Even Obama didn't know how bad it was

[Beco]

"We understood it was bad, but we didn't know how bad"--B Obama

Obama asked by a local Seattle reporter Tuesday "what do you know now that you wish you'd known when you started your presidency?" Obama responds, "I wish I knew, and I wish everybody knew just how deep the crisis was."

Really? What was the reason for the $787 billion economic stimulus? The economy was in such desperate shape we didn't even have time to read the bill.

And now President Obama pretends he didn't know how bad the economy was?

Here's the interview with Seattle's Channel 7

 

[Ham Murabi]

"We understood it was bad, but we didn't know how bad"--B Obama

Obama asked by a local Seattle reporter Tuesday "what do you know now that you wish you'd known when you started your presidency?" Obama responds, "I wish I knew, and I wish everybody knew just how deep the crisis was."

Really? What was the reason for the $787 billion economic stimulus? The economy was in such desperate shape we didn't even have time to read the bill.

And now President Obama pretends he didn't know how bad the economy was?

Here's the interview with Seattle's Channel 7

Yep, he admits he's not prepared to be president.

 

[Beco]

Yep, he admits he's not prepared to be president.

and Bill Clinton agrees....

 

[JAMESBJOHNSON]

He's the Messiah! He knew! He couldnt wait to resurrect the economy, cuz he's a Magic Negro.

 

[Wrong Element]

"We understood it was bad, but we didn't know how bad"--B Obama

Obama asked by a local Seattle reporter Tuesday "what do you know now that you wish you'd known when you started your presidency?" Obama responds, "I wish I knew, and I wish everybody knew just how deep the crisis was."

Really? What was the reason for the $787 billion economic stimulus? The economy was in such desperate shape we didn't even have time to read the bill.

And now President Obama pretends he didn't know how bad the economy was?

Here's the interview with Seattle's Channel 7

The GDP fell much more in Q4 of 2008 than the incoming administration thought it would. The initial projection was that it had dropped 3.8 percent. They revised it a month later like usual, and the actual fall was 6.2 percent, which is an enormous difference. That's what Obama was referring to, but please do keep pushing those RNC talking points.

 

[Liar]

"We understood it was bad, but we didn't know how bad"--B Obama

Obama asked by a local Seattle reporter Tuesday "what do you know now that you wish you'd known when you started your presidency?" Obama responds, "I wish I knew, and I wish everybody knew just how deep the crisis was."

Really? What was the reason for the $787 billion economic stimulus? The economy was in such desperate shape we didn't even have time to read the bill.

And now President Obama pretends he didn't know how bad the economy was?

Here's the interview with Seattle's Channel 7

If he knew how bad it was maybe he woulda pushed harder for a bigger stimulus.

 

[Sean Renaud]

Didn't unemployment pass his "if we don't pass my stimulus" point before he even had a chance to sign anything?

 

[TexasWife25]

If he knew how bad it was maybe he woulda pushed harder for a bigger stimulus.

Im so tempted to break out Zumis "This" gif.

 

[Sean Renaud]

Im so tempted to break out Zumis "This" gif.

Do it. It's appropriate. You want to do it. And lets be fair the right has proven we need memes to survive. Be a hero.

 

[IrezumiKiss]

If he knew how bad it was maybe he woulda pushed harder for a bigger stimulus.

http://media.tumblr.com/tumblr_m1xyppwBTN1r5cg2h.gif

 

[TexasWife25]

"this"

Zumi to the rescue

 

[Colonel Hogan]

The GDP fell much more in Q4 of 2008 than the incoming administration thought it would. The initial projection was that it had dropped 3.8 percent. They revised it a month later like usual, and the actual fall was 6.2 percent, which is an enormous difference. That's what Obama was referring to, but please do keep pushing those RNC talking points.

Yeah, and I'm sure the average American will understand and appreciate that distinction because when it comes to economics in general and the intricacies of GDP projections in particular, there aren't many sharper knives in the drawer.

Pretty tough to fool an auto mechanic or a beautician using the hard numbers.

 

[miles]

If he knew how bad it was maybe he woulda pushed harder for a bigger stimulus.

And that would have accomplished what?

 

[Liar]

And that would have accomplished what?

Everyone keeps saying Obama is a Keynesian. According to that school of thought, it would have accomplished a quicker and stronger recovery.

 

[unregistered]

 

[unregistered]

 

[TexasWife25]

No sense in confirming what everyone is already thinking dear.

Im sick of all these GB rumors! I'm gonna settle this once and for all!

I dont like Pepsi, or Coke.

Im much more of a Mountain Dew girl

 

[IrezumiKiss]

No sense in confirming what everyone is already thinking dear.

How's your BFF today, dear? He's been strangely absent today. You two haven't had any tiffs over your boycrushes, have you, dear?

 

[unregistered]

 

[Sean Renaud]

No sense in confirming what everyone is already thinking dear.

No it wasn't. Republicans believe it just fine.

 

[unregistered]

 

[unregistered]

 

[Sean Renaud]

As usual, you make zero sense.

No. As usual you're uninformed. Who do you think pionered the idea that lower taxes stimulated the economy?

 

[miles]

Jesus, don't you ever get tired of talking about rump rangering, maybe you should back up onto the doorknob and ask the neighbor to come over and give it a few cranks and maybe you can get him to push the doorbell a few times too, sweetie.

If it ain't on his mind, it's in his mouth.

 

[njlauren]

That school of thought was proven wrong long ago.

Keynesian economic theory hasn't been proven wrong, it has been snowed under by a ton of horsecrap passing as economic thought by those proposing the infamous supply side economics. One of the funniest argument against Keynesian economics has to do with the great depression and the New Deal, the standard answer of the great unwashed who listen to right wing talk radio and watch Faux News is that the New Deal didn't end the depression, WWII did......

And of course the irony of those words not lost on those who say them. WWII was a perfect example of Keynesian economics, the US alone spent something like 800 billion (in 1940's dollars! Roughly 8 trillion in today's dollars) on WWII, most of the federal debt until the 1980's was WWII debt and it was done on borrowed money......

The supply siders, meanwhile, have been doing the same thing, only they do it in a hidden fashion. We have been deficit spending in a major way since the early 80s, reagan and Bush 1 ran hundreds of billions in debt each year, and George W doubled the debt from 5.5 to 11 trillion, all while slashing taxes (which basically stimulated the economy, but despite what the supply siders say, they never generated more in revenue from economic stimulation then they did from the cost of the cuts, so ultimately they did it by borrowing money to stimulate the economy)

The problem was the 780 billion dollars they spent on the stimulus compared to the size of the problem was a drop in the bucket, it would be like trying to drive a railroad spike with a tack hammer. I hate to tell all you types so glibly saying you knew how bad the problem was, they still don't fully know the cost of the last crash and it shows in the economic figures. Despite all attempts to change that, the real setate market has stayed in the tank, and a lot of that is the economic drag of the horrible real estate speculation in the years preceding 2008 (btw, the recession started in Nov 2007, the economy was tanking under Bush) and when Obama took office in 2009, the scope of the problems was still not done. There are still many hundreds of billions of dollars in collateralized debt obligations and Credit default swaps laying on the books of banks and financial firms that still have not been accounted for (the government allowed them under mark to market to assign values to the instruments that are more then likely pure fiction).....

While I am not exactly holding the flag for Romney, what i have heard from him is more of what Bush did to get us in this mess, it is basically the mantra that 'business knows best' (tell that to JP Morgan Chase, who just took a 2 billion dollar hit based on idiotic trading in derivatives, which is going to help freeze up the economy more since they are a key commercial lender), that we need 'more tax cuts' when the Bush tax cuts basically didn't do anything except drive a bubble economy, and he is a big proponent that jobs going overseas is 'good for Americans' (as part of Bain capital, he and his cohorts were responsible for probably 100,000 jobs going away, so much for rebuilding the economy).

I am no dyed in the wool liberal when it comes to economics, I work in the financial industry, have for a number of years, and there are real problems that need to be solved, but rigid ideology isn't going to do it. Stimulous as Keynes thought about it was to get over the hump, it isn't long term economic strategy, and tax cuts can stimulate the economy if used properly but the reality is neither is a solution, and going back to what failed as an answer to the problems that that answer caused originally is idiotic.

Middle America is going to have to wake up and realize there are no simple solutions to this issue, that all the claptrap from the right wing that jobs have been lost because of taxes, the EPA and unions is a joke, when the reality is that unlike the mythical 1950's they love to trump as a golden age, we live in a world where competition is global and you have countries with hundreds of millions of people desperate for even the lowest paying jobs and the idea of a broad middle class is laughed at, and then ask yourself which leaders recognize that reality. Jobs aren't sent to china because of environmental regs or taxes, they are sent there because they can get a worker for a steel mill at less then 50cents and hour for a 16 hour day, 7 days a week......and the same applies across the board. You see all the Indian high tech workers, either brought in under H1B visas or offshore, because India itself doesn't create jobs and their info workers work cheap, because otherwise they wouldn't have jobs.....that is the reality, and who is going to solve that?

Personally I don't see anyone who will, and this election is going to come down to me holding my nose and voting for the least objectionable of the candidates. On the other hand, the GOP is going to make a fatal mistake if they start playing up the social issues, the only people who care about them are the religious right nut jobs and some old people and they don't matter, and if they try to hype that it will drop support from the independent voters they need. What I want to see is someone with new idea, not the same rehashed crap that Romney is pitching (it is the Bush economic agenda spoken by someone who can actually pronounce the terms and at least understands something about economics), it isn't going to be solved by 'tea party simplicity', it isn't going to be solved by social welfare spending, it is going to be solved only when people come up with new ideas.