SubscribeObama Still Demanding We Have A Recession
From his idolaters at the Associated Press:
Obama slams Bush, McCain on economy
AUSTIN, Texas - Democrat Barack Obama rejected President Bush’s claim that the country isn’t headed for a recession, and slammed the economic policies followed by both Bush and Republican contender John McCain.
Things are getting worse, not better, and the country stands “on the brink of a recession,” the Illinois senator and front-runner for the Democratic nomination said Thursday.
Obama blamed a “failure of leadership” in Washington, implying McCain was part of that failed leadership.
Yes, Mr. Obama is trying to ‘keep hope alive.’ That is, the hope he can talk our economy into a recession.
But unfortunately for our hero it looks like the “let’s have a recession” ship may have already sailed.
Indeed, it would appear that even the Democrat’s lickspittle slaveys in the media are giving up on trying to talk us into a recession.
From Google Trends:
But what a sad state of affairs it is that our Democrat candidates would rather have our country’s economy tank and see people thrown out of work, than not get elected President.
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12 Responses to “Obama Still Demanding We Have A Recession”
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February 28th, 2008 at 12:54 pm
Obama……” slammed the economic policies followed by both Bush and Republican contender John McCain….”
…”Obama blamed a “failure of leadership” in Washington, implying McCain was part of that failed leadership….”
Excuse me, but haven’t you also been a part of that leadership, being in the majority party and all? Such a dynamic leader you have proven to be Mr. Obama. Get off your ass, stop hoping so much, direct your energies toward doing something tangible, and then maybe you’ll have a record to run on instead of just having your mouth running on.
Oh, and by the way, the country always seems to be only one socialist short of being ….“on the brink of a recession,” !
February 28th, 2008 at 1:05 pm
The Fed should be more concerned with inflation than a recession.
All of this is being blamed on problems in the credit market because of sub prime mortgage defaults. Well, sub prime is just 9% and Alt-A is 8% of the $10.4 trillion dollar mortgage market. The great majority of these mortgages are being paid on-time. The defaults represent 2 to 3% of the entire mortgage market.
People inhabit homes, which is why houses are not like other assets. Unless you can’t pay your mortgage – remember, unemployment is still very low – or you have to move for work, in which case it’s a wash since you sell low and buy low, most homes will mot sell during this down market. In fact, houses turn over something like once every seven years. These are not time-sensitive securities that expire on a given date. And, even if the house is “illiquid’, most people will continue to live in it until its value increases, which is why this is just a big MSM scare.
The bottom line is that economic business cycle has natural ups and downs. The past seven years we’ve experienced excellent economic growth. This year may not be at the break-neck pace of the past couple years, but the Fed is still predicting positive, yet diminished growth.
Now that interest rates have gone down and the dollar-priced goods, i.e. exports, are bound to pick up, we should be more concerned with inflation that impacts 100% of the country than in the 2 to 3% increase in unemployment during a recession.
February 28th, 2008 at 1:31 pm
EvaTheFrisbeeDog;…”we should be more concerned with inflation that impacts 100% of the country….”
Well stated.
What interests me is how Obama’s proposals, few as they are, would remedy anything. He bemoans deficit spending and blames the fiscal problem on the money being spent to prosecute the war in Iraq, and to a lesser degree in Afghanistan. Yet he would spend that amount and more on domestic programs not even vaguely outlined or defined. Spending money we don’t have is not in the best interest of the nation but sometimes priorities and circumstances require it. In either case, inflation results from the practice. I’m still infuriated by the way the “peace dividend” brought on by the end of the cold war was consumed in a wild spending frenzy. A reduction in deficit spending doesn’t equate to cash in the bank, no matter how they spin it. Is the American public that stupid?
February 28th, 2008 at 1:35 pm
What? Are you kidding? I find it curious that Obama picked Austin Texas to make this speech as the ecomony has been booming here. Just a couple of months ago the Texas media was reporting that the unemployment rate is the lowest since 1976. NOW, since Obama has come to town we’re going to hell in a hand basket? And Texans believe this nonsense?
http://www.kvue.com/news/top/s.....6626d.html
I give up. Propaganda now trumps the facts. (What a charmer Obama is.) It’s going to be a very strange election indeed.
February 28th, 2008 at 2:28 pm
JMG — If you watched the debate the other night, you’d know from listening to Barry Hussien that it’s “hard for a company like that [Exxon Mobil] to give up their profits” and that Hillary, yep Hillary, is going to “invest that money back into green jobs.” Keynesian economics, aka government spending, is not going to help our economy. This is far from deficit reduction, it’s falt out socialism.
Milton Friedman won a Nobel Prize proving that “inflation is always and everywhere a monetary phenomenon.” Our federal government could help by reducing regulations, freeing markets, and letting us keep more of our money in the private sector where i’t’s more effeciently deployed. The Democrats would increase regulations (envionmentalism, affirmative action), stifle market competition (dump NAFTA, nationalize healthcare) and keep more of our money (increased taxes). When they effectively have trashed our economy, the Fed will have no choice but to gun the money supply, thereby creating inflation, which is exactly what happen during the Carter years.
February 28th, 2008 at 3:46 pm
EvaTheFrisbeeDog; ….”which is exactly what happen during the Carter years….”
I nursed a construction busines through the Carter years. It took a long time to recover from the effects of his policies. The difference this time is that foreigners are buying up the debt at a faster pace and the dollar is losing ground world wide. As bad as the Carter years were, Obama’s plans, if implemented would be worse. Free markets wax and wane as a matter of course, but if my tax burden or other regulatory dictates cause my overhead costs to go up, guess who pays? You would be appalled at the pressure being applied to the building industry to go radically “green”. Manufacturers and vendors have jumped on the wagon, trying to be the “first” on the market with this or that “green” product. While much has been made of the decline in housing and people being crowded out of the marketplace, mandated regulatory practices will exclude buyers from the market, depressing it further. Building “green” is incredibly expensive, so much so, that the average home buyer with little or no equity, won’t be able to afford it.
Funny they always bring up “big oil companies”. Guess who is lining up for the R & D money for alternative energy projects that will result from cap-and-trade legislation? Yep, the oil companies.
February 28th, 2008 at 4:15 pm
But imagine all the jobs that will be created installing solar panels….
This whole “green” movement is nothing more than a marketing ploy. I saw an ad for an eco-friendly bottle using one-third as much plastic as other bottled water. How about turning on the tap?!
Toyota is leading the charge with hybrid veihlces, which should put a dent in the emissions impact on their truck division, but they will soon be the biggest automobile manfacturer in the world, if they’re not already.
The weakness of the US dollar has as much to do with the rest of the world’s high interest rates as our low Fed Funds rate. Despite what we hear in the media, about 75% of our debt is held by Americans — we also own of lot of the rest of the world’s debt. Since we are clearly the largest economy in the world, this only makes sense. By the way, China has many of the structural problems that Japan had during the 1990’s and with a compulsory saving rate of 40% is headed for some very rough times, especially since their currency is non-convertible and they have to invest in a banking system where 50% of their loans are non-performing.
According to the US Treasury (as of last June), the US government itself owns about 52% of the $8.5 trillion debt. Most of this is set aside for Social Security and Medicare. The remaining amount is held in deceasing order by Japan ($644B); state and local governments ($467 billion); individual investors, including brokers ($423 billion); China ($350B); public and private pension funds (319 billion); mutual funds ($243 billion); UK ($239B), US savings bonds ($206 billion); insurance companies ($166 billion); banks and credit unions ($117 billion.)and $100 billion held by oil exporting countries.
February 28th, 2008 at 4:39 pm
Thanks Eva for the run-down on the debt. I think the most disturbing aspect of the debt structure is the SS and Medicare obligation. If the question of solvency ever arises and the news isn’t good, there will be one hell of a revolt. I’m one of those still working even though I will qualify for both of the “entitlements” you mention in a very short time but I plan on continuing to work. Yet very soon, the population drawing these supposedly secure entitlements will outnumber those securing them with their payroll contributions. These folks are going to be plenty PO’d too.
February 28th, 2008 at 6:22 pm
JMG — Without question, you nailed it!! The biggest failure of six years with a GOP Congress and Bush in the White House was that they didn’t take of this issue. Chile has a better financed national retirement system, which is 100% privatized. When I hear all this nonesense about nationalized healthcare, I just shake my head in wonderment. The government is all ready involved in healthcare — it’s the cost shifting from government-paid patients to private’y insured patients which has led to the run up in health care cost.
Interesting, the only area of healthcare that has not gone through the roof in the past 10 years is plastic/cosmetic surgery, which is not covered by the government or insurance — it’s generally paid out of the patients’ pockets. Cost sensitivity keep cost down.
February 28th, 2008 at 7:20 pm
“Obama blamed a “failure of leadership” The failure of the Democrat controlled Senate to provide leadership should go down in history, second only to the Democrats failure to provide decent Presidential candidates. In 2000, they gave the nation, the nation’s largest Ponzi scheme operator, Al (give me a million dollars and I’ll plant 12 trees in your honor, give my friend a million dollars and we’ll plant 24 trees in your honor.
Gore. In 2004, they gave the nation, the only person known by his own words to have flown to Paris, met with the enemy and adopted their entire list of demands that we surrender-John Kerry. In 2008, it appears they will give the nation, a man who was elected to a position of leadership (the US Senate) but wants to be elected President because he has already demonstrated a “Failure of leadership”. I think the Democrat party has sunk lower, and lower and lower. I hate to tell them, but the ability to sink lower is not Presidential.
February 29th, 2008 at 8:54 am
Excuse me - as economics and finances are not my high point (actually cooking is but this isn’t a cooking website) - but here goes:
Lowest un-employment rates in decades
Highest DOW rate in decades
Fastest recovery from 9/11 possible
Two Wars being managed and Won in double quick time (really if you think about it)
94% of the mortgages (even yes, the sub prime ones) are being paid fine
More Americans actually owning their own than in previous decades
All this with a Congress that has been partisan, earmarking bills to death, and fighting the Administration since 11AM on September 11, 2001 -
Go anywhere, at certain times at anytime - you will find an industry, population or group that is struggling - that is to be expected - weather, tastes, tech improvements etc all contribute to such variances.
I t is reality and attempting to blame it all on one Administration - and attempting to pretend that with a wave of your magic hand you can fix it all is stupid. And I am not that stupid.
Maybe they could start fixing things by vowing to end earmarks and pork projects - oh wait they did and they still sneak them in under the dark of night. Which means it is going to keep on keeping on.
February 29th, 2008 at 3:27 pm
wm4 —
Since the Democrats have finally recognized that we have an economy, I wonder if they give any credit for the past 50 monhts of job growth and GDP expansion.
On FNC last night the panelists on Brit Hume were talking about the “recession” — one problem: we’re not in a recsession. At least not according to the latest economic data (Q4 +0.6% GDP) and what most economist agree are the requirements of a recession, i.e. two consecutive quarters of GDP contraction.