[Newsbot]

Title: U.S. economy shrinks by 6.2%
Category: Uncle Sam
Posted By: hurley_108
Date: 2009-02-27 07:48:18

[martin14]

holy shit.. and it may get worse still..

[hurley_108]

And yet McGuinty's rising deficit is all McGuinty's fault. Ontario's economy is completely decoupled from the United States'.

[stemmer]

It's time for President Obama to draw a line in the sand and decree "The USA will no longer be a dumping ground for every other nations goods..!!!!"

[poquas]

stemmer wrote:

It's time for President Obama to draw a line in the sand and decree "The USA will no longer be a dumping ground for every other nations goods..!!!!"

Hell of an idea!

Let's go into full protectionist mode with them and we can all starve together happy in the knowledge that them thar "ricers" didn't win.

[Pseudonym]

Ouchies. We're sure feeling it down here in SC, but seeing the numbers is always unpleasant.

[sandorski]

That giant Sucking sound is just the Legacy of Bush. No need to worry, I've got a gut feeling the Suck will be around for awhile.

[Pseudonym]

That's one thing I don't understand. What policies did Bush enact that encouraged the housing collapse or credit collapse? I was under the impression that the tax rebates had had a positive effect, and that he had spoken to Congress several times to warn them about the poor regulatory system surrounding Fannie and Freddie.

[poquas]

It began with Regan deregulating everything in sight. Bush overly promoted it it to its inevitable disastrous collapse.

Personally, I figure the problem really started with Regan dumping all the mentally ill folk out on the street. Half ended up on Wall Street, one quarter went with the Securities Commission, and the remainder were hired by Bush to keep an eye on everyone else.

[ryan29]

hurley_108 wrote:

And yet McGuinty's rising deficit is all McGuinty's fault. Ontario's economy is completely decoupled from the United States'.

the deficit is mcguintys fault cause he is wasting so much money , in the midst of this economic downturn he is still giving raises to unions and other provincial government employees , the teachers union just got a raise and others will come calling .

there is little he can do about the american economy , that i agree on but he can do a better job of controling spending at queens park .

[hurley_108]

Pseudonym wrote:

That's one thing I don't understand. What policies did Bush enact that encouraged the housing collapse or credit collapse? I was under the impression that the tax rebates had had a positive effect, and that he had spoken to Congress several times to warn them about the poor regulatory system surrounding Fannie and Freddie.

From what I've seen and read, the housing boom started in '98 or '99 - before Bush - and was a combination of increased communication of housing prices (leading people to "get in while they still can," driving up teh prices even more), and the introduction of high-risk mortgages. If Bush can be faulted for anything it's for inaction, not action. But I'm by no means an expert or even particularly well read on the subject, and any action taken would have doubtless been reported as "making it harder for ordinary people to own their own home." In other words, political suicide.

[hurley_108]

ryan29 wrote:

hurley_108 wrote:

And yet McGuinty's rising deficit is all McGuinty's fault. Ontario's economy is completely decoupled from the United States'.

the deficit is mcguintys fault cause he is wasting so much money , in the midst of this economic downturn he is still giving raises to unions and other provincial government employees , the teachers union just got a raise and others will come calling .

there is little he can do about the american economy , that i agree on but he can do a better job of controling spending at queens park .

So he spent $13 billion on raises?

[Pseudonym]

poquas wrote:

It began with Regan deregulating everything in sight. Bush overly promoted it it to its inevitable disastrous collapse.

Personally, I figure the problem really started with Regan dumping all the mentally ill folk out on the street. Half ended up on Wall Street, one quarter went with the Securities Commission, and the remainder were hired by Bush to keep an eye on everyone else.

Do you have specific policy actions you could give me? Who established Fannie Mae? Who gave them such incredible license? How did so many obviously unqualified people acquire mortgages?

[poquas]

Pseudonym wrote:

Do you have specific policy actions you could give me? Who established Fannie Mae? Who gave them such incredible license? How did so many obviously unqualified people acquire mortgages?

It was lack of policy that created the downfall. Bush was such a rabid free market promoter, he never believed the financial industry could become so corrupt.

[SigPig]

stemmer wrote:

It's time for President Obama to draw a line in the sand and decree "The USA will no longer be a dumping ground for every other nations goods..!!!!"

Read your history Stemmer. Protectionist polices that were enacted by countries after the crash of 1929 just made the Depression worse. The same thing would happen again if everyone decided to stop trading.