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cthulu2016

(10,960 posts)

12. I believed that we were in a crushing non-cyclical crisis that

Sat Dec 24, 2011, 09:17 PM

Dec 2011

would last a decade or more unless our government did things that they not only did not do, but didn't even seriously consider.

I thought the prez and congress were utterly delusional about the scope and likely course of the crisis. I couldn't understand what planet they were living on.

Unfortunately I was right. I don't know what the hell these people were thinking. I never will. They are presumably better informed than I am... but they seem to have believed what they wanted to believe.

Everyone did a piss-poor job, except Bernanke who came closest of the players to understanding what was happening, but was at the helm of a Fed with no bullets, since rates were already at 0.25% and printing money cannot create demand or inflation in a liquidity trap.

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What was your opinion of the economy when President Obama took office? [View all] kentuck Dec 2011 OP

Economic matters are not a strong point of mine but... Ohio Joe Dec 2011 #1

At that time I was doing OK. Now emilyg Dec 2011 #2

I thought we were in deep doo doo and needed to do something radical Warpy Dec 2011 #3

I hope OWS grows by millions upon millions. n/t RKP5637 Dec 2011 #4

Posted a few days ago... CrispyQ Dec 2011 #30

Not so very different from now I suppose...although gas and food were a bit cheaper back then. NorthCarolina Dec 2011 #5

it was bad, but it's worse now. DesertFlower Dec 2011 #6

In what respect is it worse now? kentuck Dec 2011 #7

because the issue that caused the meltdown: toxic derivatives, still exists, and it's worse now ixion Dec 2011 #11

And the debt is higher and will for fiscal stimulus lower... cthulu2016 Dec 2011 #14

more people have lost their jobs, DesertFlower Dec 2011 #15

I thought the economey was bad, ZombieHorde Dec 2011 #8

The economy had virtually collapsed, deep doo-doo is an understatement Motown_Johnny Dec 2011 #9

foolishly thought those who caused the crash would do jail time nt msongs Dec 2011 #10

x2 AnotherMcIntosh Dec 2011 #28

I believed that we were in a crushing non-cyclical crisis that cthulu2016 Dec 2011 #12

That it was bad and could get much worse csziggy Dec 2011 #13

the economy had crashed and I expeted Obama to make it priority number one Skittles Dec 2011 #16

Right off the bat, I decided that the economy was "fundimentally sound"... reACTIONary Dec 2011 #17

Things were desperate and the trend was down. Turbineguy Dec 2011 #18

We were speeding to hell, and Obama applied a brake. tabatha Dec 2011 #19

When Obama became President SteveG Dec 2011 #20

I was 61 and had weathered several recessions and none of them worried doc03 Dec 2011 #21

I thought it was going bad, teetering on the edge, and come toppling down on top gateley Dec 2011 #22

I think a lot of people under-estimated the gravity of the situation... kentuck Dec 2011 #24

I think we need to look further back than 2008 - our standard of living, wages, jobs, gateley Dec 2011 #27

It's a tangent, but a critical one. CrispyQ Dec 2011 #32

There are some pretty basic changes that APPEAR to me, anyway, that would gateley Dec 2011 #33

actually moodys.com war gamed the do nothing scenario... roseBudd Dec 2011 #36

I am slowly crawling out of hole I got in between 02-08 lefthandedlefty Dec 2011 #23

I didn't realize it was going down until mid 2009 treestar Dec 2011 #25

In a death spiral. n/t BlueToTheBone Dec 2011 #26

In a death spiral. Not much better now. nt bemildred Dec 2011 #29

Heading into the second Great Depression. I can link you to my statements that the economy would be Fire Walk With Me Dec 2011 #31

I thought it was a disaster. GoCubsGo Dec 2011 #34

I was petrified from Sept. 2008 on. I knew it was FUBAR, and we were staring into an abyss roseBudd Dec 2011 #35

i heard them talk about "two more years" before unemployment went down Enrique Dec 2011 #37

I cannot understand... kentuck Dec 2011 #38