GQjock saidAhhh yes, the good old days. 4.4% GDP growth in 2004. We'll gladly take that again.
Wow .... and wha happened ? Nov 2008? Care to remind me
I'll remind you. Good part of it resulted from the housing "situation". The parties included Dodd, Frank, Obama, Franklin Delano Raines, Freddie, Fannie, and even our friends at ACORN were involved. Don't forget McCain's speech on the Senate floor warning of the debacle. Can you connect the dots?
Are you really that Freakin NUTS? or do you just Act that way?
In the Housing situation???
Your "Housing" situation was a clusterf**k of greed where banks and commodity houses played roulette and craps with mortgages where they camouflaged them and cut them up and sold them as triple A rated bonds when they were JUNK
Google yourself a republican my friend and see what deregulation they sponsored http://theeprovocateur.blogspot.com/2008/09/updated-summary-of-real-estate-boom.html
In 1999, former Senator Phil Gramm (who is, incidentally, Senator John McCain's economic adviser and cochairs his presidential campaign) set out to completely gut the Glass-Steagall Act, and did so successfully, replacing most of its components with the new Gramm-Leach-Bliley Act: allowing commercial banks, investment banks, and insurers to merge (which would have violated antitrust laws under Glass-Steagall). Sen. Gramm was the driving force behind the Gramm-Leach-Bliley Act, as he had received over $4.6 million from the FIRE sector (Finance, Insurance and Real Estate donations) over the previous decade, and once the Act passed, an influx of "megamergers" took place among banks and insurance and securities companies, as if they had been eagerly awaiting the passage of Gramm's Act. Everything in between Glass-Steagall and Gramm-Leach-Bliley (i.e. Savings and Loan crisis/bust) was, in large part, the incubation period for what would take place over the nine years that would follow the passage of Gramm's Act: an experiment in deregulation.
Not only that you had brokers throwing these bonds around like they were hot cakes .... leveraging them and playing them up like they were poker chips on a black jack table all the while having Insurance companies holding the bag
................................ Remember AIG How much did we have to give them because they were too big to fail?
So Please ...don't try and give me the republican song and dance
and that Obama had something to do with this
........................ It don't pass in these parts my friend