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Archive for Sunday, July 12, 2009

Obama says to give stimulus more time

July 12, 2009

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— President Barack Obama said Saturday the $787 billion stimulus program must be given a chance to work before consideration is given to a second such jolt for the still-ailing economy.

Obama acknowledged in his weekly radio and Internet address that people are getting nervous about continuing high joblessness — the unemployment rate hit 9.5 percent in June — but said reversing payroll losses takes time. He asked Americans to be as patient as possible.

Republicans have labeled the $787 billion stimulus a failure. Both Obama and Vice President Joe Biden have argued that the bulk of the money from the stimulus program is still being disbursed and that it already has saved many jobs.

Obama criticized Republicans for opposing the stimulus but offering few alternatives to the worst recession since the Great Depression. And he rejected talk of a second stimulus, an idea that has been discussed by Democrats and even famed investor Warren Buffett.

Comments

Godot 5 years, 5 months ago

The rationalization, the obfuscation, the lying continues. Let us go down memory lane for a few minutes, and recall how this was sold to us, and who have been the beneficiaries of Bush/Obama's largesse with our money:

Godot 5 years, 5 months ago

Yes, we must give the stimulous more time. The Treasury department has not yet completed its transfer of future wealth from our grandchildren to Goldman Sachs, JP Morgan, et al.

Our Treasury Secretary dissembled and obfuscated in his testimony to the Banking and Ag committee on Friday regarding Credit Default Swaps (aka unregulated gambling by the banks, hedge funds and insurance companies). When asked by Rep. Brad Sherman (D-California) if Geithner would state, for the record, that from this date forward, the Treasury would never bail out a failed CDS, Geithner refused to answer.

Looks like the Obama administration is committed to covering the Big Banks and hedge funds as they continue the reckless behavior that caused our financial meltdown.

I won't have one iota of patience for Mr. Obama's porkulous bill to show results as long as Mr. Obama'sTreasury Dept not only refuses to call out and prosecute the bad actors, but will also not promise to stop bailing them out when they lose money on their gambles.

http://www.youtube.com/watch?v=WccPO-lkK8I&eurl=http%3A%2F%2Fmarket%2Dticker%2Eorg%2Farchives%2F1207%2DGeithner%2DBankers%2DSTOOGE%2Ehtml&feature=player_embedded

Dan Eyler 5 years, 5 months ago

I am not willing to wait. The middle class has already been stripped of about 25% of our wealth. The jobs created are designed to send more wealth out of the country. The other post mentioned all the banks getting money but you have it all wrong. The Chinese is getting the cash. We owe them nearly 2 trillion and we are paying them back with our wealth and our jobs. Look at GeneralMotors. The cars they will be making will be in China not here. Hummers made in China. We are in debt and we don't fix that by government taking over businesses, banks, energy, manufacturers and on top of this we bring in 30 million illegal Mexicans to soak up even more of our wealth. Big business in many ways have screwed us but I will take it over Obama economics any day.

Godot 5 years, 5 months ago

kansasfaithful, the inconvenient truth is that the Treausury is dependent upon the Chinese, the Saudis, and others who do not have our country's best interests at heart to provide the funds for Obama's spending spree. The US is in debt to the Chinese for trillions and trillions of dollars. It is not surprising that they are being rewarded (or that the US is being blackmailed) for their support.

Do a search on the 'net and see if you can find where the $700 billion in TARP money went, or where the stimulus funds have ended up. Also try to find out which organizations are being paid to "manage" the TARP and the stimulus. And while you are at it, find out where the over $30 trillion in guarantees and loans made by the Federal Reserve in the past year have ended up.

Then do a search on the PPIP.

Our Treasury Department is being controlled by the Big Banks, in particular, Goldman Sachs.

Sure the Chinese are getting paid off in many ways. However, the blood of our economy is on the hands of are our politicians and their masters, the Big Banks.

Flap Doodle 5 years, 5 months ago

Joe "Where's the Scotch?" Biden will call the Treasury and get them cranking out more and more money just as soon as he can remember their phone number.

Richard Heckler 5 years, 5 months ago

Face it it will require at least 18-24 months for any significant movement. According to radio news retail and housing markets are not expected to bounce back anytime soon.

Apparently Reagan/Bush expected shopping to replace jobs and manufacturing as a wealth generator. Shopping is not a solid base and usually does not pay well. So why do local governments continue to flood a flooded market? Financial institutions should be cut off from providing funding that promotes economic displacement.

America Is Over Stored

This decade's building frenzy produced a bumper crop of new retail space. But the occupants haven't materialized.

The carnage in retail hasn't been this bad since an anarchist bombed Chicago's Haymarket Square in 1886. In January, Liz Claiborne said it would shutter 54 Sigrid Olsen stores by mid-2008; Ann Taylor announced that 117 of its 921 stores would be closed over the next three years, and Talbots axed the Talbots Men's and Talbots Kids concepts and 22 Talbots stores. (Those muffled screams you hear are Connecticut preppies trying to suppress their rage.)

Even Starbucks has scaled back its yearlong saturation-bombing campaign.

Blame that exhausted marathon runner, the American consumer. Fueled by cheap credit instead of PowerGel, she looked great at... Con't http://www.newsweek.com/id/112762

Richard Heckler 5 years, 5 months ago

Economy In Crisis

Collapsing Infrastructure Published 06/19/09 Craig Harrington

America’s infrastructure is falling apart. Roads and bridges are in disrepair, the electrical grid is far behind, and our ability to manufacture goods or produce electricity is far behind the standards of other developed economies. Much of this is because the United States focused so much of its efforts over the past several decades on building up the consumer economy to the detriment of every other sector.

There is no doubting that the United States has become an almost purely consumer driven economy. Our citizens purchase more goods and services than any other people in the world. Our economy derives more of its growth from consumption than any other nation, and our growing annual trade deficits are a testament to that fact.

Now however even our consumer infrastructure is falling apart. According to a posting on Manufacturethis.org, the United States has roughly six times more retail space than any other nation. Shopping malls and big-box stores were built to soak up the consumption dollars of Americans eager to buy as much as possible. Now, with the economy in turmoil and disposable income dwindling, those stores lay empty in barren shopping centers around the country.

This is the primary reason that the government and corporate media have trumpeted the so-called “recovery” for so long. Their hope is to convince Americans to get back out into the shopping malls and start purchasing goods again. But after decades of spending hard earned money on foreign-made goods there is simply nothing left in American coffers to spend on frivolous novelties. The once bustling shops are now dormant.

A recent article in The New York Times has highlighted the fact that America simply has too much retail space. When not filled with shoppers these spaces are completely useless to society. The article discusses the possibility of retrofitting these spaces into something useful like schools, libraries, community centers, etc.

The idea of changing the retail landscape into something more purposeful is championed in the book Retrofitting Suburbia by Ellen Dunham-Jones and June Williamson. It has many suggestions like those previously mentioned, but it notes the difficulties in such changes. These locations are often stuck in long-term lease agreements, making them difficult to convert even when abandoned.

If the U.S. were to lead a drive to remake empty retail spaces, and revive collapsing urban infrastructure, it could create jobs and growth opportunities for years to come. At some point the U.S will have to be “redesigned” in one way or another, and there is no better time to start than now.

Richard Heckler 5 years, 5 months ago

Even the people who greatly contribute to the flooded retail market admit that we have more retail stores than our disposable income can absorb.

Here's Wal-Mart's confession in 1996 taken from a court deposition in North Carolina of Tom Seay, at the time Wal-Mart's Vice President for Real Estate:

"We have more shopping center space in the U.S. than is needed. We're in an over-built situation."

Economic displacement is the result instead of economic growth...that is a negative.

slowplay 5 years, 5 months ago

Beo,

The Republicans have nothing else to do. They have no agenda, no legitimate party leaders, no alternatives and the moderates are splitting off from the right wing base. The party is in shambles. All they can truly do is put a negative spin on everything Obama does and say.

Flap Doodle 5 years, 5 months ago

"Now in 6 months Obama is supposed to have undone and corrected an 8 year disaster." Actually, the unemployment rate is worse now that what the O'dude predicted would happen if Porkulus hadn't been passed. The Dems are standing in a deep hole and digging straight down just as fast as they can.

Katara 5 years, 5 months ago

Meh. It is no different than pregnancy weight. 9 months to put it on. 9 month to take it off.

Here we had 8 years to get into deep debt so I am not going to expect the country to fit into it pre-debt jeans for at least another 8 years.

Godot 5 years, 5 months ago

I never thought I would see the day where Merrill's cut and paste from the far left spin cycle would support my thesis, but, today, though his/her/their conclusions are at the far end of the spectrum from mine, it has happened.

The consumerism of big houses, and remodels, and cars, and refinances that were fed by using our falsely inflating housing values as an ATM benefitted - who? The Big Banks. These big banks pushed consumerism to the brink by making no-downpayment loans to people who, by any reasonable standard, would never have never qualified for their loans, and by giving second mortgages, or equity loans, based on falsely inflated values to people who used the money to take a vacation or just pay their bills. These banksters earned huge fees from making the loans, and then, again, from repackaging them and fraudulently selling these pieces of junk as AAA securities, and then again, by betting against them and by by buying CDS on them, i.e., hedging, (because they knew they were worthless) and winning, big time.

What has transpired, thanks to the unconsitutional and illegal actions of the Treasury department and the Federal Reserve, under the leadership of Bush and now, virtually unchanged, under Obama, is that the banks who made these unscrupulous and irresponsible loans are being bailed out by the taxpayers. These banksters do not have to pay the penalty of failure for making these loans because Obama is making the taxpayers eat the banksters' losses. To add insult to injury, Obama is paying these crooks, these fraudsters, these mafia types in pin striped suits, huge fees for managing the money we, the taxpayers, are being forced to give them.

This is an outrage!!!

The Banksters own Washington, DC. They owned Bush, and they completely control Obama.

This must end.

Wake up, People!! Your future, your childrens' and their childrens' future, is being robbed by a few, powerful elite. Demand that the Fed be audited, demand the repeal of TARP, demand that the executive branch be stripped of the unconstitutional power it has assumed to tax and spend without Congressional approval. Demand an investigation into the relationship between Henry Paulson and Goldman Sachs, demand an investigation into the involvement of Timothy Geithner, as NY Federal Reserve Chairman in the fall of 2008, in the implementation of TARP, investigate the sharing of information between Alan Greenspan and Ben Bernanke and Goldman Sachs, investigate the pressure the Treasury and the Federal Reserve and, by implication, the President(s), put on the chairman of Bank of America to purchase Bear Stearn, investigate the decision of the Treasury to force Lehman into bankruptcy while AIG, and Citi were being bailed out. Demand and investigation of the pressure put upon the bond holders of Chrysler and GM to force through the bailout of hedge fund Cerberus Capital that owned Chysler, and the nationalization of GM.

staff04 5 years, 5 months ago

The stimulus is allowing countless recently unemployed individuals to be able to afford their COBRA premiums.

What, you say? You mean that health reform and the stimulus and the economy don't exist in individual bubbles?

Godot 5 years, 5 months ago

All taxpayers who care about the future of their country, and their childrens' and grandchildrens' futures, should make a seige upon Washington DC and demand that the Congress and Senate cease and desist with all legislation until there have been hearings, and trials, and prosecution of the perpetrators of the economic terrorism that is being supported by the corrupt Treasury, the Fed, the Congress, the Senate and the Executive branch.

Do not be lulled into complacency by the so-called gift of an unemployment check from your sugar daddy federal government. Had your federal government not been in the pocket of the big banks, had the federal government not been corrupt, had the federal government not sold you out to foreign interests, you would not need their paltry, stinking unemployment check.

Government is not your friend just because it pays you a fraction of what you once earned, before it stole your job from you. Government robbed you, and now holds you prisoner. Wake up. Turn off the TV, stop being lulled to sleep. You are being had. Stand up!

VTHawk 5 years, 5 months ago

If passing the "stimulus" was SO urgent that Congress didn't even have time to read the bill, how on earth can its supporters argue that it will take 2+ years to work?

For all of the posters here that argue Obama needs 2+, 4+, or 8+ years to "fix what Bush did to the economy", what specific problems do you have with Bush's economic policy. If you argue that is was "deregulation", specifically WHAT did Bush deregulate. Bush had less that 6 years with a Republican congress (since the Democrats took over in 2006).

I have a lot of problems with Bush, but I think that the key now for Obama/Pelosi/Reid is "put up or shut up". They owe it to the American people to EXPLAIN what specifically needs fixing, EXPLAIN how they plan to do it, and DEBATE the issues. Passing bills under the guise of "urgency" without any debate or time to even read the bills isn't democracy, it is merely corruption.

notajayhawk 5 years, 5 months ago

Maybe instead of giving hastily-passed, poorly thought out, fear-mongering influenced policies more time to see if they'll work, we should give more time to thinking about the policies before they're instituted.

Flap Doodle 5 years, 5 months ago

"...The questions you have to ask yourself, especially if you are one of the many who voted for Obama, is if the Obama administration tackled the economic recovery by misreading the problem, advocating for a solution that hasn't born fruit, spending trillions of future debt in the process, and then trying to tell you the results are great when you can see with your own eyes they're not, do you really trust the same group of people to get health care reform right by not just reforming or adjusting, but completely seizing the industry and dumping it into a government-run expansion of Medicare? Do you really trust them to create a new casino-like cap and tax and tax scam cleverly disguised as an energy bill?

At some point, shouldn't we as Americans tell the President that he has to show to us he has some ability to comprehend the economy before letting him commandeer it? May the force of proven free market policies be with you."

http://hughhewitt.townhall.com/blog/g/91606ecc-be64-4c72-9b89-ade6905fa061

Satirical 5 years, 5 months ago

This is the same thing Obama will be saying in 2012. I know all the big government programs haven't worked yet, but you just have to give them more time...You can't prove the economy would be better without it...George Bush...

rtwngr 5 years, 5 months ago

This has been a giant power seize (not grab) by the left. The goal has been to ram through as many of their liberal policies before the mind numbed masses emerge from their ether. Obama and company has been murky in their dealings while promising to be the most transparent. Key members of the president's administration are tax cheats. The media gives Obama a pass on every major issue. Should a reporter have the temerity to ask a probing question of him at a press conference, well, that reporter can kiss any future opportunities good bye.

The stimulus is a boondoggle! To think that any person, business, or nation can borrow itself out of debt is delusional!

notajayhawk 5 years, 5 months ago

Mr_Nancy_Boy_To_You (Tom Shewmon) says…

"I think we all knew what “change” we were going to get. Anyone with even a slight bit of reasoning ability that is."

Before my latest career change, when I was in the business world, I saw lots of different management styles. The relatively inexperienced managers usually typified the style our current president exhibits - do something, anything, quickly, to make it look like you're in charge.

If it's a good idea it will still be a good idea a few months from now when it can be thought out, planned, and opened up for review/comment/input from those it will affect. Why is the president in such a rush to force things through so quickly?

jonas_opines 5 years, 5 months ago

"The Republicans have nothing else to do. They have no agenda, no legitimate party leaders, no alternatives and the moderates are splitting off from the right wing base. The party is in shambles. All they can truly do is put a negative spin on everything Obama does and say."

Christ, we really Are just repeating an ideological mirror of 200-2004 aren't we? That was my worst fear going into this.

jonas_opines 5 years, 5 months ago

ljreader: Don't worry, that "trust" will last just as long as it takes the Republicans to get back into power, and will then rightly evaporate. (just like the trust in the Dems have evaporated since They got power back)

MrShades 5 years, 5 months ago

Nota, I think rtwngr answered your question before you asked. So far all we have "Do something, anything. And do something else while I am waiting." Make it/me look good, the people are still sleeping off their new year party. By the time they awake from their slumber, we will have done everything we need to do to pay back all the people that put me here. And this hangover will last decades. This meltdown started long before Michelle started wondering about redecorating, and all of Washington is at fault. They stopped representing the people decades ago, but we keep sending the same ones back. And then we expect a different result. Sounds like the definition of insatity, huh?

notajayhawk 5 years, 5 months ago

MrShades (Anonymous) says…

"Nota, I think rtwngr answered your question before you asked."

It was a rhetorical question. I was just commenting on his management style, suggestive of an extreme lack of experience.

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