A good president would have us RECOVERED by now!

I was kind of hoping for one of the neo-liberals to accept but then I didn't know if I could handle their idiocy. It will be nice to debate with a more intelligent person. We all know that obama has continually lied about inheriting the worst recession. The unemployment was lower, the inflation was lower, the banks and S&L companies were in better shape, no hangover from the oil crisis and there is no longer a cold war going on. Yes the Iraq war was essentially over and Afghanistan was still going on but they weren't the threat of the Soviet Union in 1981-1988. The early 1980s recession was a severe recession in the United States which began in July 1981 and ended in November 1982. The primary cause of the recession was a contractionary monetary policy established by the Federal Reserve System to control high inflation. [4] In the wake of the 1973 oil crisis and the 1979 energy crisis, stagflation began to afflict the economy of the United States. Unemployment had risen from 5.1% in January 1974 to a high of 9.0% in May 1975. Although it had gradually declined to 5.6% by May 1979, unemployment began rising again thereafter. It jumped sharply to 6.9% in April 1980 and to 7.5% in May 1980. A mild recession from January to July 1980 kept unemployment high, but despite economic recovery unemployment remained at historically high levels (about 7.5%) through the end of 1981. The peak of the recession was in November and December 1982, when the nationwide unemployment rate was 10.8%, highest since The Great Depression. As of 2011, it is still the highest since the 1930s. Inflation, which had averaged 3.2% annually in the post-war period, had more than doubled after the 1973 oil shock to a 7.7% annual rate. Inflation reached 9.1% in 1975, the highest rate since 1947. Inflation declined to 5.8% the following year, but then edged higher. By 1979, inflation reached a startling 11.3% and in 1980 soared to 13.5%. A brief recession occurred in 1980. Several key industries"including housing, steel manufacturing and automobile production"experienced a downturn from which they did not recover through the end of the next recession. Many of the economic sectors that supplied these basic industries were also hard-hit. Each period of high unemployment was caused by the Federal Reserve, as it substantially increased interest rates to reduce high inflation; each time, once inflation fell and interest rates were lowered, unemployment slowly fell. Determined to wring inflation out of the economy, Federal Reserve chairman Paul Volcker slowed the rate of growth of the money supply and raised interest rates. The federal funds rate, which was about 11% in 1979, rose to 20% by June 1981. The prime interest rate, a highly important economic measure, eventually reached 21.5% in June 1982. The recession came at a particularly bad time for banks due to a recent wave of deregulation. The Depository Institutions Deregulation and Monetary Control Act of 1980 (DIDMCA) had phased out a number of restrictions on banks' financial practices, broadened their lending powers, and raised the deposit insurance limit from $40,000 to $100,000 (raising the problem of moral hazard). Banks rushed into real estate lending, speculative lending, and other ventures just as the economy soured. By mid-1982, the number of bank failures was rising steadily. Bank failures reached a post-depression high of 42 as the recession and high interest rates took their toll. By the end of the year, the Federal Deposit Insurance Corporation (FDIC) had spent $870 million to purchase bad loans in an effort to keep various banks afloat. The recession affected the banking industry long after the economic downturn technically ended in November 1982. In 1983, another 50 banks failed"easily beating the Great Depression record of 43 failures set in 1940. The Federal Deposit Insurance Corporation (FDIC) listed another 540 banks as "problem banks" on the verge of failure. In 1980, there were approximately 4,590 state- and federally chartered savings and loan institutions (S&Ls) with total assets of $616 billion. Beginning in 1979, S&Ls began losing money due to spiraling interest rates. Net S&L income, which totaled $781 million in 1980, fell to a loss of $4.6 billion in 1981 and a loss of $4.1 billion in 1982. Tangible net worth for the entire S&L industry was virtually zero. These were huge problems to deal with. Almost equal to the Great Depression. Reagan worked WITH the congress and was able to bring the recession under control by the last quarter of 1982 and in a full recovery in 1983. All this while still building our military and challenging the soviets to match us. In July 1982, Congress enacted the Garn"St. Germain Depository Institutions Act of 1982 (Garn"St. Germain), which further deregulated banks as well as deregulating savings and loans. The Garn"St. Germain act authorized banks to begin offering money market accounts in an attempt to encourage deposit in-flows, removed additional statutory restrictions in real estate lending, and relaxed loans-to-one-borrower limits. The legislation encouraged a rapid expansion in real estate lending at a time when the real estate market was collapsing, increased the unhealthy competition between banks and savings and loans, and encouraged overbuilding of branches. What has obama done other that put us 6.5 trillion further into debt, devalued our currency, divided the classes, divided the races, divided the sexes, helped the rich while letting the poor lose their houses and back the illegal push through of obamacare which as time goes on we are finding hurts more and more; doctors, health care facilities, corporations and small businesses and individual pocketbooks. The notion that this is to punish health care insurance companies and help the American people is ridiculous! !! The insurance companies will always pass the bill and make money. We had health care for all since Reagan signed the Emergency Medical Treatment and Active Labor Act in 1986. I will acknowledge that it wasn't the best medical act in the world but no matter how poor you were or what color your skin was, if you went to the emergency room with a headache and they found a tumor they would operate and remove it or give you chemo. The constant finger pointing at bush, the republicans in congress, the right, the left, the middle, Romney and so on has not created any jobs. The only jobs created were in the private industry do to normal things like increase in demand of a product, stores hiring part time for holidays or people retiring and being replaced. Lending money to companies like solindra haven't created any jobs either nor has giving money to China to build wind and solar fields around the country created more than a handful of jobs 300 tops! I am an electrician and have been on solar jobs. Every president before obama has dealt with some sort of recession and all dealt better with it than him. Even the second worst president FDR did better. . http://www.salon.com... . http://en.wikipedia.org...