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Old 09-15-09, 02:15 AM
admiralsnackbar's Avatar
admiralsnackbar admiralsnackbar is offline
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Join Date: Feb 2004
Posts: 510

I don't think Obama's cabinet has been faultless in dealing with the bust, but people who think the mess was just going to go away don't know much about economics, IMO.

Both Bush and Obama threw money at the problem because there was no time to formulate a thoughtful policy -- if the major employers had lost their credit lines, every independent insurance broker and most banks (along with people's businesses and credit streams) would have gone under... all of which would have sent shockwaves across the entire American economy. It's true that retail is down, but that's only because savings are up, which probably means the American public doesn't trust the consumer climate right now.

While I feel that TARP was the only solution at the time, the fact that we haven't seen any substantial reform worries me greatly. Wall Street needs to be held accountable to their unwilling stockholders (us).

Edit --

I should say I agree with the TARP conceptually, but think the implementation was so misguided and unaccounted that it is easy to suspect foul play... which puts this less in either president's court than in the fact that we belong to corporations regardless of our political bent.

Last edited by admiralsnackbar; 09-15-09 at 10:36 AM.
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