Quote:
Originally Posted by GoodOlBoy
Keep in mind that 8 years of nothingness was better than 1 year of going downhill at somewhere past the speed of sound. . . . . thats my 2 cents.
GoodOlBoy
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Bush was handed a tough situation. The stock market had just tanked in 2000I believe, and then 9/11 happened less than 9 months into his Presidency. He was dealing with a recession of his own back in 2003/2004 and actually gave out a tax rebate refund at that time to try and stir the economy back up. Unemployment held around the 5% range during his Presidency and it never got better. It was sufficient for him to get re-elected.
However, let's not forget that Obama inherited an economy that was in the meltdown phase. Just like Bush pretty much inherited 9/11. Bush and Greenspan allowed housing to get way out of control, but that might have also been what got him re-elected. In 2004, when we bought this townhouse at $333K, the housing market was on fire. The following year, this place was worth $395K and we were able to refinance it and get rid of our second mortgage. Now, this place is worth $305K. People that were using their homes as ATM's during Bush's Presidency can no longer do so. Hence, the huge drop in consumer spending.
Also, keep in mind that Bush and Paulson was pushing for the first bailout package.
Essentially, all of our politicians suck and are a bunch of do nothing fat cats that are looking out for corporate America.
On the flip side, Americans are a bunch of greedy people that want everything now and don't want to work hard for it and save for a rainy day. Not saying that applies directly to people on this board, but to the majority of Americans out there.