"A lengthy piece in The New Yorker looks at policymaking in the Obama White House. A key source for writer Ryan Lizza is a 57-page, Sensitive & Confidential memo written by economist Larry Summerseventually to be head of Obamas National Economic Councilto Obama in December 2008. Heres some of what I learned about Team Obamas thinking as the financial crisis was exploding, followed by quotes from the memo itself:
1. The stimulus was about implementing the Obama agenda.
The short-run economic imperative was to identify as many campaign promises or high priority items that would spend out quickly and be inherently temporary. The stimulus package is a key tool for advancing clean energy goals and fulfilling a number of campaign commitments.
2. Team Obama knows these deficits are dangerous (although it has offered no long-term plan to deal with them).
Closing the gap between what the campaign proposed and the estimates of the campaign offsets would require scaling back proposals by about $100 billion annually or adding new offsets totaling the same. Even this, however, would leave an average deficit over the next decade that would be worse than any post-World War II decade. This would be entirely unsustainable and could cause serious economic problems in the both the short run and the long run.
3. Obamanomics was pricier than advertised.
Your campaign proposals add about $100 billion per year to the deficit largely because rescoring indicates that some of your revenue raisers do not raise as much as the campaign assumed and some of your proposals cost more than the campaign assumed. Treasury estimates that repealing the tax cuts above $250,000 would raise about $40 billion less than the campaign assumed. The health plan is about $10 billion more costly than the campaign estimated and the health savings are about $25 billion lower than the campaign estimated.
6. Team Obama wanted to use courts to force massive mortgage principal writedowns.
The next step in the housing plan is responsible bankruptcy reform along the lines of the Durbin bill you cosponsored. This would allow bankruptcy courts to write down the principal of primary residences to the current market value. We recommend announcing this reform to begin immediately following the close of the enhanced Hope for Homeowners period.
11. The financial crisis wasnt just Wall Streets fault.
A significant cause of the current crisis lies in the failure of regulators to exercise vigorously the authority they already have."
To read all 11,...11 stunning revelations from Larry Summerss secret economics memo to Barack Obama « The Enterprise Blog
So....the Obama administration was less incompetent, and more lying frauds!
And they knew all along that their plan couldn't work!!!
And you Obama voters....you bought it like it was on sale!!
Look at #6 again: Locke posited that government should insure 'Life, Liberty, and Private Property," which the founders changed to Life, Liberty and the Pursuit of Happiness. But Liberty involves folks keeping what they owned, what they have worked for: the Obama wants the courts to force banks to arbitrarily mark down mortgages.
And look at #11...so, just as many of us have claimed: it was government, not Wall Street, or the banks, or the rich, or the "1%"!!!
Still Liberal?
Still Obama supporters?
Are You Educable???
1. The stimulus was about implementing the Obama agenda.
The short-run economic imperative was to identify as many campaign promises or high priority items that would spend out quickly and be inherently temporary. The stimulus package is a key tool for advancing clean energy goals and fulfilling a number of campaign commitments.
2. Team Obama knows these deficits are dangerous (although it has offered no long-term plan to deal with them).
Closing the gap between what the campaign proposed and the estimates of the campaign offsets would require scaling back proposals by about $100 billion annually or adding new offsets totaling the same. Even this, however, would leave an average deficit over the next decade that would be worse than any post-World War II decade. This would be entirely unsustainable and could cause serious economic problems in the both the short run and the long run.
3. Obamanomics was pricier than advertised.
Your campaign proposals add about $100 billion per year to the deficit largely because rescoring indicates that some of your revenue raisers do not raise as much as the campaign assumed and some of your proposals cost more than the campaign assumed. Treasury estimates that repealing the tax cuts above $250,000 would raise about $40 billion less than the campaign assumed. The health plan is about $10 billion more costly than the campaign estimated and the health savings are about $25 billion lower than the campaign estimated.
6. Team Obama wanted to use courts to force massive mortgage principal writedowns.
The next step in the housing plan is responsible bankruptcy reform along the lines of the Durbin bill you cosponsored. This would allow bankruptcy courts to write down the principal of primary residences to the current market value. We recommend announcing this reform to begin immediately following the close of the enhanced Hope for Homeowners period.
11. The financial crisis wasnt just Wall Streets fault.
A significant cause of the current crisis lies in the failure of regulators to exercise vigorously the authority they already have."
To read all 11,...11 stunning revelations from Larry Summerss secret economics memo to Barack Obama « The Enterprise Blog
So....the Obama administration was less incompetent, and more lying frauds!
And they knew all along that their plan couldn't work!!!
And you Obama voters....you bought it like it was on sale!!
Look at #6 again: Locke posited that government should insure 'Life, Liberty, and Private Property," which the founders changed to Life, Liberty and the Pursuit of Happiness. But Liberty involves folks keeping what they owned, what they have worked for: the Obama wants the courts to force banks to arbitrarily mark down mortgages.
And look at #11...so, just as many of us have claimed: it was government, not Wall Street, or the banks, or the rich, or the "1%"!!!
Still Liberal?
Still Obama supporters?
Are You Educable???
