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The Best Presidents for the Economy (1 Viewer)
- Thread starter Doctor Detroit
- Start date
So none of his policies achieved their desired results?
Mario Kart
Footballguy
Rich people have to love Obama. Poor people, not so much.
MaxThreshold
Footballguy
and BOOM goes the dynamite. Check and mate for Jon_mx.So none of his policies achieved their desired results?
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timschochet
Footballguy
This study should more correctly be called, "the best 4-8 years to be President" or "luckiest Presidents".
Doctor Detroit
Please remove your headgear
You have the cognitive skills of a 7-year-old orangutan.and BOOM goes the dynamite. Check and mate for Jon_mx.So none of his policies achieved their desired results?
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MaxThreshold
Footballguy
And here I didn't think we had anything in common.You have the cognitive skills of a 7-year-old orangutan.and BOOM goes the dynamite. Check and mate for Jon_mx.So none of his policies achieved their desired results?
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Doctor Detroit
Please remove your headgear
Where?And here I didn't think we had anything in common.You have the cognitive skills of a 7-year-old orangutan.and BOOM goes the dynamite. Check and mate for Jon_mx.So none of his policies achieved their desired results?
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spreagle
Footballguy
Flawed on at least 3 counts 1) The stock market always looks 6 months ahead, it knew Obama was going to be elected and tanked in the last 6 months of GWBs term. Part of that tankage should be assigned to Obama. 2) ZIRP is unprecidented, that benefits the stock market. We have yet to see the consequences, which will be severe. 3) Obama also spent like a drunken sailor post 2008 some of that found its way to the stock market, the consequence of that still needs to be felt.
Doctor Detroit
Please remove your headgear
There are other presidents on that list, try to concentrate just for a minute. AVOID THE SHINY OBJECTS!!!!!!!
Doctor Detroit
Please remove your headgear
Harding was a complete Laissez-faire executive. Probably a little too loosy goosy but he wasn't as bad as historians make him out to be.
fantasycurse42
Footballguy Jr.
Quote from the article:
"A word here: Corporate profits were incredibly depressed from the financial crisis in January 2009, when President Obama entered office. That low starting point makes growth through today look massive. If, instead of January 2009, you use January 2008 profit levels as a starting base, average annual corporate profit growth under President Obama is 6.2%."
Another interesting piece about Obama is the increasing gap of wealth between the top and everyone else over his presidency.
All in all as an independent I'd give him a C+/B- and say he's doing a decent job though. He did inherit a huge pile of ####.
"A word here: Corporate profits were incredibly depressed from the financial crisis in January 2009, when President Obama entered office. That low starting point makes growth through today look massive. If, instead of January 2009, you use January 2008 profit levels as a starting base, average annual corporate profit growth under President Obama is 6.2%."
Another interesting piece about Obama is the increasing gap of wealth between the top and everyone else over his presidency.
All in all as an independent I'd give him a C+/B- and say he's doing a decent job though. He did inherit a huge pile of ####.
The mess he inherited was fixed by the time he started office. Bush did the tough work of pushing TARP through. The intitial impact of TARP was to send the market crashing because the government came out and admitted there was a serious crisis which needed drastic action. The markets responded immediatedly. The longer term impact of TARP was putting the banks on better fiancial ground which showed up in the next financial sheets on their quarterly reports in March 2009 which the markets responded with an unprecendented rally. Again, the response was immediate and there were huge pops everyday a financial institution reported their quarterly balance sheets. Bush was responsible for both the crash and the rally, so crediting Obama for either is partisan non-sense.
Doctor Detroit
Please remove your headgear
What's funnier than this statement is the fact that I think you believe this. Lol
You don't believe TARP both caused the collaspe and put in place the fix for the recovery of the stock market? After the initial rejection of TARP, the stock market crashed 740 points that day (over 500 points within a few minutes after the failed vote in the house) and continued daily loses until it dropped 30% over the next few weeks. And if you look at the recovery, each of the first big jumps occurred on days that finanacial institutions reported better than expected balance sheets. Usually correlations are difficult to establish causation, but when the reactions and results are timed to the second, it is ridiculous to even attempt to deny the relationship.
timschochet
Footballguy
I don't think you're right Jon, but even if you are, it's worth pointing out that Obama was hugely influential in getting TARP passed, perhaps more than Bush. According to the book Game Change, when Obama and McCain met with Bush to discuss the issue, Obama basically took over the meeting and was the catalyst. Then it was Obama who had to wheel and cajole Nancy Pelosi and the House Dems into voting for TARP, which was necessary because so many Republicans voted against it. Throughout all this, according to the book , Bush was pretty much invisible.
The stock market reaction was immediate, enormous, and started a significant trend in each case. It is utterly ridiculous not to acknowledge the impact of TARP on the stock market. OK, Obama did make statements and supported, but it was Bush's plan and his legacy. Bush hit prime time speech making the pitch and put out his neck for it. It is silly to give more credit to someone who was on campaign trail focused on getting elected while the bill getting crafted, negotiated, and voted on. Going on national TV pimping the bill with a major prime time speech is kind of the opposite of being invisible.
timschochet
Footballguy
I'm just telling you what the book said : when it came to getting it through Congress, Bush was less influential than Obama.
Even so, it was still Bush's plan that his Treasury Secretary put together. Of the 228 votes in the House which initially rejected TARP, there were 133 Republicans and 95 Democrats. The final vote passing it was largely bi-partisan, but still less than half of the GOP voted for it. So Pelosi does deserve some credit for delivering the majority of Dems on the second vote. A lot of the switch in favor of TARP had a lot to do with the 740 point drop in the stock market after the last vote though. It passed by a significant majority though, so I don't see giving too much credit for the vote. It was not that difficult to win the vote.
timschochet
Footballguy
things were great for the first 9 months. But that's another really good example of how these evaluations aren't fair. Hoover wasn't responsible for the stock market crash. And there was nothing he could have done about the Depression during his term. Hoover took some steps to fix stuff, and it's arguable that he was successful in doing so, but the results didn't occur until well after his term. And that's often the case: what a President does or does not do about the economy often only shows up until years after they are out of office.
Do you know what person in history had the greatest positive affect on the United States economy? Adolf Hitler. And that is NOT a lie.
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