“Back from the Abyss”: Obama Adviser Touts Economic Rescue

People, this is the fault of both parties because they allow the Federal Reserve control of the money.... Obama is Bush on Steroids! We will see a total collapse of our financial system within Obaba's term...

The real questions is, are they purposely trying to destroy the middle class? You have to wonder.....

A few questions for the president's critics:
1) What would you have done differently to restore confidence in the banking system?

Exactly what was done - recapitalize the banks - it tooke the Fed 5 years during the Great Depression (1934) to do this and this created 2 years of >10% GDP growth before the 2nd leg of the depression hit when Roosevelt raised taxes.
2) Could you have predicted the bankruptcy of GM and Chrysler?

I did and none of my clients owned debt or equity in those firms - predicted it in 2005 - but thought the solution was a real bankruptcy (like the airlines) that would break the unions, not a faux bankruptcy that served as a Union and Obama takeover.

3) Could you have predicted that they'd already be out of bankruptcy?

It was not a real bankruptcy - it was a Union and Obama takeover. In a real bankruptcy, the unions would have been broken and recieved nothing for their unsecured claims.

4) What of value did we get from Bush's $5 trillion in deficit spending that culminated in the economic collapse?

The collapse came from housing due to artificially low rates by Greenspan for too long, bank's not duing due dilegence and simply refusing credit to people that could not repay it (because of political pressures to lend to poor people). Most of Bush's deficit was due to the two wars.

5) Don't you think it a bit disingenuous for Republicans to complain about Obama when, prior to the current economic crisis, of the $10 trillion deficit, $8 trillion came under Republican presidents?

Conservatives complain about Obama because our values are the same as the founding father's and Obamas values and direction are crap.

When you are on the left criticism equals "smear". Have the "one" call Gov Palin to understand what "smear" means.

A few questions for the president's critics:
1) What would you have done differently to restore confidence in the banking system?
2) Could you have predicted the bankruptcy of GM and Chrysler?
3) Could you have predicted that they'd already be out of bankruptcy?
4) What of value did we get from Bush's $5 trillion in deficit spending that culminated in the economic collapse?
5) Don't you think it a bit disingenuous for Republicans to complain about Obama when, prior to the current economic crisis, of the $10 trillion deficit, $8 trillion came under Republican presidents?

Come on, people. Don't mistake criticism for leadership. Where are the good Republican ideas?

I think Obama is doing a nasty job. Most people seem to think so too,

This president has inherited a messed up family. He has eight half-siblings -- seven of them living -- by four other marriages or relationships of his parents.

He ran for president. He won. This is the job he wanted. It is his to scr-w up or not. So far, it appears he is leaning towards the former.

"The nation’s economy has been rescued from the brink of collapse, President Obama’s top economic adviser believes."
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In this case 'believes' means that there are no guarantees - and no easy fixes.

This is a global economic crisis. Many countries are experienced rising unemployment rates, budget crises and rising deficits. This was a major economic collapse - if we're lucky that collapse has been halted.

"When might this administration look for a business solution to our problems instead of a political one? We are sinking lower and lower while they stand back and watch."

Would that such a simplistic explanation held water, but it doesn't and the description of 'stand back and watch' is hardly accurate.

Strange that some people seem to think this is just an American problem and that the answers are obvious and simple - strangely shallow that is.

You might as easily say, "when is the world going to pull out of this massive recession".

"The nation’s economy has been rescued from the brink of collapse, President Obama’s top economic adviser believes."

Belief- "confidence in the truth or existence of something not immediately susceptible to rigorous proof"

Let's see. Unemployment up to 9.5% and rising. Foreclosures up 15%. GDP down. There is a new revised report coming out at the end of this month, that will update the projected GDP figures, but it won't be pretty. The people that do have jobs, are working less and less hours. People without jobs are staying unemployed longer and longer. States are cutting jobs and programs. When might this administration look for a business solution to our problems instead of a political one? We are sinking lower and lower while they stand back and watch.

Resued from the "brink of collapse", "back from the abyss" . . . if only your grasp of english and your comprehension levels were better Timmy, you'd have a chance of making sense yourself.

Posted by: danita | Jul 17, 2009 2:13:01 PM
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This is from the OTHER Summers article:

"The administration, stated Summers, has already made a great deal of progress in these rescue efforts.

"“If we were at the brink of catastrophe at the beginning of the year, we have walked some substantial distance back from the abyss,” he stated."

"GREAT DEAL OF PROGRESS"

"WE HAVE WALKED SOME SUBSTANTIAL DISTANCE BACK FROM THE ABYSS"

So what is YOUR comprehension level on these statements? Maybe you should actually start reading instead of jumping all over a couple of words that suit your argument. I'll stick with my original comment.

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He also repeatedly told us that things might well get worse before they get better. He addressed us and told us these things a number of times.
Posted by: danita | Jul 16, 2009 10:17:30 PM
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Goodness, what will we do now that the administration is saying we're back from the abyss? Does this mean that Obama repeatedly telling us that things might well get worse before they get better wasn't true? Or did he just "misread the economy" - again. Oh, wait that was Joe. Obama said "we didn't have complete information." We're gonna need a chart...

Posted by: Traffic Cop Timmy | Jul 17, 2009 2:03:43 PM

He inherited a mess, but he knew that when he ran for President. Now it is HIS responsibility to reform the financial system, which he refuses to do.

According to Paul Krugman, a Nobel Prize winner in economics, no real recovery can take place until the financial system is regulated the way it used to be, and companies can no longer legally gamble with our money expecting to be bailed out by the taxpayers when they screw up.

The stimulus is just a band aid, and not a very good one.

This president has inherited a mess

tjp . . .

You are missing my point - your interpretation of TARP and later funding is your own - no problem there.

What I have been pointing to is that on this blog, over and over again the 'right' have tried to lump all of the TARP funs in with President Obama's spending - in order to smear the President.

This dishonestly to smear the President is appalling and it's gone on over and over again here.

Sorry .. . lies and dishonesty to smear the President are appalling, whether you have the moral character to recognize it or not. Posted by: danita | Jul 17, 2009 4:26:09 PM
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Two words: Dan Rather

tjp . ...

Yes, tjp it is actually 'absolutely' true, over and over again the 'right' on here tried to lump all of the TARP funs in with President Obama's spending - in order to smear the President.

That you disagreed with TARP funding does not alter that truth.

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Danita,

I'm not lumping in ALL of TARP funding on Obama's plate of spending and goodies. But, as previously stated, Obama voted for TARP and has disbursed (if I remember correctly) roughly half of it (~350 billion?).

The point you are missing is that much of the criticism is as follows:

1. Bush & Congress (both parties, including Obama) approved TARP and kicked off Bail-Out Nation

2. Obama continued Bush's (and prior Congress's) policies through distribution of remaining TARP funds

3. Obama approved pork-laden $410 billion Omni-Bus Spending Bill

4. Obama approved $787B ($1T+ with interest) "stimulus" package

5. Obama now proposes massive healthcare "reform" whose cost is measured (by the non-partisan CBO) in the trillions

So, Obama is taking what was admittedly a bad situation and making it MUCH WORSE. This is crux of the criticism. It's not about "smearing" Obama - It's about institution of some degree of sound and responsible fiscal policy.

"So, defending President Bush - that's a no then?" Posted by: Traffic Cop Timmy | Jul 17, 2009 4:00:07 PM
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What is a 'no' is over and over again trying to lump all of the TARP funs in with President Obama's spending - in order to smear the President.

Perhaps you believe that little bit of lying and dishonesty should just be shrugged off as not important.

Sorry .. . lies and dishonesty to smear the President are appalling, whether you have the moral character to recognize it or not.

So, defending President Bush - that's a no then?

"This loser Summers is part of the problem. At least we got a check in the mail from Bushie"

You just got the same thing via the change in withholding.

But you're a birther so I guess I should not expect too much.

tjp . ...

Yes, tjp it is actually 'absolutely' true, over and over again the 'right' on here tried to lump all of the TARP funs in with President Obama's spending - in order to smear the President.

That you disagreed with TARP funding does not alter that truth.

"YOU said it was Bush's burden." Posted by: Traffic Cop Timmy | Jul 17, 2009 2:59:06 PM
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You're again ducking the lies posted here by the right, and again that's not surprising . .. the truth matters little to those out to smear the President.

By the way, I never said the TARP funds were Bush's 'burden", I would have correctly said those funds were put in place under the Bush administration.

Those funds are the taxpayer's burden.

"And absolutely, over and over again the 'right' on here tried to lump all of the TARP funds in with President Obama's spending - in order to smear the President."

Absolutely? This is incorrect. There are many (including me) who do not agree with Bush & Co. kicking off "Bailout Nation" last Fall. I have stated in prior posts my personal opinion is it was the worst thing that he did as president. But Obama is not absolved of responsibility - He voted for TARP and has overseen disbursement of much (50%?) of TARP funds.

I think you are being dishonest to support your own views - Could also be stated as "left wingers lie" if I was speaking of the entire "left wing" population, which is not the case :^)