I guess I should go one step further. This is the Fed rate, since 2008:
Jan 22, 2008 |
3.5% |
|
Jan 30, 2008 |
3.0% |
Economic Stimulus Act |
Mar 18 |
2.25% |
W starts bailouts |
Apr 30 |
2.0% |
|
Oct 8 |
1.5% |
|
Oct 29 |
1.0% |
More bailouts |
Dec 16 |
0.25% |
Minimum |
Years Pass |
No Change |
W Fucked Up |
Dec 17, 2015 |
0.5% |
Recession ending |
Dec 15, 2015 |
0.75% |
|
Mar 15, 2017 |
1.0% |
|
Jun 15 |
1.25% |
|
Mar 22, 2018 |
1.75% |
Trump's tax cuts begin |
Jun 14 |
2.0% |
|
Sep 27 |
2.25% |
|
Dec 20 |
2.5% |
Rates peaked |
Aug 1, 2019 |
2.25% |
Growth slows |
Sep 19 |
2.0% |
|
Oct 31 |
1.75% |
More slow growth |
Just Now |
1.25% |
Emergency Cut |
Now if you'll look at W's epic fail of a final year, you'll see we went from "banks
start needing bailouts" to "banks
continue needing bailouts". 2008 moved fast, no question, losing 3.25% in just under a year while actively fighting it every step of the way. Trump, by contrast, has lost 1.25% in seven months. If this rate continues, Trump will lose 2% in the time W lost 3.25%.
Would the coronavirus have cost 0.5%
regardless of the state of the US economy? Maybe. But we're now looking at a situation in which a W's 2008 is being compared to Trump's last 7 months. The fact that Trump is only
second worst should not be comforting to anyone.
"Fun" fact: the last President to see 1.25% gone in a year was Bush.
"You already posted that."
It also happened in 2001. I'm not convinced W's policies were to blame, considering he just came into power and also 9/11 happened. He did hand everyone $300 at what turned out to be a really bad time, but that's coincidence.
The last President before that was also Bush.
"You al--"
The
other one. In 1991, to fight high unemployment in a contracting economy. We've heard the term "contracting" a lot recently, haven't we?
And the last --
"Don't you fucking say it!'
...was the S&L fiasco in 1989, when the Fed chopped it from 9.75% to 8.25%. That's right, we
used to have rates over three percent. Took us an entire Obama tenure and part of a Trump to climb out of that hole. Until the last seven months.
- - - Updated - - -
Trump is playing the "I heard, everyone's saying it" card again. That just sounds like lying with extra steps. (Ooo la la)