Economics: Crashes, Recoveries, and Recent History

I keep seeing the denials. Whenever good economic news comes out of Washington, some claim it’s propaganda, that it’s all lies by Obama.
As if a president has time to collect the data, to analyze economic trends.
Yesterday I got involved in a discussion with a man who doesn’t believe statistics such as what was reported today, that America enjoyed fairly-healthy job growth last quarter.
But I also see signs on doors, Help Wanted. Look around, you’ll see those too. Go on, look for yourself. Are those signs lies?
Stores close, Others open. It’s part of the cycle. Long term trends are different.
Unless you PERSONALLY have access to all the data, you’re believing someone else’s report. And all those reports, including mine, are based on second-hand information. They’re no more than opinion, in other words. My opinion? I base it on evidence, not solely on government reports.
Those reports some are so quick to doubt are read by a bunch of nervous traders. The stock market…looked at that lately? It reflects the nation’s economic health very closely, and there’s a lot of our economic history to be read there. Companies that are publicly traded must file quarterly reports. They must report changes in their work force, up or down, whether their earnings will meet expectations, things like that.
Don’t like the government reports? Just watch the stock market. Traders know. They have to, or they lose their ass.
Now go back and look at long term market trends. Look at what happened during the last years of the Bush II presidency and what has happened since.
The market almost crashed. Banks almost went bankrupt, the entire financial house of cards almost fell. Bush and his supporters bailed out those same big banks and insurance companies with gigantic gifts of public money.
This is history. It’s not opinion. It happened. The economy sank into the Great Bush Recession. OK, that’s my name for it; I want to remind people of what happened and who was in charge at the time.
You can find the reports, and some of you will even remember when these events took place, now that I’ve reminded you.
No bailouts under Obama. Instead, rising employment. More consumer confidence. The stock market rise has reflected that. The nervous traders settled down and paid more for stocks, because they expected the values of traded companies to go up. That has continued since Obama became president.
Evidence, not opinion.
I call it the Great Obama Recovery, because I want people to remember who was in charge of this part of our economy history too.
Loved Bush II, hate Obama? OK. Personally, I’ve got issues with both of them. But I try not to let that blind me to facts. I look at the evidence.
Government reports, and also what the stock market is doing. That market reflects our economic history, for those who are willing to look at long-term results.

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