What Bush-II wants....
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That pretty much sums it up.
The above post just reeks of conspiracy. Doesn't show the least bit of evidence that Bush policies have anything to do with any of it. BUSH IS NOT RESPONSIBLE FOR OIL PRICES. The international market is. By your reasoning, since his family is involved with oil and defense, he HAS to be corrupt. Show me some evidence.
The economy is not crap because of Bush. First of all, its cyclical, and way over due for a correction. Secondly, it is really crap due to the housing bubble going pop, and the dollar creating inflation. Both of which are due to the FED. It would have happened even if the budget deficit was smaller. BTW, the economy did very well for much of Bush's term. Of course you guys would never say Bush had anything to do with that.
BTW, I am not a Bush fan, don't watch FOX anymore than MSNBC which is way left, or am even republican. I just feel this thread is dead wrong. I think Bush sucks, but has little or nothing to do with what he is accused of here.
The president has influence over the fed.
One of the reasons the fed kept rates low was to make the president happy.
One of the reasons the fed kept rates low was to make the president happy.
The FED's mandate is steady growth with moderate inflation. They would do the same no matter who was president. That is why they never fire a FED boss no matter how much he fucks up. Has to be free to do as he wishes to balance growth and inflation, without any political influence. Volker completely tanked the economy under Reagan to get inflation under control. ya think Reagan liked that?
Inflation is now a concern so the FED will not lower again, unless this is no longer the case. If the markets tank tomorrow, I guarantee you the FED will not lower rates again. In fact, many people think they will start raising during the next meeting June 25th. Bush definitely wouldn't want that.
I personally think they will stand pat as the economy is on the precipice, and inflation hasn't imploded yet (by FED standards).
Inflation is now a concern so the FED will not lower again, unless this is no longer the case. If the markets tank tomorrow, I guarantee you the FED will not lower rates again. In fact, many people think they will start raising during the next meeting June 25th. Bush definitely wouldn't want that.
I personally think they will stand pat as the economy is on the precipice, and inflation hasn't imploded yet (by FED standards).
Quote from monty21:
Although I traditionally have been a Republican, no one is more to blame than the Bush Administration. He spends like a Democrat himself I might add. You can't blame the Democrats even though they have a majority. What happens in Congress is not that significant anymore because Bush alone has equal power. Bush's veto power and the Republican minority in the Senate & House easily override any controversial Democrat initative. Furthrmore, Bush has greatly extended the power of the executive like no other president has done before.
I'm not a Democrat and strongly oppose their social welfare aims, but you certainly cannot blame them for the economic issues of our country. Bush has had the most power out of any president in U.S. history and his neo-conservative administration has dismantled the economy.
I am somewhat optimistic to the future because history shows that any central banking system results in boom and busts cycles, but it is looking very bad now. Still, I believe the circumstances were worse after the Vietnam War in the late 70s and we prospered after that. The major difference then, however, was that the Soviet Union declined on its own and we were the only remaining superpower. Now, unfortunately, we must compete with the emerging economies (Brazil, India, China,etc.) as well as the revival of Europe with the creation of the European Union. I will also add that our image has been tarnished as a result of the wars in the middle east as well as policing the entire rest of the world (particurarly in defending Taiwan from China).
*** I also will not be voting for McCain because he is a war-monger (research his stance on Iran and support for the War on Error) and knows NOTHING about the economy. What ever happened to real conservatism? Now the right is dominated by dumb fundamentalist evangelicals (no difference than the Taliban) that believe in the rapture and support unjust wars in Iraq and fight on irrelevant social issues for the majority. On the other side, are the people that profit from wars. What ever happened to fiscal conservatives and defending America within our own borders and not of those in other countries on the other side of the world?
Ron Paul?
Democrats shut down exploration and new drilling in America 25 years ago.
China will be drilling off the coast of Cuba, 60 miles from Florida. Why are we not doing the drilling?? Because, tree huggers won't let us.
Dont' you think its silly to allow China, a country that is probably the most poluted country on Earth behind Russia, drill for Oil so close to our shore?? Do you think they give a shit about a few oil spills??
Bush has veto power but he can't veto a bill that never gets to his desk.
You reallly want to blame Bush for 25 years of inaction on increasing our energy reserves??
Pretty silly.