You could use a little longer one as well. All I remember hearing was how bad things were and the rising national debt. Your "give him a chance" buddy has grown national debt more than ALL other presidents before him combined and things aren't any better.
This actually started way back before Bush. I even say maybe before Nixon.
When we came off the gold standard (Nixon’s reign) it all became a numbers game that the government could manipulate. About every 10 years or so, the value of the dollar has to reset to actual value levels. Thus you get these highs and lows. More recently the adjustment due in the 90’s was staved off by the Y2K spending and then compounded by the tech bubble burst and we began to see these extreme highs and lows. That is why we were well on the way down by the time Bush got in. 911 compounded the issue yet again and the Fed used interest rates to manipulate the economy. And yes I blame Bush for that. But he also knew that tax reduction was necessary to help it along. That’s why the 00's for the most part were up (cheap and easy money). However those pesky interest rates and the ability to make more money that it cost you lead to some truly criminal activity. When the housing bubble cracked it came all tumbling down. And yes I blame the libs for housing bubble burst (Freddy, Fanny and risky behavior).
Problem as I see it know is 2 fold. Y2K fueled the tech bubble, investments (interest rates) fueled the housing bubble. In both cases tangible assets were involved. The closest thing to the next bubble is green energy. But that is only full of promises a kind of build it and they will come thing. There is a lot of risk and not much in the way of results, other than the scammers and government money grabbers. So this slow to market industry is not going to turn this down cycle around very fast. All this talk of these new taxes isn’t going to help. If the Bush tax cuts expire, these new bank tax/fees are imposed, and the top rates adjusted as promised we might see a 4-7 year down turn vs a 2-3 year down turn, that we are already half way through.
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Today's Featured Article - Listening to Your Tractor - by Curtis Von Fange. Years ago there was a TV show about a talking car. Unless you are from another planet, physically or otherwise, I don’t think our internal combustion buddies will talk and tell us their problems. But, on the other hand, there is a secret language that our mechanical companions readily do speak. It is an interesting form of communication that involves all the senses of the listener. In this series we are going to investigate and learn the basic rudimentary skills of understanding this lingo.
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