Obama needs $1.2 TRILLION more to stay afloat

[FourLengthsClear]

Fixed for accuracy, when Obama took office we were still operating under a budget BUSH signed into law in 2008. We wouldn't have massive deficits if not for a Republican Recession that sent unemployment to 10% before Obama's/Dems Recovery Act started undoing the damage

Just the typical bickering over who is to blame when the house is burning down. They are all to blame and you are all to blame. The difficult decisions had to be made in the 1980's in terms of investing in productivity and scaling back government involvement where it was not needed. Globalisation was a real challenge and previously closed and uncompetitive economies became genuinely attractive destinations for industrial investment.

Instead there has been a 30 year period of trying to generate growth through excessive borrowing. The bubble will burst sooner rather than later which will be the cue for more bickering (or worse) over who was most at fault.

[EmpireMaker]

Fixed for accuracy, when Obama took office we were still operating under a budget BUSH signed into law in 2008. We wouldn't have massive deficits if not for a Republican Recession that sent unemployment to 10% before Obama's/Dems Recovery Act started undoing the damage

You sir are a MORON !!!!!!!!!

[big0mar]

If anyone here were offered a $1,000,000,000 loan, at 0.5% interest, would you accept????????

[big0mar]

Just the typical bickering over who is to blame when the house is burning down. They are all to blame and you are all to blame. The difficult decisions had to be made in the 1980's in terms of investing in productivity and scaling back government involvement where it was not needed. Globalisation was a real challenge and previously closed and uncompetitive economies became genuinely attractive destinations for industrial investment.

Instead there has been a 30 year period of trying to generate growth through excessive borrowing. The bubble will burst sooner rather than later which will be the cue for more bickering (or worse) over who was most at fault.

Trying to generate growth? I would say there has been an extraordinary amount of growth in the last 30 years.

[FourLengthsClear]

If anyone here were offered a $1,000,000,000 loan, at 0.5% interest, would you accept????????

Yes but it is moot. Rates are not 0.5%, they are not close to 0.5%.

[big0mar]

Yes but it is moot. Rates are not 0.5%, they are not close to 0.5%.

But they are extremely low.

So long as the economy as a whole is growing at a higher rate than we are servicing the debt, we should be good.

[FourLengthsClear]

Trying to generate growth? I would say there has been an extraordinary amount of growth in the last 30 years.

There has been but it has been in East Asia.

US GDP growth has averaged 2.8% since 1980, population growth has been 1.1% over the same period meaning that real GDP per capita has grown by 1.7% per annum or 66% cumulative.

Debt per capita has grown by 620% (348% when adjusted for inflation) over that same period.

I guess we have different interpretations of "extraordinary".

[FourLengthsClear]

But they are extremely low.

So long as the economy as a whole is growing at a higher rate than we are servicing the debt, we should be good.

No. You are good if the overall debt is growing at a rate which is slower than nominal GDP growth.
It isn't. Your government's debt has increased by more than 50% in the last three years.

[Blackroc78]

No. You are good if the overall debt is growing at a rate which is slower than nominal GDP growth.
It isn't. Your government's debt has increased by more than 50% in the last three years.

Where you from FourLengthsClear?

[FourLengthsClear]

Where you from FourLengthsClear?

I am British and we are in exactly the same boat.

[Blackroc78]

was just wondering where you were from, your very knowledgeable! Unfortunately were all screwed.

[Salvan]

Cheney summed it up perfectly, "Deficits don't matter." Our interest rates are near 0% for a reason, US debt is still the safest investment in the world. Debt fearmongers make it seem like the US economy is some delicate tulip that must be coddled and if we increase our debt by even 1 penny the bond vigilantes will pounce, interest rates will sky rocket, and the dollar will plummet over night. Sorry to spoil the pity party, but America is still the richest country in the world, we are not broke, we are the most powerful economy in the world.

Guess what right wing pricks? Now is exactly when we should be borrowing. America is the only bright spot in the developed world BECAUSE Obama refused to buy into the austerity delusion. America's economy is now pointing in the right direction BECAUSE we engaged in deficit spending after the crash and refused to believe in the myth of expansionary austerity. In fact, if you look at the euro states like Sweden, Norway, Denmark, and France they all had the highest level of welfare spending before the crisis and they are now the countries with the most stable debt levels.

http://video.minpress.gr/wwwminpress/aboutgreece/aboutgreece_welfare_state.pdf

The main stream financial press in America is dead wrong on what is driving the eurocrisis. It's not welfare spending, it is two thing: 1)budgetary profligacy 2) The austerity response is weakening their economies. Put differently, you can't cut your way to solvency.

[andywend]

I can't remember the last time EmpireMaker and I ever agreed on anything but we agree on Salvan being an ABSOLUTE MORON!!!

Sorry to spoil the pity party, but America is still the richest country in the world, we are not broke, we are the most powerful economy in the world.

What happens if China decides to cash in their chips and stops buying our debt? How do we pay them back?

Now is exactly when we should be borrowing. America is the only bright spot in the developed world BECAUSE Obama refused to buy into the austerity delusion. America's economy is now pointing in the right direction BECAUSE we engaged in deficit spending after the crash and refused to believe in the myth of expansionary austerity.

America had the choice to spend its way out of a great recession because we are the worlds reserve currency.

NO OTHER NATION ANYWHERE ON THE PLANET has the same luxury.

The main stream financial press in America is dead wrong on what is driving the eurocrisis. It's not welfare spending, it is two thing: 1)budgetary profligacy 2) The austerity response is weakening their economies. Put differently, you can't cut your way to solvency.

Salvan, you really are an IDIOT.<!-- / message -->

[Salvan]

^^Andywhine: SBR's intellectual powerhouse

What happens if China decides to cash in their chips and stops buying our debt? How do we pay them back?

China only holds about 33% of our debt. If they stop loaning to us there will be plenty others willing to loan, and it will be their loss. Maybe they prefer Italian bonds? HAHA


Back to reality.

US Receives record Demand for it's bonds.

Bloomberg News reports that the U.S. government received record demand for its bonds in 2011, “pushing longer-maturity treasuries to their best performance since 1995 in a sign that President Obama may have little difficulty” financing the budget deficit. The European debt crisis is driving investors to buy U.S. assets, allowing the government to get an “all-time high bid-to-cover ratio of 9.07 for $30 billion of four-week bills it auctioned on Dec. 20 even though they pay zero interest.” Despite the GOP’s factually-challenged fear-mongering about the deficit, the high demand for U.S. bonds are “helping to contain borrowing costs and making it cheaper as a percentage of gross domestic product to finance deficits than when the nation last had budget surpluses.”

http://mobile.bloomberg.com/news/2011-12-26/obama-wins-most-demand-for-debt-of-u-s-presidents-since-before-first-bush.html?wpisrc=nl_wonk

[andywend]

Salvan, I realize that the majority of democrats like yourself live on a paycheck to paycheck basis but do you really believe thats a financially prudent way to run our country.

I realize full well that our country has no problems servicing its debt due to the extremely low interest rate environment that exists. However, what happens when interest rates eventually rise and we still have a MOUNTAIN of debt to service while at the same time spending way more than we take in and increasing the debt level each year.

Your answer will probably be the same thing that comes out of every democrats mouth which is "raise taxes on the rich". After that is done and democrats figure out that it doesnt lead to anywhere near the projected increase in tax revenue they are expecting (since the rich aren't going to sit there and take it up the ass from democrats like yourself) then what do we do? Raise taxes on the rich some more?

Just because we are able to service the debt currently doesn't mean we should continue to spend money we don't have!!!

Its not that I am an "intellectual powerhouse". Its just that liberal democrats like you are SO DAMN STUPID!!!

[Albert Pujols]

Fixed for accuracy, when Obama took office we were still operating under a budget BUSH signed into law in 2008. We wouldn't have massive deficits if not for a Republican Recession that sent unemployment to 10% before Obama's/Dems Recovery Act started undoing the damage

You are a stupid sonofabitch.

[Albert Pujols]

Cheney summed it up perfectly, "Deficits don't matter." Our interest rates are near 0% for a reason, US debt is still the safest investment in the world. Debt fearmongers make it seem like the US economy is some delicate tulip that must be coddled and if we increase our debt by even 1 penny the bond vigilantes will pounce, interest rates will sky rocket, and the dollar will plummet over night. Sorry to spoil the pity party, but America is still the richest country in the world, we are not broke, we are the most powerful economy in the world.

Guess what right wing pricks? Now is exactly when we should be borrowing. America is the only bright spot in the developed world BECAUSE Obama refused to buy into the austerity delusion. America's economy is now pointing in the right direction BECAUSE we engaged in deficit spending after the crash and refused to believe in the myth of expansionary austerity. In fact, if you look at the euro states like Sweden, Norway, Denmark, and France they all had the highest level of welfare spending before the crisis and they are now the countries with the most stable debt levels.

http://video.minpress.gr/wwwminpress/aboutgreece/aboutgreece_welfare_state.pdf

The main stream financial press in America is dead wrong on what is driving the eurocrisis. It's not welfare spending, it is two thing: 1)budgetary profligacy 2) The austerity response is weakening their economies. Put differently, you can't cut your way to solvency.

Don't talk this nonsense and then tell everyone to learn about economics. You are a dumbass, period.

[ACoochy]

Looks like salvan has hit a nerve. I see only payouts to his character, everyone scared to admit he has a point

[Albert Pujols]

Looks like salvan has hit a nerve. I see only payouts to his character, everyone scared to admit he has a point

Yeah, he thinks like Obama. You can spend your way out of debt, and the deficits don't matter. And Obama is helping the economy by doing this. He's a ******* tool.

[andywend]

When Bush was spending at a rate of 1/3 of Obama, democrats were going absolutely nuts and so were many conservative republicans.

I don't see how anyone who works full time and pays their fair share of taxes can possibly support what Obama is doing.

[Blackroc78]

Yeah, he thinks like Obama. You can spend your way out of debt, and the deficits don't matter. And Obama is helping the economy by doing this. He's a ******* tool.

[JBC77]

President Barack Obama is expected to ask for authority to increase the borrowing limit by $1.2 trillion


What a fukking train wreck we have become

Yup, 30 years of lies in the U.S, to full fill the political promises to the wellfare class and social security ranks. We've borrowed money for 30 years to plug the holes and now government borrowing represents 10% of GDP on an annual basis. So yeah, we just kick the $16 trillion dollar debt bomb down the side walk and we get called on it, as Europe is being called on it now.

Japan just crossed the quadrillion mark in debt. China's bubbles are collapsing. Europe is going to explode when the can can't be kicked any loner. A mess is an understatement.

I suggest people start their re-education here: http://www.zerohedge.com/ and here: http://market-ticker.org/akcs-www?blog=Market-Ticker

As most of you probably know, you'll never get the truth on TV or in a newspaper. Thats where our beloved government, thats where they brainwash the other 99% of the American sheeple.

[Salvan]

Salvan, I realize that the majority of democrats like yourself live on a paycheck to paycheck basis but do you really believe thats a financially prudent way to run our country.

I realize full well that our country has no problems servicing its debt due to the extremely low interest rate environment that exists. However, what happens when interest rates eventually rise and we still have a MOUNTAIN of debt to service while at the same time spending way more than we take in and increasing the debt level each year.

Relax, you are making an emotion argument that isn't fact based.

I understand your confusion now. You simply don't understand what is driving the debt. I will tell you what isn't driving the debt. The Recovery Act(stimulus). From the charts posted you can see the deficits go up when the housing bubble pops. We were losing 750,000 jobs per month when Bush left office, that is 750,000 fewer tax payers every month as well as 750,000 people potentially using social services. Don't forget the off-budget wars and the bush tax cuts. All of that contributes to the deficit. Remember, we had a surplus before Bush.

The real point is that making deficit reduction a priority after a massive drop off in private sector spending is counterproductive and will only lead to higher deficits later on. Many reports show that without the Recovery Act we would be at 15% unemployment. What do you think our deficit would look like with an additional 10-15 million people out of work(not paying taxes) and drawing unemployment?

The cost of not borrowing is many times higher than the cost to borrow.

[Salvan]

Yup, 30 years of lies in the U.S, to full fill the political promises to the wellfare class and social security ranks. We've borrowed money for 30 years to plug the holes and now government borrowing represents 10% of GDP on an annual basis. So yeah, we just kick the $16 trillion dollar debt bomb down the side walk and we get called on it, as Europe is being called on it now.
.

Yea, I haven't heard that from anyone on TV, what a genius you are....... This is the standard boiler plate crap you hear everyday from the pundit class on Fox Business, CNBC,CNN. And it's all wrong. There are two sides to the deficit equation. When The Greek don't pay taxes of course they are going to run deficits, just as we are running deficits.

[KKoz9]

[Sam Odom]

When Bush was spending at a rate of 1/3 of Obama, democrats were going absolutely nuts and so were many conservative republicans.

Even Obama! He was against it before he was for it

"The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means 'The buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit." - Sen. Barack Obama, D-Ill

[19th Hole]

Don't talk this nonsense and then tell everyone to learn about economics. You are a dumbass, period.

Astute analysis...

[Sam Odom]

Dec 30, 2011

Obama delays request for $1.2T debt limit increase





HONOLULU (AP) -- President Barack Obama is delaying his request for another $1.2 trillion increase in the nation's debt limit at the request of congressional leaders.

[Salvan]

Even Obama! He was against it before he was for it

"The fact that we're here today to debate raising America's debt limit is a sign of leadership failure. Leadership means 'The buck stops here.' Instead, Washington is shifting the burden of bad choices today onto the backs of our children and grandchildren. America has a debt problem and a failure of leadership. Americans deserve better. I therefore intend to oppose the effort to increase America's debt limit." - Sen. Barack Obama, D-Ill

I'm not going to let this slide. Obama voted against the debt limit in a symbolic gesture, we were wasting trillions. Obama thought raising the debt ceiling to pay for more of Bush's tax cuts for the wealthy and his wars was stupid, and he wanted to be on the record. Was it political gamesmanship? Yes, but it was consequence free because it wasn't an organized Democratic effort. It was just Obama, being Obama.

Why is it when Republicans are blowing our money on nonsense, Obama is the bad guy for a symbolic vote to not raise the debt ceiling, even though it was going to be raised anyway, but when we need money to make sure we don't have to slash our budget in a recession and kill millions of jobs, Republicans are the heros for holding our credit and our economy hostage for political gain? Do you even remember how many days we were from hitting the debt ceiling?

You conservatives are a complete joke. No one is buying your new found concern over our deficit. Not after the hole you dug for us. All of you voted for Bush, and you fuckin know it. We will never reduce the deficit with high unemployment. NEVER. Jobs first, deficits will come down after that and we can start cutting spending and raising taxes. That is how it is done. You save in boom times, so you have cash when the shit hits the fan. Idiot cowboy and co, did the opposite. We could have paid for 3 stimulus bills with the money lost through Bush's tax cuts.

[Sam Odom]

Salvan , you nailed Obama! He is 100% style over substance

[Salvan]

Salvan , you nailed Obama! He is 100% style over substance

Nope, he has both and it makes your blood boil.

[andywend]

We will never reduce the deficit with high unemployment. NEVER. Jobs first, deficits will come down after that

<TABLE style="MARGIN-TOP: 0px" class=regular-data><THEAD><TR><TH scope=row>Year</TH><TH scope=col>Jan</TH><TH scope=col>Feb</TH><TH scope=col>Mar</TH><TH scope=col>Apr</TH><TH scope=col>May</TH><TH scope=col>Jun</TH><TH scope=col>Jul</TH><TH scope=col>Aug</TH><TH scope=col>Sep</TH><TH scope=col>Oct</TH><TH scope=col>Nov</TH><TH scope=col>Dec</TH><TH scope=col>Annual</TH></TR></THEAD><TBODY><TR class=odd><TH scope=row>2001</TH><TD>4.2</TD><TD>4.2</TD><TD>4.3</TD><TD>4.4</TD><TD>4.3</TD><TD>4.5</TD><TD>4.6</TD><TD>4.9</TD><TD>5.0</TD><TD>5.3</TD><TD>5.5</TD><TD>5.7</TD><TD></TD></TR><TR class=even><TH scope=row>2002</TH><TD>5.7</TD><TD>5.7</TD><TD>5.7</TD><TD>5.9</TD><TD>5.8</TD><TD>5.8</TD><TD>5.8</TD><TD>5.7</TD><TD>5.7</TD><TD>5.7</TD><TD>5.9</TD><TD>6.0</TD><TD></TD></TR><TR class=odd><TH scope=row>2003</TH><TD>5.8</TD><TD>5.9</TD><TD>5.9</TD><TD>6.0</TD><TD>6.1</TD><TD>6.3</TD><TD>6.2</TD><TD>6.1</TD><TD>6.1</TD><TD>6.0</TD><TD>5.8</TD><TD>5.7</TD><TD></TD></TR><TR class=even><TH scope=row>2004</TH><TD>5.7</TD><TD>5.6</TD><TD>5.8</TD><TD>5.6</TD><TD>5.6</TD><TD>5.6</TD><TD>5.5</TD><TD>5.4</TD><TD>5.4</TD><TD>5.5</TD><TD>5.4</TD><TD>5.4</TD><TD></TD></TR><TR class=odd><TH scope=row>2005</TH><TD>5.3</TD><TD>5.4</TD><TD>5.2</TD><TD>5.2</TD><TD>5.1</TD><TD>5.0</TD><TD>5.0</TD><TD>4.9</TD><TD>5.0</TD><TD>5.0</TD><TD>5.0</TD><TD>4.9</TD><TD></TD></TR><TR class=even><TH scope=row>2006</TH><TD>4.7</TD><TD>4.8</TD><TD>4.7</TD><TD>4.7</TD><TD>4.6</TD><TD>4.6</TD><TD>4.7</TD><TD>4.7</TD><TD>4.5</TD><TD>4.4</TD><TD>4.5</TD><TD>4.4</TD><TD>





</TD></TR></TBODY></TABLE>
2001-2006: President Bush is left with a country headed for certain recession after the Clinton administration and also had to deal with the tragedy of 9/11 in 2001. The unemployment rate starts at 4.2% and hits a high of 6.3% (with democrats like Salvan TRASHING Bush because the unemloyment rate was over 5%). Due to President Bush and the republican party's sound fiscal policies, the unemployment rate recovers and ends at 4.4% through the first 6 years while republicans held total power.

<TABLE style="MARGIN-TOP: 0px" class=regular-data><TBODY><TR class=odd><TH scope=row>2007</TH><TD>4.6</TD><TD>4.5</TD><TD>4.4</TD><TD>4.5</TD><TD>4.4</TD><TD>4.6</TD><TD>4.7</TD><TD>4.6</TD><TD>4.7</TD><TD>4.7</TD><TD>4.7</TD><TD>5.0</TD><TD></TD></TR><TR class=even><TH scope=row>2008</TH><TD>5.0</TD><TD>4.8</TD><TD>5.1</TD><TD>4.9</TD><TD>5.4</TD><TD>5.6</TD><TD>5.8</TD><TD>6.1</TD><TD>6.2</TD><TD>6.6</TD><TD>6.8</TD><TD>7.3</TD><TD></TD></TR></TBODY></TABLE>
2007-2008: The democrats take back control of both houses of congress and IMMEDIATELY put the liberal hammerlock on President Bush and lo and behold the unemployment rate skyrockests from 4.4% up to 7.3% in 2 short years.

<TABLE style="MARGIN-TOP: 0px" class=regular-data><TBODY><TR class=odd><TH scope=row>2009</TH><TD>7.8</TD><TD>8.2</TD><TD>8.6</TD><TD>8.9</TD><TD>9.4</TD><TD>9.5</TD><TD>9.5</TD><TD>9.7</TD><TD>9.8</TD><TD>10.1</TD><TD>9.9</TD><TD>9.9</TD><TD></TD></TR><TR class=even><TH scope=row>2010</TH><TD>9.7</TD><TD>9.7</TD><TD>9.7</TD><TD>9.8</TD><TD>9.6</TD><TD>9.5</TD><TD>9.5</TD><TD>9.6</TD><TD>9.6</TD><TD>9.7</TD><TD>9.8</TD><TD>9.4</TD><TD></TD></TR></TBODY></TABLE>
2009-2010: Our country makes the WORST MISTAKE in its history and allows the democrats to take back control of the White House and both houses of congress and even though Obama and the democrats start BURNING THROUGH TRILLIONS OF DOLLARS, the unemployment rate goes from 7.3% to 9.4%.

<TABLE style="MARGIN-TOP: 0px" class=regular-data><TBODY><TR class=odd><TH scope=row>2011</TH><TD>9.0</TD><TD>8.9</TD><TD>8.8</TD><TD>9.0</TD><TD>9.1</TD><TD>9.2</TD><TD>9.1</TD><TD>9.1</TD><TD>9.1</TD><TD>9.0</TD><TD>8.6</TD><TD></TD></TR></TBODY></TABLE>
2011: The voters quickly realize the HORRIBLE MISTAKE they made and do a 180 degree U-turn and vote out every democrat they possibly can. The republicans now control the house and put the conservative HAMMERLOCK on President Obama and the unemployment rate finally begins to fall down to 8.6%.

Obama and the democrats have increased the deficit at a rate of 3X President Bush or these numbers would have even been worse for Obama and the democratic party:

Deficit as of January 1, 2001 = $5.6 Trillion
Deficit as of December 31, 2006 = $8.5 Trillion
Deficit increases by $2.9 Trillion over the 6 year period (average deficit increase per year approx $500 billion) when republicans had full control. Unemployment rate went from 4.2% to 4.4% over the 6 year period.

Deficit as of January 1, 2007 = $8.5 Trillion
Deficit as of December 31, 2008 = $10.0 Trillion
Democrats take back control of both houses of congress and deficit increases by $1.5 Trillion over the 2 years ($750 billion per year). Unemployment rate goes from 4.4% up to 7.3%.

Deficit as of January 1, 2009 = $10 Trillion
Deficit as of December 1, 2010 = $13.5 Trillion
Democrats win the White House and keep control of both houses of congress and the deficit increases by $3.5 Trillion over the 2 years ($1.75 Trillion per year). Unemployment rate goes from 7.3% up to 9.4%.

These are the raw, straight numbers which are totally free of political bias.

With the democrats, we get HIGHER RATES OF DEFICIT and HIGHER UNEMPLOYMENT RATES.
With the republicans, we get LOWER RATES OF DEFICIT and LOWER UNEMPLYMENT RATES.

Deficit figures courtesy of:

http://en.wikipedia.org/wiki/United_States_public_debt

Unemployment rate figures courtesy of:
http://data.bls.gov/pdq/SurveyOutputServlet (Bureau of Labor Statistics)

[DwightShrute]

1 year and 20 days till Obama is out of office!



First there was Katrina and the BP Gulf Oil Spill, but that's nothing compared to Obama .. America's worst natural disaster.

[crustyme]

rantings of a lunatic removed

2001 - bush inherits a record surplus from clinton and plunges country into a recession 3 months later with his policies. ignores repeated 9/11 warnings from the cia especially the urgent memo hand delivered to him during his month long vacation by the cia entitled "bin laden determined to attack within the us," a month prior to 9/11.

2003 - ignores cia warnings and invades iraq with falsified evidence. unemployment continues to grow thanks to republican prez and republican congress.

signs into law "the american dream downpayment act of 2003" which was drafted, supported and passed by republicans. this law hands out homes to the poor with awful credit like candy on halloween, eventually causing the collapse of the real estate market.

2006 - finally republicans kicked out of congress for their failures but its too late. bush's idiotic policies has steered america and the world towards global financial meltdown. bush loses 4 million jobs from dec 2007-dec 2008 and the meltdown has finally come to pass thanks to bush and his republican cronies.

[andywend]

Originally Posted by andy the lunatic rantings of a lunatic removed

You know full well that the numbers I provided are 100% accurate so you decided not to include any of them in your reply.

2001 - bush inherits a record surplus from clinton

Bush inherited a record surplus due to the republican congress putting spending handcuffs on President Clinton and also due to the insane amount of taxes paid when the stock markets took off (mainly the Nasdaq).

The internet bust happened shortly before President Clinton left office and Bush had to deal with that and with the tragedy of 9/11 as well. Regarding those repeated 9/11 warnings, Clinton received the same warnings over and over again. Unfortunately, there was no way to stop 9/11 with the airport security measures that were in place at the time.

2003 - ignores cia warnings and invades iraq with falsified evidence. unemployment continues to grow thanks to republican prez and republican congress.

Due to 9/11 and the recession caused by the internet boom then bust, unemployment rates did indeed rise in 2003. However, due to sound fiscal thinking from President Bush and the republican congress, the unemployment rate which rose from 4% to a high of 6% quickly recovered with the unemployment rate ending at 4.4% when the republicans lost control of congress. While democrats like Crustyman were screaming and whining when the unemployment rate briefly rose over 5% under Bush, they have been as quiet as church mouses as the unemployment rate approached 10% under Obama.

signs into law "the american dream downpayment act of 2003" which was drafted, supported and passed by republicans. this law hands out homes to the poor with awful credit like candy on halloween, eventually causing the collapse of the real estate market.

Ever since Jimmy Carter, the democrats have been whining and screeching that the poor should be able to own their own homes. When republicans finally succumb to democratic party demands (I admit this was a mistake) and pass that Act, they quickly realize the problems that result and try to make the proper adjustments.

President Bush along with John McCain and many other republicans see the writing on the wall and warn about huge problems with Fannie Mae and Freddie Mac. Unfortunately, democrats Christopher Dodd and Barney Frank continue to insist that there are no problems with Fannie Mae and Freddie Mac despite the numerous warnings from prominent republicans resulting in the financial mess our country currently finds itself in.

2006 - finally republicans kicked out of congress for their failures but its too late. bush's idiotic policies has steered america and the world towards global financial meltdown. bush loses 4 million jobs from dec 2007-dec 2008 and the meltdown has finally come to pass thanks to bush and his republican cronies.

During December 2007-December 2008, your precious democrats had FULL CONTROL over both houses of congress as I originally stated so the 4 million jobs lost belong to them and not President Bush. There were no republican cronies that had any control in congress in 2007 or 2008.

Crustyman, your response was pathetic but thats because you can't refute the numbers I presented in my previous post.

YOU LOSE, IDIOT!!!