How many times have we heard President Barack Obama or high-ranking members of his administration lament the fact that the president "inherited" a recession?
Quite a few, if anyone is keeping track. Now the Dow Jones Industrial Average (DJIA) has broken through the 10,000-point barrier. But that begs the question given the inevitable credit Obama will get from the media and other supporters for this rally, should former President George W. Bush get some of the credit if Obama is so willing to blame him for the collapse?
It's a question Neil Cavuto put to the test on his Oct. 14 Fox News "Your World" program speaking to Macro Portfolio Advisors Vice President Jim Lacamp.
"So Jim, the former president saying those are tough choices back then," Cavuto said. "Critics of these rescues, myself included, didn't realize how close we were to the edge. He took the bold moves and look where we are a year later. What do you think?"
According to Lacamp, if you're going to blame Bush for the banking problems, you should give him at least some credit.
"Look Neil, it defies logic that you could blame Bush for the banking problems, the banking system and criticize the bailouts and not give him a little bit of credit right now," Lacamp said. "Remember, a year ago we had banks that were failing. We had money markets that were on the verge of breaking the $1 barrier, so you had a lot of panicky investors and a lot of people were wiring money out of banks."
And as Lacamp also explained, it was the Bush administration with a Democratic-controlled Congress that authorized the financial system rescue under TARP.
"You had a stealth run going on - on the banks," Lacamp continued. "So they had to take very aggressive action very quickly. Now, between TARP and his appointment of Ben Bernanke - and he has dropped interest rates to zero, which has really helped these banks heal, he has helped on the recovery side of the banks."
But Lacamp explained his disagreement with knee-jerk reactions to blame or credit political figures, particularly Bush.
"Now, I don't blame him for the banking problem," Lacamp continued. "I don't give him all the credit for the recovery. But you can't blame him for the problem if you're not going to give him some credit for those moves that were made that are helping these banks start to recover."
And Cavuto added, if they're going to blame Bush for everything, he should get credit as then as well.
"You're either a goat and will always stay that way or suddenly become a llama," Cavuto said.
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Pure manners forbids me from
Wed, 10/14/2009 - 16:21 ET by notonmywatchPure manners forbids me from agreeing with Jim Soros-Rogers, but a lot of people are calling this a fake-out. How do the fundamentals justify this?
I like to support Bush's legacy wherever possible, but since TARP it is pretty hard for me to do on economics. 0bama has done worse things, but no doubt TARP paved the way. There has been a liberalist clique at the RNC for too long. Never forget that Bush 1 was a massive sop to make the Reagan ticket "palatable". Which of course was completely unneccesary: Reagan was the landslide president. The veep means virtually nothing, as we know from Biden.
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BHO $$$ MADNESS (DOW also will crash back in 2010)
Wed, 10/14/2009 - 19:08 ET by reelman46OBAMA’S PRINTING PRESS MADNESS
October 14.2009…
“President Obama is calling on Congress to approve $250 payments to
more than 50 million seniors to make up for no increase in Social
Security next year. The White House put the cost at $13 billion.”
CRAWFISH NOTE: This is more democrat (aka secular
socialist) fiscal insanity. America is already at least 9 trillion in
debt. America is broke. We have 10% unemployment.
The socialist Party is pushing a HC Bill costing $800 billion plus.
America is already at least 9 trillion in debt. America is broke. We
have 10% unemployment.
The socialist Party has dozens of taxes in the works to reduce your
paycheck and raise your cost of living. America is already at least 9
trillion in debt. America is broke. We have 10% unemployment.
The socialist Party will let all the Bush tax cuts expire after next
year. America is already at least 9 trillion in debt. America is broke.
We have 10% unemployment.
The secular socialist Party has had ALL the power for over 9 months
and…and…and? America is already at least 9 trillion in debt. America is
broke. We have 10% unemployment. Thanks a pant load. Not to worry, the
minion media will change democrat diapers 24-7.
Unicorns and liberal rainbow dust everywhere.
Is it any wonder all early voting polls indicate the socialist Party is going down hard?
J. Carter Obama rules all!
http://conservablogs.com/theconservativecrawfish
Doug Schexnayder, Ph.D. (theconservativecrawfish)
This Is......
Thu, 10/15/2009 - 06:32 ET by GeneralAlThis is to cover the fact that he's going to screw them out of 555 billion in medicare payments with him Cuban health care plan!
A quick search will show
Wed, 10/14/2009 - 17:00 ET by Willis_Leon_JohnsonThat prior to the democrats seizing control of the house and senate during the last mid-term elections of President Bushes last term, the NYSE was above 15000.
Shortly after the seizing control, the market took a dive under the watchful eye, and stupid actitivites of democrats in power.
What mister obama 'inherited', he inherited from the democrats and both he and those controlling congress destroyed a booming economy that started with PRESIDENT Reagan and lived through the clintoon years unscathed.
mister obama and his friends of soros in congress got what they wanted.
http://gjresult.com
Excellent Point, Willis
Thu, 10/15/2009 - 09:51 ET by Secret ConservativeWhich, of course, is quickly swept under the rug. The Dems in Congress got us into this - going back to the Clinton Administration - but Obama will get ALL credit from the media for ANY sign of life in the economy. The Dems will never get the blame for what happened, as far as the media is concerned, and unfortunately most of the sheeple in this country only believe the last 10-second sound bite they heard on the "news."
The payroll error
Wed, 10/14/2009 - 17:08 ET by CO2MakerBack in the old days when workers got a pay envelope with cash, Joe opened his envelope and saw that the bursar had accidentally given him $20 too much. He smiled and kept quiet. The bursar noticed the error later, too, and corrected it in the next pay period. When Joe opened his envelope, he saw it was $20 short and complained. The bursar said, "Well, last week, I made a mistake and gave you $20 too much." To which, Joe replied, "I'll forgive an error once. But I won't put up with it when it happens again!"
Blame Bush for the bad economy? That's wrong, but the Left will let it go. But credit him for the Dow recovery.? Hell, no, they won't let that happen!
We are still in real
Wed, 10/14/2009 - 18:36 ET by Jeff in Miami BeachWe are still in real trouble and the Dow is reflecting “Hope”. The volumes have only picked up recently but this is a fragile 10k. With real unemployment around 15%, foreclosures increasing, gold going up, dollar coming down (like a rock) we are nowhere near out of the woods. Until the idiots in Washington stop spending like drunken sailors, borrowing like fake millionaires and printing money to buy our own debt (monetizing the debt). The Dow can go to 50k but if the dollar isn’t stable it is funny (Weimar Republic/Zimbabwe) money. These idiots (Reps and Dems alike) had better wake up soon or we will have no real chance of recovery.
Right now our only chance of recovery is drill for oil Everywhere in and off the coast of the US, mine our minerals (God blessed the US with almost every mineral needed that every competitor nation needs) and get this country back to work at the same time saving our dollar. This is not rocket science just common sense and there isn’t much of that in Washington!
If you think medical care is expensive now wait until it is free!
Jeff in
Wed, 10/14/2009 - 18:45 ET by bigtimerJeff in Miami...
...couldn't agree more.
The way I see things going now regarding oil...we are screwed in more ways than one...DC could care less...until we are in the real trouble I see coming down the road..which I've posted about incessantly over the years here...we will all pay for the arseholes we've elected, and keep electing....it seems futile anymore regarding the majority of the POS congress-critters.
'Doubling down on stupid is not a particularly good idea'~Breitbart
false hope all over the place
Thu, 10/15/2009 - 08:54 ET by jon_torlinBoy I haven't been steamed about the market like I am now, getting tired of those idiots in CNBC (not all of them) cheering like it's 1999 when they hit 10K. Don't they realize that with the value of the dollar going down, that means it takes more dollars to pay for something, which means the values of the shares go up in the amount of dollars and that adds on to the stock market DJIA?
Good grief, look at the price of gold, that's a terrible sign and with all the funny money that's been printed, it'll happen any day now that an economic bomb is going to go off. The Fed Reserve Chairman saw to that by not raising interest rates and keeping them near 0% or at 0%. I'm not sure what will be the first trigger for the econ bomb, but one trigger that I *know* will set it off is the health care BS because if the Senate passes the phantom bill, and no question that the LOTUS will sign it into action, that's going to set some immediate taxes going sky high and that's when we really will tip over the edge.
If oil is one of the driving factors in all this, we need to open our own oil wells again and flood the market with oil, that'll bring prices down quick and solve a lot of problems right there. Of course, thanks to who's in power, that'll never happen, they'll make sure it won't happen.(violating the constitution yet again which is to protect the country from enemies both foreign and DOMESTIC-as in in this country)
I curse the environmentalist wackos that have gotten us this far, I curse the socialists in congress, I even curse the American people who voted for this charlatan and allowing this crap to happen. Damn you all!
-Jon
No, no, no, jon.....
Thu, 10/15/2009 - 09:21 ET by motherbeltDon't you know that the health care thing is part of the plan to "save or create" jobs, and it's all part of the plan for economic recovery?
Ditto "renewable energy" and "education" (whatever that means).
bad mood day for me
Thu, 10/15/2009 - 11:25 ET by jon_torlinHi MB,
Yesterday I saw a headline that pretty much said that Soetoro was looking for a way to create ANY jobs from the AP.
You can see it here:
http://www.google.com/hostednews/ap/article/ALeqM5g-JjHou3r7yaM5OB2eFAsy...
Real telling.
-Jon
wankers party at 10000 - again
Thu, 10/15/2009 - 11:23 ET by VonuFrom Robert McHugh-
the Industrials closed Wednesday at precisely the level it closed at 10 and a half years ago, on March 29th, 1999, no net progress in a decade. Worse, a dollar is worth a heckuva lot less now than it was worth in March, 1999, so in terms of inflation adjusted dollars, today's level in the DJIA is a fraction of the level we saw ten years ago. The good folks on CNBC celebrated wildly anyway
Freedom is a vital component of human effectiveness and fulfillment.
the Dow at 10k so what?
Thu, 10/15/2009 - 12:41 ET by east tennessee johnThe Dow is at 10k because the elites always take care of themselves. Cavuto had a guest on and he criticized BO for emphasizing Wall St. over Main St. Why the surprise? The elites who run Wall St. are primarily Democrats. It was them and their political friends who are the source of the collaspe, Wall St. provided the istruments, deviratives and credit swaps, risky with godd underlying investments; the political side, through weakend underwriting standards and force provide the underlying securities, shit mortgages and they all made money until the housing bubble burst. Look at were the campaign contributions went. Goldman gave 63% of their donations to Democrats and Paulson made sure AIG and hence Goldman survived. Also, as a good marxist BO hates the bourouise businessmen that make up Main St. They remind him of those enterprising Asians that open stores in the 'hood where no one else will do business and embarass the local constiuients by making a go of it. The elites protect the elites. However, if the dollar comes back, will those "profits" be there for stock valuaton? If the dollar doesn't will inflationwipe them out?