The story is similar with the 2008 GFC. Both Bush and Obama responded in the same way, channeling Hoover and FDR by throwing massive government spending at the problem. The US still hasn't recovered, and is heading for an even bigger crash unless they get distracted by a major conflict again. Obama is certainly doing his best to make such an outcome a distinct responsibility. Dubya would be proud of his war-mongering.
That is the biggest load of shit I've ever read, JM. I'm sorry, but its too big a pile of crap to ignore.
The issue of the GFC had absolutely nothing to do with the spending of the government. It actually had everything to do with the dergulaisation of the marketplace according to the principles of economics Alan Greenspan put in place in his tenure at the Fed Bank. You know who appointed Greenspan to the office? Ronald Reagan.
Greenspan systematically deregulated the American economy, setting in motion a chain of events that led to no government intervention upon the greed and outright irresponsibility of merchant banks with buying and selling debt as a commodity, and the predatory lending that grew as a result of it. Subprime mortgage lending is as fictitious as Santa Claus, but they kept on with it because 'that was what the market wanted'. The entire GFC was a pyramid scheme designed to make people rich without there being anything underneath it.
Greenspan essentially deregulated the market (which is in line with Libertarian principles) to the point where greed overran the entire economy and it collapsed in on itself. Millions lost trillions and nobody was held accountable. Why?
Because it was what the market forces determined.
Obama poured billions into the economy as a result of the GFC. It was by no means the catalyst of the GFC, but the attempt to prevent it hitting the point of the depression in the 30's. You can argue both sides as to whether it is the solution or not as they both have merit, but to claim he was somehow the cause of it is erroneous. Dubbya was, if anything, the president asleep at the wheel. He is quite likely the worst president America has ever seen. I would argue Obama's fault is not kicking Bernanke out of the chair and keeping the same economic advisers as what led the country into the mire in the first place.
The pouring of funds into the economy also stopped it getting worse. Putting money into the hands of people means they could work to halt the economic collapse and reassert itself (which it has started to do).
I like you mate, but you seriously haven't got a clue about economics.
