Thread: Professor disaster

Bam's theories killing economy

No billions or trillions needed -- here's the simplest number to describe the dismal state of the US economy:

One.

With the departure of chief economic adviser Austan Goolsbee, that's the number of members from the original Obama economic team still working for the administration, not quite three years into the first term.

Rats, say goodbye to the ship of state: Gone are Christina Romer, Larry Summers, Peter Orszag. Headed out is Goolsbee, who abruptly announced his resignation Monday to return to teaching at the University of Chicago.

With the water lapping over the gunwales, the lone holdout is Treasury Secretary Tim Geithner, the former tax cheat, who sails grimly on.

The government racked up $5.3 trillion in new fiscal obligations last year alone -- bringing the current unfunded tab for future expenses on things like Medicare, Social Security and military medical and retirement programs to a whopping $61.6 trillion, or $534,000 per American household.

Then there's today's bills: We're borrowing $125 billion a month that we have no hope of ever paying back on our current course.

The growth in GDP declined to a measly 1.8 percent in the first quarter of 2011 as consumers hung desperately onto their wallets. Job growth has completely collapsed. Fully 60 percent of the electorate thinks the country is on the wrong track. No wonder the daily economic briefing, once on a par with the intelligence briefing, has vanished from President Obama's schedule.

Heckuva job, guys.

And now Obama says he's not worried about a double-dip recession. Easy for him to say: For Americans not feeding at the government trough, the first recession never ended.

<snip>

How will we know when things are finally starting to go in the right direction? When the US is back on the right track and when hope -- real hope -- once more springs eternal? When the number of Obama holdovers in the next administration is zero.

read the snipped part at: Professor disaster - NYPOST.com

When the Republicans gained control of the House I was hoping that Obama and the Democrats had gotten the message of the People and that they would take steps to work with the Republicans to solve out Nation's economic problems. My hope has been dashed by the actions of Obama and his buddies. The only hope we have is to boot Obama and company out of office.

If Obama is re-elected we can kiss our economic ass goodbye.

You really don't have a clue do you?
Where was the economy when Obama took office? On the verge of total collapse. Remember?

The Obama administration's economic stimulus plan, known as the American Recovery and Reinvestment Act (ARRA), had some positive economic impact, reported The Hill. In a report by the Congressional Budget Office (CBO), it was estimated that ARRA increased the number of employed Americans by between 1.4 million and 3.3 million and lowered the unemployment rate by between 0.7 percentage points and 1.8 percentage points in the second quarter of 2010. Furthermore, the stimulus plan raised the gross domestic product by between 1.7 percent and 4.5 percent.

Thank Bush and Co. for where we are now. Thank them for the debt.

September 14, 2008 11:07 AM
ABC News' George Stephanopoulos Reports: Former Federal Reserve Chair Alan Greenspan said this morning that this is "by far" the worst economic crisis he has ever seen. "There's no question that this is in the process of outstripping anything I've seen, and it still is not resolved and it still has a way to go," he said in an exclusive "This Week with George Stephanopoulos" interview.

Originally Posted by USA 1

You really don't have a clue do you?
Where was the economy when Obama took office? On the verge of total collapse. Remember?

Thank Bush and Co. for where we are now. Thank them for the debt.

As usual, you can't bear to deal with THIS President's actions. You can only talk about past Presidents.

Your post is a pathetic failure.


Hey, IG...if your reading this...THIS is what I was talking about in that other thread.

Originally Posted by JoJoGunne

As usual, you can't bear to deal with THIS President's actions. You can only talk about past Presidents.

Your post is a pathetic failure.


Hey, IG...if your reading this...THIS is what I was talking about in that other thread.

Blaming Obama for the state of the economy is dishonest. What you totally ignore is who got us to this point. It wasn't Obama.

This president's actions were in response to the last president's screwup.

Just answer one simple question. Yes or no. Was the economy in horrible shape when Obama took office?

Originally Posted by USA 1

Blaming Obama for the state of the economy is dishonest. What you totally ignore is who got us to this point. It wasn't Obama.

This president's actions were in response to the last president's screwup.

Just answer one simple question. Yes or no. Was the economy in horrible shape when Obama took office?

I suspect you didn't even read the article and you are just knee-jerking, here. Perhaps a few more quotes will help keep you focused on the issue.

We are witnessing the total failure of academic Keynesian economics, with its heavy emphasis on high taxes and exorbitant government spending. Yet Obama sails blithely on, already in full campaign mode and still blaming George W. Bush and the Republicans (admittedly no models of fiscal restraint or responsibility) for everything.

Worse, the what-me-worry president continues to insist that the ongoing hard times are just a "bump in the road" -- that if we can just get the "fortunate" rich to "pay a little more" everything will be just fine.

Never mind that most of the "rich" got their own money by inventing a product or providing a service in the private sector. That they invested an enormous amount of their own capital and sweat equity before it paid off. That they did it for the most part without any help from Obama or his friends in academe.

And never mind that if you tax the rich at 100 percent of their wealth, the country will still go bankrupt.

Bump in the road to what, Mr. President? The road to perdition?

The truth is, the only jobs the government can "create" are more government jobs. That's why real-estate values in DC are booming even as they've plunged everywhere else.

As Obama seeks Goolsbee's rePlacement, he might try looking toward the real world, where businesses are born.

In the faculty lounge inhabited by the president and his credentialed playmates, the economy is a controlled experiment, with manufacturers and consumers mere lab rats who cheerfully respond to the prodding of their ivory-tower betters, no matter how many taxes and regulations are piled onto their backs.

Oops.

What's needed now is a radical re-thinking of economic theory and the tax structure. Until the economy is addressed, we can't make rational, realistic decisions about anything else, including foreign policy.

In other words, private-sector jobs are Job One.

Of course, Obama's aiming to make the 2012 election a re-run of '08, with the same hope-and-change shtick. He and his campaign gurus understand that their only hope is to give the electorate the old razzle-dazzzle and hope nobody notices the foreclosure signs sprouting across the land.

As you can see, the author doesn't give Bush and the Republicans a pass. But the focus of his article is not what Bush and the Republicans did...rather what Obama has done. Now you, USA 1, can deflect and excuse all you want but until you actually address the actions of Obama your posts in this thread are worthless.

Originally Posted by JoJoGunne

As you can see, the author doesn't give Bush and the Republicans a pass. But the focus of his article is not what Bush and the Republicans did...rather what Obama has done. Now you, USA 1, can deflect and excuse all you want but until you actually address the actions of Obama your posts in this thread are worthless.

So you blame Obama's attempt to fix the economic mess created by the last administration for the state of the economy?
Without the economic stimulus we would be in the middle of the Greatest Depression right now. Would you be happy then? Or would you blame Obama for not doing anything?
The truth is there is no easy fix for what the last administration created. There may be no fix at all. The best times may be behind us, but no matter how hard I try I can not blame Obama for the disaster created by the last administration.

I'm not deflecting anything. What should Obama have done? He cut taxes and injected money into the economy, What else could he do? Relax lending standards again?

The day Bush made the speech about how much trouble the economy was in I predicted that the next administration would get the blame and I was right.

http://www.sfgate.com/cgi-bin/articl...D0HMPACOKO.DTL

Record monetary stimulus is still needed to boost a "frustratingly slow" recovery, said Bernanke at an Atlanta conference yesterday, reiterating that a rise in inflation is likely to prove temporary.
"The economy is still producing at levels well below its potential; consequently, accommodative monetary policies are still needed," Bernanke said. At the same time, the Fed "will take whatever actions are necessary to keep inflation well controlled," he said.
Bernanke said growth is likely to pick up in the second half of the year as fuel prices recede and disruptions of parts supplies dissipate with factories in Japan recovering from the March earthquake and tsunami. The Fed's Beige Book regional survey of the economy is due at 2 p.m. New York time.

Read more: http://www.sfgate.com/cgi-bin/articl...#ixzz1OtHi65Lv

Originally Posted by USA 1

So you blame Obama's attempt to fix the economic mess created by the last administration for the state of the economy?

<snipped all the irrelevant stuff>

No. And the article writer doesn't either.

Obama is being blamed for making decisions that are NOT fixing the mess. He is being blamed for downplaying the seriousness of the mess. He is being blamed for his promotion of class envy and trying to save his own bacon by punishing the "hated" class...the rich. He is being blamed for being out of touch with the real world and relying on his "educated" advisors...to the detriment of the common citizen. And, lastly, he is being blamed for using the economy for political advantage instead of REALLY trying to fix the mess.

Originally Posted by JoJoGunne

As usual, you can't bear to deal with THIS President's actions. You can only talk about past Presidents.

Your post is a pathetic failure.


Hey, IG...if your reading this...THIS is what I was talking about in that other thread.

Wow, to you it's as if American history began in Jan.of 2009 and NOTHING that happened prior to that date could POSSIBLY have any effect on today.
Amazing, just fucking amazing.

Originally Posted by Hollywood

Wow, to you it's as if American history began in Jan.of 2009 and NOTHING that happened prior to that date could POSSIBLY have any effect on today.
Amazing, just fucking amazing.

And to you nothing deserves consideration if you can't find a way to blame someone else.

Pathetic, just fucking pathetic.

Originally Posted by JoJoGunne

No. And the article writer doesn't either.

Obama is being blamed for making decisions that are NOT fixing the mess. He is being blamed for downplaying the seriousness of the mess. He is being blamed for his promotion of class envy and trying to save his own bacon by punishing the "hated" class...the rich. He is being blamed for being out of touch with the real world and relying on his "educated" advisors...to the detriment of the common citizen. And, lastly, he is being blamed for using the economy for political advantage instead of REALLY trying to fix the mess.

How can the mess be fixed? What is your solution?

http://www.cnbc.com/id/43356436