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Re: It's official! Obama's recovery failed

Posted by **No Flies On Frank** on May 2, 2013 at 4:39:13 PM:
In Reply to: It's official! Obama's recovery failed posted by **Winston OBoogie** on May 2, 2013 at 3:06:22 PM:

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*When President Barack Obama came into office on a whirlwind of popular support in 2009, hopes were high his proactive, government-centric approach to the economy would stem the housing crisis, save the banks and reverse the jobs implosion that resulted in 11.3 million full-time positions being lost between 2007 and 2009.
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*His left-leaning economic advisors touted the lessons of the Great Depression and were eager to apply those lessons after eight years of the Bush administration's more laissez-faire approach. They bailed out Detroit. They used Treasury funds to encourage mortgage modifications. They launched a $762 billion stimulus package. They used the Federal Deposit Insurance Corp. to backstop bank assets.
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*And they encouraged the Federal Reserve to open the spigots of cheap money on an unprecedented scale, subsidizing the government's $1 trillion-plus deficits, and buying auto loans, collateralized consumer loans and mortgages.
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*Yes, the economy started growing again. But the results have been disappointing. And now, there are signs this tepid recovery is faltering as both economic growth and corporate profitability turn lower.
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*We've seen the weakest recovery of the modern area, with annual growth rate of gross domestic product peaking at a meager 2.8% in 2010 before slowing (compared with a Bush-era peak of 4.1%, and a peak of 5.4% under President Bill Clinton). The economy remains far below its full potential. Industrial production remains below pre-recession levels. And we're still facing a deficit of nearly 6 million full-time jobs -- and nearly 13 million if we account for population growth as well as jobs lost during the recession.
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*More here
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*We've gone so far in the hole now we don't know what to do?
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*Come 2016 and kicking all the Washington DC politicians asses into the street will be a start..
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How do you know it wouldn't have been worse if they hadn't done any of these things?

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