2009 The Obama Recession (updated) Randall Hoven I think it is time to call it "The Obama Recession." Using Obama's own numbers, we are now worse off than we would have been had Obama's stimulus not gone into effect.
Early in the Obama administration, his economic experts put out a report on the predicted effect of his recovery plan on jobs, "American Recovery and Reinvestment Act: Job Impact by Congressional District" . In that document is a reference to another document, "The Job Impact of the American Recovery and Reinvestment Plan" , dated January 10, 2009
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Obama's idea of resolving this recession THAT AMERICA IS STILL EXPERIENCING.....is proposing billions more in stimulus money AND raising taxes!!! The first stimulus didn't work, what makes him think this one will?
IS THIS GUY NUTS????????
America's debt is now a national security issue and obama don't really give a crap!!!!
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
As of June '09, there IS NO RECESSION. Tough economic times brought on by the Bush Economic Meltdown of 2007... but no recession.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
If you can't call it a recession, then call it Obama's legacy of debt and sh*t economy
"Arguing with liberals is like playing chess with a pigeon; no matter how good I am at chess, the pigeon is just going to knock out the pieces, crap on the board, and strut around like it is victorious." - Author Unknown
We know that the recession is over because everyones back to work and the budget is balanced.
You are mixing up economic terms Shadow:
recession: Period of general economic decline, defined usually as a contraction in the GDP for six months (two consecutive quarters) or longer.
Unemployment and balanced budgets can exist with or without a recession.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Then the term jobless recovery is what you're saying we should all be thrilled with. I could care less what the GDP does if people aren't working, we owe more money than we can afford to pay back, and more taxes will be needed in the very near future to keep our country from collapse. Just how long do you think that the GDP will be favorable and showing growth under these circumstances.
It should be called the Obama "stagnation". And that's after Obama pumped hundreds of billions of dollars into the economy...still no growth. Maybe if he didn't take his eye off the economy for 9 months in order to jam through an unpopular health care bill, things would be looking better.
If you are unconcerned with the GDP, then why use the term "recession" which is defined as a decline in GDP for two or more consecutive quarters.
I guess you can just make up terms as you go along if you want to... that disease seems quite prevalent on this board.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
The bottom line Box is does anyone care if the GDP has positive growth when the whole country is going down the drain inspite of that good news.
According to Shadow, the whole country is going down the drain...
If asking Shadow, or if asking Warren Buffet, Bill Gates, Jeffery Immlet, or just about any economist their opinion of the state of the economy... I'll leave Shadows opinion sitting on the table.
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
Blame Barney Frank for the Recession, Not George Bush by Jeff Dunetz
The progressive Democrats in power must believe that the citizens of this country are absolute morons, either that or they haven’t read a newspaper in two years and don’t realize that George Bush is no longer president. The Democratic party plans on retaining their change message for their 2010. Their new tag line is “vote for us, or its back to the bad old economic policies of George Bush. That’s right Barack Obama and his progressive majority are going to campaign as if they were all still in kindergarten “Its not my fault….blame Bush.”
Not only is that approach childish, but it belies the truth. Allow me to suggest that the policies of Barney Frank had more to do with the bursting of the housing bubble, the resulting bank crisis and the “great recession,” than the policies of George Bush. Led by Frank the Democratic party brought down the banking industry by forcing banks to give loans to people who couldn’t afford them, then he blunted the Republican attempts to regulate the industry
Frank aggressively fought reform efforts by the Bush administration. He told The New York Times on Sept. 11, 2003, Fannie Mae and Freddie Mac’s problems were “exaggerated.” Exaggerated? Thanks to Fannie and Freddie the housing market collapsed and we fell into this “great recession.”
“These two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis,” Frank Opined to the Times. “The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.”
The 10/8/03 Washington Post reported that Frank opposed giving the Bush administration the approval rights over banking business activities that “could pose risk to the taxpayers.” He worried the Treasury Department “would sacrifice activities that are good for consumers in the name of lowering the companies’ market risks.”
In the video below Frank sits in a 9/10/03 House Financial Services Committee hearing and says Fannie and Freddie are sound, and there is no housing disaster coming.
Rep. Barney Frank (D., Mass.): I worry, frankly, that there’s a tension here. The more people, in my judgment, exaggerate a threat of safety and soundness, the more people conjure up the possibility of serious financial losses to the Treasury, which I do not see. I think we see entities that are fundamentally sound financially and withstand some of the disaster scenarios.
Two years later the United States was much closer to the bursting on the housing bubble. The Republicans in Congress introduced a bill to regulated Fannie Mae and Freddie Mac. Led by Barney Frank and Chris Dodd the bill was killed.
On June 27, 2005 Barney Frank stood up on the floor of the House of Representatives and told America that there is undue concern about the housing market and even though prices were growing very quickly the housing market is not like the Dot.Com industry, the housing bubble will not burst.
If the Guinness Book of World records had a hypocrisy category, the winner would be Barney Frank, Chairman of the House Banking Committee. Let me revise that, Frank wouldn’t be the winner, judging by his actions the Guinness people would have to retire the category.
When the housing bubble finally burst Mr. Frank called for prosecution of the people who caused the banking crisis, he should have looked in the mirror.
Barney Frank got away with his housing bubble hypocrisy and is still getting away with it. Fannie and Freddie are still asking the public for money, the economy is still in the toilet and the Democratic Party is still blaming President Bush.
While there were plenty of problems with George Bush’s policies, this recession has more to do with the policies of the progressive Democrats, than those of the former president. In fact, if the POTUS and his progressive lemmings were to be truthful, they should be blaming Barney Frank because when you examine what happened Frank is the one blocked the regulation of Fannie and Freddie and it was Frank who kept saying over and over there is no housing crisis.
When the INSANE are running the ASYLUM In individuals, insanity is rare; but in groups, parties, nations and epochs, it is the rule. -- Friedrich Nietzsche
“How fortunate for those in power that people never think.” Adolph Hitler
Box you had better start reading something besides the Huffington Post because there are an awful lot of economists saying we're in for trouble inspite of GDP growth. Gloom as economists warn that the U.S. is 'running out of bullets' and in danger of financial apocalypse By DAILY MAIL REPORTER Last updated at 8:00 AM on 14th September 2010
I find it hard to believe he ever held the office... he never DID anything! Ask any conservative... he wasn't responsible for the Iraq war. or the Bush Economic Meldtown. or the housing foreclosure disaster. or The WTC attacks, or the disaster in Afghanistan. or the Katrina response... When you ask a conservative about the 8 long years of GWORSTB... they deny he had a hand in anything... like he was never there! (The Invisible President)
The modern conservative is engaged in one of man's oldest exercises in moral philosophy; that is, the search for a superior moral justification for selfishness. John Kenneth Galbraith
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