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Don't know why this is downvoted. Cutting interest only benefits the wall street in the next couple months. Basically this admin only knows two things: 1, Cut i
by michaelyoshika 7y ago
Don't know why this is downvoted. Cutting interest only benefits the wall street in the next couple months. Basically this admin only knows two things: 1, Cut interest rate 2, Cut tax And it doesn't care if the world explodes after they step down.
- imglorp 7y agoMost republican administrations have displayed that "get mine and get out" behavior--causing recessions--since Teddy Roosevelt.
- dcftoapv 7y agoObama's admin let one of the world's foremost financial institutions fail and caused a mass market panic / giant economic setback. Their reasoning was entirely political and caused millions of people to lose their jobs. I'm independent, but claiming that Republicans cause recessions is pretty ironic considering the economic damage the last Democratic admin did.
- imglorp 7y agoIn that case, the recession began during Bush, who provided the first bailout around $800B. Obama did another bailout of similar amount. I was talking about starting recessions, not digging out of them, so my statement holds.
- HaloZero 7y agoWhich financial institution are you referring to here?
- deleted 7y ago[deleted]
- ryl00 7y agoIf you're talking about Lehman Brothers, Wikipedia notes that the bankruptcy occurred on September 15, 2008, two months before Obama was elected.
- sg47 7y agoYes, Obama was President from 2000 to 2008 when the Fed let the subprime lending happen with stupid monetary policies. The crash happened in 2008 when Bush was still President. A few days later, Lehman Brothers began to falter. Treasury Secretary Hank Paulson, who in July had publicly expressed concern that continuous bailouts would lead to moral hazard, decided to let Lehman fail. The fallout from Lehman's failure snowballed into market-wide panic. AIG, an insurance company, had sold credit default swaps insuring against Lehman's failure under the assumption that such a failure was extremely unlikely. https://en.wikipedia.org/wiki/Economic_policy_of_the_George_W._Bush_administration#Financial_crisis_and_Great_Recession https://en.wikipedia.org/wiki/Economic_policy_of_the_George_...
- karatestomp 7y agoWhich one? The only big one I can think of that wasn’t bailed out was Lehman and that was under W, not Obama.
- bananabreakfast 7y agoThat happened when Bush was president. Get your timeline straight.
- czzr 7y agoLehman Brothers? September 2008, before Obama was even elected. So, how does that change your view?
- aksss 7y agoWell Clinton did preside over the dot com boom, leaving Bush to clean that up. He was the first democrat to be president since Carter. Not sure your thesis is very strong there as it depends upon an arbitrary duration, a nebulous criteria and an implication that democrat admins have behaved differently (based on same nebulous criteria). In reality, policies of presidents can be very loosely coupled to outcomes during their time in office. Clinton’s policies, for instance, are not insignificantly indicted by the mortgage crisis as well, but just because the chickens didn’t come home to roost before he left office doesn’t prevent us from seeing that. There’s a long tail to policy decisions for better and worse.
- ryder9 7y agoAgreed, Clinton started the "third way" part of the Democratic Party; now known as the neoliberals.