Bad Economy: Who should be blamed?


President George W. Bush stands with Federal R...

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There is much talk coming from both the right and the left, as well as from the Tea Party and Independents that the country’s economic woes is a direct result of president Obama’s failed economic policies. But nothing could be further from the truth. This is a lie crafted and perpetrated by Republicans to divert blame from the banks.

So, all this talk that Obama care is a jobs killer, Obama is destroying the country and his economic policies do not work are all exaggeration. In fact, nobody is Yet to put forward any credible evidence to support these claims. This is nothing but political rhetoric aimed to cloud the minds of people who do not check the fact for themselves.

Yes, the country is going through tough economic times and everybody is expecting their president to do something that will ease the pain and suffering. And when that does not happen and people gets frustrated they blame the president. But when the political rhetoric coming from the right is peeled back we will see that the up and down swings in the stock market is directly related to what is going on in Europe.

I am sure we can all remember what happened to our economy in September of 2008. It collapsed and caused a worldwide recession which we are still recovering from. We now know that the worldwide recession was due to shady banking and trading practices by Wall Street. The economy was so bad that all the major banks on Wall Street was in jeopardy of failing. In fact, Lehman brothers did fail and set off a domino effect.

On September 16,2008 Paulson teamed up with the Fed’s Ben Bernanke to engineer the $85 billion federal bailout of AIG. And On Sept. 19 2008, Henry Paulson, then Secretary of the Treasury told the nation that “hundreds of billions of dollars” $700 billion— their dollars — were needed to “be big enough to make a real difference and get at the heart of the problem and “stabilize the system.” This is on top of the estimated $200 billion in capital and credit lines committed by Paulson to Fannie Mae and Freddie Mac — capital that he promised he wouldn’t be injecting into those two government-sponsored entities in August ( “We have no plans to insert money into either of those two institutions.”)

So, when president Obama took office he inherited an economy that was over the cliff. The country was losing thousands of jobs monthly and banks and businesses were folding in great numbers. The country was in a recession and the data now shows that it was the worst economy any president has ever inherited since The Great Depression of the 1930s.

There is nothing in any of the legislations passed under the Obama administration that one could truthfully say is killing jobs. yet, even many in the media are repeating this lie that Republics have crafted. (click on link http://thomas.loc.gov/cgi-bin/bdquery/L?)

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