posted on Sep, 9 2019 @ 11:54 AM
a reply to: LSU2018
I think you are being too narrow in your understanding here LSU. That drop and the recovery goes a lot deeper than just which party was in power.
Don't you remember ?
The economy had flourished because of run away spending under the Bush presidency.Tons and tons of money had been poured off into those wars in the
Middle East. But more than that the banking system had over extended itself. Interest rates were low and people were buying homes, getting themselves
into debt that they could not manage.
Easy loans were being made that offered low monthly payments for the first couple of years only to explode in balloon payments a few years later.
People were defaulting on those loans left and right and just walking away from them, leaving the houses behind.
Construction had been humming right along to support those easy to buy homes but when people could no longer afford to even get into one of them
construction dried up and when construction dries up everything else goes south.
The banks had been bundling those loans in to pretty packages and selling them to other banks as a profit scheme, each thinking that they would get
the upper hand. When people began to default those bundles of loans lost value and the banks freeked. The whole economy began to lurch. Big ticket
items dried up, remember the auto sales problems?
All of that had nothing to do with a democrat controlled congress. One of the reasons they had won in the House was because of the wars in the middle
East brought to us by the Neo-cons and the wobbly economy brought to us by the lax government oversight on the banking industry.
All of this was handed to Obama. Now I do not agree with the measures that he took to turn it all around. But be that as it may, after a year and a
bit, it did start to turn around. That turn around has continued past his terms and continued under early Trump. And that was the rebuttal to the OP's
notion that all of our current economic success was entirely due to Trump. Certainly you have not forgotten all of that.