Yea, and they are full of shit (FOS); and thanks to them, they have just destroyed the Republicans in the house.
About giving someone too much power - ever have an operation or take a plane trip - I think that statement needs a rethink!
You’re correct. The Republicans literally are going to drive the economy into a deep deep recession now, through an ideological argument that has no application to the current circumstances.
the fundamentals of the economy are sound soundly speaking, we have a fundamental economy sound fundamentals 'r' us
All this time, 6-12-18 months ago, the big shaky stack of swaps was already out there. The companies who were so highly leveraged that a 5% drop in their MBS valuations would make them insolvent were already out there. Bush, Bernanke, and Paulson knew all this while it was going on.
And I bet I could google up public statements made in 2008 from the Fed and the Exec Branch to the effect that "yes, there are weaknesses in some financial instruments, but it will not have a major effect on the larger economy."
Every time the Democrats have cried "recession" this year, the administration has correctly responded that as long as there is positive growth, there is no recession.
Well, they did a very good job of instilling confidence. Conservatives and liberals, PhD economists and bus drivers, Freepers and DU'ers, all seem to have taken these years of reassuring advice to heart.
Hence the reaction this week. The polls show that most Americans think that their personal economic situation is at least acceptable. For years they have been repeatedly assured that the f. of the e. continue to be s.
The administration has done such a thorough job of not scaring the public that - they're not scared.
So why is anyone surprised that they aren't calling Capitol Hill and demanding "immediate action to stave off this major crisis"??