He was the Fed’s best friend ever. Could they’ve had a better business partner than Obama, taking the Federal budget and clown raping it with ruinous levels of spending. The Fed’s mandate shifted from tinkering with rates during periods of need to blatantly controlling asset prices and the economy.
As of right now, during the final hours of Obama’s presidency, the Federal Reserve has never been more powerful. It is the central bank to the world — doling out liquidity to whoever needs it — regardless of national sovereignty.
Plainly, it has become a caricature of itself, a cabal weaponized to the point of lunacy — totally unchecked and operating in the shadows with impunity.
There are many things that will be forgotten, many mistake that will be corrected, after Obama has gone.
But this will last forever.
Obama has accumulated more debt than all of America’s Presidents before him, combined.
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The point of no return was passed in 2009. Now it’s going to be printing ad infinitum.
To be fair, credit crisis needs to be part of that argument. I maintain we can’t credit Bill Clinton for the coincidental economic internet boom that came under his term, and so we can’t in all fairness attribute the credit crisis fallout to Obama.
I agree regarding Clinton but what did Obama do to help fix the problem?
I fully agree. Presidents do have ot work within the confines of their situation – macro economically, House/Senate, etc. And one of the things I look forward to seeing is what a forceful personality like Trump can do in tough situations. If Obama were tougher and more shrewd certainly agree a different outcome than the above.
8 years later and we’re still in ‘recovery’.
I think the credit crisis and internet bubbles were outside of presidential control. Nasdaq could of just as easily peaked in 1998 or 2001, and the 2008 crisis could of just as easily come in 2009 or 2010.
Greenspan created both, Bernanke saved it in 2009.
fall guy for banker’s sins:
“Obama has accumulated more debt t…”
End the FED for fucks sakes.
Yellen looks beautiful with her Obama pear necklace! LOL