Quote:
Originally Posted by raymor
Fyi the economy was considered "bad" when Obama was elected because it was growing slower than average. Obama took an economy that was growing slowly and sent it straight down the toilet.
As of 2008, the country had accumulated $10 trillion in debt over 232 years. With just two years of Obama, we owed $14 trillion in 2011. No that's nearly a hundred years worth of debt in just two years.
He inheirited a situation where about $200 billion was in risky mortgages, where maybe $40 billion would default. His "solution" was to take $2 trillion from you and I and give it to the likes of ACORN. Two TRILLION dollars spent on a $40 billion problem and only made it much worse.
He came into a slow economy and CREATED a disaster. No serious economist will argue that fact at this point.
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It amazes me how people's poltical bias clouds reality. This is reality mid 2008, housing crashes..late 2008 the market has crashed so bad, economists only predict things to get worse and can't see how a recovery is possible..obama gets elected, dumbs a shitload of money into the banks who took these huge risks knowing full well the inevitable collapse...NOT ACORN..dumping the money into these banks did basically nothing but eventually people start spending again, the market gains *some* confidence and unemployment goes down a bit. things are better now than they were in 2008. i really don't know how you can be walking around and not see that.
regardless, if obama or mccain got in the bailouts would of happened.