About the only talking point Joe Biden didn’t repeat in his debate with Paul Ryan was the one lionizing President Obama for having saved the country from another Great Depression. Biden used it in his speech at the Democratic convention, as did others, and it remains a hardy perennial of Obama lore. The president, ever immodest, has credited himself for this achievement. Last year Treasury Secretary Tim Geithner told him, it’s “your legacy.” Andrew Sullivan, in a recent Newsweek cover story likening Obama to Ronald Reagan, twice credited the president with having “prevented a second Great Depression.”
Comments: Paul Ryan could have discussed this, but Martha Raddatz didn't want to let him talk about the debt or deficit.
Obama also saved the world from a catastrophic collision with an asteroid ... didn't happen did it? ... so that proves it. He also prevented WW3 ... well, so far. He also stopped the rising of the oceans, and he the stopped the return of disco. There is more, much more, that would fill libraries with all that he saved us from if he cared to list it all. The proof being that none of it happened. /s What a maroon. Get the names of everyone who votes for him a second time and strip them of their right to vote for life.
The real great depression was five times worst then the recent recession and was spread out among a much smaller national population, on top of that, savings in banks were not protected because there was no FDIC so an ordinary depositor could have lost everything if their bank went under.
The very serious housing "bubble" was caused by liberal Democrat legislation and regulation that forced banks to give home mortgages to people who could never make their loan payments, by doing away with longstanding underwriting standards that identified risky borrowers.
If that had not happened, the big banks would never have had to deal with all the bogus securities containing those bad mortgages that they tried to dump on investors which almost destroyed the US economy.
While the aftereffects of the housing "bubble" are still out there with a huge number on home mortgages underwater, to where people cannot sell their homes at today's depressed home prices without taking a major money loss, the Obama crew is back at it again, calling for home mortgages to again be given to very risky borrowers who may not be able to make future mortgage payments.
The wimpy Republicans will not talk about all that, for fear that the liberal Democrats will call them out as being racists.
The Mulatto Kid saved the auto unions; he threw the investors under the bus.
It would have been much better to let the auto companies go through a real bankruptcy and come out as lean, mean machines. Instead they are still feather bedded by the unions.And what are they going to do this time when auto sales are in the tank? More bailouts?
It's the same with the teachers. More teachers do not equate with better education. It just means more taxes for pensions, health care and feather bedded colleges and classrooms in K-12.
And as far as I'm concerned, it's time to put Big Bird out in the hen yard or in the cooking pot. Why should everyone have to support with tax dollars a multi-million dollar company like Sesame Street? Time to cut the purse strings on all the feel-good, touchy-feely programs and projects.
The damage done to our economy and country by Obama' reckless spending is exponentially higher than anything positive. In fact, nothing he did was right. The real question will be how much was intentional.
The FDIC covers most savings in banks. It prevents runs on banks like those that occurred in the depression. The so-called Great Depression, however, was actually lengthened if not caused by Roosevelt's economic policies--massive government spending and confiscatory taxation. If the government had just gotten out of the way, the economy would have righted itself a lot sooner than 15 years.
Total BS. The entire economic collapse was engineered by Bill Clinton/Janet Reno/Robert Rubin. At that time, the buzz words were not jobs created, the buzz words were families owning homes. So Clinton juiced the numbers, starting before the 1996 election, to get DEM seats very high. We all know the result oif that. Crash, crash, crash.
Point being, if obama saved us from anything, it was from Bill Clinton's 8 years. GW Bush was not involved in this. He was fighting wars in Iraq.
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