binds these painful events in the financial world ? Black Monday, 2008, when the DOW dropped 500+ point, ~ 5% drop Black Friday, 1987, when the DOW dropped >5% the stock market crash of 1929 the answer is A Republican president was in office. it speaks volume about their ability to run the economy. now we have a Republican candidates, in the wakes of the mortgage lending meltdown and the 500 point drop in the DOW, who says the economy is fundamentally sound oh yes, his economic advisor is none other than Phil Gramm, who was the chief sponsor in Congress, in the early 2000s, that passed legislations enabling the mortgage lenders to over-extend their financial positions
if you want to talk semantics, he is correct.... though these are worrisome times, and we need somebody in office who will appoint people who know how to handle these situations.
Built upon the back of deregulation, deficit spending, and the fools gold that was the "unending" housing boom. Only now NYSE is below the 11,700 when Clinton left office 8 years ago, and a total financial meltdown a real possibility. Not a feather I'd want in my cap. I recognize there is only so much responsibility at the feet of the president for what happens with the economy... but when you make a concerted effort to shift that responsibility further to the side of the corporations currently melting down you loose your get out of jail free card.
how so, care to elborate but definitely not someone whose chief economic advisor, Phil Gramm, was one of the chief architects of the loosening of regulations that enable the mortgage lenders to go wild. i m glad that u mention that; let the whole truth be told: Clinton started office with DOW <4,000; then, 8 yrs later, handed off a DOW ~ 12,000 to W. The DOW more than double in Clinton's 8 years. W inherited a DOW ~ 12,000. it did reach all-time high (+13,000), but was short lived. W's inept econ policies could not sustain it. DOW is ~ the same level as 7 yrs ago when W started office.
Clearly the answers to this problem are more tax cuts for the top 1%, more deregulation, and more deficit spending. That'll git r done... yeeeeeeeeehaw God Bless America!!!
and the NASDAQ reached it's highest point under a democrat. oh wait, clinton was a republican, i forgot.
adoo if you are going to pick and choose stuff at least acknowledge that the repeal of glass steagall was bipartisan and was signed into law by a democrat president who was apart of one of the biggest and most painful bubbles ever in the stock market. are you just trying to get under people's skin with this act? also, i am curious were you critical of bush's policies to expand homeownership (to people who never really should have had homes in the first place) when they were enacted or only now?
usign this sleigh of hands, W and the likes of Phil Gramm proceeded to loosen the regulations on the mortgage lending industry, paving the way for the meltdown such as we are witnessing. in short, W and Gramm's fingerprints are all over this.
More of the whole truth: On January 1, 1981 the market was around 970. On January 16 1993 (after Reagan and Bush Senior), the market was around 3270, so it more than tripled under those two Republican presidents whose terms included "Black Friday". I can cherry pick too.
Deficit spending and deregulation of the investment banking and mortgage banking companies are some of the biggest causes of this market. The lobbyists took out all controls, is it any shock that the people at the top of these companies lined their own pockets while the shareholders suffer? McCain has been in on these failed policies, we have had enough of the Gordan Gecko economics, we need some sanity. DD
My point is that if the original poster wants to complain - fine, but if he/she uses logic like "black friday" occurred under a Republican President and that the market doubled(+) under a Democratic President, he/she is being disingenuious to not mention that the market tripled(+) under the same Republican leadership. After all, he/she was the one who answered a post with "let the whole truth be told".
I'm just about anti-McCain as anyone, but seriously ... Digging up a small handful of market events as far back as 80 years ago and presenting them as proof that "Republicans suck" is nothing more than a brash partisan generalization that is intellectually dishonest at best. This thread fails.
The president probably does not have as much influence over the economy as one would think, but I think you blame a large chunk of the problems in this go around with the actions of this goverment. -Huge deficit spending -Lowering interest rates to 1% -Removing regulation
