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During the bad economic times in Bush's terms, when all the Dems were blaming him for the poor economy I saw many Republicans claim either 1. It wasn't his fault because it takes time(4-8 years I was told) for new presidents policies to take effect and we were just seeing the fallout from Clinton or 2. Presidents have little impact on the economy and it's all cyclical regardless of who is in office.

Which is it and why doesn't the same apply to Obama?

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Friday

Asked by Friday at 12:03 PM on Mar. 14, 2009 in Politics & Current Events

Level 19 (7,317 Credits)
Answers (45)
  • I believe much of the economy is cyclical, but when you have a President who spends BILLIONS of dollars on "black holes" of government programs and bailouts that do absolutely nothing expect buy time, then you increase the downward cycle, and worsen the time it takes to rebound.

    The economy would have rebounded naturally if left alone and allowed to correct itself--which means allowing businesses with poor business models to fail, and homeowners who overextended themselves to deal with foreclosure and bankruptcy on their own...just like they've always done!
    LoriKeet

    Answer by LoriKeet at 12:13 PM on Mar. 14, 2009

  • LoriKeet covered it. I do not blame Obama for the economy. I do, however, blame him for playing god and making it demonstratively worse when he had no reason to do so.
    NotPanicking

    Answer by NotPanicking at 12:17 PM on Mar. 14, 2009

  • Well, sit down, because I do agree with you to a point. I think the bailouts were crap and if businesses are poorly run they should be left to fail. I would certainly feel for those affected by it but that is capitalism. The fact that we allow some companies to become "so big they cannot fail" seems to be an issue.


    There were a number of homeowners who fell prey to fraud and I believe we should have tried to work out a way to help them, if they could prove fraud.

    Friday

    Answer by Friday at 12:18 PM on Mar. 14, 2009

  • I was against the stimulus but it seems Reps have been blaming Obama for the faltering econ since he was elected, even before he had a chance to take office.

    Friday

    Answer by Friday at 12:19 PM on Mar. 14, 2009

  • Yep, it does take time to see the effects and sadly, as bad as the economy is, you won't see what a hole Obama is putting us in for a few more years. Just imagine how bad it will be then!
    Anonymous

    Answer by Anonymous at 12:25 PM on Mar. 14, 2009

  • >>>>>YAWN<<<<<<
    Anonymous

    Answer by Anonymous at 12:26 PM on Mar. 14, 2009

  • I keep hearing about these fraudulent loans but haven't seen anything that would deem them as such. I think maybe the fraud came from those who lied about their income/assets. All loans, at least the ones I have applied for, have all the rules and conditions written in them at the time of approval/signing. Granted they don't give you time beforehand to read it all but they do explain what and why you are signing, esp home loans.
    JanMarie225

    Answer by JanMarie225 at 12:27 PM on Mar. 14, 2009

  • if they could prove fraud

    Therein lies the problem. I say this having worked for a scum of the earth loan company for years. Those contracts are reviewed and revised by multiple attorneys before anyone sees them. They are updated for new laws before the new laws go into effect. The same is true for every form letter they mail, advertisement they use, and phone script they teach their collection agents. Most of the claims of fraud refer to not understanding what they read. Part of what those attorneys are vetting is that the contract meets all Truth In Lending laws (meaning clearly readable at 7th grade level).

    Each person losing their home is only one of tens of thousands of customers, the majority of whom have an identical contract and are not. You cannot prove anything verbal, only what's in writing. So proving any kind of fraud is 1 step below impossible.
    NotPanicking

    Answer by NotPanicking at 12:27 PM on Mar. 14, 2009

  • anon 9:26 could you please cover your mouth when you yawn? You trolls have some nasty junk flyin outta there.


    kthxbai

    Friday

    Answer by Friday at 12:29 PM on Mar. 14, 2009

  • >>>>>YAWN<<<<<<
    Anonymous

    Answer by Anonymous at 12:32 PM on Mar. 14, 2009

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