Obama warns of dire consequences without stimulus

[toomuchtime_]

If there's a patient who needs CPR in one bed, and a patient in the next bed who doesn't need CPR, and you give the CPR to the wrong patient, guess what?

The CPR won't help.

THAT is what we're doing right now.

The problem is that no one knows what we're doing right now. The Wall Street rescue plan was for the stated purpose of preventing the financial crisis from spreading to Main Street, but it turns out that it had already spread to Main Street and none of the people running the show on either side of the aisle knew.

But politicians always think they should be seen doing something even if they have no idea what to do, so now that after the Wall Street bailout and the Detroit bailout the public is sick of bailouts, we have enter the age of stimulus packages, despite the fact that no one has any better idea of how a stimulus package will help get us out of the deep recession we have entered than they did how the Wall Street rescue plan was supposed to cure the financial crisis.

Politicians on the right argue that the package should be mostly tax cuts to businesses and upper income people to promote more investment while politicians on the left think tax cuts should go to provide middle class relief and for federal spending to support more demand, and President-Elect Obama seems to being mostly intent on using the stimulus package to keep campaign pledges and to justify spending huge amounts on his pet projects like green energy and infrastructure repairs and upgrades despite the fact there is no reason to think this will provide any kind of economic stimulus until well after the economy has already recovered.

 

[indago]

Professor Peter Morici on CNN 8 January 2009:

President-elect Obama was saying that the U.S. economy is in a terrible mess and it's likely to be there for many years to come. He may well be right, but a stimulus package without sustainable growth path. It might make people feel better for awhile and it might give us worthwhile investments and new roads, bridges and health care and so forth, but the economy will slip right back into the drink if he doesn't fix what is broken, namely, the banks and that terrible trade deficit and all that outsourcing that's destroying all of those manufacturing jobs. He mentioned the manufacturing jobs, but didn't mention doing anything about the culprit, our terrible, dumb trade policy with China.

 

[Avatar4321]

The problem is that no one knows what we're doing right now. The Wall Street rescue plan was for the stated purpose of preventing the financial crisis from spreading to Main Street, but it turns out that it had already spread to Main Street and none of the people running the show on either side of the aisle knew.

But politicians always think they should be seen doing something even if they have no idea what to do, so now that after the Wall Street bailout and the Detroit bailout the public is sick of bailouts, we have enter the age of stimulus packages, despite the fact that no one has any better idea of how a stimulus package will help get us out of the deep recession we have entered than they did how the Wall Street rescue plan was supposed to cure the financial crisis.

Politicians on the right argue that the package should be mostly tax cuts to businesses and upper income people to promote more investment while politicians on the left think tax cuts should go to provide middle class relief and for federal spending to support more demand, and President-Elect Obama seems to being mostly intent on using the stimulus package to keep campaign pledges and to justify spending huge amounts on his pet projects like green energy and infrastructure repairs and upgrades despite the fact there is no reason to think this will provide any kind of economic stimulus until well after the economy has already recovered.

Let's be honest here. There is no difference between Wall street or Main street. The "stimulus" package was just another excuse for our loving politicians to give more of our money to their friends and seize more power for themselves at the same time.

The problem is that now we are facing real problems, the Democrats have no clue what to do. I couldnt promise the Republicans would do any better. We've been so pampered and sheltered that people are panicking. If we arent careful, we could see blood on the streets.

 

[Avatar4321]

Are you insinuating this might be an Obama recession/depression?

If by Obama recession/depression you mean that Obama is going to make things worse? Then no he isnt insinuating it. He's straight out telling you it.

Obama is going to make things worse. And let's be honest, Bush has made things worse.

This is exactly what happens when you try to empower government instead of individuals.

 

[Old Rocks]

If by Obama recession/depression you mean that Obama is going to make things worse? Then no he isnt insinuating it. He's straight out telling you it.

Obama is going to make things worse. And let's be honest, Bush has made things worse.

This is exactly what happens when you try to empower government instead of individuals.

Well, no, the fellow on the factory floor knows full well that this is the Republican Recession/Depression. For sure, Bush has made things much worse on all fronts. Obama has yet to govern, so we will not know that for a couple of years.

 

[Skull Pilot]

See, here's the strategy:

BHO tells us all how terribly off we are and that the situation is the worst ever in the history of the planet.

Now if he fucks up and fails to solve the problem, we'll all say, "Well of course he couldn't do it. After all the problem was just too big for one man" and BHO will be adored for trying.

And if things turn around even a little bit (which they will and it will have nothing to do with more government spending even though we will all be told otherwise) BHO will claim a great victory and will be adored for eternity

win win right?

 

[007]

Professor Peter Morici on CNN 8 January 2009:

Quote:
President-elect Obama was saying that the U.S. economy is in a terrible mess and it's likely to be there for many years to come. He may well be right, but a stimulus package without sustainable growth path. It might make people feel better for awhile and it might give us worthwhile investments and new roads, bridges and health care and so forth, but the economy will slip right back into the drink if he doesn't fix what is broken, namely, the banks and that terrible trade deficit and all that outsourcing that's destroying all of those manufacturing jobs. He mentioned the manufacturing jobs, but didn't mention doing anything about the culprit, our terrible, dumb trade policy with China.

Oh now ya gotta be real careful what you're sayin' there. You mess with the trade deal with china and you're messing with Wal Mart, and Wal Mart has REAL DEEP POCKETS when it comes to politics.

 

[007]

See, here's the strategy:

BHO tells us all how terribly off we are and that the situation is the worst ever in the history of the planet.

Now if he fucks up and fails to solve the problem, we'll all say, "Well of course he couldn't do it. After all the problem was just too big for one man" and BHO will be adored for trying.

And if things turn around even a little bit (which they will and it will have nothing to do with more government spending even though we will all be told otherwise) BHO will claim a great victory and will be adored for eternity

win win right?

Nope. Things will get worse, and anyone that's been paying attention will be able to see that hussein just made things worse. If he isn't impeached, he'll be assassinated. In any case, he'll never see a second term.

 

[RoadVirus]

Are you insinuating this might be an Obama recession/depression?

No. I'm just saying he's taking advantage of the situation to shovel pork into a bill and call it a stimulus package

 

[Gord]

Well, no, the fellow on the factory floor knows full well that this is the Republican Recession/Depression. For sure, Bush has made things much worse on all fronts. Obama has yet to govern, so we will not know that for a couple of years.

The "fellow on the factory floor" knows about as much about the cause of this recession as he did about Obama when he voted for him. John Ziegler proved that Obama voters knew nothing about Obama's background or policies, and only about "hope" and "change" and that Sarah Palin said she could see Russia from her house (even though it was actually Tine Fey that said it).

Wonder if that "fellow" will now see "hope" as a broken promise...

 

[Avatar4321]

Well, no, the fellow on the factory floor knows full well that this is the Republican Recession/Depression. For sure, Bush has made things much worse on all fronts. Obama has yet to govern, so we will not know that for a couple of years.

You do if you just listen to what he says.

 

[xsited1]

Ah, yes. The government will solve all of our problems. I've heard this lie before.

 

[Avatar4321]

Ah, yes. The government will solve all of our problems. I've heard this lie before.

Government. The cause of and solution to all our problems.

 

[driveby]

I think that by last fall, the problem had passed the point of fixing. We are all in for a very rough ride. The Second Great Republican Depression has started.

Then why is your clown ass is posting on this forum instead of out in the mile long soup and bread lines ?

 

[Kevin_Kennedy]

Well, no, the fellow on the factory floor knows full well that this is the Republican Recession/Depression. For sure, Bush has made things much worse on all fronts. Obama has yet to govern, so we will not know that for a couple of years.

Once again, Republicans didn't cause this recession or the Great Depression. Both were caused by the Federal Reserve.

 

[sealybobo]

Once again, Republicans didn't cause this recession or the Great Depression. Both were caused by the Federal Reserve.

Same thing. When you learn who the GOP represents, the top 1% richest people in the world, then you'll realize that includes the people that own the Federal Reserve. The same people benefitting from Bush's tax breaks. The same people who got the $750 bailout. The same people who are benefitting from Iraq, and $4 gas prices.

The GOP pushed the Federal Reserves agenda the last 8 years. Doubled the debt? Mission accomplished!!! 10 bill a month in Iraq? Just throw it on the debt! They love it!!!!

 

[Kevin_Kennedy]

Same thing. When you learn who the GOP represents, the top 1% richest people in the world, then you'll realize that includes the people that own the Federal Reserve. The same people benefitting from Bush's tax breaks. The same people who got the $750 bailout. The same people who are benefitting from Iraq, and $4 gas prices.

The GOP pushed the Federal Reserves agenda the last 8 years. Doubled the debt? Mission accomplished!!! 10 bill a month in Iraq? Just throw it on the debt! They love it!!!!

The Federal Reserve was created under Woodrow Wilson, a Democrat.

 

[elvis]

I was under the impression that the bail out was supposed to stop the bleeding and prevent an outright complete meltdown.


Also, this honesty is at least refreshing. The dude is saying we're in for a rough ride and it could take years to dig out of the hole. Bush, his supporters, and John McCain spent much of the last 18 months telling us that the fundamentals were strong, and the economy was in pretty darn good shape.

fundamentals of what? capitalism?

 

[elvis]

It depends on how you define fundamentals. Bush is right, the fundamentals of a free market still are successful, this is until the government gets involved... Sure the economy as a hole is not great but the fundamentals of a free market are still solid.

By the way, could you imagine if Bush said the economy is in trouble... The papers and Democrats would've ripped him a bigger hole (if that's possible). Even though the President really doesn't have law making power... It all comes from Congress.

I disagree. The economy melted down because banks lended out money and people couldn't or wouldn't pay it back. Steps will need to be taken to prevent this from happening again. I just hope it doesn't move too far toward command economy and socialism.

 

[Avatar4321]

Same thing. When you learn who the GOP represents, the top 1% richest people in the world, then you'll realize that includes the people that own the Federal Reserve. The same people benefitting from Bush's tax breaks. The same people who got the $750 bailout. The same people who are benefitting from Iraq, and $4 gas prices.

The GOP pushed the Federal Reserves agenda the last 8 years. Doubled the debt? Mission accomplished!!! 10 bill a month in Iraq? Just throw it on the debt! They love it!!!!

You do realize that you are part of the richest 1% of the world dont you?