United States Heading towards a Depression?

I doubt he's been alive long enough to realize that fact.

Ah, these problems, particularly the sub-prime mess have been a long time in coming and are the result of decades of stupid and irresponsible programs like the CRA. In reality, in a Republican controlled house/senate and presidency, we say a tremendous growth in every sector of the economy post 9/11 until the dumbocrats took congress back again.

Look at the bigger picture. The problems rising now, did exist as the result of democrats policy, and they are only made worse Obama furthering them. And by throwing more money at problems created by democrats.

Yes, its true there are some Republicans to blame, but none of them are what I would call "conservative", and certainly do not represent the core values that real conservatives hold dear.

The reality here sonny is that Obama has added 3 times the amount to the deficit that Bush did over 8 years in just a little over 6 weeks.

So its quite fair to lay blame where it belongs IMO.

 

I think real conservatives need to start their own party, the GOP is just as bad as the Dumbocrats, they put stooges up each time that are designed to fail. Real conservatives haven't had a voice since Reagan and you know what can happen when certain things are left unexpressed.. usually explodes at some point. We're talking about tens of millions of pissed off, armed Americans who are growing tired of these parasites known as liberals.

GWB was a failure but he wasn't the cause of this crisis and it's ridiculous to suggest that imo.

 

My point is when George Bush passed the Patriot Act, he got a pass.

When George Bush got in office in a questionable election, he got a pass.

When George Bush talked about weapons of mass destruction, rogue leaders (Axis of Evil garbage), terrorists in Iraq, and spreading democracy in the Middle East, he got a pass.

When George Bush didn't capture Osama bin Laden, he got a pass.

When George Bush got caught with Abu Ghraib and Guatanamo, he got a pass.

When George Bush got caught torturing detainees, he got a pass.

When George Bush did not help the citizens of New Orleans when they were begging for help, he got a pass.

George W. Bush said, January 4, 2008, "This economy is on a solid foundation ... While there is some uncertainty, the report is that our financial markets are strong and solid." He got a pass.

When George Bush asked and got that $700 billion bailout package, he got a pass.

By every economic measure (the stock market, gas prices, inflation, employment), things got a lot WORSE under George Bush.

Obama has barely been in office 8 weeks. Yet, he somehow is as bad or worse than Bush in 8 years?

Maybe Obama will be the worst President ever, but why in the world didn't people apply this same impatience to the most despicable President in a century in George Bush (who is worse than Nixon IMO).

I can't understand why George Bush got 8 years of f***-ups and Obama gets only 2 months.

 

What pass? He didn't get a pass, are you crazy? Most everyone hated him by the time he was out (there was already hateful opposition when he won in 2000), BO seems to have less opposition if anything.

The media loves him, in contrast to their open displeasure of the false face of conservatism, GWB.

 

The FED Biege Book Report:

Districts rate the prospects for near-term improvement in economic conditions as poor, with a significant pickup not expected before late 2009 or early 2010.

House prices continued to decline, reportedly at double-digit paces in some areas, with little or no signs of a deceleration evident.

http://www.federalreserve.gov/fomc/beigebook/2009/20090304/default.htm

The Democrats Carter and Clinton passed the CRA which led to the subprime crisis. Obama was a community organizer that sued the banks using the CRA to get more money for unqualified borrowers. Obama was #2 on the list of recipients accepting donations from Freddie/Fannie while in the Senate. To top it off, the Democratic controlled Senate blocked Freddie/Fannie reform in 2005.

Bush got $350 billion of the TARP bailout package and OBAMA got the other $350 billion which he is using to bailout subprime homeowners.

 

I can't disagree about Carter and Clinton. You are talking a decade or more of repercussions playing out in the economy.

Carter signed the Monetary Control Act of 1980.

Clinton signed the Financial Services Modernization Act of 1999 and Commodity Modernization Act of 2000.
Clinton also bailed out Long-Term Capital Management which set the stage for the bank bailouts of today.

They were terrible acts against the people and the economy.

Bush followed by creating the Enron bubble with favorable legislation and contracts.

Bush signed the Bankruptcy Abuse Prevention and Consumer Protection Act of 2005. I shudder to think of the consequences of this going forward.

Bush was asleep at the switch when it comes to the economy and finances, which is why the country is so screwed today. He was focused on taking people's rights and liberties away, instead.

So, you get Bush signing the Patriot Act of 2001, the Terrorist Surveillance Act of 2006, and the Protect America Act of 2007.

Bush was a true POS and terror for this country. He didn't manage the economy and made it his job to scare the living crap out of every American to get what he wanted.

Now, Obama could follow this pattern. But, how in the world do people jump to this conclusion after only 2 months in office? It's not enough time to get any legislation passed, let alone see the effects.

 

Obama is on track to double the national debt in three years and has already spent up $2 trillion in the last 2 months.

 

I fully expect Obama to be a failure, too. But he hasn't really done anything yet. The money is appropriated but not spent. Once it's being spent, then we can pile on his failures.

But, for those blaming Obama for the state of the economy TODAY is beyond stupid, IMO.

George W. Bush is the garbage piece responsible for our current misery.

 

obama spoke of fixing the jobs outlook in three years and spoke of no fast fixes. Is that too late? Will the Dow be at 400?

 

can someone please spare a trillion dollars...

someone has a deficit....

source.

 

I seriously doubt things will turn out that bad. After two to three years the economy will start to get better.

 

There's still bad news to come out of the banks and housing sector. Citi is in bad shape. It's share are selling for $1 and the Merril deal crippled BOA. The FDIC is also saying that they will exhaust their insurance fund by the end of the year.

Commerical real estate is going to be the next crisis and certainly a poor Retail Sales report will take the market down.

You don't know where the next bailout will be coming from. AIG and the car industry seem to be a bottomless pit. I'm also wondering when Freddie/Fannie will be coming back for more money.

 

I just found an excellent Lincoln quote:

 

The irony here is that Fannie/Freddie are lending money they do not have to the same group of people that did not have it to begin with, so I guess, yeah, freddie and fannie continue to get money.

AIG and GM need to declare bankruptcy and re-organize.