Revealed: What Team Obama Knew in '08!

Discussion in 'Economy' started by PoliticalChic, Jan 27, 2012.

  1. PoliticalChic
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    PoliticalChic Diamond Member

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    "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 Summers—eventually to be head of Obama’s National Economic Council—to Obama in December 2008. Here’s some of what I learned about Team Obama’s 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 wasn’t just Wall Street’s 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 Summers’s 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???
     
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  2. Oldstyle
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    Oldstyle Gold Member

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    Probably a good thing for Barack that Larry Summers has slunk back to his professor's job at Harvard and isn't around to answer questions about this. It's rather telling that one of the main "architects" of the Obama Stimulus knew before it was implemented that it wasn't going to work...yet they went ahead with it anyways.
     
  3. Jroc
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    Jroc יעקב כהן Supporting Member

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    What does it say about these Economists who will implement these kinds of policies knowing they won’t work, are they really economists? Or simply political hacks. Doesn't stuff like this ruin their reputations?
     
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  4. RetiredGySgt
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    RetiredGySgt Platinum Member

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    Not if they are Democrats and Liberal. This is their bread and butter, tell enough lies and all is forgiven by the morons that depend on Government hand outs and the elite that think the ends justify any means.
     
  5. PoliticalChic
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    PoliticalChic Diamond Member

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    Not as long as the Left controls the media and the dissemination of information, huh?

    Remember this:

    The media bias was clear to all when the JournoList Scandal hit: hundreds of journalists plotted to minimize negative publicity surrounding Obama’s radical ties. “…a group of liberal journalists took radical steps to protect their favored candidate. Employees of news organizations including Time, Politico, the Huffington Post, the Baltimore Sun, the Guardian, Salon and the New Republic … plotted to fix the damage.” Documents show media plotting to kill stories about Rev. Jeremiah Wright | The Daily Caller

    a. Spencer Ackerman of the Washington Independent urged his colleagues to deflect attention from Obama’s relationship with Wright by changing the subject. Pick one of Obama’s conservative critics, Ackerman wrote, “Fred Barnes, Karl Rove, who cares — and call them racists.”

    b. …an anti-Christian culture among those who participated in the Journolist forum. In the context of coordinating this media attack on Sarah Palin, Daniel Levy apparently experienced no hesitation at all in using the word “Christian” as a characteristic that should be used to “scare people”: “This seems to me like an occasion when the non-official campaign has a big role to play in defining Palin, shaping the terms of the conversation and saying things that the official [Obama] campaign shouldn’t say – very hard-hitting stuff, including some of the things that people have been noting here – scare people about having this woefully inexperienced, no foreign policy/national security/right-wing christia[n] wing-nut a heartbeat away …… bang away at McCain’s age making this unusually significant …. I think people should be replicating some of the not-so-pleasant viral email campaigns that were used against [Obama].” Sarah Palin’s “Scary” Christianity | NewsReal Blog
     

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