Originally Posted by MiddleAgedAl
You left out what I consider to be a huge factor, which is Clinton's affordable housing act, which basically made it much easier for anyone with a pulse to get a mortgage. This drove prices to irrational levels, because the previous barrier to entry to get a mortgage was gone, so now you have dumb highschool dropouts who understand nothing about economics engaging in crazy bidding wars. Once they lose their shift at Jack in the Box, now they cant make the payments on their original mortgage, plus the HELOC they used to buy a new speedboat they couldnt afford either. That planted the seeds for the housing bubble, which, combined with the Acts described above, started the financial death spiral we are all too familiar with today.
I'm not saying Dubya was the finest president ever, but to blame him 100% for what happened is quite short sighted. Perhaps some of the posters are too young to remember what happened when Bill was in office.
Even as things started to collapse, in the final days of the dubya administration, I dont recall them saying the housing crisis is all Clinton's fault, the way the Obama administration likes to say it's all Bush's fault. Every president after Washington had to deal with the baggage of their predecessor, it comes with the job. I dont recall any of them pointing the finger at the previous administration as much as the current one does.
Will be sure to read up on that, I was 9 when it would have been enacted so I must have forgotten already
Originally Posted by BKsBimmer
I know Repbulicans love the word "no" but I concede that my statement wasn't accurate so let me correct it with the following:
The total returns of the stock market have reached all time highs under President Obama and the Dow Jones Industrial average is up 67 percent since Obama took office. Stock holders have recovered losses sustained during the market crash and have actually added significant profits to their portfolios during the President's term. Wall Street is doing more than fine. This would be a significant occurrance even during a vibrant economy but it's even more impressive considering the economic conditions this president encountered at the beginning of his term. This is a fact you won't hear Republicans talking much about.
I'm a registered democrat, but happy you see your inaccuracy. I don't disagree with you, but don't see a lot of direct correlation between the administration's activity and the markets. Investors seem to react much more emphatically toward Fed activity, the Euro crisis, and China than they do to any "jobs" targeting legislation. Only when congress decides to play games with the debt ceiling do potential problems come up.
It's obviously a significant deal to many voters and no doubt is there some correlation between market performance and the chance of Obama's reelection.
I'm more worried that the Fed's continued pressure on interest rates and now several rounds of QE (with less and less effect) aren't sustainable in the long-term.