"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. Millions of jobs that Americans relied on just a year ago are gone; millions more of the nest eggs families worked so hard to build have vanished. People everywhere are worried about what tomorrow will bring."
- Barack Obama, February 4, 2009
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46 comments:
And he won't actually do anything to prosecute those responsible since he carries part of the blame. He will continue the failed belief that we can spend our way out of this, regardless of the impact on future generations. I haven't given him a failing grade yet, but he is working overtime to earn one
U.S. Housing Slump Has ‘Just Begun,’ Says Forecaster Talbott
Five More Years
Talbott’s latest predictions are sobering. The U.S. is only halfway through the total potential decline in housing prices, he says. Home values will continue to deteriorate for four to five years, he forecasts.
From Bloomberg:
http://tinyurl.com/d64kho
The most unfortunate reality is one that is still not understood by President Obama, and that is the current contraction is not some temporary aspect of a boom and bust cycle, but it is a realignment of our credit-based economy to an age in which there is to be much less credit. Our economy is transitioning to a smaller, leaner, more projective and less wasteful economy in which unemployment is much higher, the GDP is much lower and the dollar is significantly weaker.
Why don't we talk about how much NET WORTH Americans don't have because it was lost on the depreciation of automobiles?
John Kenneth Galbraith talked about the planned obsolescence of automobiles in 1959. He became the economic advisor to JFK. What have our nitwit economists said about the planned obsolescence of cars since then? But they have called it economic growth when Americans bought more garbage for them to ignore the depreciation of.
How old was Obama in 1959?
GlobaLIES
psik
.
I used to get pissed after reading Nick's postings. I would be livid. But then I finally accepted the fact that he is right. America is screwed. With monkeys like Sheila Bair who wants to reduce people's mortgage principal and modify loans that are not even in the bank's books! In other words, the government is going to take from those who have and give it to those who don't. If I knew all of this shit was going to happen, then I would have done the same thing.
Can I get some food stamps already?
Some Crash, Dolts and Tools!
And now Dubya and his cronies are smiling away, enjoying their champagne and caviar while the rest of us are screwed. Way to f*ck over America, assholes!
>Five More Year.
Anywhere from 3 to 5 sounds ballpark. Five seems a bit long, but then agian maybe I'm a tool also.
Diversity program to the rescue. Looks like the America's Mulatto Messiah is no better at solutions than Drunk White Man Bush. Borrow your way out of debt is no solution for a nation that is downsizing due to broke aging Baby Boomers.
"People everywhere are worried about what tomorrow will bring."
You see what he does, he states the obvious and acts like it's not there, he never speaks in first person narrative, always third.
Exactly what that means, I have no idea, but it has made him popular, maybe no-one wants to live in reality?
you didn't finish the quote:
(turn on fear) "I now implore congress to pass this shitty stimulus bill because if they don't the recession may prove to be irreversible. A shitty stimulus bill is better than waiting a month or two and having a bipartisan bill that actually makes sense and address the root cause of this recession."
DEC 2008
Obama is bought and paid for by the big Wall Street firms like Goldman Sachs and Citibank. They were his biggest campaign contributors. When Obama talks about sacrifice and service he's talking about you sacrificing your lifestyle and serving the banks and financial elite.
Yada, Yada, Yada,
Blah, Blah, Blah.
Talk to the hand, Nobama. Talk to the hand.
Savers Are The New Underclass
In Britain. And in the US and in Canada and ...
The irresponsible, reckless and idiotic banker-fraudsters, property speculators (including the construction industry) and debt junkies are being helped by the governments.
The responsible and prudent savers are being punished, looted and blamed for the worsening crisis.
The World is upside down.
>maybe no-one wants to live in reality?
Yup, and thus Reality TV was invented.
Disasterous employment picture numbers, no stimulus package and America in Depression, no relation to fundamentals or reality and the stock market 'rallies'.
It's all made up and completely fake.
America is Dead.
Ron Paul attempts again to End the FED.
http://themessthatgreenspanmade.blogspot.com/2009/02/end-fed-legislation-reintroduced.html
So much to comment on this morning - yes, living here in SD, on the Mexican border, we have had a front row seat for the collapse of law and order there - the MARINES are NOT allowed to go down to TJ anymore without special permission of their commander. . .how is that for scary. . .
Housing prices - yes, another 25% down here in SD would only bring us back to historic normal (3 times annual household income of 68K x 3 = 200K. . now? 310K).
Unemployment - "unemployed people do NOT buy houses.". . .we have only begun unemployment - my estimate 14% national, 16% California.
California = BROKE - new estimate is 98 BILLION of debt.
Any good news? . . .just read in the Financial Times, that back-yard gardens (and seeds) are making a big comeback - people will start growing their own this summer.
C'mon folks, sing along: We are the world, we are the children, we are the Ponzi...
Times -- Japanese businessman Kazutsugi Nami arrested for £1bn fraud
Police have arrested a businessman and 21 of his executives for allegedly defrauding investors of a reported 126 billion yen (£1 billion).
According to the Kyodo news agency, Mr Nami's company, L&G, collected some 126 billion yen from approximately 37,000 people, promising them 36 per cent annual interest, despite having debts of 42.3 billion yen and only 1.4 billion yen in assets. Other news agencies reported that L&G had allegedly defrauded 50,000 investors of up to 226 billion yen.
http://tinyurl.com/apzhvf
9:20 am pst:
Market up 123 on news America is Dead....
Better sell America Right Now.
Mr. Bo Jangles, where ARE YOU!
Market back over 8,000 better get some more bonuses out to the Kings of Wall Street, Fuck the Little Guy.
Same Story, Different Day...
DIE
"Anonymous said...
C'mon folks, sing along: We are the world, we are the children, we are the Ponzi...
"Times -- Japanese businessman Kazutsugi Nami arrested for £1bn fraud
Police have arrested a businessman and 21 of his executives for allegedly defrauding investors of a reported 126 billion yen (£1 billion)."
Amatuers compared to Bushco-Cheneyburton-Greedspan-Paulson.
No wonder they had a lost decade. Those wacky Japanese...
When will the president wake up and realize that, at least in our lifetimes, we are not going back to the easy credit fueled economy of the last decade (or more). That deficit spending to try and get there won't work and actually will make it worse and last longer?
he needs to assemble a team of economic advisers that are diverse in their outlooks and opinions. for starters he should have ron paul in that group. peter schiff.
Keith, how about a post on who should be in obama's economic adviser dream team?
DEC 2008
.
TALK IS CHEAP, OH ANOINTED ONE.
.
And now Dubya and his cronies are smiling away, enjoying their champagne and caviar while the rest of us are screwed. Way to f*ck over America, assholes!
February 5, 2009 3:18 PM
You think king George was a rapist. The messiah is going to make him look like a complete novice. (Strike that} The messiah is making him look a complete novice. There will be nothing left when these socialist thieves and thugs are done. That means not even a soup line for you or anyone else. This pull the money out of the magic ass shit is done. The poor bastards in this country are about to get a lesson in cause and effect. A lesson they will never forget. It's like Obbbammmmyyyy just said (from his throne) the time for talking is done. This guy is sounding like Hitler. (strike that.) STALIN!!!!!
Announced today that another 600,000 seeking unemployment benefits last week, yet the Dow is currently up 120 points. Maybe we are not all in this together?
Gee,is that the help here to do the landscaping on the estate, from this distance they sure do look like an angry mob...
Nice words, but a proposed $900bil bail-out will only make matters far,far worse.
Even at this most critical time, the ultra-wealthy still feel entitled to consolidate their wealth at the expense of everyone below them.
As long as this policy continues, the nation as a whole will go down the tubes ... in a very ugly way.
"This recession might linger for years. Our economy will lose 5 million more jobs. Unemployment will approach double digits. Our nation will sink deeper into a crisis that, at some point, we may not be able to reverse," Obama wrote in the newspaper piece titled, "The Action Americans Need."
"May not be able to reverse"
What is the difference between God and Obama?
Answer: God does not think he is Obama.
Only Republicans in America use fear as a tactic for political advantage. Well...except for President Obama and Al Gore.
The difference between the two is that the economy really IS that bad. But no one from either party (except Ron Paul) talks about the real reason why.
I also have confusion about something.
The Feds want to rewrite loans and reduce the pricipal balance
sssoooooooo
housing prices don't decline and people don't lose more equity or "net worth".
Sssoooo they want to make sure that the Richards household nextdoor has to pay lets say a new 300,000 pricipal balance on a house they purchased 600,000 for. and the gov wants to assure that they don't lose any equity so if they can assure the house remains valued at 600,000 all the better.
Did you tools see idol last night?Did you see that dude tell simon he sucked as a judge, cool shit.Are we really having tough times?Walmart had good sales last month.I think you guys are over reacting as usual.How is renting?
Fascism is capitalism in decay.
Some people want to blame Obama. Wow! 3 weeks in office-now that's a short honeymoon.
Fact is, 35 years of neocon failed ideas, weak/complicit Democratic opposition, and a complete, failed to the core 8 year Bush disaster, handed the new Administration a set of problems Superman would have a hard time with.
Is it getting old to say we are screwed?
Every sector of American society needs to change if we are to survive, much less thrive as a nation.
That's way too much to put on one person or administration.
If Obama had followed Carter or Reagan, we might have had a chance to turn things around. But for over three decades we partied like there is no tomorrow-and now there isn't.
Did I say we are screwed?
>back-yard gardens are making a big comeback - people will start growing their own this summer.
Not in Southern Cal. Too f'ing hot, not enough water.
Fact is, 35 years of neocon failed ideas, weak/complicit Democratic opposition, and a complete, failed to the core 8 year Bush disaster, handed the new Administration a set of problems Superman would have a hard time with.
You forgot the Clinton decade dem hack. This stimulas abortion being rammed through by OBBBBBBAAAAAMMMMY!!!!!! is what it is. You cannot defend it or its socialist thug creators, so just stick to kicking Booooshes ass. Loser.
This is off Huff Post. I tend to agree. I don't think it's pork either.
_____________'
'He (Obama) also launched a shot at critics while talking about energy, questioning, "are these folks serious?"
Now, I read the other day that critics of this plan ridiculed our notion that we should use part of the money to modernize the entire fleet of federal vehicles to take advantage of state of the art fuel efficiency. This is what they call pork. You know the truth. It will not only save the government significant money over time, it will not only create manufacturing jobs for folks who are making these cars, it will set a standard for private industry to match. And so when you hear these attacks deriding something of such obvious importance as this, you have to ask yourself -- are these folks serious? Is it any wonder that we haven't had a real energy policy in this country?'
_________________
Every new project can't be all glamourous and 'shiny'. Shiny is what us got us into this mess in the first place. His ideas are good and practical.
Consultant,
You mean we could have had Obama after Reagan? We could have been Socialist 20 years ago? Gosh, I always miss out on the cool shit.
Taco Chowder - "We could have been Socialist 20 years ago? Gosh, I always miss out on the cool shit."
Nah, we had to wait for Bush to socialize the banks, socialize the credit default swaps, socialize the Wall St. investment losses, socialize the insurance industry and socialize the real estate industry for that. You didn't miss much. Now set "Fox and Friends" to a continuous playback loop and go night-night again.
I actually watched Kudlow today and he tore apart Obama, Geithner and Pelosi.
Too bad the Dems didn't use this historic opportunity to put quality people in charge of the Executive and Legislative.
No, Billary would not have been any better. To be honest, I'm not sure what democrat I would want to see up there. At this point maybe Yoda Kucinich.
i left for a bit thought you might come to your senses and try to get over the election of your hero but here you are quoting this teenager who in 2 weeks has completely lost any credibility and as i said well before the %56 of the our fellow citizens elected this fairy tale the sitcom is about to start and as of this writing he still can't find any democrats who pay their taxes it's showtime at the white house
It would have been different with McCain.
Taco Chowder,
Like all good kool aid drinkers, you can't see the forest for the trees.
We paid our way as a nation until Reagan became President. Yep. The Great Communicator. Ran up more deficits than ALL the previous Presidents COMBINED!
It was the first Bush who called Reagan's economic plans-voodoo economics. But the Republicans won the arguments and the elections, and the full blown results of those theories played out during the George Bush years.
I respect conservatives. I don't respect corporate terrorists, facists, neocons, racists, sexists, habitual liars, crooks, child abusers and anyone who won't change their mind when confronted with opposing facts.
So for all the people who now want to conveniently forget the destruction sowed by one George W. Bush, I say if you are that blind (and stupid), you are definitely going to get yours.
This meltdown ain't for baby boys and girls. Open your eyes before you get run over by that truck.
.
NO SHIT SHERLOCK!
.
Anonymous Anonymous said...
Diversity program to the rescue. Looks like the America's Mulatto Messiah is no better at solutions than Drunk White Man Bush. Borrow your way out of debt is no solution for a nation that is downsizing due to broke aging Baby Boomers.
February 5, 2009 3:31 PM
What does "diversity" has to do with Obama being elected? But I do agree that the same old policy of borrowing money to spend it aint gonna work.
"...the election of your hero...the messiah..."
Granted; there are quite a few naives bound to be sorely disappointed.
Way, way more Bush apologists rooting for our country to fail just like the traitors they railed against for eight years.
Not even enough self-control to wait for the cratering, they gave the game away six months ago blaming a guy who hadn't yet assumed office.
"We choose hope over fear."
HAHAHAHA
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