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DCJames
Joined: 27 Jul 2006
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 Posted: Sun Jul 20, 2008 5:56 pm Post subject: Did George Bush Single-handedly Destroy the World's Economy? |
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Destroying the US economy was not enough.
America has the world's largest econony and many countries take their economic cues from the US.
This son of entitlement wants a World depression before he leaves. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jul 20, 2008 5:58 pm Post subject: |
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| No. The economic problems are the result of a great many variables but mostly an epic mismanagement of monetary policy at virtually every central bank on earth. We are seeing, as George Soros says, the collapse of a credit 'super bubble'. |
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Kuros
Joined: 27 Apr 2004
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| Posted: Sun Jul 20, 2008 6:11 pm Post subject: |
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| No. But Bush callously depleted the government funds during the boom times which are now required to cope with the recession. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jul 20, 2008 6:12 pm Post subject: |
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| ...and dramatically increased entitlement liabilities and future medial bills for soldiers. |
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Temporary
Joined: 13 Jan 2008
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| Posted: Sun Jul 20, 2008 7:38 pm Post subject: |
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| mises wrote: |
| No. The economic problems are the result of a great many variables but mostly an epic mismanagement of monetary policy at virtually every central bank on earth. We are seeing, as George Soros says, the collapse of a credit 'super bubble'. |
Well the government doesn't control Monetary policy.. They control the Fiscal Policy. Monetary Policy is effected by Fiscal policy but the FED control anything that has to do with Monetary Policy. Fiscal Policy of the United states has been a disaster.
I like USA because they seperate the two. In Canada its set by the same uneducated bumpkins that run the country. Alan Greenspan was propably one of the best FED heads in its existance the men is a god when it comes to Monetary policy. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jul 20, 2008 7:43 pm Post subject: |
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| I strongly disagree with your opinion of Greenspan. He kept rates way to low for way to long. The function of the Fed is not to inflate equity/property bubbles as a means to ward of recession. |
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Temporary
Joined: 13 Jan 2008
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| Posted: Sun Jul 20, 2008 7:52 pm Post subject: |
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| mises wrote: |
| I strongly disagree with your opinion of Greenspan. He kept rates way to low for way to long. The function of the Fed is not to inflate equity/property bubbles as a means to ward of recession. |
You can't blame Greenspan for that.. He was LONG gone before that happened. The bubble burst because Unchecked business policies of many large Mortgage companies and the fact that the US government hass mismanaged the fiscal policy for such a long time. Greenspan kept the Greenback nice and stable and the value of it didn't go down. Monetary policy again has nothing to do with Mortgage companies. The prime rate is there for the value of T-Bills, bonds and OVB. (Unfortunatley the prime rate has bbeeen tied into practicaly everything). Monetary policy has everything to do with the managment of the value of the nations currency. He did that very well, he prevented sharp inflattion and kept over all PPI at a constant level for a very long time. I also like the fact he told the Federal Government to eff off. That can't happen in Canada, when the Canadian bubble bursts and it will we will be in a Ten Times worse situation then the Americans. |
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Join Me
Joined: 14 Jan 2008
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| Posted: Sun Jul 20, 2008 7:59 pm Post subject: |
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Yes. Bush was so concerned about his ego and leaving some sort of legacy as a warlord that he not only let the US economy go in the crapper he took the world economy with him. Nice work George.
And for all that will defend him. If any CEO had done as poorly as George, they would have been kicked to the curb long ago. I will never understand why my fellow Americans have put up with his fiscal incompetence and desire to strip us all of our civil liberties. He earned his legacy, but I think he will be surprised. Once his real legacy starts to go to print in the history books I am sure he will age very quickly and his life will come to an end shortly. |
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mises
Joined: 05 Nov 2007
Location: retired
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| Posted: Sun Jul 20, 2008 8:05 pm Post subject: |
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You can't blame Greenspan for that.. He was LONG gone before that happened. The bubble burst because Unchecked business policies of many large Mortgage companies and the fact that the US government hass mismanaged the fiscal policy for such a long time.
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All bubbles burst. All. Always and forever, all. He is the cause.
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| Greenspan kept the Greenback nice and stable and the value of it didn't go down. |
The US dollar is, if memory serves, worth 45% less than the dollar of 2002.
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| Monetary policy again has nothing to do with Mortgage companies. |
The cheaper the money is for primary brokers to borrow, the more irresponsibly they will lend. If interest rates had been a more healthy 6% the housing bubble would not have happened.
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The prime rate is there for the value of T-Bills, bonds and OVB. (Unfortunatley the prime rate has bbeeen tied into practicaly everything). Monetary policy has everything to do with the managment of the value of the nations currency. He did that very well,
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Almost half the value gone is "very well"?
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| he prevented sharp inflattion and kept over all PPI at a constant level for a very long time. |
Those figures are rigged. Read up on the Boskin Commission. Major brokerages and investment banks use their own inflation measurements out of a naked distrust for the rigged government stats. Check out shadowstats.com.
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That can't happen in Canada, when the Canadian bubble bursts and it will we will be in a Ten Times worse situation then the Americans. |
If you refer to the Canadian housing bubble, I agree it will be tough. Vancouver likely has the most absurdly inflated property market on earth. |
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Zutronius
Joined: 16 Apr 2007
Location: Suncheon
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| Posted: Sun Jul 20, 2008 8:20 pm Post subject: |
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| This was a long time coming. |
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Temporary
Joined: 13 Jan 2008
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| Posted: Sun Jul 20, 2008 8:32 pm Post subject: |
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No he isn't the cause, Moronic American Federal administration is the cause. You can also attribute Mortagage and Bank propaganda to this. Also you have to lay some blame on stupid american public.
He was the Chairmen of the fed from 1987-2006. He left the Fed because of the ever increasing presure from the Federal Governemt to fund a Never ending and costlly war. This is why He left.. He wasn't happy but he made some concessions with the Federal government to raise money for the campaign in Iraq. He knew this would end up as a disaster so he left.
45% less ofcourse.. Funding a war or creating a Monatery policy to aid Stupid fiscal policy is imposible. He kept the USD stable for MANY years prior to the involvment in Afghanistan and Iraq.
Let me remind you that last time US had a major conflict (Vietnam) it led to a colapse off an entire Monetary Idealogy (Gold Standard) Vietnam almost nearly bankcrupted the USA.
Yes he deserves blame for listening and following the American administration. The Fed is supposed to be an independent authority that acts as a check and balance.
Yeah Major Brokerages have as much credibility as Fox or CNN news. May I remind you of Bear Stern, Fanny May, and that Mac (mortagage) company. (Sorry I don't know the spelling, full name)
He succefully dealt with a stock market downturn, and the DotCom bubble. But when it commes to funding a major War campaign, the USA has a VERY bad track record that dates back to the war of independence. |
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