Put aside political loyalty and see things in an objective manner.

It is silly to blame either Bush or this President for decades of bad policy that both parties are told by their cabinet members and expert advisers are “best” for the nation. Not one policy that has put us in this mess has been changed for at least 3 decades and most have been in place much longer than that.

Both parties get their advice from the same sources (CFR, Trilateral Commission and Bilderbergs (remember who attends those meetings)) and Goldman Sachs. From WW II on, the CFR has been the leading source for cabinet members. This “non-partisan think tank” has loyalty only for the international banking cartel that created it.

The other thing is that 42% of the job growth under Bush was tied to housing. That “credit bubble” was part of a 2 decade move to debt by consumers, corporations, cities and states to create a continuing illusion of growth from debt. Bush had no choice and this President has no choice that will help jobs because too many jobs were based on debt.

We will probably have a decade of high unemployment to just get enough time under our belt for deleveraging of debt in households, corporations, cities and states. With the growing default rates in different types of debt, we will see this carry over into employment. When cities and states cut spending, it not only causes higher unemployment in education, government services and other government jobs, but, all the private sector businesses that sell to or provide services to government.

When those jobs in the private sector are lost, the tax revenues to the cities and states fall and that requires more cuts in spending and leads to even more layoffs.

If there is a blame game to lay on Bush and this President, it is that they have kept the truth of the credit collapse’s damage to a nation from the front page. They have not been warning the American people to prepare for a “lost decade” and to plan accordingly and that government can’t stop what is going to happen.

Why do they do that? Because they can’t get reelected for telling the truth because Americans aren’t prepared for a “lost decade.” The American people want “action,” and they want the pain stopped, not to be told it will continue and there is nothing that can be done except some delaying tactics.

The last President to do what was unpopular but needed, was Harding who refused to try and stimulate the economy out of a recession. Instead he cuts spending dramatically and reduced taxes and let the economy heal itself. As a result, that recession was one of the shortest.

Now, in defense of the President’s Hoover, FDR, Bush and Obama, they were and are dealing with a credit expansion collapse that takes years if not a decade to heal whether you take action or not.

The voters of the 30’s and the voters now, don’t want to spend a decade in pain. They demand action and will vote out the incumbents if they don’t see results even if it is impossible to give them the results they want.

- JP

Related Posts:

• Here is another thing about bank closures:
• How about no recovery for a decade?
• It takes years of deleveraging before jobs can come back.
• The Federal Reserve is reported in several articles to have said in one of their meetings, “No net new jobs for 5 years.”
• Over 5 decades of bad policy that finally caught up with us.

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