Happy Happy Joy Joy

One reader writes:

“I’m not an Obama lover but in defense of Obama, if it weren’t for the massive debt the Bush Admin built up ($8T) then we would have been starting from a much better position when this crisis took off. And Bush had a Repub led Congress for 6 years and never vetoed a spending bill! Until a President starts using veto power then we are heading into BIG trouble. Congress sees their job as spending, not balancing. Crazy!”

I concur that Obama is not to blame for what he inherited, BUT he is making decisions now and he has to take blame for those. However, blaming Bush alone is a joke too. He inherited the dot com bust, had 9/11 and then two wars (and debating one of those wars is beside the point). So do we blame Clinton for the dot com bubble? Clinton did not exactly make Netscape go public! And that IMHO started it all. One little IPO in August 95 is the root of chaos today. Politicians did not create the animal spirits unleashed by Netscape…and they can’t fix it.

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11 thoughts on “Happy Happy Joy Joy

  1. I’m not an Obama lover but in defense of Obama, if it weren’t for the massive debt the Bush Admin built up ($8T) then we would have been starting from a much better position when this crisis took off. And Bush had a Repub led Congress for 6 years and never vetoed a spending bill!

    Until a President starts using veto power then we are heading into BIG trouble. Congress sees their job as spending, not balancing. Crazy!

  2. I concur that Obama is not to blame for what he inherited, BUT he is making decisions now and he has to take blame for those. However, blaming Bush alone is a joke too. He inherited the dot com bust, had 9/11 and then two wars. So do we blame Clinton for dot com bubble? He did not exactly make Netscape go public! And that IMHO started it all. One little IPO in August 95 is the root of chaos today.

  3. Democrats increase the national debt with entitlements, and Republicans increase the debt with wars. What’s the difference?

    Dot-com bust, then real estate, then U.S. treasuries?

  4. “in defense of Obama, if it weren’t for…Bush…”

    That is not a “defense” of Obama. This is like saying, “You think Stalin was evil?? Well, in his defense, Hitler was way worse.” This is not defense, just misdirection.

    It seems every time someone criticizes some stupid policy of either party, the reaction from the party’s supports is, “well, the other party did this, this, and that.” That may be true, but, in order to display a shred of intellectual honesty, the merits and weaknesses of the ACTUAL ARGUMENT must be discussed, not the (likely abysmal) track record of the opposition.

  5. Presidents may not have made Netscape go public, but they have enabled the Federal Reserve to lower interest rates for banks to 0. Rates for banks are negative in real terms.

    I always hear about how Obama has inherited the crisis, but he wanted the job and said that he could solve it. This crisis won’t be solved and the markets won’t mistake America’s debt for financial strength forever.

  6. To cy:
    How about you go first and make a comparison that is intellectually honest?
    Obama succeeded Bush in the same country.
    Stalin came into power in Russia (Soviet union) 11 years before Hitler came to power in Germany.
    Duh!
    I say it’s more intellectually correct then to say: Bush, Hitler, Stalin, same ilk…

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