mookiemcgee wrote:why did trump raise the debt ceiling????
<sigh> Congress is the branch that raises the debt ceiling, not the executive branch.
The Executive Branch doesn't really have much ability to do much of anything to help or really hurt the "economy". The recession you claim Obama saved us from was averted because of the Fed dumping $80 billion a month into the market for about three years.
The crash we experienced was actually a market correction and a natural process caused by some shenanigans where government mandated some less than wise rules in an effort to promote a specific political goal. Namely the "every American should own a home" idiocy. That directly led to malinvestment which the market eventually worked to correct. Except since the politicians (including Bush Jr and Obama) and the Fed couldn't/wouldn't accept a market correction for moral hazard issues intervened by simply inflating assets by injecting previously mentioned $80 billion a month for three years into the market.
This of course invites even more moral hazards because it signals to the market that if you invest unwisely you'll just get bailed out when it all goes tits up. Well, not
you per say, but you know, the big brokerage firms. The "too big to fail" guys.
The correct thing that should have been done was to allow the market correction to take place. The big banks, the big brokerages, the investment banks, all would have gone bankrupt. Goldman Sachs, Bank of America, Wells Fargo, etc etc. It would have been very painful, without a doubt, but new banks would emerge, new brokerages, new investment banks who would have been able to acquire the assets of the former guys for pennies on the dollar. These new institutions would have started of strong and wiser than the previous morons. It would have been much better for us in the long run.
But we couldn't/wouldn't accept the short term pain, and indeed it would have been painful. People's entire savings, retirements wiped out. They wouldn't have gotten bailed out no matter what. But we would have emerged so much stronger and on more sound economic ground where moral hazard and the consequences of said hazard, would be well known and understood by people. That would make it harder for such things to occur again.
Instead we've kicked the can down the road again. The market didn't correct, the same morons who rent seek, create shady investment vehicles and all the other unwise and unsound economic products are still there, doing the exact same thing that got them into trouble in the the first place. Government is right in the center of it because politicians promise things they shouldn't be promising, like every American owning a home. Not every American can or should own a home because not every American has the mindset nor ability to be able to maintain such a living. And that's all right, that in itself is not inherently a bad thing.
Obama didn't save us from the recession. He, at best, merely postponed the hard times to a later date. And it'lll be even worse when it happens again, except this time it'll be happening to our kids. It'll be happening to the millennials who are already treading water as it stands right now.
Right now our best hope is Generation Z. The millennials are already getting fucked badly and as time goes on they are going to get more and more angry. Generation Z however, is much greater access to information than any previous generation ever and they are seeing what is going on. They so far are more conservative than the millennials ever were by a long shot. Generation Z is shaping up to be economic conservatives big time and they aren't going to fall for the BS the millennials have fallen for, hopefully. Gen Z is more pragmatic, more money oriented and more entrepreneurial than millennials.
Where as millennials think they are owed something, to which they will be rudely disappointed, the Gen Z knows they have to make their own way and will have to work for anything they get. They won't be inclined to share that with all you socialist morons who think everyone owes society something.
