I'd say we've done rather well over the past decade or so relative to other decades in American history. As a matter of FACT, we are in the sixth year of economic expansion. I'll take and run with the economic situation we've had under Bush.
"Federal Reserve Chairman Ben Bernanke, in a speech last week, said the Fed stands ready to do all that is needed to keep the six-year-old economic expansion alive."
As for ANY implication that the market turmoil is Bush's baby, bear in mind Greenspan likens it to '98 when your tax raising adulterer pal Clintoon was in office:
Report: Greenspan Says Turmoil Like '98
Friday September 7, 12:03 am ET
Report: Former Federal Reserve Chairman Alan Greenspan Says Market Turmoil Like 1998, 1987
NEW YORK (AP) -- "The human race has never found a way to confront bubbles," former Federal Reserve Chairman Alan Greenspan said Thursday in reference to the euphoria that can precede contractions, or reactions, like the current market turmoil, according to a published report.
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Greenspan, speaking to economists in Washington, D.C., compared the turmoil to that of 1987 and in 1998, when the giant hedge fund Long-Term Capital Management nearly collapsed, The Wall Street Journal reported on its Web site.
"The behavior in what we are observing in the last seven weeks is identical in many respects to what we saw in 1998, what we saw in the stock-market crash of 1987, I suspect what we saw in the land-boom collapse of 1837 and certainly the bank panic of 3/8 1907," Greenspan said at the event organized by the Brookings Papers on Economic Activity, according to the Journal.
Greenspan, now a private consultant, said euphoria takes over when the economy is expanding and leads to bubbles, "and these bubbles cannot be defused until the fever breaks," the Journal said.
Bubbles can't be defused through incremental adjustments in interest rates, he suggested, the paper reported. The Fed doubled interest rates in 1994-95, and "stopped the nascent stock-market boom," but when stopped, stocks took off again. "We tried to do it again in 1997," when the Fed raised rates a quarter of a percentage point, and "the same phenomenon occurred."
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This just can't be so...........
[/align][/align]NEW YORK (AP) "” U.S. stocks fell sharply at the open while bonds surged higher Friday after the government reported payrolls in August fell for the first time in four years rather than rising as had been expected.[/align]Investors were unpleasantly surprised by the Labor Department's report that payrolls fell by 4,000 in August, the first decline since August 2003, while the unemployment rate held steady at 4.6% as expected.
The sky is falling
