"In the beginning was Trump and he looked at the Obama economy, declared it tremendous and created it, and that was the first day."
Comment by Rodney Roe 14 seconds agoDelete Comment
Trumps take on Hurricane Florence is that it is "tremendously big and wet." He may have said that he would direct FEMA's response t be bigly tremendous. Or maybe that was what he said about Hurricane Maria.
sheesh....you too Rodney?.....objectivity has vanished from this site...
Good for you Rodney.
Objectivity regarding the current POTUS is not a trait that makes sense to me either.
What Trump is doing to the economy will have long term negative effects. Short term gains are for the elite, and the occasional lucky sucker. The so called policies will result in more Detroits for the next Obama to bail out and save. Oh, and what can be made of the soybean farmer who looks at his fields, realizes he's fucked by his own Orange Idol, and, in the ultimate stupidity of tribalism, says he will stick by him anyway, with the hope of SOCIALISM in the form of a 12 billion dollar bail out to save his stupid hick country motherfucker ass.
In every election cycle, regardless of where in the economic cycle elections occur, politicians claim booming economies and blame flagging economies on the previous administration. In reality the boom/bust cycle frequency is related to the degree of regulation and policies set forth, and the lag time between loosening economic regulation and the coming "bust" is variable. Rarely, can an administration claim the result.
Obama took office at the beginning of a deep recession that was in the making for years, and was probably the result of deregulation that happened not under Bush the Lesser, but during the second term of Bill Clinton.
Obama made decisions that were criticized by both conservatives and liberals. The economy gradually rebounded. It was declared too slow by conservatives. It was declared inadequate in banking regulation by liberals.
Trump took office during the peak of the rebound. He predicts that the economy will crash if he is not reelected. Opponents declared that it would crash months ago and it didn't. The reason is that Trump has no more to do with this economy than Obama did with the one he took over.
Boom and bust cycles depend entirely on speculation which depends on consumer confidence which depends on faith in something that may or may not be real. The depth and duration of the cycle theoretically depends on the degree of deregulation, but it is hard to make the curves fit because regulations keep changing and - more importantly - administrations bail out the overzealous investor banks that got the economy into the mess.
Some libertarian conservatives have advocated letting the banks that overstep go belly-up and rebuild. Their naysayers declare that the damage to the country in the ensuing recession/depression would be too great to endure.
The point in my little bit of sarcasm is that politicians claim too much glory for themselves.
Come on, from his actual first night in the Oval Office the McConnell cabal was meeting to plan destruction of everything he did, or at the very least to prevent it through stalling. The FACT is that while Clinton has turned out to be a much bigger asshole and phony, and I refer to Bill here obviously, what Obama did was save the entire world, end of story. And he did it with a bunch of rich white assholes trying to prevent his every move. Thank you Hawaiian President for saving General Motors, for, it is still true, as the bullshit phone NAFTA regurgitation goes one right now that as goes GM goes the country, and GM went with Obama, and now the rednecks can choose between Chevys and GMC pickups and SUVs. Everything else if total bullshit.
This is another total joke and bullshit so called point of view. In reality, people would starve and riot in the streets, not to mention that the phone jackass Libertarians are ALWAYS the first in line for Government handouts and bailouts when the shit hits the fan, the ultimate hypocrites and stone throwing glass house dwellers.
"This is another total joke and bullshit so called point of view.."
This is a very popular view in this alternate universe where I live. Many of the local fauna are self-titled Libertarian Anarchists who believe that the best form of government is none. They envision a world where entrepreneurs build toll roads everywhere, fire protection is by subscription, and everyone is a volunteer in their own group of thugs. In their world view banks should be free to exist, loan money, be responsible for their own loans and fail if they make bad investments. I agree with their point that you can't have deregulation of banks - allowing risky behavior - and bailouts that insure that they won't fail from their overreach.
My approach is to go back to the system that hometown banks used 50 years ago. If you want to borrow money you need collateral. If you have none work a little longer to get it. A loan made was that bank's responsibility. It couldn't be divided into bits (derivatives) and sold to other investors destroying the trail back to the original lender and spreading the risk over a large pool. All the controls of the Glass Stegal act enacted during FDR's tenure ought to be restored where hometown banks operated as above and investment banks could wheel and deal and fail.
Removing all regulation and allowing failure would return us to the 19th and early 20th century where bank panics and failures caused depressions. The folks who call themselves Libertarian Anarchists read, but they read bullshit that keeps them in their bubble.
We have to be cautious of being trapped in our own bubble.
The two problems with Libertarians are that they value the system more than they value the people who comprise it and they operate under the extremely pernicious myth that regulation inherently harms efficiency, which it absolutely doesn’t.
I think I could produce ample evidence that it does the opposite; it creates inefficiency.
What creates inefficiency? I’m missing something
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