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Monday, Jan. 21, 2008 | 2 a.m.
It is “R & R” time again. No, not rest and recuperation, but Republicans and recessions.
By my estimate, since President Herbert Hoover’s (“prosperity is just around the corner”) Depression, there have been nine major recessions, eight of which occurred during a Republican administration. One was during a Democratic administration, Jimmy Carter’s.
President Dwight Eisenhower had two recessions; John F. Kennedy got us out of the last one. Richard Nixon had one, Ronald Reagan had two, George H.W. Bush had one and George W. Bush has us in his second one.
Republicans and recessions are a natural phenomenon.
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Agreed. However I think this time the recession is going to look more like a depression given the fact that global markets are beginning to freak out at Americas red ink. All thanks to a (Republican) regulatory environment that allowed the market to monitor itself at the expense of everyone else. This week is going to be interesting as now it appears that the bond insurers may not be as solvent as was thought. Add that to the subprime crisis and the upcoming credit card crisis and we have an economic catastrophe in the making. Thank god Bush is going to send me $600. YEEEHAAAW