Posted on 09/04/2009 1:38:56 PM PDT by BenLurkin
Although the recession isn't officially over yet, there is a growing sense that the economy is now in a recovery. But there is also a growing debate about who deserves the credit.
Many in Washington have gone to extraordinary lengths to try and turn around the economy over the past year or so.
Last year, Congress signed a blank check to Treasury to cover losses at mortgage finance giants Fannie Mae and Freddie Mac and created the $700 billion Troubled Asset Relief Program for banks. Earlier this year, lawmakers passed a $787 billion stimulus package.
Meanwhile the Federal Reserve slashed interest rates to nearly 0% and pumped more than $1 trillion into the economy with its bailout of AIG, its support for mortgage-backed securities and various lending programs.
Federal Reserve chairman Ben Bernanke said in a speech last month that the Fed and Congress, as well as other governments and central banks around the world, deserve credit for stopping the global economy from falling into a depression.
A number of economists agree that the Fed, Congress and both the Bush and Obama administrations all deserve credit for steps taken to end of the recession.
"The actions of the Fed and Treasury starting last October actually worked, regardless of how unpopular they were," said Bill Hampel, chief economist of the Credit Union National Association. "It was messy. It was dirty. It required a lot of money. But they were successful in preventing the implosion of a lot of institutions."
Of course, it is easy to find fault with any particular program though.
"They tried an awful lot of things, some worked, some didn't," said Kurt Karl, chief U.S. economist for Swiss Re. "Mistakes were made. It was an ad hoc solution. It would have been surprising if they made no mistakes."
(Excerpt) Read more at finance.yahoo.com ...
I reject the premise. There’s no recovery yet, unemployment is at a 30-year high and we are precariously vulnerable to hyperinflation and other dangers thanks to irresponsible and unconscienable governemnt spending.
CNN is pimping Obama again. Move along. Nothing to see here.
Show me a recovery and then we’ll talk.
Blame - Barry Hussein 0bama and his gang of marxist thugs!
Lots of underlying problems. I think the worst is yet to come.
I also reject the graph. The recession did NOT start in the 1st quarter of 2008. The 2nd quarter was positive growth so the recession did not begin until the 3rd quarter.
The Communist News Network wants you to think that Bush caused the recession and Obama fixed it - which is simply untrue.
What recovery?
And if we can even garner a recovery against the obstacles the Obummer Admin. has put in our way, we deserve even more credit.
Lies Lies all the time.
There ain’t no recovery, give obama credit for making sure there won’t be one for at least 10 years!
Just what recovery?
Lets not forget, the USA will have to borrow every spare
penny to be found anywhere in the world. Otherwise the whole house of cards collapses.
When they come in with a real recovery; let me know.
The American people and the free market get credit. The idiots and DC are just slowing us down.
Yeah, BnLrkn, been lurkin around specific websites, to lend some propaganda looks to me like.
When you spend your entire paycheck and then some everyday, you are headed for a sobering realization. THis country is doing that; spending money it doesn't have (and won't be able to get). Adding insult to injury, virtually none of this money is going to where it can do some good. It is going to line the pockets of people that really don't even need it. THERE IS NO VALUE IN THE STIMULUS OR ANY OF THE THINGS THIS ADMINISTRATION IS DOING.
Before the GD, nearly 90% were in agriculture. Now, roughly 3% are involved in ‘feeding the world’.
Manufacturing today can survive without a large workforce due to technology. But like they said in the 80’s, ‘a robot can’t buy your product.’
The focus should be on entrepreneurship’s ability to ‘create value’. Trading value for value instead of ‘value capture’ like today’s markets.
I want some of whatever Chris is smoking!! This’ll go down as the Great BHO Depression. “Recovery?” Are you high?!
“Mission accomplished.”
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