WSJ: Obama, Geithner Get Low Grades From Economists »
Posted By pc25 8 months, 2 weeks ago in NewsU.S. President Barack Obama and Treasury Secretary Timothy Geithner received failing grades for their efforts to revive the economy from participants in the latest Wall Street Journal forecasting survey.
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pc258 months, 2 weeks ago
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The Obama Disaster-- 50 Days That Changed the World
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http://gatewaypundit.blogspot.com/2009/03/obama-di...
** Obama is on track to spend more money than any person in the history of the planet.
** Obama and Pelosi's stimulus bill was the largest spending bill in the history of the planet.
** Obama and democrats have already saddled America's children and grand children with massive debt. Not that this bothers them.
** He's lost at least 3 administration nominees due to tax fraud.
and the list goes on-
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RedRiverJ8 months, 2 weeks ago
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First the MSNBC poll now this, and to top it off Obama signed this behind closed doors.
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After his signing of the porkulus spending bill today, he can NO longer blame this on Bush.......It's all yours Obama, from here on out, you have to make the buck stop with Barack. -
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UnusualSuspect8 months, 2 weeks ago
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LOL...so funny...
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Bush stands around the last 5 months of his presidency, smiling...hardly doing anything...having let the whole thing blow up in his face the previous 3-4 years...
And now people expect...no, demand, that Obama fix it NOW, not yesterday, but NOW...
Stupid people...that's like saying fix the Hoover Dam within 6 weeks after it breaks...LOL...
So little patience... -
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dunkirk8 months, 2 weeks ago
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"The economists, many of whom have been continually surprised by the depth of the downturn, also pushed back yet again their forecasts for when a recovery would begin. On average, they expect the downturn to end in October. Last month, they said the bottom would arrive in August."
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yeah nothing like picking a series of experts who CAN ACCURATELY PREDICT. -
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hyperbola8 months, 2 weeks ago
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Let's see. The WSJ, which is now a mouthpiece for a non-American right-wing extremist (Rupert Murdoch), and was enchanted with the disastrous economic programs of Bush and (3 crashes you're out) Greenspan as well as the disastrous IIraq war, convenes a panel of handpicked (anonymous) economists to criticize Obama.
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And we are supposed to believe the malarkey they produce? These are the same cretins that got us into the mess. And the same circles that have been digging the hole for average Americans ever since the Reagan administration. Fire the WSJ economics section for incompetent. -
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wtagg8 months, 2 weeks ago
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So, the financial bailout didn't contribute to any of this? Apparently, that was ok.
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I think the republicans may have lost a front-runner presidential candidate for the 2012 election to the same tax fraud issues. The issue seems to be prevalent to politicians in general.
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GehlLady8 months, 2 weeks ago
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"Economists were divided over whether the $787 billion economic-stimulus package passed last month is enough. Some 43% said the U.S. will need another stimulus package on the order of nearly $500 billion. Others were skeptical of the need for stimulus at all."
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WTH, another $500 billion?-
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tchef8 months, 2 weeks ago
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There are as many opinions about what to do about the economy and there are people. More stimulus, less stimulus, no stimulus in the first place. Take your pick. The problem is, no one really knows for sure what needs to be done.
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Obama is doing what he feels he needs to do, and I support him. He has the hardest job in the world right now. I don't envy him. -
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GWHayduke8 months, 2 weeks ago
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Thats right......most economists worth their salt consider the plan to be not enough.
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PC's misleading headline is an attempt to get you to click his link to gatewaypundit or hotair or some other radical, speculative blog written by some fundamentalist with little knowledge of economics.
He's riding the WSJ's coattails in an attempt to garner some legitimacy.
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nostalgia8 months, 2 weeks ago
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FTA:
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Treasury has started implementing a housing-recovery plan, moved forward on a joint program with the Fed to boost consumer lending, and has begun stress-testing banks in an effort to determine which institutions will need additional capital from the government.
Consumer lending - good grief! Aren't many consumers already in debt far enough?? This is what happens when 70% of the economy is dependent upon consumer spending. Many consumers have learned their lesson and are now saving money for the first time in decades yet the government is still focused on freeing up lending
I just love the "stress testing banks"
What do you think would happen if the very same tests were applied to the Federal govt and many states??-
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rimbaud8 months, 2 weeks ago
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They should stress-test the banks and then close the stressed ones, not throw more capital at them. We use credit (money we don't have) to buy things that are not made in this country (that we don't make). I think a contracted economy may be just what we need for a year or two, until we settle to what we are really worth. Wall Street (the DJIA) probably really belongs somewhere around a $1,000.
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rightfromwrong8 months, 2 weeks ago
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capecoralMComment removed: Retracted by user22 Replies
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SonOfTheMask8 months, 2 weeks ago
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FTA: "However, economists' main criticism of the Obama team centered on delays in enacting key parts of plans to rescue banks. "They overpromised and underdelivered," said Stephen Stanley of RBS Greenwich Capital. "Secretary Geithner scheduled a big speech and came out with just a vague blueprint. The uncertainty is hanging over everyone's head.""
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That catchphrase "Overpromised, underdelivered" is likely to be a defining comment on the Obama presidency when he is voted out in 2012.-
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tchef8 months, 2 weeks ago
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Most of the Righties on this site have been saying that there should be no bailing out the banks at all. Let them fail!! Now your saying they haven't acted fast enough to bail them out? What do you want? You can't have it both ways.
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hyperbola8 months, 2 weeks ago
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Well Mask, perhaps the ambiguity is because the plan for rescuing banks was the brainchild of the failed Bush administration.
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Interesting that the economist you quoted is part of Royal Bank of Scotland, which was heavily involved in the corruption and has just had to be nationalized by the British government to avoid it's complete collapse. Really think that kind of source is convincing?
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wrfhsgovComment removed: Retracted by user
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FrauBlucherComment removed: Retracted by user17 Replies
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beavith18 months, 2 weeks ago
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what does being a 'neocon' (or not) have anything to do with the failure of the banking system?
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you are throwing election brand labels around like they mean something.
and while you're spewing its interesting to watch you avoid any Pelosi/Reid or Frank/Dodd involvement in Bush's last 5 months.
and, for the record, i'm not howling and shrieking. i'm merely holding a higher expectation of performance than we are currently seeing.
even Obama notes that we can't tinker around the edges. good. he gets it. then he tinkers around the edges after he throws bushels of money at a problem.
this isn't republican or democrat. neocon or 'progressive'. its merely a statement of the obvious. own up.-
FrauBlucherComment removed: Retracted by user15 Replies
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tchef8 months, 2 weeks ago
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beavith18 months, 2 weeks ago
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actually, there's been rumbling since at least 2004 when Sununu, then Sununu and McCain tried to reign in what was known to be a gathering storm. actually, that suggests that this was well known before then because, by the time it gets to Congress, somebody, somewhere miust have blown a whistle. that is, unless Congress is smarter than anyone can give them credit for and that they were actually (GASP!) leading. naw. that's crazy. ;-)
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do you want me to post the youtube link where Barney says, in 2004, there is no problem?
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simonsez8 months, 2 weeks ago
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frctm58 months, 2 weeks ago
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Given the fact that these "economist" didn't see this crash coming, I am less than impressed with their forecasting talents. While it is true that the bank rescue is behind schedule, it is also true that Republicans are against rescues or government intervention. If we took the Republican approach to this problem, we would not intervene period and let everything go to hell.
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GWHayduke8 months, 2 weeks ago
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There are MANY economists who predicted the crash as a result of the housing bubble - one, well-published economist had been predicitng EXACTLY what happened for two years prior to the meltdown.
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But he was just seen as a doomsaying liberal. -
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Wolfie20078 months, 2 weeks ago
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frctum
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As opposed to interfering and making sure everything goes to hell? The interference did take place and the economy is going to hell and we, taxpayers, have now dumped billions of dollars into these banks. Therefore, if nothing was done and the banks went to hell, at least, the taxpayers wouldn't be on the hook to repay these billions. Call me Pollyanna but I think the not interfering would have been the best way to handle the problem. -
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DropkickaLib8 months, 2 weeks ago
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If we did nothing, you'd see house prices fall as well as energy costs. Recovery would occur if we would use tax cuts like the Chinese to stimulate the economy. FYI, China has experienced a 25% increase in auto sales at the same time that U.S. sales have plummeted.
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4thchance8 months, 2 weeks ago
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Here's the deal....
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The other day, Obama signed the Stem Cell research deal. He did that in a very PROUD and PUBLIC manner.
He held a vial of embryo's in one hand and singed it into law with the other hand. This was done in front of camera's and reporters for the entire world to watch...Obama must have been very proud to do this.
Yesterday, Obama singed this MONSTER stimulus bill into law in COMPLETE privacy. No camera's or reporters, no one was allowed to see him sign the bill. WHY?
I'll tell you why.
Because Obama is not one bit proud of this stimulus package, he knows it's not going to work. He wants to remove himself/his image from the action of signing it. He does not want the image of him signing this thing to be imprinted into books, History and Americans memories of him signing it. If the stimulus fails to help us out of this mess, just think about the perminent ugly image of him signing the bill that took us into a deep depression. He could never live it down, it would be HISTORY at it's worst!
If Obama's mass stimulus spending does get the economy back on track soon, then Obama gets an (A) for that. However, if Obama's mass spending does not get the economy going again, then Bush gets an (F) for it.
Isn't that about how things will go, isn't that the Democrats plan here. I do beleive that's exactly how things will go.-
prophyporcritesComment removed: Spammer, Hard Banned9 Replies
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fsev418 months, 2 weeks ago
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Once again 4th you prove your own stupidity. Yesterday President OBama did NOT sign a monstrous "stimulus plan". The The stimulus plan was signed well over a week ago in a public ceremony.
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Yesterday OBama signed a budget bill that provides funds for the government to operate for the next few months. It was a budget bill that was initiated by the Bush administration but never passed, mostly for political reasons. President OBama clearly stated he was not happy with the bill but that signing it was the most effective way to get on with everyday government operations. Since he wasn't really happy with the bill he eliminated the public signing ceremony.
It would appear that you are incapable of recognizing the difference in the two situations. Somehow that doesn't surprise me.
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icono18 months, 2 weeks ago
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Interesting getreal and FraB. Your comments' seems to imply the following analysis from Karl Marx from his seminal paper 'Manifesto of the Communist Party' as translated by Samuel Moore; (from chapter 2: Proletarians and Communists)
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IMHO This is one of Marx's direct expressions of 'income redistribution' as possibly echoed by our current crop of over zealous politicians in DC.
Before I continue though, consider the following definitions of property and capital as penned by K Marx:
1. Capital; a kind of property that exploits wage labor
2. Property; the antagonism between capital and wage labor
"The distinguishing feature of Communism is not the abolition of property generally, but the abolition bourgeois property. But modern bourgeois private property is the final and most complete expression of the system of producing and appropriating products, that is based on class antagonisms, on exploitation of the many by the few.
In this sense, the theory of Communism may be summed up in the following sentence: Abolition of private property."
Which leads to the following.....
"Capital is, therefore, not a personal, it is a social power.
When therefore capital is converted into common property, into the property of all members of society, personal property is not thereby transformed into social property. It is only the social character of the property that is changed. It looses its class character."
See y'all around the 0Bama re-education gulag, comrades.
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simonsez8 months, 2 weeks ago
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It appears the TARP funds are beginning to work.
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This was not a gift to banks ... it was an equity position with an 8.5% annual dividend to the government until paid back and with many strings attached. Not a bad return on investment these days ...
The stimulous package is a waste of money which will hurt us for decades. -
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4thchance8 months, 2 weeks ago
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Another point that indicates that Obama is hiding from the people on singing the monster stimulus yesterday. Where's the news of him doing that? I don't see it here, I don't see it most anywhere!?
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AGAIN, this only goes to show that the mainstream media is backing Obama all the way. Obama chose to sign the bill in a complete blacked-out environment, so the media picks up on that, and only briefly if at all reported that he even singed it! Signing this stimulus is a HUGE HISTORICAL Deal, but yet, little to no news reporting on it!
Yep, Obama is very proud of this and so is the media. That's why there's a basic black-out on him singing it. If they had any confidence what so ever in this stimulus, the NEWS would be boiling over with delight.
So instead, lets concentrate the news reporting on Rush Limbaugh.
Wow, this is really something! -
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Commodore18 months, 2 weeks ago
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mesodude8 months, 2 weeks ago
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America doesn't believe you, commode1. That's why the GOP's ratings are in the toilet. But keep trying to float to the surface. The flow is against you and you're choking on your own crap. Keep your mouths open though--that way it'll all be over for the GOP that much quicker. ;-P
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automan9098 months, 2 weeks ago
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The Messiah is no surprise to me.
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I always knew he was a far left socialist but nobody believed it.
I always said how he had a bad choice in picking friends and look at his cabnet.
He hires a bunch of tax cheats and Clinton throwbacks and promised "Change".
He promised no earmarks and 5 days to read any new bills so that we can then discuss it.
Just one lie after another so far.
Are you surprised that a tax cheat can't fix the economy?
I'm not-
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Klarissa8 months, 2 weeks ago
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Obama has:
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Allowed earmarks in the stimulus bill
Chosen tax cheats to take care of our money
Blamed Bush for over spending, so he is going out and spending twice as much
Uses the word "crises" over and over again, as justfication for whatever he is talking about at the moment.
Rewards people who lied on their mortgage applications with bailout money
Is messing up on Afghanistan
Insulted our stalwart friends, the British, but will welcome the Chinese.
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tadair9198 months, 2 weeks ago
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the only reason this is a surprise to anybody, is because the mainstream media fed it to people like it was the only option. "we must act before its too late!" was the mantra.
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much like the iraq war, and the patriot act before it. we don't want the "first sign to come in the shape of a mushroom cloud" blah blah blah blah blah.
it's all force-fed fear.
anybody who would have taken the time to listen to the actual economists would have told you that you can't spend your way out of debt.-
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CRYMTYPHON8 months, 2 weeks ago
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Actualy, the main complaint of the sacred 50 economists,
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was that Obama was not moving fast enough to prop up the banking system.
"We must act before its too late" is there mantra.
And if something is broken it needs to be fixed.
You can't fix it without spending money.
The diference between the stimulous package
and the previous admins deficit spending is,
- we are spending this money on us.
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CRYMTYPHON8 months, 2 weeks ago
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The Wall Street Journal was purchased in 2007 by Rupert Murdock, owner of Fox News and other far-right newspapers.
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The WSJ was the premier financial paper of the United States.
But it gave us no warning that the economy was crashing.
Instead it supported the policies of disaster:
deregulation, deficit spending on foreign adventures,
and the abandonment of our national infrastructure.
The 'economists' polled are shills; useless to their country
when the mess was being created,
- a meaningless distraction now.
But the work of repair of our nation continues;
American money is being spent on nation building - in America again.
Nothing will stop the restoration of our country.
Not the spite of the right;
not the paid conclusions of belief-tank prostitutes;
not the global investors advice to turn our country into a temp-worker slave state;
not the gates of hell . -
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FairNBalanced8 months, 2 weeks ago
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CRYMTYPHON8 months, 2 weeks ago
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What fear exactly is being force-fed?
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The fear of the broken economy?
The crazed stock-market?
The unemployment rate?
The implosion of the banks,
The forclosing of our houses,
the failure of our major industries?
And aren't you and tadair trying to force-feed us
the fear of Obama's scary Stimulous Package! fix?
It's coming!
Obama's stimulous package!
Run Away!
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coolslow8 months, 2 weeks ago
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Go back and read this whole thread and you will see that the Obama apologists do not waste their time and energy on defending or rationalizing any of Obama's steps as President. All they say, and I repeat 1) Bush/Reps/greedy rich caused it, 2) McCain/Palin no better, and 3) give O a chance.
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How about something rooted in today? Like a proactive response to how and when "the plan" will be revealed and how all this is supposed to work. The point is there has been no Democratic rationale put forward for anything,except reversing Bush policies, yet Republicans are being blamed for not having ideas. Didn't the Dems win the election?-
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CRYMTYPHON8 months, 2 weeks ago
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Ok, I went through and read the thread again, coolslow .
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I read a lot of attacks against Obama and against Bush;
- and some tiny bits of real economics from both sides.
capecoral said some interesting things which I will have to read again about 3 times slowly.
I saw Obama attackers insist the stimulous package was deficit spending,
which it is, - and would ruin us, - which is yet to be seen.
I saw Obama defenders promote government spending to create jobs,
shore up banks and help re-finance mortgages, as a valid way to fix the economy.
And that is the democratic plan.
The Republican plan seems to be: give more tax cuts and wait for things to get better.
Not a working plan.
And that is why the Dems won the election.
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tadair9198 months, 2 weeks ago
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same logic that people are using when they say that obama should not be judged yet. like, we should wait 6 months before we can start critically analyzing their decisions?
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which, of course, was the same logic that bush cited. "let time tell," blah blah blah blah blah.
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