and you informed, despite the fact that apparently neither you or OC use any major news sources or can use Google news, then, yes, PLEASE "decide" to stop replying to my posts. Please. And take Calhoun with you to your place of mental prowess. Click on this on your way http://tinyurl.com/foryougeniuses
Moonspider
I read several articles regarding the December 5 comments of President Bush, and no where did I see him quoted as admitting he created the recession, only that he acknowledged that the United States is officially in a recession.

How long will it last? Good question. My bet is 18 to 24 months (beginning in December 2007). So that would be comparable or longer than the '80-'82 recession (depending on what months one wants to use to bracket that earlier recession).

How bad will it be? Although it may be longer, than the '80-'82 recession, I'm going to be optimistic and predict that it will not be worse. I don't think unemployment here in the United States will get above 10% during this recession.

Respectfully,
M
handfleisch
Moonspider wrote:
I read several articles regarding the December 5 comments of President Bush, and no where did I see him quoted as admitting he created the recession, only that he acknowledged that the United States is officially in a recession.

How long will it last? Good question. My bet is 18 to 24 months (beginning in December 2007). So that would be comparable or longer than the '80-'82 recession (depending on what months one wants to use to bracket that earlier recession).

How bad will it be? Although it may be longer, than the '80-'82 recession, I'm going to be optimistic and predict that it will not be worse. I don't think unemployment here in the United States will get above 10% during this recession.

Respectfully,
M


I hope you're right to compare this recession to '80-'82. Because it could be much worse, with the magnitude of the wars and debts and deficits and bailouts to contend with. Worse than what Clinton had to contend with when he balanced the US budget against all odds and predictions. But keep up the optimism, I agree with that POV.

PS This http://www.clevelandleader.com/node/8147 says the US has been in recession for a year already
lagoon
The USA just needs to keep in mind that he did it, and not to shift the blame to Obama during his term.
Voodoocat
I know this might come as a surprise to some of you, but the president does not control governmental spending, congress does. There are also senate committees that are supposed to oversee many of the industries that have been at the root of the tough economic times: banking, Freddie Mac and Sally Mae, and insurance. Oddly enough, while the republicans did control these committees for years, the demoncrats have controlled for the last year and a half. What have the demoncrats done to abate the financial problems? Now I remember! They gave 700 billion dollars to the same failed companies and now want to give another 15 billion to the failing American auto industry.

There is plenty of blame to spread, but you have to admit that the demoncrats have had almost two years to fix the financial problems. Instead of fixing the problems they have fallen flat on their faces.
deanhills
handfleisch wrote:
http://economictimes.indiatimes.com/News/International_Business/
Job_losses_reflect_economy_in_recession_Bush/articleshow/3800265.cms

Now the question is, how long will the Bush Recession last? Will it grow into the Bush Depression? And how long before Obama gets blamed for it?


Bush was definitely not alone in this. All world governments have been spending to excess over decades. This overspending should have been stopped a long long time ago, in the nineties, but just kept on with no restraint, no doubt due to political agendas and trying to stay popular. Think all Government leaders, as well as people who were living beyond their means, playing one credit card off the other in a neverending spiral of domestic debt are collectively responsible for the recession.
handfleisch
deanhills wrote:


Bush was definitely not alone in this. ... all Government leaders, as well as people who were living beyond their means, playing one credit card off the other in a neverending spiral of domestic debt are collectively responsible for the recession.


I agree. And the biggest credit card spree went to the murderous invasion and occupation of Iraq, which coupled with the loony idea of cutting taxes at the same time resulted in a drain of resources that left the US economically vulnerable.

Nobel Prize-winning economist Joseph Stiglitz and Linda Biomes, who teaches management at Harvard's Kennedy School of Government, have documented the ultimate cost of the Iraq war could go as high as $2 trillion.

Wouldn't it be great to have some of that money now, to help our economy? Too bad because Bush-Cheney burned it all on their dirty war and their Halliburton/Blackwater etc military contractor friends.
jmi256
deanhills wrote:

Bush was definitely not alone in this. All world governments have been spending to excess over decades. This overspending should have been stopped a long long time ago, in the nineties, but just kept on with no restraint, no doubt due to political agendas and trying to stay popular. Think all Government leaders, as well as people who were living beyond their means, playing one credit card off the other in a neverending spiral of domestic debt are collectively responsible for the recession.



Yeah, this is a truly global issue. I'm not an economist, but in my opinion is that interest rates were too low for too long. In my mind government spending wasn't so much an issue (even though I would have liked to have seen it cut), because if the government didn't spend it, it would have been retained by taxpayers who would have turned around and spent it as well. Because interest rates were so low it didn't make sense to save money, but rather "invest" it into property and businesses via the stock market. This cause property prices to skyrocket without any real increase value. And businesses had more money than positive net-present-value projects, so they used leverage to buy up securities.

BTW...handfleisch, I think the reason you're getting so much flack is because the title of your thread is "Bush admits he created a recession in the economy" while the actual news story was something different. He acknowledged that the technical definition of a recession was satisfied (as silly as that is), but I didn't see anything suggesting that he claimed to have created a recession.
handfleisch
jmi256 wrote:

Yeah, this is a truly global issue. I'm not an economist, but in my opinion is that interest rates were too low for too long. In my mind government spending wasn't so much an issue (even though I would have liked to have seen it cut), because if the government didn't spend it, it would have been retained by taxpayers who would have turned around and spent it as well. Because interest rates were so low it didn't make sense to save money, but rather "invest" it into property and businesses via the stock market. This cause property prices to skyrocket without any real increase value. And businesses had more money than positive net-present-value projects, so they used leverage to buy up securities.

BTW...handfleisch, I think the reason you're getting so much flack is because the title of your thread is "Bush admits he created a recession in the economy" while the actual news story was something different. He acknowledged that the technical definition of a recession was satisfied (as silly as that is), but I didn't see anything suggesting that he claimed to have created a recession.


Yes I understand that the thread title is provocative, but the real flack came from those who denied that Bush ever admitted the US was in recession.
ocalhoun
handfleisch wrote:


Yes I understand that the thread title is provocative,

Now we're getting somewhere!
Quote:

but the real flack came from those who denied that Bush ever admitted the US was in recession.

Er, exactly who was that? I didn't notice anyone denying that...
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