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Monday, January 12, 2009

Zandi: The "Lost Economic Decade"

by Calculated Risk on 1/12/2009 12:28:00 AM

"It's sad to say, but we really went nowhere for almost ten years, after you extract the boost provided by the housing and mortgage boom. It's almost a lost economic decade."
Mark Zandi, chief economist of Moody's Economy.com
From the WaPo: Economy Made Few Gains in Bush Years
President Bush has presided over the weakest eight-year span for the U.S. economy in decades, according to an analysis of key data ...
We will probably see a slew of articles over the next ten days on the various failures of the Bush administration. I think the two worst economic mistakes were the Bush fiscal policies (creating a huge structural budget deficit) and the administration's ideological opposition to regulation and oversight that allowed the housing and credit bubbles to form.

The WaPo article outlines other failures.