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'Trumponomics' Author Laffer Blames Obama for Great Recession, Mocks Student Loan Forgiveness Plans
Source: Newsweek
'TRUMPONOMICS' AUTHOR BLAMES OBAMA FOR GREAT RECESSION, MOCKS STUDENT LOAN FORGIVENESS PLANS
BY BENJAMIN FEARNOW ON 4/23/19 AT 11:42 AM EDT
Former Reagan administration economist Arthur Laffer ridiculed Americans with student loan debt and blamed the 2007 Great Recession on Barack Obama, who didn't begin his presidential term until January 2009.
Speaking on Fox News Tuesday morning, longtime Republican economist Art Laffer warned viewers that Sen. Elizabeth Warren's $640 billion student loan debt forgiveness plan would be an economic "catastrophe" and cautioned 2020 voters that a Democrat like former President Barack Obama doing well in the polls may sink their retirement plans. The 2018 Trumponomics author claimed the 2007-2009 Great Recession was sparked by polls showing "Obama coming into the office," but made no mention of the subprime mortgage crisis and debt bubbles which began under Republican President George W. Bush in 2007.
Laffer and America's Newsroom co-anchor Bill Hemmer mocked Warren's student debt forgiveness plan and compared it to Oprah Winfrey famously offering her audience members free cars.
"In March of 2020 I'm really going to look at the political world very carefully," Laffer said. "Because if you'll remember, coming into the election in 2008, when Obama started rising in the polls, and doing well in the polls, the stock market crashed, the stock market tells you what will be and not what has been. And the stock market looks forward -- If they see an Obama coming into the office they'll crash and that's what led to the Great Recession."
Laffer's revisionist economic history of the 2007 and 2008 financial crises' that led to the Great Recession made no mention of unregulated use of derivatives, the failed U.S. Treasury and Federal Reserve bank bailouts, the expansion of toxic debt and subprime mortgages -- all of which occurred under Bush's administration.
-snip-
BY BENJAMIN FEARNOW ON 4/23/19 AT 11:42 AM EDT
Former Reagan administration economist Arthur Laffer ridiculed Americans with student loan debt and blamed the 2007 Great Recession on Barack Obama, who didn't begin his presidential term until January 2009.
Speaking on Fox News Tuesday morning, longtime Republican economist Art Laffer warned viewers that Sen. Elizabeth Warren's $640 billion student loan debt forgiveness plan would be an economic "catastrophe" and cautioned 2020 voters that a Democrat like former President Barack Obama doing well in the polls may sink their retirement plans. The 2018 Trumponomics author claimed the 2007-2009 Great Recession was sparked by polls showing "Obama coming into the office," but made no mention of the subprime mortgage crisis and debt bubbles which began under Republican President George W. Bush in 2007.
Laffer and America's Newsroom co-anchor Bill Hemmer mocked Warren's student debt forgiveness plan and compared it to Oprah Winfrey famously offering her audience members free cars.
"In March of 2020 I'm really going to look at the political world very carefully," Laffer said. "Because if you'll remember, coming into the election in 2008, when Obama started rising in the polls, and doing well in the polls, the stock market crashed, the stock market tells you what will be and not what has been. And the stock market looks forward -- If they see an Obama coming into the office they'll crash and that's what led to the Great Recession."
Laffer's revisionist economic history of the 2007 and 2008 financial crises' that led to the Great Recession made no mention of unregulated use of derivatives, the failed U.S. Treasury and Federal Reserve bank bailouts, the expansion of toxic debt and subprime mortgages -- all of which occurred under Bush's administration.
-snip-
Read more: https://www.newsweek.com/fox-news-economist-blames-great-recession-barack-obama-student-loans-start-1403617
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