China economic slump?
- Thread starter Tidewater
- Start date
I'm suggesting that he left office with a budget surplus. Then the guy that followed him came in and decided that having a surplus was wrong and gave it away in the form of rebates. I spent the better part of the 90s and early 2000s saying that we needed to have a surplus and pay down the debt. Rebates were ridiculous under the circumstances. Tax cuts during a time of war made no sense. All I heard from Republicans was that I obviously didn't understand economics. I should leave the heavy lifting to them.
Bill Clinton was responsible for budget surpluses the way Adolf Hitler was responsible for the creation of the state of Israel. He had something to do with it.
As for Bush/Rove and the establishment Republicans sending like drunken sailors, yes, I agree. The way to balance the budget to to cut spending. Period. You can even do it by slowing the growth of government spending. With the establishment Republicans and Democrats in Washington, increases taxes is merely enabling increased spending. "Give me one more fix, man, and I promise, I'll get straight" works as well with the Federal government as it does with heroin addicts.
Huh. I did not know that our Presidents had the power to write and pass budgets solely on their own discretion. For some reason I thought budgets had to be voted on, and approved, by both houses of Congress. And in particular, all spending bills must originate in the House of Representatives.
But maybe you are right and he did it all by himself.
I never said he did it all by himself. Congratulations, you've created a straw man.
Godwin's law or not it is amazing to me how many people who try to give Clinton credit forget what caused him to get so fiscally conservative. The analogy is pretty apt. All he did was tag along. I give him credit that he did not obstruct as much as he could. I seem to remember when he gave his "I heard you." speech after the "Contract with America" election, he said something like he wasn't elected to pile up a stack of vetoes.
I will NEVER forget the sad look on Cokie Roberts face. She didn't even try to hide her dismay.
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Not surprising.
He fought against balancing the budget with all his political might. He closed down the government rather than not reduce, but rather merely slow the growth of Federal spending. Slowing the growth of Federal spending is "extreme." He hated the idea of slowing the growth of Federal spending, but in the end, the Congress forced him to.
To credit Clinton with balancing the Federal budget is obtuse.
Just looked at my portfolio. Ouch!
However, not quite as bad as I expected, I had started to move some things to protect earnings since we had been going up for so long. I'll may move some around if there is a bounce back and try to take this as a buying opportunity. I still have around 8 years to be somewhat aggressive.
I'm sure it won't crack the top ten or probably even twenty, which is probably your point. It's a valid point; one day's loss is no cause to panic.
Its not today that is a concern to me, nor even Friday plus today. It's a combination of the oil glut, overinflated P/E ratios, the Great Fall of China, weak European data, and several other economic Debby Downers.
I've been pretty conservative with my investments for the last two or three years, and I believe I'll wait a bit longer before I get all froggy with my savings. I'm not panicky, but I'm just not at ease with the global markets right now.
We tend to believe Presidents have more power than they really do.
In the Roman Principate, they used to deify emperors after their deaths.
We don't deify Presidents, we just build temples to them.
Fifth worst since 2011.
Not in the top 20 all time worst percentage losses - #20 is-6.98%, today was about half that.
It is, however, the largest single day point swing (1,089.42) in NYSE history.
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No worries, QE4 right around the corner; blow it up bigger so when it pops it will be unimaginable
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