Now that We have elected some Actual Leadership with some Actual Intellegence instead of the Failed crooked Dummy Bush both GSE's FNM & FRE will be going up.
THe Mortgage Mess will be getting cleaned up.
So in essence, nothing is a reliable source. We are in deep shet. And, we wonder why the consumer bubble has busted...they don't trust President, banks, economy, their bosses etc.. Will they have the courage to standup for what is right. Nobody wants to be accountable for this mess. Off with their heads.
Are you saying the GDP (average over 8 years) during the REAGAN period was larger then it is today?
Or which year in particular would you like to quote - as I will gladly look up the GDP for that year (or GNP might still have been used) and compare it to that of 2007
Reagan and Bush brought us huge massive deficits and debt (that is why for example the first President to raise taxes after RR tax cuts was --- RR himseld with two increases before leaving office - followed by the famous read my lips tax increase - followed by a tax increase under Clinton
By the way the only president to leave an annual surplus was a DEM in the form of Bill Clinto -- first balanced budget since the RR tax cuts
(which I for the most part support - but let us get our facts right -- it caused massived deficits and debt level built up and up)
In realtion to GDP?
Please cite the year and amount of USA GDP for that year and I will collect the similar info for 2007
You have a good point about citing official sources. Unfortunately, official sources are under suspicion these days. I cite the SEC and the whistle blower who tried for ten years to alert the SEC to Bernie Maddow to no effect.
The Bush Administration may have created the "Zero Down-Payment" opportunity yet, it was the Clinton Administration that opened the door to creative "Opportunities" in the housing markets. Clinton's Admin. was responsible for starting us on the road toward our current malaise. The Bush Admin. aided and abeted.
Hey, great post. One caveat, let's stop qouting people from Harvard. If you ask me, the people who graduate from Harvard are the same people who created the mess in our financial system. Harvard isn't as "Great" an institution as we might think. Harvard Business School is not the great institution we want to credit it for. Look at all the turmoil perpetrated by Harvard Business School graduates.
Your discussion concerning Reagan's increasing the National Debt to over 2 Trillion dollars leaves an educated person wondering about your ability to know what debt is in relation to. Debt is in relation to the overall economy. The economy under Reagan was 100+ times the amount of debt at the time.
The Bush Administration created the Zero Downpayment Initiative in 2004, and that was like tossing gasoline on a fire that needed putting out already.
His SEC Chaiman also approved capital requirement exemptions for Lehman's Bears Stearns, etc, and that was a like tossing nitroglycerine on that same fire.
Those aren't the sole causes of our problems today, but rather than addressing problems sensibly, the Bush Administration made them worse and more costly when things finally did meltdown.