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Says John C. Bogle, founder and chairman of the Vanguard Group in an interview with CNN. Went on to say that Presidents never accept blame when the economy is doing poorly but are quick to take the praise when it's doing well. According to him the free market system " distributes it's blessings quite unevenly".

I would argue that the Fed has more of an effect on the economy, by manipulating interest rates etc. The President does influence by his policies. So he is not exactly correct.