I know it’s in the Obama Administration’s interest to emphasize how bad the economy was at the end of the Bush Administration. But I think this goes too far.
The answer is in the money supply, as is so often the case. If you look at the St. Louis Fed’s chart of the monetary base, and focus on the period since Inauguration Day, you’ll see that those clever Obama people appear to have manipulated the money supply so as to monogram the financial crisis with a telltale “W”.
Harrumph. I thought we were going to see an end to such partisan fingerpointing. This looks like the same old Washington blame game, and I’m disappointed.