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If we come out of the recession this year... who gets the award?

M

MikeMike

Lifer
well? which desperate act would be more responsible for pulling us out of the recession?

I honestly think the TARP is much more important in that it kept us from having major issues with our money system... not only does it take money to make money, but it requires a banking system in order to move that money around...
 
They both wanted it, so they'd both share in the "recovery credit". Of course, it has been reworked since and a lot more has been done with stimulus and bailouts that have had more impact than pre-January TARP.
 
I think in the public eye Obama would get credit since presumably the recovery would happen under his watch. I don't think either of them (Bush, Obama) should get "credit" for anything. They've both run up the deficit to mind boggling numbers. The fact that the economy might recover some day has more to do with regular economic cycles and activity than with either of their pork packages... ummm... tarp & stimulus.
 
Obama. As much as I like some of his social policies though, I haven't really been a fan of these large packages that much, though the money from the Stimulus hasn't exactly been squandered it hasn't really impacted the average American as much as I would have wanted.
 
Originally posted by: TruePaige
Obama. As much as I like some of his social policies though, I haven't really been a fan of these large packages that much, though the money from the Stimulus hasn't exactly been squandered it hasn't really impacted the average American as much as I would have wanted.
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The money from the stimulus has not exactly been spent either. Most of it wont be spent until next year.....
 
Originally posted by: Double Trouble
I think in the public eye Obama would get credit since presumably the recovery would happen under his watch. I don't think either of them (Bush, Obama) should get "credit" for anything. They've both run up the deficit to mind boggling numbers. The fact that the economy might recover some day has more to do with regular economic cycles and activity than with either of their pork packages... ummm... tarp & stimulus.
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Quite a talent you have there, being able to tell what would happen in an alternative universe, not to mention that running up the deb t was thought to be required to save us.
 
Originally posted by: Double Trouble
I think in the public eye Obama would get credit since presumably the recovery would happen under his watch. I don't think either of them (Bush, Obama) should get "credit" for anything. They've both run up the deficit to mind boggling numbers. The fact that the economy might recover some day has more to do with regular economic cycles and activity than with either of their pork packages... ummm... tarp & stimulus.
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:thumbsup: This assessment is on target.
 
The economy was going to eventually recover - people couldn't hold out purchasing things forever. Neither program really helped this although the stimulus may have helped people open their wallets a little earlier.
 
Moot point. The recession will not end this year. Way too many jobs lost. Only 3 months till seasonal jobs begin to end in the northern states.
 
Originally posted by: Double Trouble
I think in the public eye Obama would get credit since presumably the recovery would happen under his watch. I don't think either of them (Bush, Obama) should get "credit" for anything. They've both run up the deficit to mind boggling numbers. The fact that the economy might recover some day has more to do with regular economic cycles and activity than with either of their pork packages... ummm... tarp & stimulus.
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/Thread
 
Let's hope we get out of the recession and create some new jobs before we start handing out accolades.

We have to find the proper balance of Fed rates to reduce the risks of inflation, and combination of spending reductions/tax increases to reduce the deficit. And even then ...

Some folks have cited the possibility of a double-dip recession



edit: Man, I couldn't get that link to work ... 🙁
 
Originally posted by: jackschmittusa
Moot point. The recession will not end this year. Way too many jobs lost. Only 3 months till seasonal jobs begin to end in the northern states.
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Then Christmas seasonal begins.
 
Originally posted by: heyheybooboo
Let's hope we get out of the recession and create some new jobs before we start handing out accolades.

We have to find the proper balance of Fed rates to reduce the risks of inflation, and combination of spending reductions/tax increases to reduce the deficit. And even then ...

Some folks have cited the possibility of a 'double-dip' recession
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Why should this surprise people? One of the driving factors of the 1937 recession within a depression was govt cutbacks. You cant artificially prop up the economy using public money and then take it away and expect the private sector to make up for the difference overnight.

I also think you are onto something with the fed having to combat inflation next year when all this stimulus money is spent. That could put the breaks on business expansion and thus economic growth and job creation.

A 3rd problem is healthcare reform and cap and tax. More money out of the private sector to govt that wont be used for any real growth.
 
Neither for the most part, but I think Bush has had a more meaningful impact than Obama. He came in earlier and kept the banks in health. Obama's money has not even been substantially spent.
 
Originally posted by: Genx87

A 3rd problem is healthcare reform and cap and tax. More money out of the private sector to govt that wont be used for any real growth.
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actually cap and trade should lead to new investment. Healthcare reform isn't going to do much in the short term.
 
Obama administration's economic stimulus package was designed to lessen severity and suffering of recession, not to stop it.

It was the whole matrix of actions, collectively, by Fed, Treasury, FDIC, under Obama administration, basically having government create markets in credit and mortgage when private parties had completely stepped away, that took the economic and stock market out of free fall to the point of current stabilization. Even the much scoffed at pass pass bank stress tests seemed to give the markets a pop and triggered inflow of new capital (their successful secondary stock offerings) from private sources, thus allowing them to pay government back for their TARP funds.

Bush I think basically wanted to kick the can down the road and let Obama deal with it in January, and Paulson's loyalities lay with his buddies on Wall Street (he basically wanted to drive dump trucks full of money up to the 9 biggest banks no strings attached, grossly overpay for their toxic assets, and then let the taxpayer deal with bill) than with the American people. It was their (in or incompetent) actions that allowed financial markets and economy to go off a cliff last fall, turning a more garden variety recession into The Great Recession or De-cession...

edit: Jim Bianco and Tony Crescenzi deriding TARP, aka "SIV Bailout version 2008": http://www.cnbc.com/id/15840232?video=872909280&play=1 :roll: (specific comments start around 7 minute mark)

edit #2: I think Buffett peak unemployment projections were from a CNBC interview that I can't find video clip for right now.

 
Originally posted by: jbourne77
Since in most people's minds correlation = causation, Obama will get the award.
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Very true. I would not want to be president when this years $1.8 trillion deficit has to paid.

 
Keep in mind that the advances in the stock market are mainly attributed to growth in the FINANCIAL sector.

Since TARP assisted the financial sector and was put in place under the BOOOSH administration credit would have to be given to him.
 
Originally posted by: Patranus
Keep in mind that the advances in the stock market are mainly attributed to growth in the FINANCIAL sector.

Since TARP assisted the financial sector and was put in place under the BOOOSH administration credit would have to be given to him.
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BS. Look at commodities, look at Ford, etc.
 
Originally posted by: MIKEMIKE
well? which desperate act would be more responsible for pulling us out of the recession?

I honestly think the TARP is much more important in that it kept us from having major issues with our money system... not only does it take money to make money, but it requires a banking system in order to move that money around...
Click to expand...

I think neither. 9 times out of 10, a president isn't going to be able to improve the economy much. Damage it, sure, but repair it, I don't think so.
 
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