Tags: Former Bears Coach | Mike Ditka | Blame | Global Recession

Former NFL Coach Mike Ditka Bears Blame for Potential Global Recession

Former NFL Coach Mike Ditka Bears Blame for Potential Global Recession
(Dollar Photo Club)

By    |   Thursday, 10 September 2015 06:52 PM

In 2009, a newly elected President Barack Obama worked with Congressional allies to enact an $840 billion stimulus program.

This money arguably did little to help the economy but did serve as a limit on the government‘s ability to respond to the financial crisis.

Obama used all of his tools early in the crisis rather than responding incrementally as events unfolded.

Fiscal policy was an important tool because monetary authorities were already addressing the panic.

The Federal Reserve had rapidly lowered interest rates and was rapidly depleting its monetary tool box. Their actions did stop the panic in March 2009.

But once annual government deficits topped $1 trillion, the economy was locked into slow growth.

It was too late to stop the former community organizer by then.

The best chance to do that had been in 2004 when former Bears head coach Mike Ditka opted against a Senate run. Had Ditka run, it’s possible he would have beaten Obama and prevented his rise from junior Senator from Illinois to the White House in four years.

Obama’s actions during his early days in office limited his ability to respond to economic problems as they developed.

China is repeating this mistake by throwing billions at its stock market rather than addressing the underlying causes of the crisis.

Europe is also fighting against headlines rather than developing long-term solutions to the long-term problems it faces.

Short-sighted policy making means a new global recession appears inevitable. Investors could spend time trying to identify the source of the problems.

Or, they could prepare for the potential stock market rout.

Action rather than rumination seems to be the best course of action now.

© 2019 Newsmax Finance. All rights reserved.

   
1Like our page
2Share
MichaelCarr
In 2004, former Bears head coach Mike Ditka opted against a Senate run. Had Ditka run, it’s possible he would have beaten Obama and prevented his rise from junior Senator from Illinois to the White House in four years.
Former Bears Coach, Mike Ditka, Blame, Global Recession
277
2015-52-10
Thursday, 10 September 2015 06:52 PM
Newsmax Media, Inc.
 

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

NEWSMAX.COM
MONEYNEWS.COM
© Newsmax Media, Inc.
All Rights Reserved