The Failure of Obamanomics

WaveCameCrashin
WaveCameCrashin Posts: 2,929
edited June 2009 in A Moving Train
http://www.dickmorris.com/blog/2009/06/03/the-failure-of-obamanomics/
Post edited by Unknown User on

Comments

  • jlew24asu
    jlew24asu Posts: 10,118
    dick morris is an asshole. but thats just how I feel ;) I think we need more time to see how "Obamaomics" plays out.
  • ledvedderman
    ledvedderman Posts: 7,762
    I like how guys like Dick Morris tell us to let history determine whether George Bush was a failure or not (he was), yet gives "Obamanomics" 100 days and is throwing the towel in. But like jlew said, Dick Morris is an asshole.
    E8toX.gif

    http://www.reverbnation.com/brianzilm
  • CJMST3K
    CJMST3K Posts: 9,722
    jlew24asu wrote:
    dick morris is an asshole. but thats just how I feel ;) I think we need more time to see how "Obamaomics" plays out.

    An economist who predicted the major recession in 2007 and who was openly laughed at on MSNBC and other channels was on Jon Stewart last night. He said Obama ran on a platform of change, but the way Obama's plan is going, instead of making a U Turn, he's instead putting his foot on the gas in the same direction that got us in trouble. It will be interesting to see if he's right, again.
    ADD 5,200 to the post count you see, thank you. :)
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  • jlew24asu
    jlew24asu Posts: 10,118
    CJMST3K wrote:
    jlew24asu wrote:
    dick morris is an asshole. but thats just how I feel ;) I think we need more time to see how "Obamaomics" plays out.

    An economist who predicted the major recession in 2007 and who was openly laughed at on MSNBC and other channels was on Jon Stewart last night. He said Obama ran on a platform of change, but the way Obama's plan is going, instead of making a U Turn, he's instead putting his foot on the gas in the same direction that got us in trouble. It will be interesting to see if he's right, again.

    Peter Schiff?

    can we just let go the whole Change platform? no matter what he does it will never be enough "change". Obama does have his foot on the gas during the first 100 days...but I'm not sure he had much choice. but that is changing....

    TARP is being paid back and just Tuesday Obama wants "pay as you go" into law

    http://www.cnn.com/2009/POLITICS/06/09/obama.paygo/
  • vduboise
    vduboise Posts: 1,937
    seriously, give the man a chance. It took a lot of years to tank this economy- it will take a bit of time to TRY to make it better. 100 days really does not do much. A year or 2, then have words about it. Obama is not a miracle worker- as some would believe- and he has to work with a Congress with essentially the same people that was there when Bush was in office.
  • cincybearcat
    cincybearcat Posts: 16,951
    jlew24asu wrote:
    I think we need more time to see how "Obamaomics" plays out.


    Agree...too early to tell.
    hippiemom = goodness
  • CJMST3K
    CJMST3K Posts: 9,722
    cincybearcat wrote:
    jlew24asu wrote:
    I think we need more time to see how "Obamaomics" plays out.


    Agree...too early to tell.


    I also agree that 100 days to determine the long-term effectiveness is too early. However, if there are concerns by economists, then now is the time to voice them.
    ADD 5,200 to the post count you see, thank you. :)
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  • jlew24asu
    jlew24asu Posts: 10,118
    CJMST3K wrote:
    cincybearcat wrote:
    jlew24asu wrote:
    I think we need more time to see how "Obamaomics" plays out.


    Agree...too early to tell.


    I also agree that 100 days to determine the long-term effectiveness is too early. However, if there are concerns by economists, then now is the time to voice them.

    economics can be debated from multiple angles. government action/inaction, fiscal, and monetary policy can all be interpreted different ways...good or bad.

    the fact the Peter Schiff raises concerns is nothing to get excited about.
  • VINNY GOOMBA
    VINNY GOOMBA Posts: 1,827
    CJMST3K wrote:
    cincybearcat wrote:
    jlew24asu wrote:
    I think we need more time to see how "Obamaomics" plays out.


    Agree...too early to tell.


    I also agree that 100 days to determine the long-term effectiveness is too early. However, if there are concerns by economists, then now is the time to voice them.

    All Schiff said was that we are continuing to do what got us into this mess. It isn't just Obama-- he's a small part of it, it's Congress, Wall Street, and mainly THE FED... And I believe he's right. Now is the time to be critical. The decisions that have been made already are going to haunt us deeper in a few years. This is completely typical of Washington and Wall Street. They get us in a mess, and try to fix the problem with more of the action/inaction that gave us the problem in the first place. See the War in Iraq / War on Terror as a recent classic example of "flooring it" in the wrong direction. Not so coincidentally, the wars have had a tremendous impact on our current economic state. Again, thank president Bush, a Congress that gave him all of their power, and the Fed for giving them to the money to make it all possible.
  • VINNY GOOMBA
    VINNY GOOMBA Posts: 1,827
    jlew24asu wrote:
    CJMST3K wrote:
    jlew24asu wrote:
    dick morris is an asshole. but thats just how I feel ;) I think we need more time to see how "Obamaomics" plays out.

    An economist who predicted the major recession in 2007 and who was openly laughed at on MSNBC and other channels was on Jon Stewart last night. He said Obama ran on a platform of change, but the way Obama's plan is going, instead of making a U Turn, he's instead putting his foot on the gas in the same direction that got us in trouble. It will be interesting to see if he's right, again.

    Peter Schiff?

    can we just let go the whole Change platform? no matter what he does it will never be enough "change". Obama does have his foot on the gas during the first 100 days...but I'm not sure he had much choice. but that is changing....

    TARP is being paid back and just Tuesday Obama wants "pay as you go" into law

    http://www.cnn.com/2009/POLITICS/06/09/obama.paygo/
    I think if you're going to run on "Change" there should at least be an attempt to deliver. It's what we have to start doing as Americans is holding our politicians to the promises that they make. If we held Bush to his campaign slogans in 2000, we would have never fought the war in Iraq (Afghanistan is a different story). He ran on a fairly non-interventionist foreign policy and called Clinton out for his meddling in other countries. Now, maybe this isn't what he wanted in his head-- but he spoke it aloud, and chose to advertise himself in this way. We bought it, and we didn't get what we paid for with him-- at least the first time around. The second time around he was pretty frank and honest about what the next 4 years would be like. Kerry was a shitty alternative, and the country was too scared to change direction since we were in such a huge hole.

    I personally am not going to let go of the "change" platform. Especially not this early in the game.
  • tybird
    tybird Posts: 17,388
    cincybearcat wrote:
    jlew24asu wrote:
    I think we need more time to see how "Obamaomics" plays out.


    Agree...too early to tell.

    +1
    All the world will be your enemy, Prince with a thousand enemies, and whenever they catch you, they will kill you. But first they must catch you, digger, listener, runner, prince with the swift warning. Be cunning and full of tricks and your people shall never be destroyed.
  • soulsinging
    soulsinging Posts: 13,202
    CJMST3K wrote:
    jlew24asu wrote:
    dick morris is an asshole. but thats just how I feel ;) I think we need more time to see how "Obamaomics" plays out.

    An economist who predicted the major recession in 2007 and who was openly laughed at on MSNBC and other channels was on Jon Stewart last night. He said Obama ran on a platform of change, but the way Obama's plan is going, instead of making a U Turn, he's instead putting his foot on the gas in the same direction that got us in trouble. It will be interesting to see if he's right, again.

    I agree with that. It makes me want to machine gun all of DC when I hear that our response to too many people defaulting on bank loans they can't afford to pay is to... give money away in order to encourage banks to loan more. WHAT THE FUCK sense does that make?

    To be fair though, Obama is not the only one calling for our current economic response. Republicans were in on it too. It was quite revealing as to where the true loyalties of our congressmen lay when the one time there seems to be a pretty round consensus in DC is that we need to hand over a shit ton of taxpayer money to the financial industry because they shouldn't have to face the consequences of their poor decisions like those that have mortgages they can't pay have to.

    The worst of it is that right now business everywhere is whining "save us government, we screwed up and we need you to pull us out!" And we all know that in about 10 years when the ship has finally righted a bit and we're back on track, we'll have another Reagan style candidate backed by Wall Street saying "government is the problem and needs to get out of the way of business and let the markets work" in a drive to remove all the safeguards we set up now so the same shit can happen all over again.
  • VINNY GOOMBA
    VINNY GOOMBA Posts: 1,827
    soulsinging wrote:
    And we all know that in about 10 years when the ship has finally righted a bit and we're back on track, we'll have another Reagan style candidate backed by Wall Street saying "government is the problem and needs to get out of the way of business and let the markets work" in a drive to remove all the safeguards we set up now so the same shit can happen all over again.
    What safeguards do you want to see put in place?
  • soulsinging
    soulsinging Posts: 13,202
    VINNY GOOMBA wrote:
    soulsinging wrote:
    And we all know that in about 10 years when the ship has finally righted a bit and we're back on track, we'll have another Reagan style candidate backed by Wall Street saying "government is the problem and needs to get out of the way of business and let the markets work" in a drive to remove all the safeguards we set up now so the same shit can happen all over again.
    What safeguards do you want to see put in place?

    No reselling loans, packaging them, splitting them, etc. Tighter regulation of interest rates and penalties. No loaning money you don't have. You know, the sort of things a 6-year old child could tell you was fair and reasonable, but that Wall Street seems to think they can magic into existence to make the whole world rich.
  • VINNY GOOMBA
    VINNY GOOMBA Posts: 1,827
    soulsinging wrote:
    VINNY GOOMBA wrote:
    soulsinging wrote:
    And we all know that in about 10 years when the ship has finally righted a bit and we're back on track, we'll have another Reagan style candidate backed by Wall Street saying "government is the problem and needs to get out of the way of business and let the markets work" in a drive to remove all the safeguards we set up now so the same shit can happen all over again.
    What safeguards do you want to see put in place?

    No reselling loans, packaging them, splitting them, etc. Tighter regulation of interest rates and penalties. No loaning money you don't have. You know, the sort of things a 6-year old child could tell you was fair and reasonable, but that Wall Street seems to think they can magic into existence to make the whole world rich.
    If what you're saying is that the financial industry has to work within the same rules as Joe Shmoe, I'm with you 100%. I view it as more of a de-regulation than regulation, since it took special rules and laws to give them this ability to play with money that they don't have, treat debt as money, derivatives, etc... No point in debating terminology when both of us want the same thing.
  • soulsinging
    soulsinging Posts: 13,202
    VINNY GOOMBA wrote:
    soulsinging wrote:
    VINNY GOOMBA wrote:
    What safeguards do you want to see put in place?
    No reselling loans, packaging them, splitting them, etc. Tighter regulation of interest rates and penalties. No loaning money you don't have. You know, the sort of things a 6-year old child could tell you was fair and reasonable, but that Wall Street seems to think they can magic into existence to make the whole world rich.
    If what you're saying is that the financial industry has to work within the same rules as Joe Shmoe, I'm with you 100%. I view it as more of a de-regulation than regulation, since it took special rules and laws to give them this ability to play with money that they don't have, treat debt as money, derivatives, etc... No point in debating terminology when both of us want the same thing.

    Yeah, that's pretty much exactly what I'm saying. Where's the incentive for a bank to lend responsibly when they know they're going to instantly sell the loan to someone else who's going to bear the entire risk of default? In fact, it gives them a strong incentive to encourage people to take bigger loans (regardless of whether or not they can repay them) because they get the money free of risk.
  • acoustic guy
    acoustic guy Posts: 3,770
    jlew24asu wrote:
    dick morris is an asshole. but thats just how I feel ;) I think we need more time to see how "Obamaomics" plays out.
    Maybe so, But he is one smart mother fucker and he KNOWS his shit backwards and Forwards.
    Yo ushould read up on the guy, agree with him or not, he knows his shit. He is very accurate
    Get em a Body Bag Yeeeeeaaaaa!
    Sweep the Leg Johnny.
  • WaveCameCrashin
    WaveCameCrashin Posts: 2,929
    + 1 Most people don't even know he was one of B.Clintons Sr. advisors .
  • inmytree
    inmytree Posts: 4,741
    vduboise wrote:
    seriously, give the man a chance. It took a lot of years to tank this economy- it will take a bit of time to TRY to make it better. 100 days really does not do much. A year or 2, then have words about it. Obama is not a miracle worker- as some would believe- and he has to work with a Congress with essentially the same people that was there when Bush was in office.

    well said....

    Sadly, Obama doesn't have a magic wand....

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