Jophiel wrote:
gbaji wrote:
While I can't say for sure who was involved, I do recall repeatedly having to respond to posts on this forum back in 2003-2006 time frame saying that the "economy was in the dumpster". When I'd list off the economic factors (GDP growth, inflation, CPI rate, unemployment), the two most common responses I got were that unemployment was "bad" because it was higher than the sub-5% range is had been in and that wages were "flat".
This was all well before the economic effects of the sub-prime mortgage mess really hit us. And frankly, I suspect most people latched onto those as the only tangible things they could.
Yeah, I suppose when folks who were warning about the economy were proven correct while your praise was proven to be misplaced, it's easiest to just call them terrible ignorant hacks for having more foresight than you.
Foresight and Hindsight are usually just buzz words. The American Economy was great in 2000 and declined in the usual way economies decline under new leadership. It picked back up on the back of the War machine, like economies usually do. (It is widely considered that if Germany didn't start world war two the economies of the world would have taken another 5+ years to rebound from the depression) Bush was a good leader in his first term, his policies were solid, and the economy was decent.
The Bubble burst had nothing really to do with government at all, it was something that was destined to occur. The resulting impact on the economy was because of failed institutions attempts to make a quick buck. Private banking and investment companies were the reason the economy collapsed, not because of Bush Whitehouse policy. More so it was a lack of policy if anything. The thing about the whole thing is, people blame obama for this economy being slow and the unemployment rate being such and such, when again it is more or less out of his control.
The banking industry holds most if not all the responsibility for this current economic drain, and that is mostly because everything in society revolves around credit, the US government, the place you work, your house, your car, your insurance, everything is based on credit. This is a bank controlled system, people can't hire new people if they can't get credit to pay/fund their current employees, banks won't give credit because they can't get credit. Etc etc etc.
Blaming one party or another for the state of the economy in a credit based society, which is mostly out of government control and mostly private is bad in general. This is what capitalism is about, purchasing power, and credit.
Just look at Modern money mechanics and the fractional reserve system, the economies of most western nations (US, Canada, Germany, UK, Aussie, France the main ones) are all run on fractional reserve systems. Designed by banks.
The blame game is stupid, everyone knows what the problem is, but money is louder than words, an until politicians in "democracies" stop bending over bucks and gifts it won't change. No matter who is in power.