how long can you continue to say that the hard hit recession of 2007 moving to 2008 is something they inherited. at what point, is it it become this administration s situation that we have to take full control for? and i think we re sort of teetering right now on the fact that it s their responsibility now and the policies that they ve put into place to try to fix it. you know what, gretch, there was a great editorial by peggy noonan in the wall street journal over the weekend. from massapequa. go ahead. i deserve credit for that somehow. anyway, what she wrote is the president does have a lousy economy on his hands right now and it was lousy when he took over but he was able to make a bunch of decisions on which way to turn the ship. and she says the decisions he made got us where we are today and she says it comes down to four words. he made it worse. when you think about it, we had all of those different arsenal tools ain ben bernanke s toolbo,
republicans claim it s going to be or whether it s going to be a savior remains to be seen because it s going to play out over the next couple years. credit card reform, financial regulation reform, easier to get student loans. a lot of things this congress did culmating with the deal the president struck on don t ask, don t tell and the tax bill. so but the fact of the matter really remains that congress is always the rodney dangerfield of the three branches of government. it never gets the respect it deserves. interesting you put that out there. tax cut, i want to pick up on that with you, ron. the president and congressional republicans are the ones that happenered out the tax deal signed into law friday. concessions paid on both sides. but who got the better deal out of the tax compromise? is it the president or republicans? i ll take the third way. american people did. in this time of it recession, the american people are the winners because those paying income tax in this cou
territory, but companies have cash, profits are good. isn t there another side to this story. yeah, emerging markets are down, china and emerging markets in a recession. look, the stock market is a good leading indicator probably one of the best, but every 15 to 20 drop doesn t call it recession, it s wrong a lot an and people get scared for no reason and we have a slow economy, and it s not always a decline like the last two times, it can happen, but it doesn t mean a he recession is going to happen. i don t think it s going to happen this year, i don t think it s going to qualify as a double dip. sure, there will ab recession in two or three years, usually you have one in five or six years, over the last couple of decades looks like every ten years, that s not true historically, sure, we ll have one eventually and i don t think it will be this year and the stock market isn t always the best indicator a lot of stores are having trouble, manufacturing hurting and stocks telling a sto