Bush caused a recession!!

is it worth getting a sig spot here?

No,

move along.. nothing to see here.

You guys are catching on.

You Butt Hurt Republicans are so cute.

The Bush economy was a giant Ponzi scheme. All the growth of the last eights years was a fraud, fueled by fictitious paper created by suits.

And you blame Obama.

This economy is due to right wing nut economics.

If you think presidents cause recessions and depressions then you don't have a clue about how our financial system works.

Actually, the way the Federal Reserve operates is a Ponzi scheme. It's called fractional reserve banking, and last time I checked, the Federal Reserve is still there. Has nothing to do with Bush or Obama.

The federal reserve owns america. It is a bank that the goverment has been borrowing from sence the old days.

Yes, but most people still don't understand this concept at all. They can't seem to figure out why great men like Andrew Jackson basically devoted their lives to getting rid of the central bank.

This documentary explains the history of central banking, if anyone actually wants to learn something:

http://video.google.com/videoplay?do...=money+masters

I whould have watched it but It was like 5 hours long.

Canada has a fractional reserve banking system, as do all G7 countries. Modern banking depends on it. Banking from WW II onward has depended on it. Without, we would have never seen the economic growth that we did.

The problem was that Greenspan did not oversee the banks properly, and the MBA's came up with Ponzi schemes like ABCP.

Further Greenspan kept interest rates too low, allowed money supply to grow too quickly, and taxes were too low.

In a booming economy, the Bush government had no business running deficits. Bush inherited a pretty good fiscal situation from Clinton, then fucked it up as fast as he could.

Yea it sucks that people are intimidated by long articles and long videos. It's a shame because that film beautifully explains the history of central banking, something Americans should know about.

Most dont get taught about it in school. They dont want the mass to understand their slavery.

Modern banking depends on fractional reserve banking? Wow, who sold you that one?

I got a nice bridge for sale you might like...

Put a little more effort into your answer, laddie.

At least cite a country that has operated without one in the last 70 years.

You are a fan of Ron Paul, right?

Oh I get it, you're one of those "it is how it is so that's just how it's supposed to be" type of guys.

I am more one of those, "just because you pull it out of your ass, does not make it a good idea" type.

OK did everyone miss the obvious ?
What is Obama taking off the side of his mouth with his finger ?

Bush semen?

I think you two will make great friends.

Do you think anyone who would take the presidency seat could have made it turn around so fast after how much damage Bush built in 8 years? Come on man....

Wow, Obama did that quick!

It's funny, you all blast people who supported Obama saying that they give him way too much credit, he can't 'save everyone' like they hope.

Then 6 weeks into his presidency you all flip the coin and give him way too much credit for dooming the nation and sending it into a depression in 6 weeks.

Well, which is it?? Is he that amazing or not?!!?

A bit off topic but don't you guys think SOCIAL SECURITY is a "generational PONZI SCHEME"?

That's such bullshit if you ask me, Obama is doing a good job.

obama for nation change

yes, yes, Obama caused the depression in six weeks (load of bullshit).

this whole mess actually started with mortgage-backed securities and credit default swaps. the creation of these investment vehicles spurred the housing market and made a sort of multi-level marketing scheme which passed the risk associated with lending away from the mortgage originators (banks). i think Clinton signed the approval of credit default swaps and Bush mortgage backed securities (it could be the other way around, i might be mistaken). anyway, when the banks didn't have as much risk when approving mortgages and more liquidity to leverage because of mortgage-backed securities this started the housing market bubble. this is why they were giving mortgages to people who definitely couldn't afford it because the risk to them was pushed away by the creation of mortgage backed securities.

actually, i believe when the bubble burst for technology back in early 2000s it should have been much worse if not for the housing bubble sort of saving the economy. the housing bubble came at a time when the technology bubble had just burst and the economy started going down. the housing bubble sort of uplifted the economic bubble which was caused by technology and stopped it from really correcting itself when the technology bubble burst. if the creation of CDS and mortgage backed securities never took place i think the technology bubble deflating would have been worse and think it actually would have been good.

so this depression "or correction" if you want to call it that was long overdue, but saying that Obama is causing a depression when he has only been in office for 6 weeks is completely insane when he had nothing to do with creating any of these laws or investment type vehicles.

now his policy on trying to save the economy is another thing to argue about, but i don't think anyone has any clue on whether it will work or not since this is the first time in history something like this has happened. it will be an interesting few years.

fuck splum!