Where is the US economy headed?

If you look at the timeline it all happened in GWB's watch. He promoted Home Ownership and his lack of enforcing regulations led to the financial meltdown.

talk, You're wasting your breath and effort on somebody who's brain locks out facts that doesn't agree with his preconceived ideas about party politics. You do know that, don't you?

It is not that. They are using the Republican trick of repeated lies to make it stick in people's minds. It appears as truth in elections.

They're successful at it too! Most Americans believe Obama increased their income taxes - even many democrats. They don't know that the stem bill included tax cuts for the middle class.

It's helpless; they're going to vote for republicans.

The funny thing about a GOP majority in congress is the simple fact that Obama has to approve all legislation that crosses his desk.

Have we heard any GOP ideas about how they're going to create jobs? That's the reason most democrats are unhappy about Obama. They wanted miracles from Obama in two years.

There's no cure for stupid.

It is Karl Rove's tricks. I think the Republicans deliberately helped Obama during the Democratic nomination so he could be targetted during the mid-terms and 2012. Obama was an easy target compared to Hilary Clinton. I noticed some people who promoted Obama doesn't make any effort to defend him now.

Congress was repeatedly informed in advance about the pending decline of the USA's finance industry being caused by Fannie & Freddie, but repeatedly refused to do anything about fixing it.

1977
President Carter signs into law CRA (i.e., Community Investment Act) Carter.
Mandates banks invest in poor urban areas.

1991
Home Mortgage Disclosure Act is expanded to compare rejection rates by race.

1995
Clinton changes CRA to require banks provide mortgages to their poorer communities.

1998
Janet Reno declares that since inception of 1992 fair lending initiative, Justice Department has filed 13 major fair lending lawsuits.

2001
*04/….—President Bush declares that the size of Fannie Mae and Freddie Mac is a potential large financial problem because financial trouble of a large "GSE (i.e., Government Sponsored Enterprise) could cause strong repercussions in financial markets."

2003
*01/22—Freddie Mac announces it must restate financial results for the previous 3 years due to earnings report errors.
*06/11—Freddie Mac is the subject of federal securities and criminal investigations.
*09/11—New York Times says, "President Bush recommends the most significant regulatory overhaul in the housing finance industry since the savings and loan crisis a decade ago."
*09/25--Barney Frank responds, "Fannie Mae and Freddie Mac do very good work, and they are not endangering the fiscal health of this country … I believe there has been more alarm raised about potential unsafety and unsoundness than, in fact, exists."
*10/29—Fannie Mae discloses $1.2 billion accounting error.

2004
*06/16—Samuel Bodman, Deputy Secretary of Treasury, repeats President Bush Administration call "for a new, first class, regulatory supervisor for three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.
*10/06—Franklin Raines, Fannie Mae CEO, testifies before the House Financial Services Committee, "assets are so riskless that the capital for holding them should be under two percent. "

2006
*04/18—Freddie Mac pays a record $3.8 million Federal Election Commission fine.
*05/23—Fannie Mae’s regulator announces that Fannie Mae has for years overstated reported income and capital by $10.6 billion.
*05/25—Senator John McCain calls for GSE regulatory reform legislation, warning: "If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system and the economy as a whole.”
*11/07—Democrats win majorities in both houses of Congress. The U.S. economy is growing at about 3 percent, unemployment is at 4.5 percent, and inflation under 2 percent.

2007
*06/23—Two Bear Sterns hedge fund groups collapse due to their mortgage investments.
*08/09— President Bush requests Congress pass a reform package for Fannie Mae and Freddie Mac.
*12/06— President Bush warns Congress of need to pass legislation reforming GSEs.

2008
*03/14—J.P. Morgan and the Federal Reserve recognize extent of Bear’s toxic assets, including sub-prime mortgages, and credit default swaps, and interconnection with other banks.
*03/14—At Economic Club of New York, President Bush requests Congress take action and reform Fannie Mae and Freddie Mac.
*04/14—President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*05/03—President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*05/19—President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*05/31—President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*06/06—President Bush issues a plea to Congress to pass legislation reforming Fannie Mae and Freddie Mac.
*07/11—Senator Chris Dodd says: "There’s sort of a panic going on today, and that’s not what ought to be. The facts don’t warrant that reaction, in my opinion … Fannie Mae and Freddie Mac were never bottom feeders in the residential mortgage market. People ought to feel comfortable about that. "
*07/13—Treasury Secretary Paulson asks Congress to grant him authority to take over Fannie Mae and Freddie Mac.
*09/07—Paulson takes over Fannie Mae and Freddie Mac, and offers them $200 billion, despite the fact their government credit line had been limited to $25 billion.
*09/15—Lehman Brothers officially collapses, the government does not intervene, and panic occurs, triggering a big Dow decline.
*09/16—Nancy Pelosi is asked if the Democrats bear some responsibility for the current crisis on Wall Street. Pelosi answers, "No. "
*09/17—Harry Reid regarding the economic collapse: "No one knows what to do."
*09/18—About 11:00 AM, the Federal Reserve noticed a tremendous drawdown of money market accounts in the United States within two hours, equal to about $550 bilion. Treasury puts $105 billion in the system, but quickly realizes it cannot correct the problem.
*09/18—Paulson and Federal Reserve Chairman Ben Bernanke ask Congress for the required funds—and unprecedented authority to bail out the entire financial system. They say failure to act means "we may not have an economy on Monday."
*09/23— Paulson and Federal Reserve Chairman Ben Bernanke in Senate Banking Committee testimony outline the $700 billion asset relief program (TARP).
*09/29—That TARP version doesn’t pass the Democrat-controlled House of Representatives.
*10/03—Three days later TARP is passed after about $112 billion is added.
*11/05—The day after Barack Obama’s election, stocks plunge 500 points.
*11/12—Paulson changes the TARP rules from purchasing "troubled assets" to buying bank stocks to spur lending.
*11/23—Paulson gives Citibank a $308 billion bailout.
*12/06—Both houses of Congress agree to bail out the U.S. auto companies.
*12/18—President-elect Obama hints at an $800 billion to $1 trillion stimulus plan within his first month of office, and the Dow drops another 2.5 percent.

2009
*02/10—Treasury Secretary Tim Geitner unveils the Administration’s $2 trillion TARP II plan, and the Dow drops 382 points, or 4.6 percent
*02/17—President Obama signs a $787 billion bailout bill.
*02/18— President Obama reveals his mortgage bailout plan.
*02/19—Rick Santelli says in an impromptu speech on the floor of the Chicago Mercantile Exchange: "The government is promoting bad behavior … How many of you people want to pay for your neighbor’s mortgage? President Obama are you listening?" Santelli calls for a "Chicago Tea Party."
*02/20—The market falls as Chris Dodd, chairman of the Senate Banking Committee floats the idea of nationalizing the nation’s banks. The White House issues a denial, and the Dow ends down 100 points. The Dow is down now more than 800 points—nearly 10 percent—from the day before President Obama’s inauguration.
*02/21—Soros says, "The financial crisis marks end of a free-market model."

You, of course already "know the rest of the story."

You are magnifying millions from Fanny and Freddie but the hundreds of billions from GWB's mismanagement are minimized.

I am probably the only economic junkie who follows **** like this.
* U.S. manufacturing output increased again in the last reporting period, it was reported today. That is considered good.
* The output gain was due to the U.S. dollar continuing to drop against foreign currencies such as the Euro and the Yen. That makes our goods cheaper to export and makes imports relatively more expensive.
* The price of oil hit a high compared to recent months due to the fall in the value of the dollar.
* Part of the increase in oil is attributable to China's manufacturing output also increasing.
* Consumer spending by Americans remains flat and we appear to have nibbled away at our savings - as evidenced by savings rates. Not much of a change, though.

Carry on with whatever.

Thanks for posting one of the funniest posts here that anyone has dreamed up!! And we can all know now that this has all been a Karl Rove trick, ha ha. Karl promoted this guy out of his Chicago community organizing work, to beat Hillary, so the Repubs would have a chance 2 years later! I'm glad to know how this all happened. I always wondered how a cheap Chicago agitator could run for president on the Dem ticket. Did Rove dream up that "Change Change Change" chant stuff too? And did Rove send out all of his little minions to convince guys like ci, cyclops, parados, and all the other Obamabots to vote Obama?

The Republicans knew there was a segment that was for Obama. But that is all past. The Republicans were bent on discord among Democrats. Obama will come out stronger as he knows now what to expect from Republicans.

Nope.

Obama is forever weakened.

okie, You are a fool! Just because somebody votes for a candidate doesn't mean we approve of everything they do. You're dumber than 5th graders.

And you are getting funnier by the day! Has anyone else noticed how the libs get more hysterical as they continue to lose in the political arena. I just thought that Talk's claim that Karl Rove planned this whole thing for Obama to beat Hillary, so that the Repubs could really clean house (no pun intended) 2 years later, that it was one of the funniest posts I have ever read here!!

You find it humorous because you're so dumb - like most of Americans who think Obama increased their taxes, and caused this Great Recession.

I may be dumb, but not dumb enough to vote for any Democrat tomorrow, ci!!!

You . . . a conservative . . . are telling me to take a look at American history??

Someone, or, rather several people, create all this stuff that wingnuts post. Things like, "You drank the Kool-Aid," and "Obama is a Muslim." None of the posters here could think up that sort of thing on their own. As for the posters, they believe it because it was told to them.

Two people I work with were talking about how little is deducted from their paychecks. I told them it was part of stimulus. They were surprised.

okie, What do you think your votes for the GOP candidates will accomplish for Americans? More jobs? Less taxes? Overturn Obamacare? What "positive" things will they do for Americans?

You lied to them, just like Obama and his democrats lied to the American taxpayer.