Obama: The only thing we have to fear is a sustained depression; Update: McConnell response added
posted at 1:00 pm on January 8, 2009 by Allahpundit
He actually used the D-word, albeit in reference to what earlier generations had to face. Which is fitting: Aside from the passage about green energy, this is pure FDR, right down to the nod at “fear itself.” Full transcript at Politico:
Now, the very fact that this crisis is largely of our own making means that it is not beyond our ability to solve. Our problems are rooted in past mistakes, not our capacity for future greatness. It will take time, perhaps many years, but we can rebuild that lost trust and confidence. We can restore opportunity and prosperity…
It is true that we cannot depend on government alone to create jobs or long-term growth, but at this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe. Only government can break the vicious cycles that are crippling our economy – where a lack of spending leads to lost jobs which leads to even less spending; where an inability to lend and borrow stops growth and leads to even less credit…
I understand that some might be skeptical of this plan. Our government has already spent a good deal of money, but we haven’t yet seen that translate into more jobs or higher incomes or renewed confidence in our economy. That’s why the American Recovery and Reinvestment Plan won’t just throw money at our problems – we’ll invest in what works. The true test of the policies we’ll pursue won’t be whether they’re Democratic or Republican ideas, but whether they create jobs, grow our economy, and put the American Dream within reach of the American people…
It will not come easy or happen overnight, and it is altogether likely that things may get worse before they get better. But that is all the more reason for Congress to act without delay. I know the scale of this plan is unprecedented, but so is the severity of our situation. We have already tried the wait-and-see approach to our problems, and it is the same approach that helped lead us to this day of reckoning.
There’s a cameo near the end by the Ghost of Bailouts Future, too.
Why the hedging about how long it’ll take? Because, like the rest of America’s economic braintrust, he’s not sure it’ll work at all. The furthest he’ll go is to say he’s “confident” it’ll “save or create” three million jobs; if you’re wondering what that means in real terms, just pick the number of jobs that you expect will be lost by 2010 and add three million to that. That’s how many we’ll be told would have been lost if this hadn’t passed. In fact, it’s his own pessimism that explains why he’s been so conciliatory towards the Blue Dogs and the GOP: It’s not about “changing the tone,” it’s about knowing that the ship’s going down and wanting Republicans on deck with him so that they don’t capitalize in the midterms. For reasons that escape me, the GOP’s evidently going to play along even though they’re powerless to stop the stimulus anyway. Maybe McConnell realized that opposing it is now semi-officially unpatriotic.
Pelosi wants it on The One’s desk by February 16 with a return to Hopenchange by summer 2010, according to economic genius/subprime hero Barney Frank. If you think they’re not going to move fast on this, just wait until tomorrow’s jobs report. Good god.
Visit msnbc.com for Breaking News, World News, and News about the Economy
Update: Here’s McConnell doing some hedging of his own. He doesn’t want any “long-term” spending, but happily concedes the need for a short-term stimulus. Which, I take it, is his way of keeping his options open on whether to back the bill by characterizing it appropriately.
Blowback
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You know what – it occurs to me that President-elects tend to keep their mouths shut before inauguration for a very good reason:
If they say the wrong thing, their popularity can plummet even before they take office.
If they say enough bad things, they might not even manage to TAKE office.
The smart guy, I would think, keeps quiet until he definitely and assuredly has the seat.
Alana on January 8, 2009 at 2:30 PM
O/T: Obama looks like total crap for a guy who just spent 3 weeks vacationing in Hawaii. Dude is gonna look 80 in 4 years.
mrsmwp on January 8, 2009 at 2:30 PM
And Republican spinelessness.
OneGyT on January 8, 2009 at 2:33 PM
Who said it?
Dr.Cwac.Cwac on January 8, 2009 at 2:55 PM
He plans to cut payroll taxes. That’s how he’ll give tax breaks to the 38% who don’t pay any income taxes at all. Cutting payroll taxes means taking money from Social Security, which is not a good idea. Nevertheless, will, say, $50.00 a month mean Jack as a stimulus? I think not. But yeah, ditch diggers and other Union jobs will prosper under The One, while the rest of us are royally screwed.
He should cut suspend income taxes and permanently cut corporate taxes, cap gains, and so forth. The stock market would go up immediately if he proposed those measures and a great deal of confidence would be restored. Unlike his horrible tax and spend ideas, the income tax suspension would stimulate the economy – it adds up to a hell of a lot more for most of us than the measly payroll tax cut he’s offering ($500 a year – big whoop).
Buy Danish on January 8, 2009 at 3:02 PM
Obama said: It will not come easy or happen overnight, and it is altogether likely that things may get worse before they get better. But that is all the more reason for Congress to act without delay.
That brings to mind a NewsRadio sitcom line:
The federal government is going to save us, even if it kills us.
Paul-Cincy on January 8, 2009 at 3:08 PM
No he plans to give people a $500/ tax credit, which will be sent to you once you pay your taxes to the IRS. This doesn’t really help anyone’s cash flow. It isn’t a cut per say but something similar to the EITC that we have now.
A better idea would be to either suspend payroll taxes entirely, which would immediately give everyone a 7% hike in real income or slash the bottom tax bracket to 5%.
Illinidiva on January 8, 2009 at 3:09 PM
Democrats dig far bigger holes.
Chuck Schick on January 8, 2009 at 3:10 PM
Our GDP is in the tank, our deficit for 08 is 1.2 trillion (versus half that for 07), our immediate obligation is pushing 13 trillion, our long term obligation is 60 trillion, and the Democrats want to do what?
How is this hope and change when its liberals spending huge money that has no chance of stimulating anything other than ideological society agendas.
The Republicans spent too much and so what do we do?
We hire Democrats to spend more than they ever thought of spending and completely ignoring the entitlement time bomb.
Obama hires a hatchet man for the CIA to blind himself for liberal feel goodness just like Carter did only this time Iran has nukes and the liberals will open our borders and ports to any and all who want to come.
Obama should have signed off with, good night and good luck.
Speakup on January 8, 2009 at 3:10 PM
Cut the guy some slack. He’s about to take on the first job in his entire life where people actually expect him to do something. That must be a bit frigtening.
PackerBronco on January 8, 2009 at 3:13 PM
On the campaign trail he talked about the tax credit, but I’m quite sure that the other day he changed course to cutting the payroll tax instead. I’ll have to dig it up…
He made some other pefectly idiotic proposals like, hang on, because this is a doozie… hiring people at taxpayer expense to weatherproof small businesses. Can’t you just feel that stimulus?
Buy Danish on January 8, 2009 at 3:19 PM
They have both dug down to bedrock and now they’re calling for a pick and explosives to go deeper.(f@#k me to tears)
thomasaur on January 8, 2009 at 3:28 PM
…and the markets tank again.
Maybe he can wise up, and just not speak in public for the next four years.
Vashta.Nerada on January 8, 2009 at 3:33 PM
I was really surprised by Obama’s talk this morning. It was long on pablum and short on anything like a detail. I was expecting him to say how much spending and where…I got fluff.
I don’t expect much from my parties leaders as they have gone so far from their base that nothing they say really hits home with us. The dems, on the other hand, have mastered the art of saying nothing and getting good press for it.
JIMV on January 8, 2009 at 3:53 PM
good God these people are clueless.
unseen on January 8, 2009 at 3:54 PM
But it will THIS time.
Because he’s THE ONE.
And if it doesn’t, it’s because the economy is racist.
Hawkins1701 on January 8, 2009 at 3:56 PM
Why do they hate us?
America’s Great Depression
Rae on January 8, 2009 at 3:58 PM
Is the economy really this bad?
RedSoxNation on January 8, 2009 at 3:59 PM
So we will spend $333,333 per job saved, assuming it is just $1,000,000,000,000 we spend.
Heck, lets just pick 10 million lucky Americans and send them each a check for $100,000. That should help local economies out. It would also help 10 million instead of just 3 million.
SkyWatch on January 8, 2009 at 4:01 PM
SkyWatch on January 8, 2009 at 4:01 PM
Now stop using logic like that it will make our leaders look like the fools they are
unseen on January 8, 2009 at 4:03 PM
Is the economy really this bad?
RedSoxNation on January 8, 2009 at 3:59 PM
Yes in fact it is far worse than what they are saying. People are worried about hyperinflation. That is not the problem. The problem is hyperDeflation. we have almost $60 Trillion that went up in smoke. that means the economy will deflate by $60 Trillion minus whatever stimulus the gov gives. That $1 trillion stimulus of Obama could be wiped out if the Stock market falls another 10%.
Obama is trying to stop the flood by putting his finger in the dike. what the government needs to happen is the flood to come and then take the money and rebuild.
unseen on January 8, 2009 at 4:07 PM
No, this is a political poison pill. If the republicans don’t support it and it, by some quirk of nature, works out, the republicans will be run out of Washington permanently. The republicans want to be able to play pat-a-cake with this and hope they don’t get burned by it.
They don’t have the cojones to do the right thing and tell the democrats its the dems show and if they want the support from the republicans they need to change it into something that will radically depart from all the conventional wisdom and make the tax cuts immediately across the board. people will see it in their paychecks on payday and it won’t cost the taxpayers any expense in using the overburdened USPS workers.
belad on January 8, 2009 at 4:12 PM
I can’t help but think of Billy Mays when Obama was speaking. Act now!! Don’t delay! I wonder if I’ll get a free ShamWow and OxyClean with the “stimulus” package.
InCali on January 8, 2009 at 4:19 PM
I am glad the Democrats were the experts on the economy.
faraway on January 8, 2009 at 4:31 PM
Obama gets to drive now
MB4 on January 8, 2009 at 4:35 PM
http://www.wecanbelievein.com/index.php?change=Economic+Collapse
Dr.Cwac.Cwac on January 8, 2009 at 4:39 PM
Well, folks, please present a solution. Just criticizing the presented plan is not good enough. How do you think the economy can stopped from going into the weeds if its not by government spending? Economists from both liberal and conservative backgrounds believe just tax cuts will NOT be sufficient to pull us out of this mess. So some constructive suggestons please …
peter_griffin on January 8, 2009 at 4:40 PM
You don’t stop it, you let it run its course, which would entail a shorter time frame of recession than all of this intervention, and the added benefit of being constitutional.
Vashta.Nerada on January 8, 2009 at 4:47 PM
There’s no pretty solution , lending more money to dig the hole deeper is a worse solution. The market/company’s needs to restructure and adapt to reality. Influx of stimulus money mess that process up.
the_nile on January 8, 2009 at 5:01 PM
After that speech I need to put on my waders and get the shovel to deal with all the cr@p that BO spewed forth. If this guy has a clue, he is hiding that fact and is playing this event for his and the Democrat party’s benefit by making government bigger and pushing for even bigger deficits. This is going to cause high inflation at some point as the dollar tanks and the Fed has to push up interest rates to get anyone interested in treasury notes. Looks like BO is Jimmy Carter redux as far as the economy goes. Boy, those were good years, weren’t they?!
Snidely Whiplash on January 8, 2009 at 5:16 PM
This has been tried before, and every time…………
…………. EVERY TIME, it has failed.
Why is this not question #1 to Mr. Obama, President Elect, the Office of?
Seven Percent Solution on January 8, 2009 at 5:18 PM
Here’s a good column from Townhall. Everyone should read this. It challenges the assumption that we have to through tons of money at this problem.
http://townhall.com/columnists/RogerSchlesinger/2009/01/06/whats_happening_now
Snidely Whiplash on January 8, 2009 at 5:18 PM
That Anti-Semite Peanut Farmer the left loves to call Jimmah Carter.
Obama brings us SUCK 2.0 Yippee
ihasurnominashun on January 8, 2009 at 5:20 PM
The only way to get the American people to swallow anything, including “brown shirts,” wage control, and massive deficits is to keep them scared. Then if you also give those scared people money to love you (his $500 tax break), he figures we’ll fall into step, lockstep that is.
Hope you either know where the revolution is or how to form the “O” with your hands in salute. Make a list of friends with attics . . .
PastorJon on January 8, 2009 at 5:23 PM
Absolutely correct. The damage started 20 years ago. No “solution” available now can preserve employment and living standards simultaneously: we’ve been living off our capital, and something’s gotta give. Anybody who asserts otherwise is misled by early-twentieth-century peasant economic myths and delusions. The only question is do we want a relatively shorter period of relatively more intense pain, or a longer period of maybe not proportionately less pain. As the 1930′s showed, government intervention is likely to prolong the misery, and probably not really reduce the misery index. People really need to give up the adolescent idea that there can be gain with no pain; that the fix to decades of excess can be simple, quick and painless.
Nope, the long-term, correct fix is to eliminate the wasteful practices: get rid of social programs that don’t work (and even some that seem, superficially, to be successful), drastically cut the scope of government back to the essentials (defending the homeland, enforcing property rights, preventing violence), cut taxes and make the government economic footprint as small as possible. It’s coming whether we like it or not, the question is how much do we want to hurt while getting there, and how long do we want to prolong the pain?
mr.blacksheep on January 8, 2009 at 5:28 PM
I wish he’d just shut the hell up and stop making everyone insane.
drjohn on January 8, 2009 at 5:30 PM
I erred when I said it was Obama who proposed hiring people to weather strip small businesses. That was an idea from some “economists”, in this NYT Story:
Economists Warm to Government Spending but Debate Its Form
However, I betcha he thinks a major weather stripping initiative is a brilliant idea as part of his “green jobs” crapola. Or he could just force school kids to do the work for nothing to satisfy their universal service requirements.
Buy Danish on January 8, 2009 at 5:30 PM
That and the armies of lightbulb changers.
mr.blacksheep on January 8, 2009 at 5:33 PM
And let us not forget the essential tire-inflaters.
mr.blacksheep on January 8, 2009 at 5:34 PM
Then we’ll need another “stimulus” to pay for the medical treatment for the mercury poisoning suffered by all the lightbulb changers.
AZCoyote on January 8, 2009 at 5:45 PM
OK, I’ll bite………….
With respect, first and foremost, the TRUTH about what caused this crisis in the first place must be explained to the American people……. watch the link, and see the cover up.
This was all covered up by the media before the election, and the main political party, the Democrats who caused this, are now in control of fixing it.
If the American people saw that our current situation is the result of failed Government sponsored social engineering programs, and Government regulations and interference to force the private sector into compliance, then they might not take Mr. Obama at his word when he says that Government is the answer to the problem that Government created.
Second, unearth Mr. Obama’s true belief in the role of Government and the Economy to achieve “Social Justice” as he sees and believes……..
…….. I know, it’s too late after the election, but if the American people knew what was heading straight for them and they could see it in the light of day, they just might say…. “..hey, wait a minute..”
Fourth………. show that even the recent “Stimulus Package” just a couple of months ago hasn’t worked.
Fifth…….. lay out a second “Contract with America” with the main focus on Government DE-REGULATION of the failed social engineering policies in finance, schools, industry, and energy policies, lower the tax rates across the board to get capitol back in the hands that run this country, the American people………… then have Government step back, control our borders and enforce the laws they have already written……..
………….. at least, that would be a good start.
Seven Percent Solution on January 8, 2009 at 5:47 PM
Wanna know how screwed we really are?
Government Spending = Economic Stimulus.
Welfare Payments = Tax Cuts.
Whoa.
Dorvillian on January 8, 2009 at 5:55 PM
Not to worry. That will be covered by his socialist health care plan.
Buy Danish on January 8, 2009 at 6:11 PM
That’s what drives me nuts about the way the Republicans acted in the first days after the subprime crisis hit. This should have been an existential crisis for the Democrats, who could easily have been crippled or destroyed as a viable political party because of it. Instead, the Republicans and McCain sat quietly and let the very same people who caused the crisis write the narrative. McCain even made a point of agreeing that some shadowy cabal of unnamed Wall Street “fat cats” was responsible. He should have led the Republican caucus in absolutely refusing to even discuss a bailout bill until Barney Frank, Chris Dodd, and Barack Obama were publicly censured and removed from the Senate. (I doubt they could have made Obama stick as part of that deal, but his name should have been mentioned, and the resignations of Frank and Dodd should have been non-negotiable.)
Instead, we got a bamboozled public who never really understood what happened or why, other than a vague sense that Republican-voting, cigar-chomping money men on Wall Street were somehow responsible.
Collegiality is rarely a wise tactic when the other side is viciously dedicated to seizing power at all costs, and it’s never justifiable when the public’s fiscal trust is being betrayed. A miminal sense of responsibility for the public fisc should have turned the subprime crisis into an all-out political war, instead of a TV reality show followed by a trillion-dollar Oprah special.
Doctor Zero on January 8, 2009 at 6:15 PM
Within 2 years the dollar will totally tank against the Euro, inflation will be of the “hyper” kind and Obama will spend most of his time trying to figure out how to blame it all on Bush.
albill on January 8, 2009 at 6:19 PM
Yea let’s let home “owners” who bought homes at 10X income stay in their homes. Hey I know let’s give them all a brand new BMW too. No wait, they have the BMW with the HELOC money they got from the homes.
Wake up.
angryed on January 8, 2009 at 6:20 PM
Name 5 from the conservative side
angryed on January 8, 2009 at 6:24 PM
Gee, Bambi, I wonder why banks would do that? Maybe it had something to do with the federal government passing idiotic legislation that essentially forced banks to give mortgage loans to minorities with lousy credit (not to mention millions of illegal aliens with make-believe credit histories), or else risk being sued for “red-lining” by shysters like yourself, Bambi.
AZCoyote on January 8, 2009 at 6:30 PM
With all due respect, if you can’t go for the jugular you don’t deserve to be a Leader. STFU and Sit TF Down! I’m tired of the losers and their loser mentalities of giving up and giving in. It started well before this BS below but this is the most egregious one to date… Lest we all forget how we got ourselves here to begin with:
Put a sock in all those flaming RINOs like Alexander, Collins, Graham, Lugar, Martinez, McCain, Nelson, Snowe, Specter, Warner,and Voinovich; half of whom made a deal with Byrd, Laudrieu, Inouye, Pryor, & Salazar which in my eyes is like making a deal with the devil. We continue to pay for their behavior today and it’s why the feeding bailout frenzy is on a fast moving train that will only be stopped by a complete and utter crash into Central Station. These guys continue to destroy the GOP from within and make me feel like my only option is to vote conservative only and not simply “R”.
Sultry Beauty on January 8, 2009 at 6:31 PM
Rockmom is not some quack, so let me defend her here. I think she is talking about people who at the time of their purchase were able to afford their home, and with some relatively minor adjustment will be able to stay in it. Those people should be helped if anyone is to be helped, otherwise even more foreclosures will take place and it will take longer to reach bottom on the real estate market. This is one of those cases where the solution isn’t very good, but it beats the alternative.
For the “owners” who lied about their income or are otherwise unqualified to handle their mortgage, throwing money at them will only delay their foreclosure and that will also drag out the recovery, so that is definitely a bad idea. The trick is how to tell these two groups apart, and have the political will to make that distinction.
Snidely Whiplash on January 8, 2009 at 6:37 PM
The United States has its first con man for President … everything he says is a set up EVERYTHING
joey24007 on January 8, 2009 at 6:39 PM
……… I believe we have a common understanding.
My mission in life now……….. is to educate the masses on the truth, to the best of my abilities.
Seven Percent Solution on January 8, 2009 at 6:46 PM
Why? If you are living so close to the edge that a “relatively minor” adjustment puts you in danger of losing the home, you do not deserve to “own” a home. I am so sick and tired of hearing of people whose mortgages went from $1100 to $1350 and they can’t make the payments. Sorry, but if an extra $100 or $200 puts you on the brink, then you should never even think of “owning” a home.
It’s amazing to me that the same liberals who complain about the lack of affordable housing are also the ones who are trying (with no success) to artificially keep housing prices high with these ridiculous bailouts. The best thing the government could do is let housing crash by another 40 to 50% and then everyone will be able to afford a house.
What value to society is there in keeping houses so expensive that the only way many people can afford to buy one is by getting a 30 or 40 or even God forbid 50 year loan? Wouldn’t society be better off if it only took a 5 or 10 year loan instead?
angryed on January 8, 2009 at 6:52 PM
Schiff talks to Judge Andrew Napolitano about the impending Depression the Democrats are cookin’ up.
Another Schiff interview: Peter Schiff “Obama’s Govt Will Unleash Worse Crisis Than We Have Now”
QandO on how the Barry’s stimulus will only succeed insofar as it grows the government and grabs power.
TTFN! Off to buy more ammo, MREs and gold!
Rae on January 8, 2009 at 7:05 PM
In every election, and more specifically, for the last 8 or more years, the Democrats are always talking pessimistically about any and everything. Every thing is always failing and in need of government spending to fix.
Now that the pessimistic Democrats are in control of the government, I fear that hearing them speak every day about how bad things are will create a sustained depression of its own.
So far, Mr. Hopenchange has not presented much hope.
SouthernRoots on January 8, 2009 at 7:22 PM
Everyone repeat after me…
The Cloward-Piven Strategy of Orchestrated Crisis,
The Cloward-Piven Strategy of Orchestrated Crisis
The Cloward-Piven Strategy of Orchestrated Crisis
The Cloward-Piven Strategy of Orchestrated Crisis
The Cloward-Piven Strategy of Orchestrated Crisis
Orchastrated as it may be, it is still a fatal blow to individual liberty and free enterprise.
Vive la revolution!
turfmann on January 8, 2009 at 7:26 PM
So let me get this straight, we’re taking out advances from the Chinese (who have just about had it with our debt, I’ve read) to try cushion the blow of going broke.
Pissing in the wind my friends. Pissing in the wind
Geronimo on January 8, 2009 at 7:36 PM
This is what the left was blaming bush/the neocons for ( Naomi Klein , the shock doctrine ). Now the MSM is part of it..
the_nile on January 8, 2009 at 7:50 PM
None of this can be laid at the feet of Obama or the Dems. This is all Bush and the Repubs fault—and I am not being sarcastic.
Obama and crew, unlike the Repubs, are being true to their roots. It is the Repubs that used to be counted on to bring some sanity to the fiscal process. Now look at them. Oh sure they huff and puff but always in the end they join the rest of the sows.
With these deficits and the spending to follow it is safe to say that the America you knew is over. With the deficits approaching 8-10% of GNP we are skirting Bananaville. There’s no coming back from that ghetto.
For this we can thank the Repubs. The extent of their colossal failure of fiscal leadership these last 8 years, a failure they still don’t get, will be the stuff of history books.
patrick neid on January 8, 2009 at 8:00 PM
Uh…hey Mr. Messiah.
It was the government that got us into this mess.
I would rather you just give me my portion of the stimulus and I will decide where the money needs to go.
You and your Fannie/Freddie friends have no trust or credibility with me or my family or just about everybody I talk to Republican or Democrat.
I believe this quote sums up part of the reason we are in this economic mess:
IF ONLY BUSH HAD BEEN SUCH A RAMPANT FREE-MARKETEER:
No Obama,I don’t believe you or your cronies in government
can fix this problem by “spending” our way out of it.
Baxter Greene on January 8, 2009 at 8:03 PM
Yay! Welcome back our friend, Mr. Inflation! Nice to see you again!
SouthernGent on January 8, 2009 at 8:07 PM
Of course it is all Bush’s/Republicans fault because just like the Iraq war,all the democrats were on Mars when these decisions came down.
The fact that no party had an overwhelming majority for the last 8 years and democrats have been in control the since 06
means nothing.
They were powerless in the face of the mighty Bush to try and stop the corruption of Fannie/Freddie that led to the housing meltdown.
All that might work in the Berkeley bubble you live in,but when we have democrat leadership as late as the democratic convention making statements like this:
Representative Melvin L. Watt, Democrat of North Carolina, agreed.
The Real Culprits In This Meltdown
By INVESTOR’S BUSINESS DAILY | Posted Monday, September 15, 2008
http://ibdeditorial.com/IBDArticles.aspx?id=306370789279709
Big Government: Barack Obama and Democrats blame the historic financial turmoil on the market. But if it’s dysfunctional, Democrats during the Clinton years are a prime reason for it.
According to many news sources across the spectrum and the facts on the ground,the democrats played a huge role in the mess we are in right now.
Who caused the global economic crisis? (Hint: it wasn’t George W. Bush)
Posted By Roger Kimball On December 22, 2008 @ 7:53 am In Uncategorized |
http://pajamasmedia.com/rogerkimball/2008/12/22/who-caused-the-global-economic-crisis-hint-it-wasnt-george-w-bush/
Baxter Greene on January 8, 2009 at 8:37 PM
And of course there are many times that Republicans tried to enforce oversight on Fannie/Freddie only to be blocked by the democrats:
Just the Facts: The Administration’s Unheeded Warnings About the Systemic Risk Posed by the GSEs
http://www.whitehouse.gov/news/releases/2008/09/print/20080919-15.html
Democrats Blocked Financial Reforms that McCain and GOP Proposed in 2005!
Posted by: Mike’s America @ 9:18 pm in Uncategorized
http://www.floppingaces.net/2008/09/16/democrats-blocked-financial-reforms-that-mccain-and-gop-proposed-in-2005/
If Congress does not act, American taxpayers will continue to be exposed to the enormous risk that Fannie Mae and Freddie Mac pose to the housing market, the overall financial system, and the economy as a whole.
– John McCain, May 25, 2006
F
McCain took action in 2005 that might have helped us avoid the severity of this current financial crisis. Democrats also took action in 2005 and stopped McCain’s reforms.
Over and over and over again Republicans tried to rein in Fannnie/Freddie only to have their democratic friends throw out the race card and block oversight EVERY SINGLE TIME.
I have yet to see where the democrats tried to take any actions in shutting down and creating more oversight on Fannie/Freddie and their subprime corruption that they were paid very well to allow to happen.
Baxter Greene on January 8, 2009 at 8:56 PM
You know…I’m not an economist by profession, and yet, I think there might be a clue in there somewhere…yet, many trillion more, will make a difference, apparently.
AUINSC on January 8, 2009 at 9:04 PM
Exactly.
Desperate people do (accept) desperate things. They NEED us to believe we are desperate or they will MAKE us desperate.
allrsn on January 8, 2009 at 9:26 PM
I am convinced that the only one who can save America is……..Mark Levin!
ctmom on January 8, 2009 at 9:50 PM
And this goes unchallenged by the GOP? Talk about a party that’s ideologically bankrupt… This much BS coming from a Prez-elect is beyond depressing.
ddrintn on January 8, 2009 at 10:08 PM
We have the means to turn our economy around by cutting corporate and small business taxes and those on investments. Freeing up that money will create jobs.
We can immediately drill and mine our way into energy independence, creating ancillary jobs and lessening the burden of heating/lighting our homes and delivering our goods.
What good is it to create further debt by borrowing from the Chinese in order to put a pittance into people’s pockets so that they can buy more Chinese-made goods?
I want Obama to stay out of investment in our schools. This is not in the federal government’s purview of responsibility. His sorry record in the Chicago schools is evidence enough that throwing more money into nebulous goals does not lead to academic success.
This fool will bankrupt and destroy our nation.
Take a hard look at the members in your own party, Barry, for they abandoned their own responsibilities of accountability and oversight.
The GOP had better provide responsible alternatives and back them up with research from conservative think tanks. Republican congressmen must get out in front of the cameras and present those alternatives and hammer why they are preferable.
onlineanalyst on January 8, 2009 at 10:08 PM
Exactly!!!
We have to provide a better solution and be able to get it past the liberal filter in the MSM.
Drilling while working towards energy independence.
Nuclear and coal expansion.
Tax cuts to increase small business ownership.
Tax cuts to lure foreign business to build and invest in America.
Take power away from Unions and their corruption that has
broken so much industry so that we can be more competitive.
Approve the latin American trade agreement.
Cut spending(pork).
Cut entitlement programs that pay people for not working.
Introduce Health care reform that creates competition for coverage that will lower prices by the free market system.
There is a lot the GOP can do to offset this socialist agenda by the democrats.
Baxter Greene on January 8, 2009 at 10:27 PM
A lot of us will rebuild a new party after the crash,right now we are doing an Atlas Shrugged and letting the morons loose. Once it is totally FUBAR people will want solutions. Right now all they want is to prove multi culturism and afirmitave action get you a god like idol.Once we get passed this race and color bit and take MLK at his word.”Who I am not what color”, we may find people with skills willing to mess with the government.If every senator with balls put a private hold on appointments and jams this whole congress for nine months the next election cycle will drive idiocy into high gear and sane voters will toss a lot of these jerks out.All hat and no cattle does show up real quick.Right now it is every family for it’s self,water and ammo first.
Col.John Wm. Reed on January 8, 2009 at 10:45 PM
If he does no more work for the next four years than he has previously done, then we just might make it out ok.
Johan Klaus on January 8, 2009 at 11:58 PM
Keynesian economics(socialism/communism) at it’s finest.
Johan Klaus on January 9, 2009 at 12:05 AM
In the 1980′s I came across a game, or rather simulation, called sim-city. You had to manage a city including taxes etc. One of the first lessons was that raising taxes too much or too quickly spelled disaster.
Too many of our congresscritters and the incoming admin don’t even have the qualifications to go through a simple simulation. Most have never run a business and have sucked off the public teat their whole lives.
Apologies to the good lawyers here, but one of the problems is too damn many lawyers. Most of these havent’ even had to run their own firm.
I just don’t want us to look like the weimar republic, argentina a couple of years ago or zimbabwe.
bullseye on January 9, 2009 at 12:06 AM
Keep your power dry.
Johan Klaus on January 9, 2009 at 12:07 AM
So, if an historic USA ression lasts 12-24 months,(thereby recovering from the ongoing open vault policy of the liberal elite), albeit without Big Govt “oversight”, we thus weed out beta-males. So now we must of necessety create the greatest depression by injecting googillions of $$ into the pockets of those same beta-males so as to assure their perpetuation of their species?
OkieDoc on January 9, 2009 at 12:08 AM
Keep your powder dry.
Johan Klaus on January 9, 2009 at 12:08 AM
That is gigazillions.
Johan Klaus on January 9, 2009 at 12:11 AM
At $325.19 a share, I’ll stay with googillions for now.
OkieDoc on January 9, 2009 at 12:21 AM
You’ve got a point.
Johan Klaus on January 9, 2009 at 12:27 AM
But then again, I’m just a sore OK Sooner looser. Congrats Tebow, Meyer and Gators fans. Not sure about the N Harris play on P Harvin on that run in the 3rd, but you guys won convincingly and my hats off to ya. {Hint: S Bradford shudda run…}
OkieDoc on January 9, 2009 at 12:31 AM
Ohhh, that would be too much to hope for. Since he voted “present” so much, maybe he won’t sign anything that come to his desk, or the gym.
N4646W on January 9, 2009 at 12:47 AM
I find that to be one of more remarkable statements that has been constantly repeated during this crisis. It begs the question:
Who on Earth would EVER loan money to someone they doubt will repay them?
It goes against economic sense and fundamental human nature. Those greedy fatcat businessmen are not in the charity business and they will not loan money to people who can’t repay the loan.
So why did something so fundamentally against human nature happen? Well, because those who were making the loan were confident that they could sell the loan to another sucker and leave the risk with that guy. And the guy who bought the loan sold to another guy and so on down the line.
But every line has to end somewhere. There has to be source of the line of suckers that holds up the whole enterprise. And when we examine that line of suckers we find at the end – tada – the federal government. Yes, the Federal Government was the last sucker in the line, the one that in the end would support the loan, would back the risky expenditures of suckers who were “too big to fail.”
And thus that line leads right back and supports the original sucker who makes the loan to the guy who really can’t afford to repay it.
Economics has been called the dismal science, but I think it’s the rational science. As a whole, people act rationally in the face of economic decisons. However, the government does not act rationally in an economic sense because the government is composed of people who have no direct financial stake in the economic decisions they make. A government official is quite willing to be the last sucker in line if the payoff for him or her is increased votes and political power. The government assumes the economic risk but does not assume the responsibility that comes with economic risk. The end result in chaos.
Obama does not understand this very basic principle. He believes the government can stimulate the economy by “investing wisely this time.” But how can people who don’t have a direct economic stake in their decisions ever invest more wisely than people who are investing their own money?
PackerBronco on January 9, 2009 at 12:52 AM
After three lost election cycles you still don’t get it Baxter. Myself, with a scant few here and at Captain’s Quarters, rang the warning bells about the Repub party failures on fiscal matters.
The fact that Bush and crew chirped warnings about Fannie and Freddie mean nothing when in the next breath they spend trillions on bridges to nowhere. The Repub party that is currently in Congress and the Senate is a disgrace and has been for over eight years. Blaming narrow majorities for their failures is excuse making.
Prediction— this vaunted Repub party will sign on to trillions of dollars of wasteful spending for Obama as it has for the previous bailouts under Bush. They and their supporters are an embarrassment.
Right now it looks like the Blue dog Dems have more in common with Reagan than today’s Repub party. They deserve the crushing defeats they have been dealt by an even more pitiful Dem party.
The dimension of their failure will be paid for by your children and grandchildren. While I have no use for the Dems I have have even less for delusional partisans such as yourself.
patrick neid on January 9, 2009 at 3:03 AM
Which is exactly what you are doing.
I produced many facts from many different sources that show how liable the democrats were and are for this mess.
Do Republicans share blame,yes they do.
But your statement that this is all a Republican problem is not supported by the facts,so yes I do get it.
The GOP has before and can again produce better solutions than the tax and spend policies of the democrats, the same party who championed this sub-prime mess.
The democrats are not going to have the luxury of sitting on the sidelines anymore whining “It’s Bush’s fault”.
The democrats have presided over one of the worst sessions of Congress in American history with single digit approval ratings.
Their start to the 111th is littered with democrats and the corruption of Rangel,Dodd,Jefferson(gone now),Blago(investigation ongoing and getting bigger),Spitzer,and recently watching Richardson
having to step down due to corruption investigations.
“Pay for play” appears to be the democrats rallying cry and
Obama has not even been sworn in yet.
Not a good start for the “smart ones”:
Scandals show need for limited government
BY COLLEEN CARROLL CAMPBELL
Thursday, Jan. 08 2009
http://www.stltoday.com/stltoday/emaf.nsf/Popup?ReadForm&db=stltoday%5Cnews%5Ccolumnists.nsf&docid=2304FCEA6BF0E8698625753800032DEC
Confidence in Congress: Lowest Ever for Any U.S. Institution
Just 12% of Americans express confidence in Congress
http://www.gallup.com/poll/108142/Confidence-Congress-Lowest-Ever-Any-US-Institution.aspx
by Jeffrey M. Jones
PRINCETON, NJ –
Congress hits single digits: Rasmussen
posted at 2:00 pm on July 8, 2008 by Ed Morrissey
http://hotair.com/archives/2008/07/08/congress-hits-single-digits-rasmussen/
The blaming everything on Bush is already old and will not work in the next few months.
democrats have only shown an ability to whine and complain
then sign on to Bush’s policies over and over again.
Those days are over,and with the dems having total control,they are going to have to come up with valid solutions which has not been a strong suit for them over the past 8 years.
democrats predicted the end to the Republican party in the 70′s and 90′s,never any of it coming true.
I would suggest you clean up your own backyard before telling everybody else what to do with their’s.
Baxter Greene on January 9, 2009 at 3:41 AM
There is a lot the GOP can do to offset this socialist agenda by the democrats.
Baxter Greene
If you are talking about the present crop of Republicans in the House and Senate I don’t see much promise there. Most of them appear to be crouched in a corner, fearful of losing what little they have left, and ready to go along with the big-eared freak in the faint hope of clinging to their diminishing piece of the pie. Cretinous cowards deserving of their fate. Democrats may be brazen thieves and liars but the Republicans are craven whores. America deserves better than thieves and whores…at least I believe she still does.
SKYFOX on January 9, 2009 at 5:53 AM
“Stimulus” packages don’t work! Just ask Japan. And BHO want’s to try a biggy? What’s the definition of insanity again? Of course, in reality, BHO’s real agenda is more government, and more control over the people. He has a very liberal, nanny state mentality. Smoke and mirrors; run for your lives! If Congress buys his spiel and goes along with him, every one of them should get voted out of office! Which begs the question: How can Congress be fired for incompetence? We keep voting the same total morons into office, so I guess we get what we deserve.
GFW on January 9, 2009 at 6:49 AM
Please don’t take my defense of where a lot of this economic debacle lies as a defense of Republican representation on the hill.
The spending and spineless way they have cowered to the democrats has hurt this party as well as our own corruption.
I am pointing out that these problems are not just “Republican” problems(as patrick stated earlier),Democrats undermining this country at war and using the difficulties of war as a bat against Bush to gain seats in Congress and the Presidency is unforgivable.
Their policies of making cover for their friends in this Sub-Prime mess has cost this country dearly.
I am not going to give them a pass on their pathetic and corrupt leadership and I can only hope that the Republicans on the hill will do the same and start coming up with
valid solutions.
I am not giving in to the corrupt socialist that make up the democratic party and can only hope elected Republicans won’t either.
Baxter Greene on January 9, 2009 at 9:01 AM
You clearly have not understood a thing I wrote nor the prediction I have made going forward.
patrick neid on January 9, 2009 at 12:34 PM
You clearly have not backed up your rhetoric that the economic problems we are facing are entirely the Republicans fault.
These are your words:
I understood them clearly.
It is utter bullsh!t that the economic problems we are facing are all the Republican’s fault.
I gave many examples of the corrupt and irresponsible actions by democrats including Obama that have led to the
mortgage meltdown that started this mess.
You simply come back with “you don’t understand me”.
The facts totally refute your liberal talking points.
The fact you make bogus accusations that you can’t back up
is not a “mis-understanding”.It is simply the selective amnesia that liberals possess when it is time for them to take responsibility for their ignorance.
Baxter Greene on January 9, 2009 at 1:04 PM
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