What did he knock down?
Pardon my grammar. I meant "look how quickly President Obama is knocking it down." Capitalism isn't completely knocked down, yet.
You truly believe the economic downturn/recession started in January 2009?
I believe that socialism caused this recession. Socialist policies started with the Community Reinvestment Act passed in Jimmy Carter's time. The article I referenced says "The sub-prime mortgage collapse was caused by the failure of socialism, not capitalism. Forcing banks to give loans to people who cannot afford to pay them back is socialism, not capitalism." I agree.
You think the recession was brought on by the Obama Administration?
No, not by himself. As I said, it started with the CRA, but President Obama has had his hand in it starting as a lawyer in ACORN filing suits against banks who refused mortgages to unqualified people. He also "suppressed efforts by President George W. Bush and Republican Congressmen to investigate and rein in Fannie Mae and Freddie Mac" as a senator.
Perfectly means... perfectly. There are no hindrances. No checks. No balances. "They" in my sentence refers to the US Government, specifically the Legislative and Executive branches, both of which are under the control of the Democratic Party as of now. The President does not have untapped power to do as he wants. However, the people who would be keeping him in check (Congress) are completely on his side. There are no checks. No balances. When the entire government of the United States decides that they want to pass socialist health care... More specifically, when the President wants to pass socialist health care, and he presents this information to Congress, and the House and Senate both approve of it, or when more than two-thirds of both the House and Senate want it, even if the President does not, then socialist health care is passed. Thankfully, many of the Democratic Party are currently in the process of realizing that they don't want to be socialist.
On a side note, making this country socialist may even be constitutional, if the elected officials, including the president and congress, decide that they want it... Maybe. I think it's legal... I'll have to look it up.
The consistent reference to January bothers me. I never said January. The article I referenced never said January. The article specifically holds seven people responsible for the recession, and it details their parts in it. Please take this as politely as possible: Did you read the article? Could you find it?
We have had recessions. I understand that. However, I never mentioned it being caused by one individual, and neither did the article I referenced.
There's no real logic in talking about the state of the economy then throwing in how the government spends/borrows too much.
I feel as though there is plenty of logic in it. In the end, the people pay the government. They tax us. When the goverment spends or borrows too much, the people pay for it in taxes. Government debt is not the reason the global economy is bad. However, that does not make government debt a good thing.
Measuring prosperity in accordance to debt is not logical. We were prosperous in those times when debt was rising because the government was accumulating debt to pay for WWII and other expenses instead of taxing us. If the people aren't getting taxed to pay for the debt, then the debt does not affect the people's prosperity. It does, however, affect the prosperity of their posterity. That is to say that somebody has to pay the bill, eventually, which brings me back to the point that government debt is a bad thing.
I apologize for having mentioned foreign countries in association with our debt. That is not one of the topics I looked up, because it was a minor point in my argument. Thank you for using statistical information in your argument. However, as I said, debt is a bad thing, no matter who the debt is owed to, because, eventually, we the people need to pay for it.
As to creating money... Selling bonds, taxing, and so on are all bad for the people's prosperity. Again, we pay for the government. They tax, etc, us for money. Which brings me back to the fact that government debt is a bad thing.
I'm going to try and explain inflation, partly to myself... Humor me. Our money is "fiat." That is to say that it's worth something because our government says it is. One dollar is worth one dollar, no matter what. They can print as many dollars as they want, and one dollar is still worth one dollar. However, the issue of inflation comes into effect when foreign countries are involved. We can't just print money, or the foreign value of the dollar drops because all of our dollars in total are worth all of our commodities, including gold, etc, together. If all of our dollars are worth 5 bricks of gold, and all of Europe's euros are worth 5 bricks of gold, then we're fine. However, if we print more dollars, and they're all still worth 5 bricks of gold, each dollar is worth less euros because there are less euros worth the same amount of gold.
That said, we haven't experienced a great deal of inflation because we haven't printed money for the stimulus plan. We borrowed it. There are no extra dollars in circulation. We simply owe a certain amount of money, with interest, to foreign countries. There will be no inflation due to the stimulus so long as we continue to borrow. However, the debt must be paid somehow. If the economy doesn't do better, and Americans don't start getting jobs so that they can pay taxes, so that the government can pay debt, the government has to pay debt another way. There must be a limit to how much money other countries will loan us before they want it back. Our government could just tax the people back into the stone age, but that's bad for the people. Every solution to government debt is bad for the people, eventually. Printing dollars is no solution, either, since we owe a certain amount of money to foreign countries... If we inflate our money to be worth .01 euros, I should think that Europe would want more dollars to be paid back in order to pay back the loan in full.
The end of your argument on inflation is perfectly agreeable. That is capitalism at its best. Hopefully, it's enough to create jobs, so that Americans have money, so that they can be taxed, so that government debt can be paid. However, with the constant and excessive spending by the current US Government, I don't see simple capitalistic solutions such as inflation increasing tourism fixing our problems.
eSine, you posted between liljp617 and me... In response to your question of my logic behind the "they knew" statement, I say that my statement was on a logical basis only. Based on the fact that they're Congress and they should have every possible piece of information on the subject on paper in front of them... or better, in their head currently known to them... I say that they know, or have access to, everything about everything when they decide what to do. Whether or not they act in the best interest of our country, whether or not they actually bothered to read the information, they know, or they should know. I apologize for the unsupported statement in my post. However, it is, again, only a logical assertion based on what should be. Perhaps they didn't know. They should have. I also apologize for not knowing who exactly "they" are. As with other minor points in my argument, I have not fully researched it. I only remember reading it somewhere. Should I be wrong in my assertion, and I mean this statement for anything I post, I would completely agree to the retraction of that statement and the removal of it as evidence in this argument.p.s. Does anybody want to argue about the stimulus package in general? How full of nonsense it is? How it hasn't done much of any kind of "stimulating" for the economy in general? How it's nothing but paybacks to all the people who helped President Obama into office? ... I do.