CNN already whipping out the ole' FactChecker

[blankslate]

Those old guys did some voodoo I bet to cause all these issues.

I remember them having the debate over banks and how big they should be early on when the country was still less than 50 years old. Haven't read up on that issue though.

 

[FerrelGeek]

The guy with the middle name Jefferson or the guy with the last name Jefferson?

Doesn't matter. It was a mild recession that had to happen because everyone jumped on the internet band wagon. At least we can be thankful that it was relatively short...

And we did get some strong internet based companies out of it. Not to mention the fact that many traditional companies utilize the internet to an advantage as well.

Very true, but Bush didn't spend his time blaming Clinton or the dems over inheriting a recession. If Obama gets a second term and things don't turn around by 2016, the dem's will still be blaming Bush.

 

[blankslate]

Very true, but Bush didn't spend his time blaming Clinton or the dems over inheriting a recession.

The recession that happened didn't last that long or end up shedding a few 100 thousand jobs a month at it's worst point.

Couple that with
http://www.theatlantic.com/politics...y-all-discussions-of-the-debt-ceiling/242484/

the above charts that indicate the effect that the Bush Tax cuts had (and is projected to have) on the deficit and consequently the National Debt....

As long as the Republicans in Congress insist above everything else that the Bush Tax cuts stay in place... Bush can still be responsible for the effects his Tax Cuts are having on the economy.

Once the irresponsible and ill thought out tax cuts (implemented when this country was at war as has rarely if ever been done before) are allowed to expire then President Bush's responsibility as far as the recession is concerned will fade away.


But that is up to the Republicans because they're the ones who have argued to extend the cuts and held an extension on unemployment benefits for long-term unemployed citizens of this great country hostage in order to do so.

 

[blackangst1]

**ring ring**
Doc Doucebag Fan: hello?
Reality: Hi, and this is reality.
Doc Doucebag Fan: What's up?
Reality: Oh, I just wanted to remind you that the current recession is incomparably worse, and to terribly contrast the two really just makes you look like a babbling moron.

http://money.cnn.com/2012/02/06/news/economy/obama_reagan_recovery/index.htm

Unemployment in the early 80's hit 10.8%. This recession we hit 10.2%.

Inflation in the early 80's hit 13.5%. This recession we hit 5.5%.

Prime interest rate in the early 80's hit 21.5%. This recession it peaked at 7.25%

Guess it depends what numbers you want to look at, eh?

 

[Jhhnn]

Unemployment in the early 80's hit 10.8%. This recession we hit 10.2%.

Inflation in the early 80's hit 13.5%. This recession we hit 5.5%.

Prime interest rate in the early 80's hit 21.5%. This recession it peaked at 7.25%

Guess it depends what numbers you want to look at, eh?

It's been pointed out, repeatedly, that the recession of the early 1980's was deliberately induced by the FRB to tame inflation. It was a normal postwar recession, if a bit larger than intended.

The current situation is entirely different, both in cause & in scope, and is due to the same sort of causes as the crash of 1929- over extension of credit followed by an inability to pay.

The lessons of history of 80 years ago were discarded in the faux prosperity run-up to the crash of the housing bubble, and that disregard was championed by Repubs everywhere, including the bully pulpit-

http://www.youtube.com/watch?v=QYvtvcBKgIQ&feature=related

 

[blackangst1]

It's been pointed out, repeatedly, that the recession of the early 1980's was deliberately induced by the FRB to tame inflation. It was a normal postwar recession, if a bit larger than intended.

The current situation is entirely different, both in cause & in scope, and is due to the same sort of causes as the crash of 1929- over extension of credit followed by an inability to pay.

The lessons of history of 80 years ago were discarded in the faux prosperity run-up to the crash of the housing bubble, and that disregard was championed by Repubs everywhere, including the bully pulpit-

http://www.youtube.com/watch?v=QYvtvcBKgIQ&feature=related

How, or why, a recession is induced is irrelevant as to the effect it has on the people. High unemployment affects the entire nation. High inflation affects the entire nation. High lending rates affect the entire nation.

 

[Ryan]

How, or why, a recession is induced is irrelevant as to the effect it has on the people. High unemployment affects the entire nation. High inflation affects the entire nation. High lending rates affect the entire nation.

What a joke - it is completely relevant, and and you would be a bad student of history to say otherwise.