Posted by
heresyarch's Contra Mundum on Tuesday, July 28, 2009 11:14:57 AM
Obama is in over his head.
"During the 2001–2007
period, for example, credit in the United States increased by $22
trillion. The nation’s GDP increased only by $4 trillion. For
every extra dollar of output, Americans took on $5.50 of debt.".
Debt is what fueled economic growth. Not R&D investment. Basically our economy was and is a house of cards.
We have not had the proper correction that is required to liquidate the mal-investment created by the federal government during the disasterous Bush years.
Obama (Bush on steroids) solution is to expand the debt....and will put all of us into poverty!! And the liberals LOVE it.!
Here's the article:
A Brief History of Monetary Madness