@giujohn,
Quote giujohn:
Quote:The Fed is responsible for about 40% [of the stock market doubling] Obama maybe 10%. Who's responsible for the rest? Corporate America.
Corporate America was in the process of cratering when Obama took office, so it's obviously not that. The last quarter before Obama first took office, the economy was
shrinking at annual rate of -8.2%. Saying corporate America led the way is ludicrous. Yes, Obama got help from the Fed when they knocked the interest rate down, but until the economic plunge showed signs of stopping, nobody was going to invest money in the stock market of a country which looks like it's headed for another Great Depression, no matter how cheap the money.
The various bailouts, (which economic conservatives opposed), along with Obama's economic stimulus package stopped the hemorrhaging, and the economy began the long climb back to health. Conservatives opposed most of this, since conservatives do not believe the government should be part of the economy-so when government works to help the economy they have to find excuses to dismiss what just happened. They did it during the Depression of 1929 and you're doing it right now.
Next, you'll be telling us all the Depression coming on in 2008 would have been stopped if only people had the courage to stick with Dubya's economic policies just a little bit longer. Anything but admitting that American needed a change of economic philosophy and Obama provided it.