The threat of an irreversible recession

BirdGuano · 02-05-2009, 10:22 AM

http://www.rttnews.com/ArticleView.aspx?Id=845934

President Barack Obama warned Thursday that the nation is facing a recession so deep that, without action, it could turn into one that "we may not be able to reverse." The threat of an irreversible recession that could "linger for years" is very real, Obama said, urging Congress to pass his economic recovery act.

"By now, it's clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression," Obama wrote.

"What Americans expect from Washington is action that matches the urgency they feel in their daily lives -- action that's swift, bold and wise enough for us to climb out of this crisis," he added.

He painted a bleak picture of the future of the economy without stimulus, predicting an additional 5 million jobs lost, and unemployment approaching 10 percent.

It is that dire outcome which has sparked Obama's sense of urgency about the $819 billion economic recovery plan before Congress.

"This plan is more than a prescription for short-term spending -- it's a strategy for America's long-term growth and opportunity in areas such as renewable energy, health care and education," Obama wrote. "And it's a strategy that will be implemented with unprecedented transparency and accountability, so Americans know where their tax dollars are going and how they are being spent."

BirdGuano · 02-05-2009, 10:27 AM

Geeze even Obama is jumping on the FUD bandwagon to get the uber-pork "stimulus" bill passed for his cronies.

I guess he figured it worked for Bush.. why not.

A.T. Hagan · 02-05-2009, 11:14 AM

He doesn't want to be remembered as the Herbert Hoover of the twenty first century so he's going to pump this for all that it's worth.

.....Alan.

Curious · 02-05-2009, 11:38 AM

O only has a limited length of time that he can blame Bush and the Republicans for the problem ... so he is on a PR effort to do that. Proactive PR is how I would categorize it.

(Oh ... and I do believe that he is correct about how bad the problem is. It took a long time to develop and is going to take a lot longer to work through than most of the professional economists have been saying).

Curious

Fattail · 02-05-2009, 11:49 AM

"By now, it's clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression," Obama wrote.

All right already, nobody is blaming you Mr. President. Just give us a decent piece of legislation without the political payoffs and pork.

BTW tax credits to prop up the auto and housing industry will fail, so why not just save the money???

jane333 · 02-05-2009, 02:43 PM

Quote:

Originally Posted by Fattail

"By now, it's clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression," Obama wrote.

All right already, nobody is blaming you Mr. President. Just give us a decent piece of legislation without the political payoffs and pork.

BTW tax credits to prop up the auto and housing industry will fail, so why not just save the money???

Okey dokey. Now if you can figure out just what that legislation should be...because the 'experts' are contradicting themselves, and I'll be danged if I can figure out which if any of their arguments make sense. Presidents depend on their experts. Obama is only as good as those who know their stuff.

Imo, we're in new territory. There is no one right answer. In all probability the nation's recovery will reflect that reality.

BirdGuano · 02-05-2009, 02:49 PM

Quote:

Originally Posted by jane333

Okey dokey. Now if you can figure out just what that legislation should be...because the 'experts' are contradicting themselves, and I'll be danged if I can figure out which if any of their arguments make sense. Presidents depend on their experts. Obama is only as good as those who know their stuff.

And those he has appointed to positions of power that "know their stuff" are the same people who got us INTO the mess we are in.

Goldman Sachs alum.

And yes, I do know what that legislation should be, but more importantly the majority of the American public knows what it SHOULDN'T be.

It SHOULDN'T contain 99% pork and 1% stimulus that the current bill contains.

jane333 · 02-05-2009, 02:56 PM

Well, I certainly agree that the bonuses received by the CEO's of failed banks and insurers should equal about $1 for every year they siphoned off millions in salary. Maybe less. I'd also like to see their personal assets frozen, and the funds used to repay the bailout. But I'm no expert.

dyrt · 02-05-2009, 02:57 PM

Quote:

"By now, it's clear to everyone that we have inherited an economic crisis as deep and dire as any since the days of the Great Depression," Obama wrote.

"We" did not "inherit" anything about the recession. We created, enjoyed and ignored the consequences of the previous good times. The recession is a product of the American people, our elected officials and that includes Obama.

The delusion continues.

Sysiphus · 02-05-2009, 05:37 PM

Quote:

Well, I certainly agree that the bonuses received by the CEO's of failed banks and insurers should equal about $1 for every year they siphoned off millions in salary.

Considering what these guys have allowed to happen on their watches, I think that this year next time their biggest hopes ought to be that someone will sneak them a tube of lube in the next care package.

BirdGuano · 02-05-2009, 06:23 PM

Quote:

Originally Posted by jane333

Well, I certainly agree that the bonuses received by the CEO's of failed banks and insurers should equal about $1 for every year they siphoned off millions in salary. Maybe less. I'd also like to see their personal assets frozen, and the funds used to repay the bailout. But I'm no expert.

That's ok.

Experts are highly over rated. And apparently highly over compensated as well.

Johnny · 02-05-2009, 06:38 PM

I thought he campaigned against the politics of fear?

BirdGuano · 02-05-2009, 06:54 PM

Quote:

Originally Posted by Johnny

I thought he campaigned against the politics of fear?

Watch what they DO, not what they SAY.

treyfish · 02-05-2009, 09:14 PM

Obama is in Williamsburg ,Va tonight.15 miles away from me. No one allowed within 1 mile, so says local news.

BirdGuano · 02-05-2009, 09:46 PM

Quote:

Originally Posted by treyfish

Obama is in Williamsburg ,Va tonight.15 miles away from me. No one allowed within 1 mile, so says local news.

That's SOP for any president these days.

Darkimbolc · 02-08-2009, 11:46 PM

There are five words that sum up where we are at and the eventual fate of this (and all previous and future bailout/pork/stimulus bills)

WE CAN'T FIX THE SYSTEM

It is beyond repair. The only way to get things back to "normal" would be to roll back the clock and that just can't be done. We are realizing we have been the victims of the long con and no longer trust the con man. Que wailing and gnashing of teeth. And someone from the crowd cries "If only it could be like it was!" Well, it can't - we were conned and know the con man as a con man. If we could somehow forget that little detail, maybe we could go back, but we can't so we can't.

Like it or not, here there be dragons - we're off the map. The last 40 years of American (and to a great degree, world) growth was all based on lies, fancy paper shuffling, poor mathematics, and people with good smiles that could sell sand to the Saudis.

It's over, folks. You can't save something that is already dead.