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.