A houses of cards economic boom that couldnt last. Democrats blame Bush, republicans blame Barney Frank. The truth is we were lied to by everyone in Washington including media, and continue to be now. They have no plans, just agendas. Run the country into the ground and point fingers, and repeat.
Laugh if you want to, but Rush H. Limbaugh just presented in 14 minutes flat, his NON-PARTISAN plan to resolve the recession and if 0bama even announces that he will consider it, the markets will rocket up and the economy will follow the market’s lead in a hurry!!!
You are correct.
There is more than enough blame to go around and it extends across the aisle.
This is not a cyclical recession, it is a structural one triggered with a financial crisis. The only historical economic research (http://www.voxeu.org/index.php?q=node/2877) on the consequences of financial panics average to:
* Housing prices dropping 35% over 6 years (2011 bottom)
* Stock prices dropping 55% over 3.5 years (Dow 6500 by mid-2010)
* Unemployment rising 7% within 4 years of downturn (over 10% by end of 2011)
* Real per capita GDP down 9% over 2 years.
* Public debt increase of 86% (national debt at 120% GDP by 2012).