How did we get in this mess? Nouriel Roubini explains

Nouriel Roubini, an economist who has gained a good deal of fame and influence as the man who saw the Great Recession coming, talks to the Wall Street Journal about our current economic predicament, and how we got in this mess in the first place:

In short?

“Well honestly, it’s George Bush’s fault,” he says.

In his view, Bush cut taxes, “we spent $2 trillion for two unwinnable wars, we doubled discretionary spending,” we increased entitlement spending through Medicare Part D and we took a deregulatory approach to the economy that “caused the biggest economic and financial crisis ever.”

“(Obama) inherited the worst economic and financial crisis, and now they blame it on him,” Roubini says. “That’s what happened. We destroyed our financial sustainability.”

– Jay Bookman

1,245 comments Add your comment

Tommy Maddox

August 17th, 2011
9:51 am

Well there you have it.

Brad Steel

August 17th, 2011
9:51 am

Paying for old people’s prescriptions seems like a pretty progressive policy.

Mick

August 17th, 2011
9:52 am

I am in 100% complete agreement. Let the wailing and gnashing of the teeth begin cons….

Brosephus

August 17th, 2011
9:57 am

Nouriel Roubini is Liberal sympathizer!!!

Just thought I’d get that one out of the way early….

Stonethrower

August 17th, 2011
9:58 am

In other news, the Democrats retain seats in WI recall election…………not a word was spoken.

ty webb

August 17th, 2011
9:59 am

ah yes…”inherited”!…Coming to a bumper sticker near you soon.

Talking Head

August 17th, 2011
9:59 am

this is the only talking point the left has…too bad it won’t help in 2012

In his view, Bush cut taxes, “we spent $2 trillion for two unwinnable wars, we doubled discretionary spending,” we increased entitlement spending through Medicare Part D and we took a deregulatory approach to the economy that “caused the biggest economic and financial crisis ever.”

and what has Obama done? more of the same and has stepped on the accelerator

so it was “Bush’s fault” that we got into this mess…and why then if Obama has continued failed policies is it not “Obama’s fault” now

Don't Tread

August 17th, 2011
9:59 am

Yeah, it’s Bush’s fault. Now there’s a fresh point of view.

1811/0311

August 17th, 2011
10:00 am

Well, for one thing he can opine all day long but that doesn’t make him right on this.

Second, regardless of how it got started, Obama stated he could fix it ………… and he’s only made it worse.

Ragnar Danneskjold

August 17th, 2011
10:00 am

Shocking, a democrat says it is all Bush’s fault and that the wasteful stimulus had nothing to do with the US debt ballooning. In other news, the sun rose in the East today.

Adam

August 17th, 2011
10:01 am

Oboy. Of course now all the Bush-ites will claim Bush cannot possibly be at fault.

Seems the only logical correlation is “In 2000-2008, deficits didn’t matter. But NOW they do!”

Good little liberal

August 17th, 2011
10:02 am

Sure. Loaning hundreds of billions to people who had no way of repaying the loans had nothing to do with it. Fannie and Freddie are blameless.

Yet another liberal fairy tale. Does anyone still believe this garbage?

Adam

August 17th, 2011
10:02 am

Scout: Obama stated he could fix it

Cite please.

Midori

August 17th, 2011
10:02 am

Paying for old people’s prescriptions seems like a pretty progressive policy.

However Brad, the program wasn’t funded. Just like the 2 wars.

Remember all those “emergency supplementals”?

Joe the Plutocrat

August 17th, 2011
10:03 am

Bosch, that has to be the whackiest clip I’ve ever seen. Who is the narrator; Lou Reed? back to message. I think the most disturbing aspect of this clip is not that it is “Bush’s fault”. such observations are shallow. it’s nobody’s fault because it is plutocracy in action. in fact, those who benefit from both “unwinnable wars” and “financial aggression” (plutocrats/oligarchs) are not to “blame” because they planned it and executed it. and the real turd in the punch bowl is; for all the “he’s doing as best he can…” platitudes; why hasn’t Obama ended the “unwinnable wars”? the draw down in Iraq is meaningless and the “surge” in AfPak is akin to Bush’s decision to invade Iraq. Warren Buffet is right, there is class warfare and the plutocrats are winning. the “transfer of wealth” is very real, and “wealth envy” is very real; only contrary to the current neo-con narrative; it is the wealthy who crave OUR homes, IRAs and jobs (to the extent that offshoring or eliminating a job increases their wealth).

FrankLeeDarling

August 17th, 2011
10:03 am

It really shouldn’t take a expert to see this.

Redneck Convert (R--and proud of it)

August 17th, 2011
10:03 am

Well, we had the greatest President since George Washington but it was the librul Democrats that ruint things. They were the ones that voted for the wars. They wouldn’t of passed without the librul Democrats voting for them too. They kept pushing for Medicare Part D. Bunch of ingrate codgers! They still never voted for us. It’s just that My President never had any choice but to sign all those spending bills.

So don’t give me facts. I’ve got a bellyful of facts. Us Republicans tried to keep things under contral but the librul Democrats kept spending and spending. They were kind of like a bunch of bullies that kept pushing us. And now we’re trying to straighten things out and they won’t let us.

That’s my story and I’m sticking to it. This economy is the librul Democrats fault. I expected better from Bookman today than “Bush done it.”

Have a good Wednesday everybody.

Peadawg

August 17th, 2011
10:03 am

““Well honestly, it’s George Bush’s fault,” he says.” – Yes we know. He’s been in office for, what, 10+ years now? We need some REAL change in 2012.

Bosch

August 17th, 2011
10:03 am

Yeap, I’m with Mick on this — couldn’t agree more. Once you make policy it is almost next to impossible to change back. Bush’s policies can’t be just instantly overturned, not in this political day and age.

Midori

August 17th, 2011
10:03 am

Scout speaks for Obama. He has an inside tip on his thoughts. Didn’t you know that?

F. Sinkwich

August 17th, 2011
10:04 am

“By 1998, he joined the Clinton administration first as a senior economist in the White House Council of Economic Advisers and then moved to the Treasury department as a senior adviser to Timothy Geithner, then the undersecretary for international affairs and now Treasury secretary in the Obama administration.”

There ya go…

As unbiased as Bookman.

Bosch

August 17th, 2011
10:04 am

Joe,

Admit it, it is funny.

Joe the Plutocrat

August 17th, 2011
10:04 am

Talking Head, exaclty, Bush v 2.0 and Perry is Bush v. 2.1

Good little liberal

August 17th, 2011
10:04 am

From CNBC:

Why Nouriel Roubini Is Wrong on China’s Economy

http://www.cnbc.com/id/42639421

Not exactly the person I would trust.

mystified

August 17th, 2011
10:05 am

hahahahah…Absolutely right…And I say we never vote for George Bush again. George Bush’s successor should do what it takes to right the economy.

But wait. GW isn’t running for President. Didn’t we have a democratic stronghold in the house, senate, and the whitehouse? Haven’t we had another President for almost 3 years now.

I suppose we are supposed to believe everything would be much worse is if wasn’t for Obama.

And no..this guy isn’t a liberal sympathizer, he’s a liberal. Wasn’t it kind of convenient the only entitlement he criticizes in the prescription drug plan while failing to mention Obama’s health care plan at all?

N-GA

August 17th, 2011
10:06 am

“Loaning billion…to people who had no way of repaying….” is another way of saying “…a lack of government oversight….”.

Thanks for asking for more regulation.

Brosephus

August 17th, 2011
10:06 am

I see the “attack the messenger” tactic is under way with predictable ferocity.

Good little liberal

August 17th, 2011
10:06 am

Is Capitalism Doomed?
Nouriel Roubini:

http://www.project-syndicate.org/commentary/roubini41/English

Gosh. What a fair minded guy.

Bosch

August 17th, 2011
10:07 am

Joe the Plutocrat,

“Why hasn’t Obama done anything” is as we were discussing before, a false argument. It’s really impossible to change policy once it’s been implemented. But as to your actual post, I agree with you.

Paul

August 17th, 2011
10:07 am

SoCom

Almost.

Just look at him! The guy’s obviously a Mooslim who hates what George W. Bush did to the Middle East. Fifth column terrorist sympathizer all the way.

Howzzat?

Good little liberal

August 17th, 2011
10:07 am

NOURIEL ROUBINI: CAPITALISM MUST BE SAVED FROM ITSELF

http://www.truthdig.com/eartotheground/item/nouriel_roubini_capitalism_must_be_saved_from_itself_20110815/

Why, he’s practically Ronald Reagan.

Good little liberal

August 17th, 2011
10:08 am

Brosephus

The “messenger” is a Marxist.

Adam

August 17th, 2011
10:08 am

GLL: At least you got the cause right. It was definitely the housing market loans to people who could not reasonably afford them that led to the crisis.

BUT the government didn’t force the lenders to do that. They did it trying to make a quick buck through advanced accounting and financial BS that they saw as a loophole. And when the government caught on to this loophole, they closed it. And apparently THAT ended up being the “bad thing,” not the subversive actions themselves. After all, all regulation is bad, right?

Brosephus

August 17th, 2011
10:08 am

Wasn’t it kind of convenient the only entitlement he criticizes in the prescription drug plan while failing to mention Obama’s health care plan at all?

How much has each plan actually affected our budgets?

Peadawg

August 17th, 2011
10:09 am

“I see the “attack the messenger” tactic is under way with predictable ferocity.” – Sense the messenger, Jay in this case, agrees with the idiot Roubini, I’d say the attacks are in order. Now if Jay had taken his blinders off it’d be different.

Brosephus

August 17th, 2011
10:09 am

Paul

Even better than what I could come up with. Hell, I should have attacked the messenger a wee bit harder. Seems like I have competition. :)

N-GA

August 17th, 2011
10:09 am

Mystified – “a democratic stronghold”. Are you $hi77ing me? The GOP filibustered damn near everything the administration tried to do.

BTW – I’m sure you didn’t really mean to misuse the word “stronghold”. Perhaps you meant “stranglehold”.

Good little liberal

August 17th, 2011
10:09 am

Bosch

August 17th, 2011
10:09 am

And anyone who thinks that a new POTUS will somehow reverse all this spending is just pissing in the wind. Our economy is not an island anymore and the policies that govern are not going to change. There are a few things that I think will be done, like allowing the tax cuts to expire, but other than that, spending will not be cut, not the extent that people want.

Adam

August 17th, 2011
10:09 am

mystified: GW isn’t running for President

Rick Perry.

Good little liberal

August 17th, 2011
10:09 am

Jay

Try again, this time with someone who isn’t a Marxist.

Peadawg

August 17th, 2011
10:10 am

mystified: GW isn’t running for President

Obama

Brosephus

August 17th, 2011
10:10 am

Sense the messenger, Jay in this case, agrees with the idiot Roubini, I’d say the attacks are in order.

Attacking the messenger is a clear sign of defeat. When you can’t defeat the message, the next best thing is to defame and/or discredit the messenger. It does nothing at all to the message though.

Paulo977

August 17th, 2011
10:10 am

Brad Steel

August 17th, 2011
9:51 am
“Paying for old people’s prescriptions seems like a pretty progressive policy”
YES ….I agree

TM

August 17th, 2011
10:10 am

If this Medicare Part D stuff is so bad for the country why don’t we just repeal it. It’s not like it’s been around for a long time

N-GA

August 17th, 2011
10:10 am

If the GOP form of capitalism is allowed to continue, soon we will all be using barter to conduct business.

Mark in mid-town

August 17th, 2011
10:11 am

The Democratic Party’s competing Medicare proposal was proejcted to cost a few hundred billion dollars more that Bush and the Republican’s plan. Jay, did the Democratic Party’s proposal include tax increases to pay for their alternative proposal? Or did both the Democrats and the Republicans push for large expansion of Medicare without a corresponding tax increase to pay for it?

Keep Up the Good Fight!

August 17th, 2011
10:11 am

Good little liberal
August 17th, 2011
10:04 am
From CNBC:
Why Nouriel Roubini Is Wrong on China’s Economy…..
Not exactly the person I would trust.

From a poster we all trust….. :evil: oh wait.

FrankLeeDarling

August 17th, 2011
10:11 am

It may get old hearing ‘It was bush’s fault’ but it doesn’t make it any less true.
neo cons were a near fatal disaster for this country,it may take many years to fix the damage.

Adam

August 17th, 2011
10:11 am

Bosch: And anyone who thinks that a new POTUS will somehow reverse all this spending is just pissing in the wind.

Mark my words: A vote for a Republican is a vote for MORE spending, and NO new revenues to pay for it.

Paul

August 17th, 2011
10:12 am

Now that the ‘kill the messenger’ attacks have hopefully run their course, anyone who disagrees with the specific points made care to address them individually and point out the error in Dr. Roubini’s reasoning?

Gordon

August 17th, 2011
10:12 am

Here’s the difference: I agree completely with what he says started this problem (other than the financial crisis being far more than just lack of regulations – it was just as much Democrats insisting that owning a home is a right). All of those things are SPENDING TOO MUCH MONEY. And now, what are we doing, SPENDING TOO MUCH MONEY. When George Bush did it, it was wrong. I said it then and I say it now. But when Obama does it, somehow it is okay to much of the left. Obama should be judged on what he has done since he has been elected, and it is terrible. He focused on Obamacare instead of the deficit. He ignored his own debt commission. He submitted a budget that increased spending. He has wasted too much time on raising taxes on the rich, which doesn’t even begin to solve the problem. But none of this is brought up by those deficit hawks on the left.

Adam

August 17th, 2011
10:12 am

TM: If this Medicare Part D stuff is so bad for the country why don’t we just repeal it. It’s not like it’s been around for a long time

Or we could, you know, PAY for it.

Peadawg

August 17th, 2011
10:12 am

“When you can’t defeat the message” – It’s easily defeated by saying exactly this: Obama has had 2+ years and has made things worse, not better. Bush started it, sure, but Obama put the pedal to the medal baby!

See how easy that was?

stands for decibels

August 17th, 2011
10:13 am

Beyond possibly splitting hairs a bit on some of Roubini’s numbers, i.e., was it really a surplus-surplus or just a budgetary surplus…

Is there an honest person out there who actually doubts this “well, duh”-ish bit of historical analysis, and where the fault lies?

I honestly don’t think so.

The Thin Guy

August 17th, 2011
10:13 am

Meanwhile The Downgrade Doufus is riding around in Greyhound One which the American taxpayers paid $ 1.1 million, was made in Canada, and gets 6.7 mpg.

http://www.dailymail.co.uk/news/article-2026844/Presidential-campaign-Obama-draws-Darth-Vader-tour-bus.html

Yes things were bad at the end of Dubya’s term. But everything The Downgrade Doufus has done has made things worse. Was he hired to solve the problem or blame others? The solution will occur when Jug Ears is in the rear view mirror. Get here 2012.

DBCOOPER

August 17th, 2011
10:14 am

OBAMA INHERITED: a AAA credit rating; $1.61 gas (as of 12/31/08); 5.4% unemployment; and an 8 trillion dollar debt (accumulated since 1789, that was called “devastating”). 2 and 1/2 years later, we have an AA+ credit rating, nearly tripled gas prices, 9-12% unemployment & the debt ceiling is 17 TRILLION. Some STILL say this is a good job! Not sure who is scarier Obama or his supporters.

Peadawg

August 17th, 2011
10:14 am

“Mark my words: A vote for a Republican is a vote for MORE spending, and NO new revenues to pay for it.”

Probably true. And a vote for a Democrat is a vote for MORE spending and LOTS of new revenues to pay for it.

Either way it sucks.

Matti's Queasy Stomach

August 17th, 2011
10:14 am

If the shoe fits….

Note that the Bush enablers can’t refute the facts: Borrowed trillions (much of which went into the pockets of his good buddies) for unwinnable wars, cut taxes during wartime (Whaaaa? Who does that?) and shrugged off unprecedented malfeasance in the deregulated financial industry resulting in economic chaos. These are the facts, ladies and gentleman, and they are undisputed.

Bosch

August 17th, 2011
10:14 am

“TM

August 17th, 2011
10:10 am
If this Medicare Part D stuff is so bad for the country why don’t we just repeal it. It’s not like it’s been around for a long time”

Can you say old people storming Capitol Hill with pitchforks and torches?

And I’d like to see someone answer Brosephus’ question. Dollar for Dollar how much has Medicare Part D actually cost us compared to what the new Health care law has. Not future projections, but actual costs to date.

Adam

August 17th, 2011
10:15 am

Peadawg: Bush started it, sure, but Obama put the pedal to the medal baby!

I must have missed the report that said jobs continued to be lost at record rates, the DOW never recovered ever, and more regulations were placed that prevented a major oil spill from potentially happening in April 2010.

Peadawg

August 17th, 2011
10:15 am

“Not sure who is scarier Obama or his supporters.” – I would say his supporters who still plan to vote for him next November.

N-GA

August 17th, 2011
10:15 am

Good Little Liberal – I guess you’re one of those people who choose not to learn from history. If only you could begin by admitting what the real causes of this economic crisis really are. I suggest you begin by trying really, really hard to understand what Roubini is saying.

The funny thing is that all you seem to care about is calling Roubini a Marxist. It matters not to you that what he says is true. You avoid truth like vampires avoid sunlight……

Brosephus

August 17th, 2011
10:16 am

It’s easily defeated by saying exactly this: Obama has had 2+ years and has made things worse, not better. Bush started it, sure, but Obama put the pedal to the medal baby!

I think that in a court of law, that would be considered an admission of guilt, not defeating that guilt.

Just sayin’

Adam

August 17th, 2011
10:16 am

Gordon He focused on Obamacare instead of the deficit.

You’re right, Obama Cares.

AmVet

August 17th, 2011
10:16 am

NOTHING is Bush’s fault. According to the fiscally irresponsible, things should have all been resolved by what? February 1, 2009? Maybe March 1, 2009?

The neo-cons orchestrated the unleashing of the worst economic meltdown – by dollar amounts – in the history of mankind, but they act as if it were just a blip on the road. A market correction, if you will.

Clueless then. Clueless now.

I suppose we are supposed to believe everything would be much worse is if wasn’t for Obama.

A fare enough speculation.

To the point I made above, here is a better one, “I suppose you believe everything would be much better if McCain or some Republicane was in the White House.”

And that things WOULD have all been resolved by February 1, 2009 had that happened.

I would speculate that most people are not that naive…

Peadawg

August 17th, 2011
10:17 am

Adam @ 10:15

I’m sure you also missed 9% unemployment, a downgrade, $14+ Trillion in debt, and continued tax cuts for the rich. :roll:

Adam

August 17th, 2011
10:17 am

Peadawg: And a vote for a Democrat is a vote for MORE spending and LOTS of new revenues to pay for it.

I thought voting for a Democrat was voting for no budget to be passed, effectively freezing spending?

mystified

August 17th, 2011
10:17 am

You know. I can’t and won’t argue that Bush left us in great shape. But Bush…Obama is kinda like getting hit with a category 3 hurricane one week and a category 4 the next. It doesn’t really matter who has the greatest fault. Either way..we are scr3wed.

captguitarman

August 17th, 2011
10:17 am

As a reasonable Pub/Con, I agree that there is merit to some of what Roubini is saying. But he either intentionally, or conveniently (don’t know his politics, but I can guess) left out a very large part of what caused the current mess, i.e. the Dems’ ill-fated attempt at social engineering (a single family home or condo for everyone, chicken in every pot, car in every driveway, flat screen HD in every home, etc. etc. regardless of net worth, income, job, or work history, if any) and then Wall Street smelling out and then picking up on a bonanza of up front fees and inflated interest rates creating, and then buying, selling, and hedging mortgage loans on the secondary market — with absolutely not attention being paid to the quality of those loans. There is blame enough to go around, with the regulatory agencies, FED, SEC, Treasury, FDIC, Congress, etc. all asleep at the switch and letting it happen. I thought we had seen our last Vietnam, but Bush got us into two more of them, and with no extra money to pay for them. Not only should we never go any where again, even if in our own best interests, to fight a war without an exit plan, and with a question to the voters — are you willing to pay for this war? Nor should we increase entitlement payments of any kind without a plan to pay for them. But as I recall, BOTH the Dems and Pubs in Congress enthusiastically agreed to that giveaway to the always reliable senior citizen voters. We can only hope that these lessons can be learned. What concerns me, however, is that Obama turned out to be a lot of hot air and sloganeering, and he has little to point to except creating the mother of all entitlements in the depths of the great recession — when he should have been working on the economy. He is going to pay for that next year. He is a campaigner and a PR, marketing, image guy, and that is all he is. If you think there is any leadership ability in there, then you weren’t paying any attention during the debt ceiling negotiations in which he never produced a plan of his own and then went AWOL. It was his big chance to make a big and meaningful deal, and he cowtowed to his hard left base, and he will pay for that too. He does not have what it takes, and the people clearly see that now. Perry or Romney will be the next Prez. The sooner that air-headed (also meaningless sloganeering) nitwit, Bachmann, who has trouble with the facts on just about everything, and is yet to own up to it even once, is out of the picture, and the other lesser Pub lights with no chance whatsoever exit the stage, the real debates can begin.

USinUK

August 17th, 2011
10:17 am

“Not exactly the person I would trust.”

yeah, I wouldn’t trust anyone from the China Market Research Group to give an unbiased opinion, either.

Bosch

August 17th, 2011
10:17 am

“it was just as much Democrats insisting that owning a home is a right). ”

George Bush was a Democrat? Who knew?

http://www.youtube.com/watch?v=kNqQx7sjoS8

Gordo,

That concept is not party exclusive. That lie needs to end here.

Joe the Plutocrat

August 17th, 2011
10:18 am

Bosch, and the clip posted by JB is no so much. Good Little Liberal, by “loaning hundreds of billions to people who had no way of repaying the loans” are you referring to the sale of securitized mortgages by the major banks, and the subsequent “hedge bets” (credit default swaps) on the part of Bank of America/Countrywide, GoldmanSachs, Bear Sterns, etc.? You know, you should “take the deal” as this criminal activity was not “Bush’s fault”. This stuff was completely bi-partisan and illustrates that plutocrats are politically (party) as transparent as yin is to yang. seriously, you are not “good” at math. here’s how it worked; the repeal of Stegal-Glass facilitated or encouraged an environment (market) where writing mortgages became more profitable (to the lenders/banks) than servicing mortgages. whether or not a borrower could “pay” the mortgage was not part of the equation because the “value” of the mortgage was determined by its sale AND the double-whammy of knowing you could purchase “insurance” on what yoy KNEW was a “subprime” loan. this is the only case in the history of man where “if the deal is too good to be true, it is”. unfortunately for Americans, roughly 2,000 – 3,000 people has access to this ‘deal’ and the rest of us got the tab. so listen slick, I know hundreds, if not thousands of Americans who have faithfully paid their mortgages, never been unemployed who have lost hundreds of thousands of dollars because of this “short sale”, so dial down the “bought too much house” crap.

Gordon

August 17th, 2011
10:18 am

Adam,

“You’re right, Obama Cares.”

He’s “caring” us right into financial oblivion. Nothing disappears faster than someone else’s money in the hands of a caring liberal.

Brosephus

August 17th, 2011
10:19 am

OBAMA INHERITED: [...] ; 5.4% unemployment

The first sign of a lost debate is when you have to make sh*t up. Unemployment was 7.8% in Dec 2008.
http://data.bls.gov/timeseries/LNS14000000

Game Over.

Peadawg

August 17th, 2011
10:19 am

“I think that in a court of law, that would be considered an admission of guilt, not defeating that guilt.” – Nope. What I said is that it’s Bush AND Obama aka Bush-Lite’s fault. I missed the hope and change he kept spewing out of his anus during the 2008 elections.

Paul

August 17th, 2011
10:19 am

N-GA

My wife and I returned from Florida and were discussing this in relation to the collapse in housing values there. I thought of the posters here who said it’s all the lendee’s fault. I asked my wife, if a person goes to a doctor, do they trust the professional training and judgment of the doctor and the recommendation? Do they get a second opinion?

So why do some think people react differently when a licensed, regulated financial professional tells them “you can afford a $400,000 house. In your situation, zero down, interest only, adjustable rate is the only option you should consider.” The person says “I never would have thought that, but these people are professionals” then goes and gets a second or third opinion and gets the same recommendation.

People trust what a doctor says, what the dealership they’ve dealt with for eight years tells them what repairs to do and what can be put off, what a plumber says is the best materials, and so on.

But in hindsight, when they see the fruits of their ‘regulations are bad’ and ‘let free markets and capitalism rule’, they attack those the unethical preyed upon.

Danjong

August 17th, 2011
10:19 am

Of course it’s Bu$$ fault. So there is nothing we can do about it

JOE C00L

August 17th, 2011
10:20 am

DBCOOPER, go spout your LIES elsewhere!!

AmVet

August 17th, 2011
10:20 am

“Loaning hundreds of billions to people mega-banks in collusion with each other who had no way intentions of repaying the loans had nothing to do with it.”

Peadawg

August 17th, 2011
10:20 am

“I thought voting for a Democrat was voting for no budget to be passed, effectively freezing spending?” – Freezing spending? Too funny. We just raised the debt ceiling another $2 Trillion.

I’m in a cubicle…don’t make me laugh so hard.

Jefferson

August 17th, 2011
10:21 am

Hard to belive the GOP when they do what they say they won’t when they are in power. No credibility.

Adam

August 17th, 2011
10:21 am

$14+ Trillion in debt

That one doesn’t belong there. How much has Obama added to the debt? And how much of that is continuing policies of the last administration. I swear there’s a chart on this….

But seriously, you think any generic Republican would do better? After 8 years of Bush, 6 of which were fully supported by a spendy Republican congress? I’ll take my chances with a party that has a better overall record on stuff like this.

carlosgvv

August 17th, 2011
10:21 am

Nouriel Roubini is exactly correct. Unfortunately, the rise of The Tea Party shows just how dumbed down America has become. Judging from the current cast of Republican characters running for President, the days of reasonably good Presidents are long gone.

Paul

August 17th, 2011
10:22 am

Peadawg

“Obama has had 2+ years and has made things worse, not better.”

You call creating an environment where corporate profits are at an all-time high, making things worse?

DBCOOPER

August 17th, 2011
10:22 am

“Dr. Doom He tries to jar you with things, and I think he takes an extremist perspective,” said economist Michael Moebs, president of the economic research firm Moebs Services.

On Mr. Roubini’s January 2009 warning that oil would stay below $40 a barrel for the entire year, Mr. Tyson pointed out that it climbed to $80 a barrel 10 months later.

He cited a March 2009 call by Mr. Roubini that the S&P 500 would fall below 600. The index gained 65% over the next nine months.

“I would put him in the category of people to ignore because the influence he’s having is forcing financial advisers to have to work harder in dealing with clients that have heard his predictions,” Mr. Tyson said. Anirvan Banerji, the economist who challenged Roubini’s first I.M.F. talk, points out that Roubini has been peddling pessimism for years; Banerji contends that Roubini’s apparent foresight is nothing more than an unhappy coincidence of events. “Even a stopped clock is right twice a day,

stands for decibels

August 17th, 2011
10:22 am

What concerns me, however, is that Obama turned out to be a lot of hot air and sloganeering, and he has little to point to except creating the mother of all entitlements in the depths of the great recession — when he should have been working on the economy.

this is such pathetic, concern trolling BS.

How much more focused on the economy could you be then to get the Recovery Act passed?

And how irresponsible would he be if he DIDN’T pursue healthcare reform, given that the best shot at controlling spending by the government is via the (piss-poor) way in which we deliver healthcare?

Dumbest. Talking point. Ever.

Brosephus

August 17th, 2011
10:23 am

Nope. What I said is that it’s Bush AND Obama aka Bush-Lite’s fault.

That’s not defeating the statement that it was Bush’s fault. To defeat that statement would mean that you’d be able to show that it was NOT Bush’s fault. You might get a lesser sentence for proving co-conspirators, but you wouldn’t get an acquittal. ;)

AmVet

August 17th, 2011
10:24 am

“If only you could begin by admitting what the real causes of this economic crisis really are.”

N-Ga, he would first need to LEARN what the real causes were.

And due to hyper-Republicanism disease that will never happen.

mystified

August 17th, 2011
10:24 am

It must be sad to be a democrat. All I hear from you guys are excuses. You have absolutely nothing to support your guy in the next election for except to keep power from going to someone else. In my opinion, based on Obama’s performance you’d be silly not to put a primary challenge out there. Surely someone in your party is trying to look forward with solutions and not still running against Bush.

USinUK

August 17th, 2011
10:24 am

“George Bush was a Democrat? Who knew?”

so was Reagan, evidently, since he also emphasized the importance of home ownership to create a stable community

Adam

August 17th, 2011
10:24 am

Gordon: He’s “caring” us right into financial oblivion.

Yep, around $1T in spending equals $14T in debt. The math works. And you seem to easily forget that no new spending has happened since the stimulus. You should be happy.

Adam

August 17th, 2011
10:26 am

Better chart of how much Obama has contributed to the debt.

Gordon

August 17th, 2011
10:26 am

Bosch.

Then so does the lie that Wall Street speculation is solely in the domain of Republicans. Wall Street contributes plenty to Democratic coffers, and Democrats controlled Congress beginning in 2006. And no one seriously questions which party has been more behind promoting imagined rights such as home ownership. This very article was about George Bush’s propensity to be a big spender, but George Bush doesn’t represent the entire Republican party any more than Obama represents the entire Democratic party. There are moderate Democrats and less moderate Republicans. My original point is that Bush is being rightfully criticized for the same things Obama is doing now: spending too much.

Bosch

August 17th, 2011
10:26 am

Wow stands, I’m simply impressed you read that post.

Peadawg

August 17th, 2011
10:26 am

“You call creating an environment where corporate profits are at an all-time high, making things worse?

No. I call $14 Trillion in debt and still rising, continued tax cuts for the rich, and a downgrade worse.

Ragnar Danneskjold

August 17th, 2011
10:26 am

Dr Walter E Williams finds insight today in the past, on the same topic:

“In 1938, Roosevelt’s New Deal produced the nation’s first depression within a depression. The stock market crashed again, losing nearly 50 percent of its value between August 1937 and March 1938, and unemployment climbed back to 20 percent. Columnist Walter Lippmann wrote in March 1938 that “with almost no important exception every measure (Roosevelt) has been interested in for the past five months has been to reduce or discourage the production of wealth.”

“FDR’s very own treasury secretary, Henry Morgenthau, saw the folly of the New Deal, writing: “We have tried spending money. We are spending more than we have ever spent before and it does not work. … We have never made good on our promises. … I say after eight years of this Administration we have just as much unemployment as when we started … and an enormous debt to boot!” The bottom line is that Roosevelt’s New Deal policies turned what would have been a three- or four-year sharp downturn into a 16-year affair.”

Real Scooter

August 17th, 2011
10:26 am

Dang,I know I’m a slow learner but even I knew it was all Bush’s fault from the first time I ever visited this blog! :grin: Got anything new?

Granny Godzilla

August 17th, 2011
10:26 am

I suggest the Republicans know that “It was Bush’s Fault” is true, but don’t have the strength of character or integrity to admit it.

Did we see them embrace President Bush in the 2008 elections?
Nope, they ran away from him at every opportunity.

Did we see them embrace President Bush in the 2010 elections?
Nope, they ran away from him at every opportunity.

Do we see them embrace President Bush in the run up to the 2012 elections?
Nope, they still away from him at every opportunity.

Have we seen him called a RINO?
Regularly

Have we been told his spending was over the top?
Repeatedly.

Have we seen folks admit regret for or deny voting for him?
Yep.

The problem is, by admitting that it is Bush’s fault,
with courage and honesty, they also admit what they are offering America today as a party is exactly what they gave us in 2000 and 2004 and it won’t work this time either.

Rather than admit that a man they now claim wasn’t really one of them anyway, they will try to do all the same things he did that took the economy to the very EDGE of the cliff in late 2007 in order to get the
economy to go OVER the cliff this time.

All for the advantage of their shabby little political party.

Joe the Plutocrat

August 17th, 2011
10:27 am

paul, why does a car salesman say; “true you only make $15,000.00/year, but we can finance this $35,000 SUV…”? because he sells cars, he doesn’t buy them. and as with the mortgage scam, on a much smaller sale, what does the dealer do, once the vehicle is sold? HE SELLS THE LOAN to a finance company. ergo, the more cars he sells to people who cannot make the payments, the more money he makes. I am not absolving those who made bad choices of bad choices, but this sh*t storm wiped out everyone (the vast majority who made good, financially responsible choices).