True or False: As soon as the Dems took control of Congress in 2007, the economy began to tank?
Some please help me win a bet with a Republican friend of mine...
He says that the Dems, including Hillary and 0bama, took control of Congress in 2007 and that's when the economy began to tank. That for 6 years under Bush and the Republicans, there was impressive growth and low unemployment and the DOW Jones hit an all time record high...then the Dems took over the government's "purse strings", oversight and regulation duties...and we've been on a downward spiral ever since.
He says that the debt has continued to increase under 0bama and the unemployment rate went from 6% to 10% under 0bama's watch.
That can't be true right? I mean, I googled the statistics and it seems to back up his argument, but those stats MUST be lying...right??
agree or agree?
- PepsiOneLv 510 years agoBest Answer
One just has to look at readily available statics.
I predict that once the Democrats are removed from their majorities the USA Economy will improve and this improvement accelerated once Obama is removed.
- rsc3033Lv 710 years ago
Your Republican friend is right. I lived in Ohio until 2006, during the times the Dow hit $14,000.
I think many Americans thought life was good, and no wrong could be done. People bought things like they were going out of style.
Many people made money on houses, they just kept going up and up.
The problem was that for many years certain people could not buy a home unless they saved the DOWN PAYMENT. So they got rid of that problem, and FORCED banks to loan to people without the down payment, and without a clear possibility of being able to AFFORD the home.
Millions of dollars were made by the sales of the homes, but banks were increasingly holding bad loans.
Then the bubble burst. All these bad loans had to be paid somehow. The whole world was involved in the loans, so many countries were effected.
But Bush invaded Iraq, with FULL support from Congress.
Meanwhile, the Democrats in washington wanted power, so they caused a lot of things to happen, to make the Iraq war up front and in the news, deaths every day blasted on the news, they just hammered Bush constantly. Forced states to pay for social programs they could not afford.
Now they are in power, people are still being killed, but you rarely hear it.
The Bush administration was not all angels, either. This is why many people are calling for getting their country back, in terms of obedience to the Constitution.
- ?Lv 43 years ago
it is fake, the financial gadget began going undesirable desirable after 9/eleven in 2001, it has attempted to come again on its feet a number of circumstances yet has gotten worse each year somewhat, particular there replaced right into a lot of pump and unload and Bush attempting to tell human beings it replaced into stable, yet in actuality that's been undesirable for awhile. i be conscious of I also have a organisation and have alot of acquaintances and family in organisation. we've deep issues and many that's been brought about via the regulations of attempting to place the u . s . a . on the international marketplace and we are feeling it now.
- Anonymous10 years ago
False, the goverment is MESSED up, + they are hiding stuff from the public. And the oil spill? Don't you think that's a bit important? The economy has been going down for a long time, but how does that even happen?
Seriously. Are they keeping all the money? Or did it just disappeer? Does that even happen?
There are so many things that can't be awnsered and it's stupid. Are there aliens? Of course they wouldn't tell us...They are destroying the nuclear weapons? Well what if we need them?! Not to mention is this going to be the next great depression?!
What is this showing our kids? I mad 500.000 a year, until the company went bankrupt...8years in collage. I was an enginneer, now i might have to become a waitress just to keep the house! So we r telling our next generation to study hard go to collage, so that you will never forfill your dreams?!?
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- GribbleLv 510 years ago
The sad fact is that nobody really understands how the economy works or how it will react to government action. But one thing that is pretty certain is that it doesn't react quickly (markets may react quickly to news, but the economy as a whole is a slow and heavy beast that doesn't change speed or direction easily). So any claim that 'as soon as' someone did something, the economy tanked is likely to be bogus.
As for the DOW hitting an all time record high - sure it did. And equities were very badly overpriced. It was absolutely guaranteed that the bubble would burst sooner or later. Blaming that on the guy who was in office when it happened, rather than the guy who was in office when the bubble was allowed to grow, is pretty dumb.
- Anonymous10 years ago
The Dow reached its all time high of 14,000 in 2007, on Bush's watch.
It was no bubble, the Dow was above 10,000 the majority of Bush's time in office up to that point.
But after the GOP lost its majority in Congress in 2007, the Dow took its worst one-year plunge in history.
Bush's economic policies worked for six years. But after the GOP lost control of Congress, it was all downhill from there.
After the GOP lost control of Congress, then the GOP was not able to pass legislation that could have prevented the crash.
The Democrats did nothing. The GOP might have done something, but they couldn't because they didn't have a majority anymore.
Bush's watchlist system worked for 8 years and 3 days. Even if you start counting with the shoe bomber on 12/22/2001, it kept us safe from airliner bombings until 12/25/2009.
If the system worked that long, why did it fail less than one year after Obama took office? The problem is not the system, it's the people who are now runing it.
They took a system that was working, and in less than a year it fell apart.
And unemployment was NEVER 10% on Bush's watch.
The so-called "mess" that Bush gets blamed for actually happened AFTER the Democrats gained seats in Congress and the GOP lost its majority.
I think that points to who is REALLY to blame, and why these problems persist after the Democrats have gained even more control.
The Dow rose from 12,000 to 13,000 from October 2006 to April 2007.
The Dow rose from 10,000 to 11,000 from October 2009 to April 2010.
The Dow fell from 11,000 to 10,000 from May 3, 2010 to May 21,2010.
How is Obama doing any better than the "mess" Bush supposedly made?
- 4WD GregLv 610 years ago
As soon as Democrats took over the White House the economy began to improve. The Dow Jones is up 50% in the last 15 months. The housing and home building industries have shown clear signs of rebounding. Retail sales are up and leading economic indicators have been heading up for over a year.
- WhoIsJohnGaltComLv 510 years ago
True, indeed. But Bush was still president then, so it's politically correct to blame it on him.
- Anonymous10 years ago
After the socialist housing bubble created by fannie mae, freddie mac, and the democrats collapsed....
The economy tanked.
My family owns $150,000,000 pipe construction plant that lays all the concrete pipe underneath my county.
Socialism collapsed our economy.
- Anonymous10 years ago
The economy has been tanking since the 60's Frankly it's every Presidents' fault why our economy is this bad. We ahven't even paid off our debt from the Vietnam war.