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View Full Version : Don't Blame Bush: Spin As They May,This Depression Belongs Strictly To Obama



megimoo
09-05-2011, 07:25 PM
This is Barack Obama's economy now. George Bush can no longer be blamed......
And if the economy dips back into recession--as it most certainly will--then that will be Obama's fault, too.

Because it's Obama's fiscal policies that are driving the economy back into the ditch. ......This is no small matter, because Obama's failure will likely result in political change that will deliver the White House to the GOP in 2012..... Then the deficit hawks will control both houses of congress and the White House, and they will slash spending and push the economy into another Great Depression....

This is not speculation.... This WILL happen... Obama has made sure it will happen by shrugging off the warnings of every competent economist in the country, all of whom have said repeatedly that we needed more stimulus to lower employment, to reduce the output gap, to increase GDP, and to put the economy back on track.

http://www.marketoracle.co.uk/Article30265.html

malloc
09-05-2011, 09:13 PM
The article is right in that this is Obama's recession. It's wrong in that every competent economist is calling for more and bigger stimulus. Keynesian economists might be, but I think even Keynes himself would be against it considering the debt. Very, very competent economists, the ones who predicted the housing bubble pop and the following recession over at CATO as well as other think tanks wouldn't wouldn't recommend more stimulus.

Implying economists like Peter Schiff, CATO, John Cochrane (University of Chicago) and Thomas Sargant (NYU) are incompetent shows the bias and lack of knowledge of the article. The author of the article is only hearing the Keynesian voices, because the Keynesian voices are the loudest because they are political. A representative can bring home the bacon using stimulus.

If Republicans take over and slash spending, a recession will follow for sure while the economy restructures and gets away from the government teat. If they follow up by deregulation, lower corporate taxes, and lower capital gains, the economy will put out of that recession quickly as unemployment drops.

The Republicans know what needs to be done to get us out of this mess Obama ha put us in, the author of the article does not.