Do you believe the economy will be worse in November 2012 than it was in November 2008?
November 2008: one month after the worst financial crisis in 75 years, near-complete meltdown of global financial markets, companies shedding jobs left and right. All a consequence of Bush/Republican de-regulation, defecit spending, and weak dollar policy.
In other words, Obama’s economic policies will have worked.
Why does everyone do the partisan bickering with the economy? If the truth be told, a lot of this started with Clinton and his CRA (Community Reinvestment Act) and Alan Greenspan lowering the interest rates to increase the money supply. More money = more lending = more people borrowing, even when some borrowers couldn’t pay it back when the boom wasn’t booming anymore. With regard to the housing market, the lenders were doing exactly what the federal government and the central bank wanted them to do.
Real de-regulation would abolish all monopoly privileges, establish free competition, eliminate the too-big-to-fail mentality (which is a crock of sh*t), and would force banks to produce their depositors’ money on demand or declare bankruptcy. Boo-hoo, they’re bankrupt, go cry me a river! Without government intervention, the economy would recover quickly.
Our monetary system encourages indebtedness, because if you go to a bank to take out a mortgage, that money is not in the vault. It is created with a keystroke or pen, and then it’s available to you. It didn’t exist until you borrowed it. The Federal Reserve needs to be abolished. It’s nothing but a banking cartel, and ol’ Bernanke has interest rates artificially low (0.25%). When banks do begin lending again, inflation will hit. Mark my words.
The fact is the sooner government gets its nose out of the economy, the sooner it will recover. Government cannot fix an economy because it doesn’t create anything of worth. Its function is to govern. Economy and government should be mutually exclusive.
The answer is yes, it will be worse in 2012.
