The Note, 3/4/09: Bad Gyrations — Markets rattle Team Obama — how long before economy is his?
Email By RICK KLEIN So the president is offering investment advice (buy!), his economic aides are offering lawmaking advice (trust us!), and his press secretary is offering reporting advice (Rush Limbaugh!). The economic team is now a marketing team, and it will not be accused of dithering (or of not understanding the importance of branding). Saying President Obama and his aides aren’t paying attention to the Dow is like the Yankees saying they don’t watch Red Sox scores in September: The president is issuing what amounts to a plea for confidence — something your friendly neighborhood investment professional (or screaming television financial “expert”) may lack right now. “Buying stocks is a potentially good deal,” Obama said inside the Oval Office Tuesday. (Flashback to President Bush: “I encourage you all to go shopping more.”) What this reflects: At some point, maybe in the not-so-distant future, President Obama will own the economy — and with it comes diminished 401(k)s, along with collective frustrations that change is maybe not quite upon us after all, not like we thought it would be. As that time approaches, how much credibility will the president still have — amid a blizzard of earmarks he’s signing into law, a torrent of spending he’s proposing, and a toolbox full of economic fixes he’s enacting? The heat (or is it the cold?) of this economy is starting to settle in on Team Obama. A president who is trying to do everything at once gets to own a whole bunch of it very early on. “A day after the markets hit crisis lows, the administration sought to restore calm,” Neil Irwin writes in The Washington Post. “The nation is caught in a dangerous cycle in which an endless stream of grim news — waves of layoff announcements, signs that banks are teetering financially and negative economic data — has contributed to anxiety among American consumers and businesses. That, in turn, has caused further economic weakness. The White House appears to be moving to arrest that cycle.” “After being accused for weeks of being too negative about the economy, Obama recently has shifted to a more positive tone. He and his aides still say recovery won’t come quickly, but they are becoming more aggressive in declaring that the government’s efforts will work,” the AP’s Tom Raum writes. “It was a day of cheerleading for both the economy and the Obama administration itself,” ABC’s Jake Tapper reports. And a snazzy new logo on “recovery and reinvestment” projects: “Any good selling job has a branding component,” Tapper reported on “Good Morning America” Wednesday. The scoreboard: “The president’s words did little to inspire Wall Street, however. The S&P 500 closed under 700 for the first time since October 1996 and the Dow Jones industrial average sank for the fifth day in a row, closing down 37.27 points at 6,726.02,” Maura Reynolds and Jim Puzzanghera report in the Los Angeles Times. “Still, from the president to the secretary of the Treasury and the chairman of the Federal Reserve, senior policymakers insisted that the economy would eventually post a robust recovery.” Credibility is critical here — this from a Democratic senator (and advice that might really matter, depending on the vote numbers): “The Omnibus Appropriations Act of 2009 is a sprawling, $410 billion compilation of nine spending measures that lacks the slightest hint of austerity from the federal government or the recipients of its largess,” Sen. Evan Bayh, D-Ind., writes in The Wall Street Journal (making Dan Pfeiffer’s day more interesting). “The Senate should reject this bill. If we do not, President Barack Obama should veto it.” Also uninspired: Maureen Dowd. “In one of his disturbing spells of passivity, President Obama decided not to fight Congress and live up to his own no-earmark pledge from the campaign. He’s been lecturing us on the need to prune away frills while the economy fizzles,” Dowd writes in her New York Times column. “Team Obama sounds hollow, chanting that ‘the status quo is not acceptable,’ even while conceding that the president is accepting the status quo by signing a budget festooned with pork.” Really uninspired: Bill Kristol. “So the stock market drops over 25 percent since Election Day, almost 20 percent since Inauguration — and Barack Obama tells the American people at his press conference Tuesday not to ‘spend all your time worrying about that,’ ” Kristol writes in The Weekly Standard. “The markets were aware of the huge problems plaguing the banking system before Obama became president. Surely what they are reacting to now is his failure to address them. . . . Isn’t it time for Obama and his team to get up the nerve to stop playing politics and to govern?” Mostly disappointed: “Beyond the radical ideas themselves, his plan is a doubly tough sell because Obama is failing to keep his promises about demanding higher ethics,” Michael Goodwin writes in the New York Daily News. “From his accepting the corrupting practice of earmarks to a go-along attitude toward special interest handouts and waste, the President seems very comfortable with the worst ways of Washington.” This, meanwhile, from Obama’s former campaign manager — think someone showed him the playbook (or did he write it?): “The 2008 election sent many messages. At the top: Americans wanted to turn the page on the politics of division and partisan pettiness, and they wanted a government — and country — that would put the middle class first,” David Plouffe writes in a Washington Post op-ed. “Watching the Republicans operate this past month, it would appear that they missed that unmistakable signal. Instead, Rush Limbaugh has become their leader.” “If the GOP sticks with its strategy of failure as the only option, further eroding its brand with the people who decide elections, we may find out what it means for a political party to hit rock bottom,” Plouffe writes. How long before a job is on the line? “For all Washington’s conviction that perception is reality, [Treasury Secretary Tim] Geithner’s fate rests less with how he performs in public than how his plans fare: the market and most Americans care a lot more about the substance of the Administration’s efforts to save the economy than they do about Geithner’s thin delivery,” Time’s Massimo Calabresi writes. A bright spot, though maybe a partially blinding one: “President Barack Obama enjoys widespread backing from a frightened American public for his ambitious, front-loaded agenda, a new poll indicates. He is more popular than ever, Americans are hopeful about his leadership, and opposition Republicans are getting drubbed in public opinion, the new Wall Street Journal/NBC News poll suggests,” the Journal’s Laura Meckler writes. She continues: “But there are also early warning signs showing risks if his plans don’t show progress. The president’s support, while still deep, looks increasingly partisan as Republicans move away from him. Americans have more confidence in the president himself than in some of his initiatives, such as the economic stimulus package, and have some hesitation about his plans to raise taxes to expand health coverage.” Rahm Emanuel, playing that dangerous game: “The American people trust him and like him.” The new Quinnipiac University poll out Wednesday: “American voters don’t believe either President Barack Obama or ‘the federal government’ will solve the nation’s economic crisis in two years, but they still approve 59-25 percent of the job their new President is doing, according to a Quinnipiac University national poll released today.” Coming Wednesday: We’re back to fiscal discipline. New outsourcing and government contracting rules, to be announced by the president at a 10 am ET press conference. “The Presidential Memorandum will dramatically reform the way that we do business on contracts across the entire government,” an administration official tells ABC’s Jake Tapper. “Starting tomorrow, the President’s Budget Director will work with Cabinet officials and agency heads to develop tough, new guidance on contracting by the end of September.” Will that get more attention than: “President Obama’s drive to change Washington’s free-spending ways is running into a buzz saw of opposition from his party, as another top congressional Democrat on Tuesday bucked the president’s plan to curb pork projects,” S.A. Miller and David R. Sands write in the Washington Times. “Noting Obama’s past pursuit of earmarks while he was senator, Democrats set up a squabble with the president over the ingrained culture of the congressional prerogative to direct federal spending as lawmakers see fit,” Paul Kane writes in The Washington Post. “They reacted coolly to proclamations from a top White House aide that Obama would change the ‘rules’ for future spending bills once the current $410 billion catch-all spending bill, a leftover from last fall, clears the Senate later this week.” Fiscal discipline begins at home: “When the earmarks from this week’s $410 billion legislation are added to those in a spending bill approved last fall, Obama’s team will have co-sponsored more than $280 million in earmarks for the 2009 appropriations measures, according to Taxpayers for Common Sense,” Kane writes. Democrats continue to engage (oh so willfully) on the Rush Limbaugh front. New from the DCCC Wednesday: Make your own apology to El Rushbo, Mad Libs style, at www.ImSorryRush.com. Signed, “Can’t wait to be on your show soon! XOXO.” Politico’s Jonathan Martin knows what’s behind it all: “The strategy took shape after Democrats included Limbaugh’s name in an October poll and learned their longtime tormentor was deeply unpopular with many Americans. Then the conservative talk-radio host emerged as an unapologetic critic of Barack Obama shortly before his inauguration, when even many Republicans were showering him with praise.” On the other side of the latest battle: “A month after Michael Steele became the first African-American chairman of the Republican National Committee, key party leaders are worried that the GOP has made a costly mistake — one that will make it even harder for them to take back power from the dominant Democratic Party,” Mike Allen and Andy Barr report for Politico. “Steadily becoming a dependable punch line, Steele has brushed back Rush Limbaugh, threatened moderate Republican senators, offered the ‘friggin’ awesome’ Louisiana Gov. Bobby Jindal some ‘slum love,’ called civil unions ‘crazy’ and promised more outreach to ‘urban-suburban hip-hop settings’ via an ‘off the hook’ public relations campaign.” Playing ball with other comers (what of this strategy to fight?): “It was Round 2 of the White House vs. CNBC on Tuesday, as press secretary Robert Gibbs pushed back at another of the networks’s anchors. Gibbs slapped at CNBC’s motor-mouthed Jim Cramer, who appeared on NBC’s ‘Today’ show to dump on Obama’s economic plan as a ‘radical agenda’ and ‘the greatest wealth destruction I’ve seen by a President,’ ” Celeste Katz writes in the New York Daily News. That other, other Emanuel: “White House Chief of Staff Rahm Emanuel once described his brother Zeke’s plan for health-care overhaul in a single word: ‘wacko,’ ” Bloomberg’s Ed Chen and Aliza Marcus write. “President Barack Obama is more sanguine. He chose Zeke Emanuel as counselor to the budget director to help push for universal insurance coverage while lowering costs. To advocate the president’s plan, Emanuel, a physician who treated patients at the Dana-Farber Cancer Institute and shaped policy at the National Institutes of Health, will have to keep some of his own ideas — notably a value-added tax to fund national health care — in check.” Rahm’s seat: “Cook County Commissioner Mike Quigley is poised for a promotion to Congress after claiming the Democratic nomination Tuesday in the race to replace Rahm Emanuel, overcoming disadvantages in campaign cash and union support,” per the Chicago Tribune. In Los Angeles, an easy mayoral reelection: “Los Angeles Mayor Antonio Villaraigosa secured a second four-year term in Tuesday’s election. But one of his closest allies, Councilman Jack Weiss, was headed for a May 19 runoff in the contest for city attorney,” per the Los Angeles Times. The license plates will be relevant at least a few more days: “The bill had been expected to get a final vote as early as today. But that vote was put on hold after House leaders learned that the influential National Rifle Association was urging its members to use a procedural maneuver to press for gun amendments, according to D.C. Del. Eleanor Holmes Norton (D),” per The Washington Post’s Mary Beth Sheridan and Nikita Stewart. The Kicker: “What I’m looking at is not the day-to-day gyrations of the stock market, but the long-term ability for the United States and the entire world economy to regain its footing.” — President Obama, on Tuesday, comparing the stock market to a presidential tracking poll. “It bobs up and down day to day,” he added. “Yes, I go up and down.” — White House Press Secretary Robert Gibbs, on Tuesday, asked how he’s feeling at his daily press briefing — and whether that’s at all like a tracking poll. Bookmark the link below to get The Note’s daily morning analysis:
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Santorum: Money Will Not Defeat Obama, Ideas Will 
Rick Santorum's Full Speech at CPAC 2012
Our man Obama has taken sole possession of this economy. Actually, the nay-saying and negativity of his party for years has played a major role in the poor economy and sunken DOW. Suddenly, all the negativity of last week has turned to “Buy. Buy. Buy” as the Prez has met some major political goals and needs to turn HIS economy around. BUY!BUY!BUY! no LIE! LIE! LIE!
Posted by: N'erdowell | March 4, 2009, 8:56 am 8:56 am
obama called the P/E report the Profits and Earnings ..
LMAO
Posted by: Realilty | March 4, 2009, 9:01 am 9:01 am
Hope only floats you so far when you have a huge hole in your boat.
Posted by: Steve | March 4, 2009, 9:06 am 9:06 am
In fact it IS a good time to buy. Anyone doubt that the market WILL come back? If so, you are not a student of economic history.
Posted by: William J. LePetomane | March 4, 2009, 9:25 am 9:25 am
Obama won’t make this mistake again. You can’t start trashing the markets on a daily basis.
http://www.political-buzz.com/
Posted by: matt | March 4, 2009, 9:26 am 9:26 am
Actually N’erdowell , the economy always performs better when a Dem is in the White House. Lower unemployment, higher GDP growth, better stock market returns, you name it. EVERY SINGLE TIME.
Posted by: gary | March 4, 2009, 9:34 am 9:34 am
Most new administrations only have 6 month at the most and then the honeymoon is over. This administration may be about to set a new precedent.
More than anything all of us must rally around this president and give some time for his agenda to work. As has been stated by many, nobody really has the answer to fix what is broke right now. Who’s to say Obamas plan won’t work then?
Talking heads on both sides want to sell their view of the situation while nobody has any concrete plans that are known to work.
This economy will return when things have run their course, that’s the way it has always been.
Posted by: vnvet69 | March 4, 2009, 9:40 am 9:40 am
Fix your typo as you have the Dow clsoing under 700 for the first time. That’s scary, but it isn’t that bad…yet!
Posted by: Linda | March 4, 2009, 9:43 am 9:43 am
It’s obvious that Obama knows nothing and can’t help the markets. He only hurts it, correction, kills it.
He should do the honorable thing and just resign now to save everyone what’s left of their retirement. We can’t take much more of this abuse.
As for the idea to buy… are you out of your mind??? I read that Obama is raising the captial gains tax to huge levels. Then it’s cap and trade. That will be the death blow to business and industry.
Buy stocks. Pfft He means BYE stocks!
Posted by: Angie | March 4, 2009, 9:46 am 9:46 am
Obama has no intention of fixing the economy. I am of the opinion that he is a puppet of the “New World Order” that the owners of the world’s banks desperately want to implement. That’s why the media didn’t delve into his background, his upbringing, his college years, or his lack of military service.
He is the most unqualified, ineligible candidate for president we’ve ever had, and his goal is to turn the U.S. economy on its head so that panic is created and we become communist. It’s called the Cloward-Piven strategy and it was developed at Harvard, his alma mater.
What we now have to decide is whether or not we will allow Obama and his evil team to do their dirty work on the USA.
Posted by: axle413 | March 4, 2009, 9:50 am 9:50 am
Rick Klein, was it a bad news day? Or should it just be called; “piling on?” “Buying stocks is a potentially good deal,” and “I encourage you all to go shopping more” – are vastly different concepts! And one of the options actually makes sense!!!
Posted by: bobj72 | March 4, 2009, 9:58 am 9:58 am
N’erdowell, Angie & axle; fortunately the “Wooden Cross” will keep you all at bay!
Posted by: bobj72 | March 4, 2009, 10:05 am 10:05 am
Obama is looking to use his Kool-aid drinkers for his own bail out. Markets have further to fall, and Obama is telling his suckers to buy to save him from the embarrassment of the market having in no faith in him.
Posted by: PresGov | March 4, 2009, 10:07 am 10:07 am
It is painfully obvious that Obama is clueless about most things but especially so in the markets.
Posted by: PresGov | March 4, 2009, 10:09 am 10:09 am
You’re kidding! You mean all of the things that Obama has let fly out of his pie hole has been true so far? You mean there’s been actual change and I didn’t know about it? You mean that Washington is doing something different from the old ways? Either you’ve been drinking his Kool Aid or I’ve been just drifting blissfully through these last several months without a clue. C’mon ABC, your Obama-rama has gotten what’s left of the few brain cells.
Posted by: Gina | March 4, 2009, 10:10 am 10:10 am
Obama is a joke! He has no idea what he is talking about on a domestic level and he proved himself on the national stage when he got embarrassed by the Russians. Obama needs to go!
Posted by: jim3857 | March 4, 2009, 10:10 am 10:10 am
I will survive obama!! I just need to make it four more years
Posted by: k | March 4, 2009, 10:12 am 10:12 am
Obama has just appointed the head of the FCC. Julius Genachowski. A buddy from Harvard law school. I’m sure this guy is really schooled on communications law. What an absolute joke this is becoming.
Posted by: LongT | March 4, 2009, 10:15 am 10:15 am
Send my $13/wk and I’ll show you investment. Let’s see, that will buy about 12200 shares of AIG.
Posted by: mmonroeliveson | March 4, 2009, 10:16 am 10:16 am
Why buy when the same problems that caused the problems still exist? Deregulation, company mergers, companies too big to fail and inept govt regulators. Its all still there. Lip stick on a pig.
Posted by: sftiusa | March 4, 2009, 10:16 am 10:16 am
Obama has just appointed the head of the FCC. Julius Genachowski. A buddy from Harvard law school. I’m sure this guy is really schooled on communications law. What an absolute joke this is becoming.
Posted by: LongT | March 4, 2009, 10:17 am 10:17 am
The Bamster and his bride should stop spending my tax money to fly to Chicago for Valentine’s Day. Whenever people feel the need to show me how wonderful their relationship is, it makes me think of Larry. The Obamas are fake.
Posted by: Kitty | March 4, 2009, 10:20 am 10:20 am
maybe if obuma would stop running around the country and having million dollar partys every nite and stop bashing rush and actually do some work and quit trying to do all the leftist agenda and spend his time working on the economy we might get better
Posted by: david reyes | March 4, 2009, 10:23 am 10:23 am
I can’t believe Obama told the kool aid drinkers to buy buy buy….geez, they better start kissing their money buy-buy.
Posted by: PresGov | March 4, 2009, 10:23 am 10:23 am
If I just got my news from Rick Klein I would think Obama was a huge failure and the country is in the toliet.
Today, however, I read the new NBC/Wall Street Journal poll which showed that 2/3 of Americans trust the Democrats to handle the economy more than Republicans, Obama’s policies have a 60% approval rating and his personal approval rating is much higher.
Road projects started YESTERDAY, massive spending for construction which will immediately generate 150,000 jobs, which will have a ripple effect in local economies. I saw Erin Barnett, a financial journalist on another network, saying that a big part of the recession is psychological. When people feel more confident, spending will increase and the economy will recover.
I happen to like the new recovery logo on construction projects, something ABC insists on ridiculing. The logo may be a marketing gimmick, but guess what, the cocoa cola logo is all over the world and the recovery logo is similar it that it works to spread the message: we’re back. I have said for a long time, ABC is not my trusted news source. It’s one thing to challenge the President, but why does ABC insist on running down American efforts to recover, just to secure your Republican market place niche?
Posted by: Amy in Maine | March 4, 2009, 10:24 am 10:24 am
The stock market is up a little in opening trade. What will Obama and his staff say or do to kill it this time?
Posted by: mmonroeliveson | March 4, 2009, 10:27 am 10:27 am
Obama says invest in stocks then raises the capital gains taxes, trashes businessmen and then proposes socialism. He doesn’t get it. He is the worst president ever in history.
Posted by: brian | March 4, 2009, 10:29 am 10:29 am
Obama is clueless — a bunch of amateurs trying to learn as they go. I love their new strategy of attacking Rush. They keep it up and some of the libs that call him racist and a hate monger might actually listen to him and learn something, i.e., that he isn’t racist or a hatemonger. Then they’ll learn that they’ve been wrong all along — they’ve believed what was said about Rush instead of actually listening.
Go Dems! Keep it up! We love it!
Posted by: Get Real | March 4, 2009, 10:30 am 10:30 am
Obama…O what a mistake! He is truly an empty suit…why o why did America vote so blindly?…pay up voters we are stuck for four years…lots of destruction can happen in four years. Man the life boats, even Cuba looks better now.
Posted by: t for talk | March 4, 2009, 10:31 am 10:31 am
The GOP’s reputation is circling the drain, and President Obama’s approval ratings are at an all-time high, according to a new WSJ-NBC poll. Just under 70 percent of Americans approve of Obama’s performance, while only 19 percent of Americans disapprove, despite GOP obstructionism and loons like Limbaugh fervently wishing he’ll fail. Only 26 percent of those polled have a favorable view of the GOP — an all-time low.
Looks to me like Obama is doing just fine – despite all the whining and cavailing from the obstructionist Republicans.
Posted by: The Independent | March 4, 2009, 10:31 am 10:31 am
He already has no credibility with me. As far as I’m concerned our country is without a president.
Posted by: JustMe | March 4, 2009, 10:31 am 10:31 am
Look at all the hysterical Obama haters spewing their stupidity. Too funny. Meanwhile, Obama’s popularity keeps increasing, despite their desperate attempts to undermine him. When will Republicans ever learn?
Posted by: Cool Hand Luke | March 4, 2009, 10:32 am 10:32 am
Gina 10:10:30 You said: ….. “You mean that Washington is doing something different from the old ways?”…..
________________________
To keep you COMPLETELY informed;
Barack Obama’s approach to politics in Washington:
New Approach 66% (Approval)
Business as usual 25% (Disapproval)
PRC 3/4/2009
Posted by: bobj72 | March 4, 2009, 10:33 am 10:33 am
Funny how Republicans are rooting against our economic recovery just because they hate Obama. Do they really think that the rest of us aren’t going to remember their traitorous behavior? It’s clear that the GOP puts their partisanship above their patriotism. I am not a Democrat – I am a moderate, independent, voter – but I am pretty sure that I will never vote for another Republican for as long as I live after witnessing their disgusting, anti-American behavior.
Posted by: Ann Wilson | March 4, 2009, 10:35 am 10:35 am
Obama has no credibility. He has been telling us how bad things are and how much worse they are going to get. Now he tells us to buy stocks? With what ? the $13 tax credit.?
Posted by: CW | March 4, 2009, 10:35 am 10:35 am
Credibility????!!!! Wouldn’t you have to have some to start with before you can lose it?
Posted by: samhiguchi | March 4, 2009, 10:36 am 10:36 am
“He already has no credibility with me. As far as I’m concerned our country is without a president.”
LOL. What a patriot!
Posted by: silky | March 4, 2009, 10:36 am 10:36 am
Obama sez…..I’m gonna spend, spend, spend, spend, spend, spend your money until I cant’s spendz no more. I won’t be here when you have to pay it back.
Posted by: Dave | March 4, 2009, 10:38 am 10:38 am
The media complained that Obama was too pessimistic a few weeks ago. Now he’s too optimistic.
Do you want him to even speak?
Posted by: Gerald | March 4, 2009, 10:39 am 10:39 am
JustMe – who cares what you think? Seriously? Why should anyone care what you Obama-haters think about anything, since you already had your minds made up to hate Obama during the election anyway? Meanwhile, here in the real world, Obama is enjoying approval ratings in the 70s – clearly the MAJORITY of Americans who are NOT obstructionist rightwing ideologues think Obama is on the right track.
And we don’t give a DAMN what you sore loser Republican obstructionist losers think about anything anymore.
Face facts: you had your chance to run things and you failed miserably. You damn Republicans got us into this economic meltdown and now you want to blame Obama for it.
But the rest of us won’t let you get away with that crap.
We are watching you and we will smack you down every time you try to spread your damn lies.
Get used to it!
Posted by: The Patriot | March 4, 2009, 10:40 am 10:40 am
“Obama has no credibility. He has been telling us how bad things are and how much worse they are going to get. Now he tells us to buy stocks? With what ? the $13 tax credit.?”
No, your money. What else would you idiots have him do? Echo the Republican “the sky is falling but don’t ask me to try and catch the knives” chorus? Of course, he’s going to encourage investment. You all are simply pathetic cancerous malcontents, detrimental to the herd.
Posted by: silky | March 4, 2009, 10:40 am 10:40 am
“Obama sez…..I’m gonna spend, spend, spend, spend, spend, spend your money until I cant’s spendz no more. I won’t be here when you have to pay it back.”
Yeah, dave, that’s it. The middle class and lower Republican base’s mantra…”cut off your nose to spite your face.”
Posted by: silky | March 4, 2009, 10:43 am 10:43 am
Dave – nice try, dood, but Bush said the same thing. You Republicans have a very short memory – or it just more typical GOP: “do as I say, not as I do” doublespeak and hypocrisy?
Sorry, but Republicans have NO CREDIBILITY left when it comes to matters of “fiscal responsibility”.
Shut up, get out of the way and let our President lead!
Posted by: America Comes First | March 4, 2009, 10:43 am 10:43 am
The media complained that Obama was too pessimistic a few weeks ago. Now he’s too optimistic.
Do you want him to even speak?
Posted by: Gerald | Mar 4, 2009 10
——————
O not speaking, that would be a wonderful option!
Posted by: samhiguchi | March 4, 2009, 10:44 am 10:44 am
I’m getting really annoyed with these types of headlines, you can tell the news just wants to create controversy and paint a picture of impending failure in the minds of the public. I hate these transparent attempts to manipulate public thinking. Obama is not to blame for this economic mess, he is doing everything humanly possible to address it and guide America through it. Hopefully enough Americans see that, that they will not fall victim to your wicked and irresponsible spin tactics.
Posted by: iamwomaninmi | March 4, 2009, 10:45 am 10:45 am
I’m going to invest in America today by buying stock in a solid company at a bargain price. If you believe in this country and don’t want it to fail like Rush Limbaugh, you should too.
Posted by: hey Scoob | March 4, 2009, 10:45 am 10:45 am
“Amy in Maine” must believe in the Easter Bunny too!
Posted by: enaid324 | March 4, 2009, 10:47 am 10:47 am
“Y’all should……….go shoppin’ and stuff. I’m the……the…..shopper!”
You all realize that the horse has left the barn, right? If Obama fails, we all fail. Injecting negativity into the dialogue can do only one thing….extend the lack of confidence. You are cutting off your noses to spite your faces. Do you not see that? Your old road is rapidly aging…get out of the new one if you can’t lend your hand.
Posted by: silky | March 4, 2009, 10:47 am 10:47 am
This plane has lost one engine, the other one is on fire and we are in the middle of the Atlantic. That is the economy that Obama has bought from the Bush Admin. I will admit he did get a bad hand from Bush but when he discarded, he threw away his best cards and now all he has is a bluff. Any poker player (or business owner) knows exactly what position Obama is in and it dont look good.
Posted by: billy bob | March 4, 2009, 10:48 am 10:48 am
All of these opinions in the article are from people with 7 figure sums in their 401K’s plus bring in high 6 figure salaries and cannot relate to the typical US Citizen. So they bash each other and ABC News calls this an article. Weak at best. In reality most people see the DOW Tanking means their 401K at around 300K is now worth 150K or less. It means 5 plus years more of working before they can afford to retire. For young adults it means why dump money into a 401K when its Vegas style gambling, plus they are invinicable and live forever. Republicans and Democrats are the same and will continue to be until we the people flush both parties down the toilet where they belong.
Posted by: Funny Guy | March 4, 2009, 10:48 am 10:48 am
Obama has told us that how bad the economy is and that it is going to get worse. Now he tells us thet we should buy stocks? With what? the $13 tax credit? Obama has lost all credibility.
Posted by: CW | March 4, 2009, 10:49 am 10:49 am
“”Amy in Maine” must believe in the Easter Bunny too!”
Right…lol….that’s not a line of discussion you really want to get into, considering the right’s association with Jesus Clause.
Posted by: silky | March 4, 2009, 10:49 am 10:49 am
My comment criticizing ABC News for the negative spin it is putting on the administration Recovery efforts has not appeared in a half an hour.
If I only read The Note I would think Obama were a huge failure. Truth is, the new NBC WSJ poll shows 2/3 of Americans trust Democrats more to handle the ecomony.
Erin Barnett, a respected financial reporter, says psychology is playing a big role in the recession. Hence, Obama’s efforts to lift the country’s confidence. What is wrong with ABC? Why put a negative spin on everything Obama, just to cater to the Republican minority? Reporting negative facts is one thing, I’m not looking for pollyanna cheerleading from the media, but running down the President just to score with your Repubulican niche is rehensible. Road construction started YESTERDAY ABC, $150,000 new jobs in the owrks. Report that, you jerks.
Posted by: Amy in Maine | March 4, 2009, 10:50 am 10:50 am
Credibility and Confident in the Stock Market are based on economic performance data, not merely by words or rumors. The inherent crisis from Bush is spiralling down and Obama’s changing tone of hope and confinance is based on advises from his people, especiall Bill Clinton. What a mess!!!
Posted by: grouper88 | March 4, 2009, 10:50 am 10:50 am
So wait a minute, last week he was too pessimistic according to the media. Now he is too cheery???!! No matter what he does the mainstream media is trying to create an issue and it seems a tad unfair especially while we all watched Bush get a free ride while he did nothing for 8 years. I think the media needs to start paying attention to the polls (just like the Republican Party) that people are sick of this attitude and we need to stop the partisianship long enough to give Obama a chance to fix this mess.
Posted by: Todd | March 4, 2009, 10:51 am 10:51 am
The market CAN turn around and WE can make it happen. Be patriotic! Support your country and make a good stock investment today. Have faith in America. Yes we can!
Posted by: hey Scoob | March 4, 2009, 10:53 am 10:53 am
change change change of fools obuma the president of doom gloom and blame
Posted by: david reyes | March 4, 2009, 10:54 am 10:54 am
OK, ABC, you finally posted my first comments. You’re not so afraid of me. I still think you are jerks.
Posted by: Amy in Maine | March 4, 2009, 10:55 am 10:55 am
Amy in Maine; You must pick your media outlets carefully. There are all sorts of crazy points of view other than your own. We’re about 60 days in now. The Obama administration has already obligated about $9 trillion of deficit spending, more than Bush overspent in his eight years as president. The stock market is down about 2500 points (working off of memory. May be a little more/less… who’s counting) from where it was when Obama took office. The troop withdrawal in Iraq has been delayed indefinitely. More troops are being deployed to Afghanistan. Iran has tested a nuclear power plant, fired an ICBM into space, and continues working on an atomic weapon by their own admission. The Taliban is taking over Pakistan. The drug cartels are taking over Mexico. Russia has an automatic weapons factory up and running in Chavezville. Obama is flying all over on his neat new 747 while calling on Americans to practice fiscal discipline. Holder is trying to further restrict our 2nd amendment rights. There’s discussion about limiting our first amendment rights. We’re funding foreign abortion. We’re determined to close a military detainment camp that holds some of the most dangerous people in the world but don’t know what to do with the detainees. Businesses are laying off workers daily even as Obama increases taxes on businesses. Our banks are being nationalized. The government is expanding and solidifying the base of union workers. It’s also subsidizing the UAW by “saving” the BIG 3. When should we start to be concerned?
Posted by: mmonroeliveson | March 4, 2009, 10:56 am 10:56 am
Wake up people! It is not just the individual & corporate greed of capitalism, and over spending of Bush’s warmongering administration that caused the breakdown of our economy. It is the neglect and ignorant of our government that lead to the lost of competitiveness of our industry to the foreign countries that deprive us of trading surplus for the last eight years.
Posted by: grouper88 | March 4, 2009, 10:56 am 10:56 am
Erin Barnett, a respected financial reporter, says psychology is playing a big role in the recession. Hence, Obama’s efforts to lift the country’s confidence. What is wrong with ABC? Why put a negative spin on everything Obama, just to cater to the Republican minority? Reporting negative facts is one thing, I’m not looking for pollyanna cheerleading from the media, but running down the President just to score with your Repubulican niche is rehensible. Road construction started YESTERDAY ABC, $150,000 new jobs in the owrks. Report that, you jerks.
Posted by: Amy in Maine | Mar 4, 2009 10:50:21 AM
First of all your beloved obama won the election preaching gloom and doom economics so what do you expect, everyone to all of the sudden go oh, Obama says be optimistic so now we are optimistic??? Second did you see the bridge on NBC news in Mo. that is part of the stimilus package? it was a bridge in nowhere costing millions and creating maby 30 jobs.
Posted by: billy bob | March 4, 2009, 10:59 am 10:59 am
It seems that people here that are commenting would have something negative to say about Obama, regardless of the story. If he said don’t buy stocks, it would present an opportunity to bash him. It really would be nice to stop the seventh grade teasing and punch lines and discuss our country’s problems intelligently.
And to the person complaining about Obama flying to Chicago for Valentine’s Day, where was your argument when Bush was in office? He went to parties and flew around on Air Force One at will. I don’t think this is a partisan issue. Either we provide our Presidents, regardless of political party, with a house, staff, plane, helicopter, etc., or we don’t.
That should be the argument. Stop attacking the person and attack the issue. I wouldn’t be opposed to stopping some of the expenses that we give the President and the VP, but it shouldn’t be an argument based on the person who is on office at the time. It should be based on whether we want to pay tax dollars for elaborate parties and transportation.
I don’t think all the staff and pomp and circumstance is necessary, and I’d be willing to listen to honest debate about it, but personal attacks are tired and get us no where.
Posted by: Amanda | March 4, 2009, 10:59 am 10:59 am
Silky; We right wingers do hold the Easter Bunny sacred. It’s a scriptural thing. I saw it somewhere. LOL You’re slithering lower than usual today, my friend.
Posted by: mmonroeliveson | March 4, 2009, 11:01 am 11:01 am
I really believe the MSM is totally without a clue. A few days ago they were blaming Obama for being too pessimistic. Now he’s too cheery. I guess it’s a slow news day.
Posted by: Hokuto | March 4, 2009, 11:01 am 11:01 am
CW; Don’t scoff. $13 will buy a lot of stocks these days.
Posted by: mmonroeliveson | March 4, 2009, 11:02 am 11:02 am
look-the republican party has a rating of 20% approval…the green party has at least that much…and the libertarians are probably overtaking them in popularity..The republican party has gone the way of the dinosaurs..A new opposistion party will rise and leave the old one to screaming decay, there are actually republicans i can have a conversation with and disagree with, and walk away with out feeling like i have been slimed by a slug(aka rush)
Posted by: cowgirl | March 4, 2009, 11:02 am 11:02 am
Wow – seems to me like a lot of folks here had their minds made up to hate Obama a long time ago. Sorry, but I think it’s just too soon to judge. I am going to give the guy a chance and stand behind my President.
Posted by: Old Fisherman | March 4, 2009, 11:02 am 11:02 am
Look at the 1930 chart for the Dow. I assure you, Bernanke knows what that chart looks like. October 1929 was a tiny blip in comparison to what followed. Like Jack Nicholson said — “You can’t handle the truth!”
Posted by: Geo | March 4, 2009, 11:03 am 11:03 am
Has anyone here been contacted by this “poll” by the WSJ/NBC? Just wondering who they are polling. I live in the midwest, and most people I know don’t approve. But then, most of us didn’t vote Obama either!
Posted by: Betty | March 4, 2009, 11:03 am 11:03 am
The dems let the horse out of the barn in the late 90′s. They pressured Fannie and Freddie to make mortgages available to people with questionable credit. The rest is history.
Posted by: Kathy | March 4, 2009, 11:04 am 11:04 am
its time for america to hit rock bottom, and it is also time for a civil war. We have a split nation and a divided nation cannot work as a whole, its time to pull out the guns and prepare for bloodshed!
Posted by: adam | March 4, 2009, 11:06 am 11:06 am
I don’t know what you mean by calling your blog Washington’s “original and most influential” tip sheet but I think you should be more careful on who you choose as sources. Quoting sources like Bill Kristol, Maureen Dowd, the Wall Street Journal and The Washington Times is no way to get to the truth. Maureen Dowd told a flat-out lie about Obama’s plan to curb earmarks. He didn’t say he would cut them out completely. He pledged to reduce them to 1994 levels, or around $7.8 billion. I think he is pretty close to that. Here is a link to what he said during the campaign. The statement is on page 9 of this document.
http://obama.3cdn.net/0080cc578614b42284_2a0mvyxpz.pdf
I realize many people don’t have time to fact check the people who provide the news but I think you do your readers and viewers a disservice by providing a platform for people who give false and misleading information in support of their opinions.
Posted by: ajsmith | March 4, 2009, 11:07 am 11:07 am
Monroe you need to go back to bed and get some more sleep..studies show a lack of sleep and a negative attitude, can lead to all kinds of physical and mental problems…..take care of yourself..
Posted by: cowgirl | March 4, 2009, 11:09 am 11:09 am
Poor guy can’t win. Last week he was criticized for being too down. Ugh!
Posted by: VITAL2U | March 4, 2009, 11:09 am 11:09 am
billy bob – um, Obama wasn’t “preaching gloom and doom economics” he was just reacting to reality.
Meanwhile, crazy old McCain was claiming “the fundamentals of the economy are sound” while the economy was collapsing around him.
Give it up, dude. Nobody is buying your obstructionist bullcrap.
Posted by: Anders K. | March 4, 2009, 11:09 am 11:09 am
Trust is earned not just given. The American people have no reason to trust our politicians. We need to see action that works, not just action for the sake of doing something. We need to see politicians held accountable for their actions… like not paying taxes. We don’t need a figure head telling us everything will be ok we need someone in touch with reality and will not hesitate to give the American people a big heaping dose of reality.
Posted by: NoSpin1600 | March 4, 2009, 11:09 am 11:09 am
Obama will own the economy in two years. Unlike Bush, he is not the oblivious kind of person who doesn’t see the house crumbling. He also understands, as did Clinton during the Asian market problems, that psychology is a big factor in turning things around. Lombardi didn’t come to the Packers with a doom and gloom philosophy. His was that people who think like winners, win, those who think like losers, lose. And Obama isn’t recklessly telling people to spend money they don’t have which Bush did. Obama is suggesting that with a view to the long term, investing wisely (provides working capital for businesses) will bring a return whereas throwing one’s money at a fur coat or unneeded BMW simply was a waste. Obama read his emails-cheer up and provide some inspiration to people who are by and large, in a state of panic.
Posted by: Jeff | March 4, 2009, 11:09 am 11:09 am
World war got us out of the great depression and war will get us out of this one, we just need to rebuild our factories and start building weapons!
Posted by: adam | March 4, 2009, 11:10 am 11:10 am
adam; You might consider exiting the building before the men in black suits and sunglasses show up.
Posted by: mmonroeliveson | March 4, 2009, 11:10 am 11:10 am
Obama is still in campaign mode, shown by how he changes his tone (and accent) to meet whatever the latest polls and press are telling him. It’s no coincidence that he related the Stock Market to a Political Poll – IT’S ALL HE KNOWS. His whole political world revolves around campaigning for office. When it comes to actually DOING something and managing something, he hasn’t a clue.
Posted by: Interested08 | March 4, 2009, 11:10 am 11:10 am
WHO IS THIS GUY RICK KLIEN???
IS ABCNEWS THE NEW FOX NEWS OUTLET?
HOW COME ABCNEW IS ALLOWING REPUBLICAN HATERS COMMAND ITS NEWSPACE?
If ABCNEWS think they are providing a balanced view of events by empowering Republican Haters like RICK KLIEN then ABC is in for a shock, because we can differenciate between objective journalism and thrash talk as has been exhibited by this guy Rick Klien thus far.
Posted by: parov1 | March 4, 2009, 11:10 am 11:10 am
This administration is losing credibility!
The Obama Democrats: By The Numbers
$34,000: the amount of federal taxes that Secretary of the Treasury Timothy Geithner (D) failed to pay during his employment at the International Monetary Fund despite receiving extra compensation and explanatory brochures that described his tax liabilities.
$75,000: the amount of money that the head of the powerful tax-writing committee, Rep. Charlie Rangel (D-NY), was forced to report on his taxes after the discovery that he had not reported income from a Costa Rican rental property. His excuses for the failure started with blaming his wife, then his accountant and finally the fact that he didn’t speak Spanish.
$93,000: the amount of petty cash each Congressional representative voted to give themselves in January 2009 during the height of an economic meltdown.
$133,900: the amount Fannie Mae “invested” in Chris Dodd (D-CT), head of the powerful Senate Banking Committee, presumably to repel oversight of the GSE prior to its meltdown. Said meltdown helped touch off the current economic crisis. In only a few years time, Fannie also “invested” over $105,000 in then-Senator Barack Obama.
$140,000: the amount of back taxes and interest that Cabinet nominee Tom Daschle (D) was forced to cough up after the vetting process revealed significant, unexplained tax liabilities.
$356,000: the approximate amount of income and deductions that Daschle (D) was forced to report on his amended 2005 and 2007 tax returns after being caught cheating on his taxes. This includes $255,256 for the use of a car service, $83,333 in unreported income, and $14,963 in charitable contributions.
$800,000: the amount of “sweetheart” mortgages Senate Banking Chairman Chris Dodd (D-CT) received from Countrywide Financial, the details for which he has refused to release details despite months of promises to do so. Countrywide was once the nation’s largest mortgage lender and linked to Government-Sponsored Entities like Fannie Mae and Freddie Mac. Their meltdown precipitated the current financial crisis. Just days ago in Pennsylvania , Countrywide was forced to pay $150,000,000 in mortgage assistance following “a state investigation that concluded that Countrywide relaxed its underwriting standards to sell risky loans to consumers who did not understand them and could not afford them.”
$1,000,000: the estimated amount of donations by Denise Rich, wife of fugitive Marc Rich, to Democrat interests and the William J. Clinton Foundation in an apparent quid pro quo deal that resulted in a pardon for Mr. Rich. The pardon was reviewed and blessed by Obama Attorney General and then Deputy AG Eric Holder, despite numerous requests by government officials to turn it down.
$12,000,000: the amount of TARP money provided to community bank OneUnited despite the fact that it did not qualify for funds, and was “under attack from its regulators for allegations of poor lending practices and executive-pay abuses.” It turns out that Rep. Maxine Waters (D-CA), a key contributor to the Fannie Mae meltdown, just happens to be married to one of the bank’s ex-directors.
$23,500,000: The upper range of net worth Rep. Allan Mollohan (D-WV) accumulated in four years time according to The Washington Post through earmarks of “tens of millions of dollars to groups associated with his own business partners.”
$2,000,000,000: ($2 billion) the approximate amount of money that House Appropriations Chairman David Obey (D-WI) is earmarking related to his son’s lobbying efforts. Craig Obey is “a top lobbyist for the nonprofit group” that would receive a roughly $2 billion component of the “Stimulus” package.
$3,700,000,000: ($3.7 billion) not to be outdone, this is the estimated value of various defense contracts awarded to a company controlled by the husband of Rep. Diane Feinstein (D-CA). Despite an obvious conflict-of-interest as “a member of the Military Construction Appropriations subcommittee, Sen. Feinstein voted for appropriations worth billions to her husband’s firms .”
$4,190,000,000: ($4.19 billion) the amount of money in the so-called “Stimulus” package devoted to fraudulent voter registration ACORN group under the auspices of “Community Stabilization Activities”. ACORN is currently the subject of a RICO suit in Ohio.
$1,646,000,000,000 ($1.646 trillion): the approximate amount of annual United States exports endangered by the “Stimulus” package, which provides a “Buy American” stricture. According to international trade experts, a “US-EU trade war looms”, which could result in a worldwide economic depression reminiscent of that touched off by the protectionist Smoot-Hawley Act.
Did anyone else notice the ‘soft confirmation’ of Sec of Labor, Rep. Hilda Solis? Could that have been due to the tax problem her husband had – dating back to 1993? More ‘change we can believe in’?
President Barack Obama’s nominee to be U.S. Trade Representative (Ron Kirk) has agreed to pay nearly $10,000 in back taxes after a Senate panel vetting his nomination questioned him about his filings. (Isn’t it nice
that he has agreed to pay??)
It’s not just a culture of corruption. It’s a culture of corruption and stupidity. And, unlike Republicans, Democrats appear to be above the law. All of the aforementioned clowns are still in office, ruling like the royalty they’ve become.
Posted by: GrannyCares | March 4, 2009, 11:11 am 11:11 am
Anders K: the fundementals of our economy are strong refers to the private economy will always win. So im guessing you mean you are for communism?
Posted by: adam | March 4, 2009, 11:12 am 11:12 am
adam – wow, you wingnuts lose two elections and suddenly you call for civil war? No wonder you guys have lost the respect of the nation.
Calm down and stop acting so dramatic – it just makes you look like a clown.
Posted by: Voice Of Sanity | March 4, 2009, 11:12 am 11:12 am
adam – can you rephrase that rant in English? I don’t speak crazy, son.
Isn’t it hillarious when rightwing extremists accuse anyone they disagree with of being a communist?
Get a new script, son – your old one is played out.
LOL
Posted by: Anders K. | March 4, 2009, 11:14 am 11:14 am
“its time to pull out the guns and prepare for bloodshed!” Careful-you’re preaching sedition which the NSA-DOJ-DoD and other law enforcement agencies take a dim view of. We don’t need crazies running around promoting violence. And don’t think the intel agencies aren’t scanning these boards.
Posted by: Jeff | March 4, 2009, 11:14 am 11:14 am
WHO IS THIS GUY RICK KLIEN???
IS ABCNEWS THE NEW FOX NEWS OUTLET?
HOW COME ABCNEW IS ALLOWING REPUBLICAN HATERS COMMAND ITS NEWSPACE?
If ABCNEWS think they are providing a balanced view of events by empowering Republican Haters like RICK KLIEN then ABC is in for a shock, because we can differenciate between objective journalism and thrash talk as has been exhibited by this guy Rick Klien thus far.
Posted by: parov1 | Mar 4, 2009 11:10:41 AM
Typical liberal. Nuff said.
Posted by: billy bob | March 4, 2009, 11:15 am 11:15 am
GrannyCares: great work granny that really made my day
Posted by: adam | March 4, 2009, 11:16 am 11:16 am
hey billy bob stop spamming.
Posted by: adam | March 4, 2009, 11:16 am 11:16 am
Kathy – nice try, hon, but you forget that it was the GOP who pushed deregulation of credit markets – which is what REALLY let the horse out of the barn.
Sorry, but Phil Gramm’s repeal of the Glass-Steagal Act is the ground zero of the economic mess – and that was a Republican-led and sponsored Bill.
You clowns OWN this mess. Take some damn responsiblity for your failure.
LOL
Posted by: Kid Robot | March 4, 2009, 11:16 am 11:16 am
granny, can we tae a look at your taxes??? lets see if we ca find some mistakes or dubious deductions….don’t cast the first stone unless you are willing to let us look into your pile of rocks
Posted by: cowgirl | March 4, 2009, 11:17 am 11:17 am
This ‘learn as you go’ thing has to stop. It is killing the economy. The markets have dropped over 2500 points resulting in billions lost in people’s retirement.
Does Obama care? Nope he says “bye stocks”. No kidding, bye is right.
To top it off, what does greenhorn do? Raise the capital gains tax. He doesn’t even know which way is up.
You want to have the economy BOOM, CUT the capital gains tax to ZERO. Instant recovery. But oh no, that would make the rich richer. We can’t have that, they are evil and they must suffer and pay. That is why Obama is an idiot. He comes by it honest. He is found lacking and wanting. Too bad for us.
Above all esle, DON’T SPEAK Obama! Keep the trap shut! Shut your piehole! The markets can’t stand it when you speak. They sink. Remember all of us with retirement in there. It isn’t just fatcats that are in there.
Posted by: Tammy had enough! | March 4, 2009, 11:17 am 11:17 am
hey Kid Robot remember that democrats were in control of congress since 2006 (not republicans) so they made the laws, dumb ape bush just signed them.
Posted by: adam | March 4, 2009, 11:18 am 11:18 am
GrannyCares — Great post. We should take our country back and vote these clowns out of office. Who cares if they are Democrats or Republicans if they are not on the up and up vote them out.
Posted by: NoSpin1600 | March 4, 2009, 11:18 am 11:18 am
Monroe, 60 Days? How about 43 Days in Office since 01/20/2009! And allowing about 8 Hrs. of Sleep Daily, President Obama has had 35 Days (of ‘Hours Awake’) to ‘deal with’ 8 Years of fiscal hemorraging! At Least allow the man credit for commiting himself totally, to positively impacting a problem that’s been looming for about 25 Years!!!
Posted by: bobj72 | March 4, 2009, 11:19 am 11:19 am
How in the world could the American public have made such a mistake as electing Obama? I think the hatred of Bush just pushed them into making this incredibly bad decision. Obama is proving to be a Socialist, anti-business, tax and spend politician who is creating a disaster each and every day.
Posted by: brian | March 4, 2009, 11:19 am 11:19 am
cowgirl im pretty sure he doesnt have near the amount that these guys had to pay, that and he/she isnt controlling economic departement in washington.
Posted by: adam | March 4, 2009, 11:19 am 11:19 am
cowgirl; I do need an attitude adjustment. Every day I wake up and get more bad news about our country. All things considered, this may be a good day unless they really do restrict the transport of clowns over state lines.
Posted by: mmonroeliveson | March 4, 2009, 11:19 am 11:19 am
We need a racial holy war to cleanse this nation of all the mongrel, socialist, terrorist scum like Obama. White people built this country and made it great and we need to arm ourselves to take it back from the mud people. Freedom isn’t free – we need to protect our liberty with force and cleanse the nation with blood!
Posted by: Adam | March 4, 2009, 11:20 am 11:20 am
Nice try Kid
It was the Clinton Administration that told banks that they HAD to lend to the poor. And lend more than they could afford. This didn’t start with Bush, it started before him, so save it.
Posted by: Pontiac Power | March 4, 2009, 11:20 am 11:20 am
Hey, doom-and-gloomers, do you want to see things get better or do you just want to be right?
Posted by: hey Scoob | March 4, 2009, 11:21 am 11:21 am
Honestly, What has happend to ABCNEWS????
The president has done less than 2 months in office, 2 months, and BACNEWS is already calling him a failure?????
THIS IS RACISM AT ITS PEAK, SHAME ON YOU ABCNEWS, SHAME ON YOU!!!!!!!!!
YOU’VE LOST ALL CREDIBILITY.
Posted by: parov1 | March 4, 2009, 11:21 am 11:21 am
Well said, well said! To the Posted by GrannyCares | Mar 4, 2009 11:11:44 AM. —– We need more of these kind of data from both parties in the government so the American people can scrutinize them to find out who are our real enemies.
Posted by: grouper88 | March 4, 2009, 11:22 am 11:22 am
Brian – oh give me a break. People like you decided they hated Obama a long time ago. You’re calling him a socialist and you don’t even know what the word means. Nobody cares about your sour grapes obstructionism – give the guy a chance already. In the real world, Obama is the President and loyal Americans want to give him a chance to succeed. Go take your whining and stick it up your arse you unpatriotic clown!
Posted by: King of Men | March 4, 2009, 11:22 am 11:22 am
Honestly, What has happend to ABCNEWS????
The president has done less than 2 months in office, 2 months, and BACNEWS is already calling him a failure?????
THIS IS RACISM AT ITS PEAK, SHAME ON YOU ABCNEWS, SHAME ON YOU!!!!!!!!!
YOU’VE LOST ALL CREDIBILITY.
Posted by: parov1 | Mar 4, 2009 11:21:16 AM
Typical liberal. Nuff said.
Posted by: billy bob | March 4, 2009, 11:22 am 11:22 am
Bobj72; OK then. I’ll just sit back here in the back of the bus and ask everyday, “Daddy, are we there yet?” Toby be good. Don’t hit me again massah.
Posted by: mmonroeliveson | March 4, 2009, 11:23 am 11:23 am
Bobj72; OK then. I’ll just sit back here in the back of the bus and ask everyday, “Daddy, are we there yet?” Toby be good. Don’t hit me again massah.
Posted by: mmonroeliveson | March 4, 2009, 11:23 am 11:23 am
Tammy Faye, I am not worried about having to pay capital gains-I had several pension and 401 Ks zero out,-just recieved another one yesterday i have had since 82-thanks for the memories repubs.. i would actually like to be able to write my losses off….no one has capital gains from 2008…pretty funny stuff here….
Posted by: cowgirl | March 4, 2009, 11:24 am 11:24 am
Obama is the Great community organizer. He bashes the rich and gives to the poor. He treats wealth like a cancer in our society and treats lack of wealth like a catastrophy. What happened to the land of opportunity? What happened to your ideas and innovations leading to your personal gain? Where in the constitution does it say that being rich is a crime? If you decide to work full-time at a mcdonalds thats YOUR problem not MINE. I worked hard to get where i am and it is not my obligation to give you a house or healthcare or all the goodies the government feels is “best for the people”. If you dont like this country and what it stands for, feel free to go to solicalist europe where everyone gets everything they want in exchange for oppressive taxes. There the government makes the decision of what you should drive and what you should eat.
Posted by: adam | March 4, 2009, 11:25 am 11:25 am
Those of you that are looking at the same historical charts to say it will all be fine in the long run, need to remember that 1 in 5 of us will be over 65 soon. Where is the in flow of new money into the market, funds, 401ks when all the withdrawing is at its peak?Better factor the realities of our aging population into your forecast.
Posted by: MRB | March 4, 2009, 11:25 am 11:25 am
He’s rather intelligent and he can definitely spin a yarn. Beyond that? Like the old saying goes; you can fool people for about 15 minutes. after that you better know something.
Posted by: LongT | March 4, 2009, 11:26 am 11:26 am
billy bob what is racist is you calling this situation racist. If a black person can say the N word and i cant that is racism, if a black person loses a job and calls it racism, Its racist towards whites, If a black person feels he should have the job because no one else in the company is black, he is being racist.
Posted by: adam | March 4, 2009, 11:27 am 11:27 am
The “banks lending to the poor” thing has been debunked time and again. First of all, most poor people actually work and pay their bills. Second of all, there aren’t enough of them to make this happen, even if they all defaulted at once. It took millions of mortgages to millions of middle class people made by thousands of banks who were ignoring the rules and betting on housing prices to go ever upward to make this happen. And then it took Wall Street to use these bad loans to create bad securities. Poor people? Not enough volume. Not nearly enough to make this happen.
Posted by: hey Scoob | March 4, 2009, 11:28 am 11:28 am
Pontiac Power – so what? You’re confusing lending to the poor with lending to deadbeats. Being poor has nothing to do with defaulting on loans you can’t afford – plenty of wealthy and middle class people defaulted on home loans, too.
You dumb wingnuts keep missing that fact.
Meanwhile, here in the real world, it was REPUBLICAN deregulation of credit markets that made NINA and NINJA mortgaes so common and credit default swaps possible. It was these financial instruments that led to the collapse.
Lending to the poor wasn’t the problem – removing the safeguards on predatory lending, overvaluation and speculation was.
Plenty of poor folks who got non-ARM mortgages are still living in their homes, while plenty of wealthy speculators with good credit have defaulted.
Nice try.
Posted by: Kid Robot | March 4, 2009, 11:28 am 11:28 am
adam You need to go back and look at the post. i did not write it.
Posted by: billy bob | March 4, 2009, 11:29 am 11:29 am
Stuff it Scoob!!
My retirement is GONE! Do you even understand???
It boomed under Bush when all of you doom and gloomers tied your panties into knots.
Then…you liberals took over congress. WOOOOOHOOOOOOO The trainwreck started!!!!
Then you elect the only candidate with ZERO experience. The stocks are diving faster than a sub under attack. And you want to think we should all just get along. Get a life. You apparently don’t have a horse in this race. Those of us that have LOST our retirement will never forget WHO it was that took over congress and who it was that all things tanked under. Yup! It was your democrats and your Obama.
Posted by: Mak | March 4, 2009, 11:29 am 11:29 am
How much Prozac does he take?
Posted by: ConservativeGal | March 4, 2009, 11:30 am 11:30 am
“Too-Cheery” Obama ? Let’s not forget that this guy has been talking down the economy since he began his race for President. One speech does not a “cheery-guy” make.
Posted by: Ron | March 4, 2009, 11:30 am 11:30 am
Kid Robot, AMEN!
Posted by: hey Scoob | March 4, 2009, 11:30 am 11:30 am
Adam is a typical Republican racist. No wonder Rush Limbaugh had to remind Michael Steele that he wasn’t really in charge. The GOP hates black people. Nuff said.
Posted by: Kid Robot | March 4, 2009, 11:31 am 11:31 am
Monroe..hold on to your sense of humor..its the only thing we have left to get us through this..which ever way it goes…its not going to be pretty or easy..love your neighbor..he may share his possum with you…
Posted by: cowgirl | March 4, 2009, 11:33 am 11:33 am
Yep! No capital gains this year. If any of you tax cheats out there are thinking of scamming Uncle Sam, the IRS won’t be able to keep up with line 13/Schedule D on the 1040 form.
Posted by: LongT | March 4, 2009, 11:33 am 11:33 am
Mak – nice try, dude, but it was Bush who tanked the economy, not Obama. Stop whining and blaming your failures on the guy who’s stuck cleaning them up.
LOL
Posted by: Dani Tam | March 4, 2009, 11:33 am 11:33 am
People need to start taking responsibility for their actions and their life. I am sick of the attitude that the government should just hand us something because we are this or we are that. His approval rating is up because he keeps telling you what you want to hear. Poll those people who do approve and ask them about any of the bills or ideas that are actually taking place and they won’t have a clue. These are the same people who were polled before the election and couldn’t even tell you who Obama’s running mate was. Why should people who have worked their butt’s off to provide for themselves and their families have to now pay more in taxes to take care of those who choose not to make a difference in thier lifes. My parents came from nothing and have worked their entire lifes to get what they have and now they should have to start paying more to take care of those who just want to put their hand out and have Obama fill it with $$. I live in KS and let me inform you that they are planning on bringing all the terriost to KS and will keep them detained here. RIDICULOUS!!!!! How do you have rights when you did and still are planning the destruction of our country? WAKE UP PEOPLE!!!!!!
Posted by: jessica | March 4, 2009, 11:34 am 11:34 am
Gee, Mark sorry your retirement is gone. Does this mean you cashed out, btw? Stupid move. I have stock that I’m leaving in, and actually buying more. Some of it has gone down, but good majority is up. I’m just careful, and I don’t try to time the market.
The fact is, your retirement has shot snake-eyes because the inmates were running the asylum over on Wall Street. AIG? Bear Sterns? CitiGroup? If they were doing so hot under Bush, why are they in such trouble now?
Posted by: hey Scoob | March 4, 2009, 11:36 am 11:36 am
Mak – well if you Republicans didn’t put up a clown like McCain who claimed “The fundamentals of our economy are sound” and whose chief economic advisor claimed we are in a “mental recession” while the economy was melting down last year… then maybe we wouldn’t have been forced to vote for the guy with no experience.
I’ll choose no experience over crazy, out-of-touch wackjobs any day of the week.
Posted by: Dani Tam | March 4, 2009, 11:37 am 11:37 am
Anyone else notice when things get tough, Harry Reid is no where to be found?
Posted by: LongT | March 4, 2009, 11:37 am 11:37 am
Kid Robot..you are exactly right..but you are trying to educate the deaf..they long ago took their ears off-stapled them to their B*** and call them a whoppee cushion…the banks made those loans regardless of income and ability to pay..because they bundled and sold them for tons of money..those loans were made because of the greed of the banks–period
Posted by: cowgirl | March 4, 2009, 11:38 am 11:38 am
LongT – no. But thanks for pointing that out. You have a marvellous grasp of the irrelevant.
Posted by: Dani Tam | March 4, 2009, 11:39 am 11:39 am
“If a black person can say the N word and i cant that is racism”
Lol. NOt so much, no.
Posted by: silky | March 4, 2009, 11:39 am 11:39 am
It’s always bush’s fault with your head-in-a55 types.
You know if you pull real hard, you can pull your head out and breathe. Try it sometime.
What was Bush’s approval rating? Uh huh, that’s right. That means almost all of us didn’t like him. But almost all of us had our incomes and retirements do really well under him.
Since the democrat takeover and the buying of the whitehouse, my income and retirement is down and gone.
So who do I blame? Obviously the demorats and Obama. Anything else would be delusional.
Partisan hacks with their heads up each others a55 blame Rush and blame Bush.
Posted by: Mak | March 4, 2009, 11:40 am 11:40 am
“Don’t scoff. $13 will buy a lot of stocks these days.’
That’s actually pretty funny. You’ve come out with some good jokes today, mmoroeliveson.
Why do I get the feeling you are enjoying the thought that everything is going to get worse?
Posted by: Amy in Maine | March 4, 2009, 11:41 am 11:41 am
Good point, cowgirl – and this is why the GOP is becoming increasingly irrelevant. The more they rely on noise and ignorance to get their “arguments” across – the more divorced from fact and reality they become and the less they matter to the majority of Americans. They are icreasingly becoming a party of kooks and obstructionists. No wonder their credibility is at an all time low. They need to stop substituting their failed ideology for reality and wake up soon!
Posted by: Kid Robot | March 4, 2009, 11:42 am 11:42 am
At some point, a reasonable person needs to ask if their elected leaders are grossly incompetent and unqualified for the task at hand, or if they’re simply really really good liars and criminals. How else can we explain administrations- from both parties– who insist on doing precisely the opposite of what common sense, the Founding Fathers, and our Constitution all advise? Debt cannot be retired with more debt, no matter how many zeroes you tack onto the new loans. Money cannot be created from nothing, and not expected to lose value over time. Finally, war, and the endless preparations for war have bankrupted every major civilization throughout history, and yet the goofy politicians invariably proclaim, “Yeah, but not here, not today. We will be the sole exception.”
This is the debate we need to have, but one which will likely never be mentioned by a willing and complicit media.
Posted by: h5mind | March 4, 2009, 11:42 am 11:42 am
a real leaders speaking see the market takes gordon brown to speak to get our market moving
Posted by: david reyes | March 4, 2009, 11:43 am 11:43 am
I just heard of a 75 year old guy who’s entire retirement was in Bank of Wachovia stock. He worked for them for 35 years. It use to be worth millions. Now it’s down to $200K. His broker tried to get him to diversify, but he said the bank was always good to him so he never did.
Posted by: LongT | March 4, 2009, 11:44 am 11:44 am
Oh goody, the special Drudge bus is here.
Posted by: silky | March 4, 2009, 11:44 am 11:44 am
cowgirl is right- after my son-in-law got laid off at CitiMortgage, he actually did a news interview where he talked about the unbelievable irresponsibility ad outright fraud in approving loan apps. Basically, nobody at Citi cared, because they felt there was no downside. If they foreclosed, so what? They figured the value of the property would keep doubling anyway. So they were giving loans on multiple properties to teenage house-flippers in McMansion developments. My son-in-law, who is a very responsible young adult, was appalled, and called them on it. He was basically told to shut up.
Posted by: hey Scoob | March 4, 2009, 11:44 am 11:44 am
h5mind – debt is not the primary problem right now. The real crisis is a lack of liquidity in the markets.
Remember, the government isn’t just giving this money away – it’s investing it and effectively becoming a partner in private enterprise in an effort to restore liquidity.
When these various industries return to solvency, the money will be paid back to the government and the debt will be paid down.
The alternative is to do nothing and let our entire system collapse.
Every credible economist across the political spectrum believes that this is the right thing to do.
Posted by: Toby | March 4, 2009, 11:45 am 11:45 am
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
Posted by: AsianGOP | March 4, 2009, 11:46 am 11:46 am
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
Posted by: AsianGOP | March 4, 2009, 11:46 am 11:46 am
David..the European markets are up today…because china is about to announce their stimulus package…and the world is listening -since we are no longer the driving force of economics, hows that make you feel????thank Mr. Bush for that too.
Posted by: cowgirl | March 4, 2009, 11:47 am 11:47 am
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
Posted by: AsianGOP | March 4, 2009, 11:47 am 11:47 am
i hope obuma dont speak and make the market go down again thanks gordon brown for giving our market a boost hes a very moving and good leader no i dont believe in all his ideas but his confidence his inspiring leadership britain is in good shape with him
Posted by: david reyes | March 4, 2009, 11:47 am 11:47 am
david reyes – only a fool thinks that the market reacts to the President’s words. You clearly have zero idea how the market works. LOL
Posted by: Toby | March 4, 2009, 11:47 am 11:47 am
so I take it AsianGOP is an Obama fan.
Posted by: hey Scoob | March 4, 2009, 11:48 am 11:48 am
Asiangop…Did you have something to say or is that just a stutter?????
Posted by: cowgirl | March 4, 2009, 11:48 am 11:48 am
cowgirl; I’ve been told they taste like chicken.
Posted by: mmonroeliveson | March 4, 2009, 11:48 am 11:48 am
Looking at your comments it appears you can’t see any positive outcome to the current situation- I would like to make some positive contibution by giving a differnt take on the situation.
If you have the right idea why don’t you capitalise on it and sell it. Better still why don’t you try and be creative and stop the blame game.
Just like the market, I was looking for some change of outlook from some of you bloggers but what you write is just negative.
Since I won’t be blogging anymore – this is my last entry I would like to advise you students to get back to your studies and do your best and you workers get back to work we need all the good contribution you are making to the economy. And the in-betweens be creative don’t let the economic grim get to you.
Hang in there – I am confident that it will improve – Stay Positive! And give the President a break he is human – he needs our support too.
Posted by: Compassionate Advocate | March 4, 2009, 11:48 am 11:48 am
“Those of us that have LOST our retirement will never forget WHO it was that took over congress and who it was that all things tanked under. Yup! It was your democrats and your Obama.”
That’s just silly.
Posted by: Amy in Maine | March 4, 2009, 11:50 am 11:50 am
Mak – nice try, but the fact remains that Bush and the GOP’s disasterous financial deregulatory policies and wartime tax cuts are what got us into this mess – not the Dems. Stop blaming the Dems for the Republicans’ mess – they’re the ones cleaning it up.
Posted by: Toby | March 4, 2009, 11:51 am 11:51 am
david, stand up so you can hear…..
Posted by: cowgirl | March 4, 2009, 11:52 am 11:52 am
cowgirl,
Unfortunately, it’s not a stutter. It’s for real because I know more a lot than you do. You’re just one of those typically misinformed. I just happen to know the root cause of all this mess and that’s BO
Posted by: AsianGOP | March 4, 2009, 11:53 am 11:53 am
Mak – stop whining already. You sound ridiculous. And you Republicans need to take some responsiblity for your own failures and stop trying to blame the mess your deregulatory policies created on Obama and the Dems. If you want to blame anybody, blame Phil Gramm, who led the charge to repeal the Glass-Steagal Act.
Your moronic attempts to rewrite history are pathetic and easily debunked!
Posted by: Fat Sal | March 4, 2009, 11:53 am 11:53 am
Monroe-greasy chicken is what i heard…the upside is you don’t have to pluck them….
Posted by: cowgirl | March 4, 2009, 11:55 am 11:55 am
AsianGOP – learn to speak English, dude. Nobody is going to take your nonsense seriously until you learn to read and write at an adult level.
Posted by: nucky | March 4, 2009, 11:55 am 11:55 am
Asian…OK , now i am just feeling sorry for you, and i won’t poke fun at you anymore…it just wouldn’t be right
Posted by: cowgirl | March 4, 2009, 11:57 am 11:57 am
The GOP’s reputation is circling the drain, and President Obama’s approval ratings are at an all-time high, according to a new WSJ-NBC poll. Just under 70 percent of Americans approve of Obama’s performance, while only 19 percent of Americans disapprove, despite GOP obstructionism and loons like Limbaugh fervently wishing he’ll fail. Only 26 percent of those polled have a favorable view of the GOP — an all-time low. Of course you’d never know that reading Rick Klein – who is this hack and why does he hate Obama so much?
Posted by: Dr. Know | March 4, 2009, 11:57 am 11:57 am
“Those of us that have LOST our retirement will never forget WHO it was that took over congress and who it was that all things tanked under. Yup! It was your democrats and your Obama.”
Yikes. Well, maybe you should have invested in something a little less risky. Hate to break it to you, but the stock market is gambling. You have nobody to blame but yourself, ultimately.
Posted by: silky | March 4, 2009, 11:57 am 11:57 am
Me…if I was a gambling man, I’d have gone with the Phillies in last years WS, rather than getting into the market. Or the under on days til Chris Brown and Riana reunite.
Posted by: silky | March 4, 2009, 11:59 am 11:59 am
Posted by: mmonroeliveson | Mar 4, 2009 11:23:46 AM
Monroe You said; “Toby be good. Don’t hit me again massah.”
_____________________________
Is your doom-n’-gloom reporting Your Initiation to gain entry to “The Big House on the propitty’?”
Posted by: bobj72 | March 4, 2009, 12:00 pm 12:00 pm
Mak – as a Gen-Xer who will probably never be able to afford retirement, all I can say about your predicament is BWAHAHAHHAHAHAHAHAHAHAHAHAHAHAHAHAHAHAHA!
Pooor you! Cry me a river, jagoff!
You friggin baby boomers are the most spoiled bunch of whiners, losers and entitled jerks the world has ever seen.
I can’t wait till the last of you dies off and the planet can return to sanity again.
Posted by: Karen Oh! | March 4, 2009, 12:03 pm 12:03 pm
Why does this Rick Klein guy hate Obama so much? Hey ABC – your bias is showing!
Posted by: Reaganaut | March 4, 2009, 12:06 pm 12:06 pm
Actually, silky most of america is invested in the markets through our 401ks and pension plans, not using e-trade, the market as a whole collapsed-there was nothing we could do-it was so fast. The markets are supposed to be a “regulated gamble” not a ponzi scheme, most of us have a regular job or two or three to go to work at, and try to see that our plans are diversified-and hope or expect that those people who job it is to oversee financial institutions and the markets, and the media-whos responsibility is to give coverage to the whistle blowers-are doing their job..
Posted by: cowgirl | March 4, 2009, 12:07 pm 12:07 pm
cowgirl,
I don’t stoop to your loser level. Involve yourself in more research…you might be surprised….
Posted by: AsianGOP | March 4, 2009, 12:07 pm 12:07 pm
Karen you need a boyfriend and a really good analyst…
Posted by: cowgirl | March 4, 2009, 12:09 pm 12:09 pm
Dr. Know,
Simple Answer to Simple Question. OBAMA knows NOTHING…NOTHING…and it’s becoming too obvious as time goes by…He’s better off shutting his BIG mouth…but much much better is if he leaves his post so that the better qualified would take over… actually, we need 3 turnovers so that at least the clinton would take over. Clintons and Republicans listen to each other without issues — end-product was clinton budget surplus and that’s the truth….
Posted by: AsianGOP | March 4, 2009, 12:12 pm 12:12 pm
Asian…you don’t need to stoop-you need a ladder to get to my level…LOL
Posted by: cowgirl | March 4, 2009, 12:13 pm 12:13 pm
cowgirl; Yep! The smart money is leaving the states to be invested in foreign markets. The wealthy of America know better than to put their money back in this market until it’s botomed out. Being patriotic doesn’t mean losing your families wealth. They pulled their money out of American business months ago. That’s why businesses are struggling and the market has lost half its value.
Posted by: mmonroeliveson | March 4, 2009, 12:13 pm 12:13 pm
cowgirl,
IN YOUR DREAMS!
Posted by: AsianGOP | March 4, 2009, 12:14 pm 12:14 pm
we definately need to put more dollars into the mental health system-so no NUT gets left behind…
Posted by: cowgirl | March 4, 2009, 12:15 pm 12:15 pm
and COWGIRL,
YOU’RE BETTER OFF MILKING A COW FOR YOUR EMPTY BRAINS….MOOOOO..MOOOOO.
Posted by: AsianGOP | March 4, 2009, 12:16 pm 12:16 pm
cowgirl says,”we definately need to put more dollars into the mental health system-so no NUT gets left behind…”
YOU’RE NO EXCEPTION, cowgirl.
Posted by: AsianGOP | March 4, 2009, 12:17 pm 12:17 pm
asian..glad to see you are reaching out for help..I nominate you for the Dr. Phill show-or the next bachelor
Posted by: cowgirl | March 4, 2009, 12:21 pm 12:21 pm
Look at the NY Times Sept 30, 1999. This article is about Clinton pushing Fannie Mae into lowering the lending standards and allowing more to go after the “American Dream”. This is why the housing market failed!!! Bush administration tried to push the worthless Congress into tightening the reins on Fannie Mae, but what did they do NOTHING. If you all have forgotten it was the most inactive Congress in history and was lead by Democrats. You all were the first to blame Bush and the Republicans for this mess when your savior Clinton is the one who started it!!! Now that people are calling out the Democrats and their lack of doing anything good you want us to rally behind him and suppport our new president….weren’t you the same people calling for Bush’s impeachment everyday? Where was your support for our president then?
Posted by: Jessica | March 4, 2009, 12:22 pm 12:22 pm
Bobj72; So you do have a sense of humor. I finally found it. You’ve provided some belly laughs for me but this is the first time I feel we might be sharing a chuckle. I don’t think I’m ready to move up to the big house, but neither was Obama. Ain’t this a great country?
Posted by: mmonroeliveson | March 4, 2009, 12:22 pm 12:22 pm
Jessica, you’re more knowledgeable than cowgirl. Would you lead her to the right path? She seems so lost in the obama jungle.
Posted by: AsianGOP | March 4, 2009, 12:26 pm 12:26 pm
The polling data speaks for itself – Obama is enjoying enormous popularity while the GOP races towards official status as a regional party, largely comprised and almost completely led by ideologically intransigent dead-enders, who as a result of the echo-chamber in which they live, believe that this trend towards obscurity will magically reverse itself. All the hate, anger, and hyperventilating won’t change and thing. If the Republican party want to be national party and recapture the WH, it needs to cast a wider net and do as Bill Buckley long-advised, which was to keep the lunatic fringe of the party in line. And since when did abcnews.com become a home-away-from townhall.com regulars? The vitriol is palpable.
Posted by: Azzurri11 | March 4, 2009, 12:26 pm 12:26 pm
Posted by: adam | Mar 4, 2009 11:27:12 AM
“billy bob what is racist is you calling this situation racist. If a black person can say the N word and i cant that is racism, if a black person loses a job and calls it racism, Its racist towards whites, If a black person feels he should have the job because no one else in the company is black, he is being racist.”
___________________________
billy bob & monroe; (“billy bob” we know you didn’t pen that trash.) But where did You Guys find this fellow???
Posted by: bobj72 | March 4, 2009, 12:27 pm 12:27 pm
Karen Oh; The population is growing and your generation is next. The only thing worse than being tired and old and sick and alone is being tired and old and sick and poor and alone. Daddy won’t be there to pick you up and dust you off and tell you everything’s going to be alright.
Posted by: mmonroeliveson | March 4, 2009, 12:27 pm 12:27 pm
Monroe, I don’t see a good place to invest money right now except in your mattress-which is not going to help the markets get back on their feet…I think that if we don’t restore faith that the markets are going to have strong oversight..and banks go back to just banking-by breaking them into sub species…only those with excess capital looking to buy on the low side are going to invest…the global economy is down..I haven’t seen a good country to invest in..and all are having the same banking failures..We will see what is happening in china-across the world they are having riots already..wouldn’t be investing there
Posted by: cowgirl | March 4, 2009, 12:28 pm 12:28 pm
Bobj72; I have no desire to move up to the big White House. I don’t think I’d look good in tar and feathers and day’s a coming.
Posted by: mmonroeliveson | March 4, 2009, 12:32 pm 12:32 pm
The president tells the American public to go shopping for stocks??!!? WITH WHAT??!!? We are now stuck, (everyone of us) with paying $1400 to AIG, an insurance company that I have never used. I am paying for someone else’s insurance!! That makes me mad! I am paying on loans to CitiBank and Bank of America, and a bunch of mortgage places that I have never heard of. Why should I do that??!? I am paying money to auto companies, while I am having to make my payments as well!! Now the emperor has the gall to tell me to go buy stocks!!! WITH WHAT??!? MY GOOD LOOKS??!? He’s raising my taxes and demanding more of me for the govt, and now he tells me this, now I’m FURIOUS!!! And people thought that Bush was an idiot!
Posted by: DJ | March 4, 2009, 12:32 pm 12:32 pm
and Jessica, on top of that, Obama as an ACORN lawyer indicted lenders including Citibank into giving mortgage to the unqualified and here’s one of the proofs:
http://clearinghouse.wustl.edu/detail.php?id=10112
Obama Sued Citibank Under CRA to Force it to Make Bad Loans.Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
OBAMA SAID IN 2007 THAT GIVING SUB-PRIME LOANS TO PEOPLE WHO COULDN’T AFFORD THEM WAS A GOOD IDEA!!!
“I’ve been fighting alongside ACORN on issues you care about my entire career. Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work.” — Barack Obama, Speech to ACORN, November 2007ed Citibank Under CRA to Force it to Make Bad Loans.Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
OBAMA SAID IN 2007 THAT GIVING SUB-PRIME LOANS TO PEOPLE WHO COULDN’T AFFORD THEM WAS A GOOD IDEA!!!
“I’ve been fighting alongside ACORN on issues you care about my entire career. Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work.” — Barack Obama, Speech to ACORN, November 2007
Posted by: AsianGOP | March 4, 2009, 12:33 pm 12:33 pm
I vote for war. Civil war to rid this nation of the cancer that sickens it, liberalism. The only stock I am buying these days is firearms and ammo. The more the better! Don’t take my words for it, feel the tension yourself. You know it’s heading that way. Probably don’t want to admit it, but you know it to be true. Sucks to be a gun hating liberal in the near future.
Posted by: Clean up time | March 4, 2009, 12:33 pm 12:33 pm
and Jessica, on top of that, Obama as an ACORN lawyer indicted lenders including Citibank into giving mortgage to the unqualified and here’s one of the proofs:
http://clearinghouse.wustl.edu/detail.php?id=10112
Obama Sued Citibank Under CRA to Force it to Make Bad Loans.Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
OBAMA SAID IN 2007 THAT GIVING SUB-PRIME LOANS TO PEOPLE WHO COULDN’T AFFORD THEM WAS A GOOD IDEA!!!
“I’ve been fighting alongside ACORN on issues you care about my entire career. Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work.” — Barack Obama, Speech to ACORN, November 2007ed Citibank Under CRA to Force it to Make Bad Loans.Buycks-Roberson v. Citibank Fed. Sav. Bank Fair Housing/Lending/Insurance
Docket / Court 94 C 4094 ( N.D. Ill. ) FH-IL-0011
State/Territory Illinois
OBAMA SAID IN 2007 THAT GIVING SUB-PRIME LOANS TO PEOPLE WHO COULDN’T AFFORD THEM WAS A GOOD IDEA!!!
“I’ve been fighting alongside ACORN on issues you care about my entire career. Even before I was an elected official, when I ran Project Vote voter registration drive in Illinois, ACORN was smack dab in the middle of it, and we appreciate your work.” — Barack Obama, Speech to ACORN, November 2007
Posted by: AsianGOP | March 4, 2009, 12:33 pm 12:33 pm
I’m sorry, the market is a ponzi scheme? And yeah, I’m employed and have a 401(k), as well. But I recognize that it’s gambling. The stock market is gambling, period. There is no spinning it.
Posted by: silky | March 4, 2009, 12:33 pm 12:33 pm
“Look at the NY Times Sept 30, 1999. This article is about Clinton pushing Fannie Mae into lowering the lending standards and allowing more to go after the “American Dream”. This is why the housing market failed!!!”
Only a small portion of the loans in question were Fannie and Freddie loans.
Posted by: silky | March 4, 2009, 12:35 pm 12:35 pm
Here’s some more….
“pay to play” scheme is no stranger to Obama. He’s been in it for years along with Blago.
I. FROM THE BLAGOJEVICH COMPLAINT
35. As described more fully in the following paragraphs, Mercy Hospital, which sought permission from the Planning Board to build a hospital in Illinois, received that permission through Rezko’s exercise of his influence at the Planning Board after Rezko was promised that Mercy Hospital would make a substantial campaign contribution to ROD BLAGOJEVICH. Rezko later told a member of the Planning Board that Mercy Hospital received the permit because ROD BLAGOJEVICH wanted the organization to receive the permit.
36. Levine’s criminal activities included his abuse of his position on the Planning Board to enrich both himself and Friends of Blagojevich. The Planning Board was a commission of the State of Illinois, established by statute, whose members were appointed by the Governor of the State of Illinois. At the relevant time period, the Planning Board consisted of nine individuals. State law required an entity seeking to build a hospital, medical office building, or other medical facility in Illinois to obtain a permit, known as a “Certificate of Need” (“CON”), from the Planning Board prior to beginning construction.
37. Levine, as well as Planning Board members Thomas Beck and Imad Almanaseer, testified under oath at the Rezko Trial. Beck testified that he asked Rezko to reappoint him to the Planning Board and that Beck thereafter followed Rezko’s directions regarding which CON applications Rezko wanted approved. Beck testified that it was his job to communicate Rezko’s interest in particular CONs to other members of the Planning Board, including Almanaseer, who were loyal to Rezko. Beck testified that he understood that Rezko spoke for the Blagojevich administration when Rezko spoke to Beck about particular CONs. Almanaseer testified that Beck instructed him that Rezko wanted Almanaseer to vote a particular way and that Almanaseer should follow Levine’s lead in voting on CONs. Almanaseer testified that before certain Planning Board meetings, he received notecards from Beck indicating how to vote on certain CON applications. Beck testified he provided these notecards to Almanaseer and certain other members of the Planning Board to communicate Rezko’s directions about certain CON applications.
38. During his testimony, Levine described a plan to manipulate the Planning Board to enrich himself and Friends of Blagojevich. The plan centered on an entity commonly known as Mercy Hospital (“Mercy”) that was attempting to obtain a CON to build a new hospital in Illinois. Levine knew the contractor hired to help build the hospital. In approximately November 2003, on behalf of the contractor, Levine checked with Rezko to determine whether Rezko wanted Mercy to obtain its CON. Rezko informed Levine that Mercy was not going to receive its CON. According to Levine, he asked Rezko whether it would matter to Rezko if Mercy’s construction contractor paid a bribe to Rezko and Levine and, in addition, made a contribution to ROD BLAGOJEVICH. Levine testified that Rezko indicated that such an arrangement would change his view on the Mercy CON.
39. Levine’s testimony regarding Rezko’s actions to change the Planning Board decision concerning Mercy’s application for a CON based on contributions for ROD BLAGOJEVICH is confirmed by attorney Steven Loren. Loren testified at Rezko’s criminal trial and, before that, in the grand jury. According to Loren, in approximately December 2003, Levine informed Loren that Rezko was against the Mercy CON. According to Loren, Levine relayed to Loren a conversation between Rezko and Levine during which Levine asked Rezko whether a political contribution to ROD BLAGOJEVICH would make a difference for Mercy’s CON, and Rezko responded to Levine that such a contribution might make a difference.
40. Thereafter, and confirmed by the testimony of Levine, Beck, and Almanaseer, as well as recorded conversations, Rezko switched his directions to Beck and informed Beck that Mercy was to receive its CON. According to Almanaseer, although he previously had been told by Beck that Rezko did not want Mercy to receive its CON, he was later told that there had been a change and that Rezko now wanted Mercy to receive its CON.
41. Mercy received its CON as a result of a controversial and irregular vote at a public Planning Board meeting. The vote brought significant publicity to the Planning Board and ultimately led to the disbanding of the Planning Board. Almanaseer testified under oath in the grand jury that not long after the Planning Board vote on Mercy’s CON he saw Rezko at a fundraiser. According to Almanaseer, he was still embarrassed about what had occurred at the Planning Board vote on Mercy’s CON and Rezko’s role in the vote. Almanaseer testified that he asked Rezko why Rezko had switched the vote on the Mercy CON. According to Almanaseer, Rezko stated: “The Governor wanted it to pass.”
II. FROM EVELYN PRINGLE’S “CURTAIN TIME” ONLINE ARTICLES
Tony Rezko is a private citizen. Therefore, the evidence presented in the trial focused on his influence over officials in getting members appointed to the Boards. Prosecutors did not discuss how the legislation got passed that enabled the Planning Board to be set up in a way that allowed for the appointment of members to rig the votes to begin with.
That part of the scheme will likely be detailed in future indictments, probably starting with Blagojevich. Blagojevich signed the Illinois Health Facilities Planning Act with an effective date of June 27, 2003. However, before he could sign the act, a bill had to be passed by the Illinois House and Senate. As discussed fully in Curtain Time Part II, Obama was the inside guy in the senate who pushed through the legislation that resulted in the Act.
Obama was appointed chairman of the Senate Health and Human Services Committee. The minute the bill was introduced, it was referred to his committee for review. The sponsors of the bill also served on this committee with Obama. Within a month, Chairman Obama sent word to the full senate that the legislation should be passed.
On May 31, 2003, Senate Bill 1332 passed and specified that the “Board shall be appointed by the Governor, with the advice and consent of the Senate.” The legislation reduced the number of members from 15 to 9, paving the way for the appointment of a five-bloc majority to rig the votes.
The corrupt members appointed included three doctors who contributed to Obama. Michel Malek gave Obama $10,000 on June 30, 2003 and donated $25,000 to Blagojevich on July 25, 2003. Malek also gave Obama another $500 in September 2003.
Fortunee Massuda donated $25,000 to Blagojevich on July 25, 2003, and gave a total of $2,000 to Obama on different dates. After he was appointed, Dr Imad Almanaseer contributed a total of $3,000 to Obama. Almanaseer did not give money to Blagojevich.
When the first pay-to-play scheme was put in play, and the application for approval of a new hospital was submitted, the Department of Human Services, along with four other Illinois agencies, sent recommendations that the project should be approved even though experts said the hospital was not needed.
During the trial, Rezko’s attorney presented an email exchange to the jury that hinted at Obama’s role in setting up the scheme. The exchange showed that Obama and seven other top Illinois politicians consulted on the legislation passed in 2003 and were involved in recommending the members for the board.
Matthew Pickering wrote the memo to Blagojevich’s general counsel, Susan Lichtenstein, on behalf of David Wilhelm, a former chairman of the Democratic National Committee, who headed Blagojevich’s 2002 campaign for governor.
Pickering said he and Wilhelm had “worked closely” over six months with state legislators. The memo recommended the appointees listed above and stated, “our attached recommendations reflect that involvement” with the political leaders.
The persons appointed to rig the votes, including those who contributed to Blagojevich and Obama, are cooperating in exchange for immunity or lighter prison sentences.
Feds shut down pay-to-play schemes
Only two pay-to-play schemes succeeded before the Feds swooped in and shut them all down. Blagojevich did not receive the $1.5 million from the Planning Board deal because the hospital was never built.
But Obama received $20,000 from the first kickback paid in the pension fund scheme and the straw donors used to funnel the $10,000 payments, Elie Maloof and Joseph Aramanda, also made $1,000 contributions to Obama’s failed run for Congress in 2000.
In addition, Aramanda gave $500 to Obama’s senate campaign on June 30, 2003. In the summer of 2005, Aramanda’s son landed an intern position in Obama’s Washington office.
Obama also received contributions for his senate campaign from the two persons appointed to rig the vote on the pension fund board. On June 30, 2003, Jack Carriglio contributed $1,000, and the other appointee, Anthony Abboud, donated $500 on June 30, 2003, $250 on March 5, 2004, and $1,000 on June 25, 2004.
The person chosen to funnel the kickback in a future scheme, Michael Winter, donated $3,000 to Obama on June 30, 2003.
All these people are also cooperating in exchange for immunity or lesser prison sentences but prosecutors pointed out during closing arguments that people who entered into agreements with the government are required to tell the truth or all deals are off. “
Posted by: AsianGOP | March 4, 2009, 12:35 pm 12:35 pm
Here’s some more….
“pay to play” scheme is no stranger to Obama. He’s been in it for years along with Blago.
I. FROM THE BLAGOJEVICH COMPLAINT
35. As described more fully in the following paragraphs, Mercy Hospital, which sought permission from the Planning Board to build a hospital in Illinois, received that permission through Rezko’s exercise of his influence at the Planning Board after Rezko was promised that Mercy Hospital would make a substantial campaign contribution to ROD BLAGOJEVICH. Rezko later told a member of the Planning Board that Mercy Hospital received the permit because ROD BLAGOJEVICH wanted the organization to receive the permit.
36. Levine’s criminal activities included his abuse of his position on the Planning Board to enrich both himself and Friends of Blagojevich. The Planning Board was a commission of the State of Illinois, established by statute, whose members were appointed by the Governor of the State of Illinois. At the relevant time period, the Planning Board consisted of nine individuals. State law required an entity seeking to build a hospital, medical office building, or other medical facility in Illinois to obtain a permit, known as a “Certificate of Need” (“CON”), from the Planning Board prior to beginning construction.
37. Levine, as well as Planning Board members Thomas Beck and Imad Almanaseer, testified under oath at the Rezko Trial. Beck testified that he asked Rezko to reappoint him to the Planning Board and that Beck thereafter followed Rezko’s directions regarding which CON applications Rezko wanted approved. Beck testified that it was his job to communicate Rezko’s interest in particular CONs to other members of the Planning Board, including Almanaseer, who were loyal to Rezko. Beck testified that he understood that Rezko spoke for the Blagojevich administration when Rezko spoke to Beck about particular CONs. Almanaseer testified that Beck instructed him that Rezko wanted Almanaseer to vote a particular way and that Almanaseer should follow Levine’s lead in voting on CONs. Almanaseer testified that before certain Planning Board meetings, he received notecards from Beck indicating how to vote on certain CON applications. Beck testified he provided these notecards to Almanaseer and certain other members of the Planning Board to communicate Rezko’s directions about certain CON applications.
38. During his testimony, Levine described a plan to manipulate the Planning Board to enrich himself and Friends of Blagojevich. The plan centered on an entity commonly known as Mercy Hospital (“Mercy”) that was attempting to obtain a CON to build a new hospital in Illinois. Levine knew the contractor hired to help build the hospital. In approximately November 2003, on behalf of the contractor, Levine checked with Rezko to determine whether Rezko wanted Mercy to obtain its CON. Rezko informed Levine that Mercy was not going to receive its CON. According to Levine, he asked Rezko whether it would matter to Rezko if Mercy’s construction contractor paid a bribe to Rezko and Levine and, in addition, made a contribution to ROD BLAGOJEVICH. Levine testified that Rezko indicated that such an arrangement would change his view on the Mercy CON.
39. Levine’s testimony regarding Rezko’s actions to change the Planning Board decision concerning Mercy’s application for a CON based on contributions for ROD BLAGOJEVICH is confirmed by attorney Steven Loren. Loren testified at Rezko’s criminal trial and, before that, in the grand jury. According to Loren, in approximately December 2003, Levine informed Loren that Rezko was against the Mercy CON. According to Loren, Levine relayed to Loren a conversation between Rezko and Levine during which Levine asked Rezko whether a political contribution to ROD BLAGOJEVICH would make a difference for Mercy’s CON, and Rezko responded to Levine that such a contribution might make a difference.
40. Thereafter, and confirmed by the testimony of Levine, Beck, and Almanaseer, as well as recorded conversations, Rezko switched his directions to Beck and informed Beck that Mercy was to receive its CON. According to Almanaseer, although he previously had been told by Beck that Rezko did not want Mercy to receive its CON, he was later told that there had been a change and that Rezko now wanted Mercy to receive its CON.
41. Mercy received its CON as a result of a controversial and irregular vote at a public Planning Board meeting. The vote brought significant publicity to the Planning Board and ultimately led to the disbanding of the Planning Board. Almanaseer testified under oath in the grand jury that not long after the Planning Board vote on Mercy’s CON he saw Rezko at a fundraiser. According to Almanaseer, he was still embarrassed about what had occurred at the Planning Board vote on Mercy’s CON and Rezko’s role in the vote. Almanaseer testified that he asked Rezko why Rezko had switched the vote on the Mercy CON. According to Almanaseer, Rezko stated: “The Governor wanted it to pass.”
II. FROM EVELYN PRINGLE’S “CURTAIN TIME” ONLINE ARTICLES
Tony Rezko is a private citizen. Therefore, the evidence presented in the trial focused on his influence over officials in getting members appointed to the Boards. Prosecutors did not discuss how the legislation got passed that enabled the Planning Board to be set up in a way that allowed for the appointment of members to rig the votes to begin with.
That part of the scheme will likely be detailed in future indictments, probably starting with Blagojevich. Blagojevich signed the Illinois Health Facilities Planning Act with an effective date of June 27, 2003. However, before he could sign the act, a bill had to be passed by the Illinois House and Senate. As discussed fully in Curtain Time Part II, Obama was the inside guy in the senate who pushed through the legislation that resulted in the Act.
Obama was appointed chairman of the Senate Health and Human Services Committee. The minute the bill was introduced, it was referred to his committee for review. The sponsors of the bill also served on this committee with Obama. Within a month, Chairman Obama sent word to the full senate that the legislation should be passed.
On May 31, 2003, Senate Bill 1332 passed and specified that the “Board shall be appointed by the Governor, with the advice and consent of the Senate.” The legislation reduced the number of members from 15 to 9, paving the way for the appointment of a five-bloc majority to rig the votes.
The corrupt members appointed included three doctors who contributed to Obama. Michel Malek gave Obama $10,000 on June 30, 2003 and donated $25,000 to Blagojevich on July 25, 2003. Malek also gave Obama another $500 in September 2003.
Fortunee Massuda donated $25,000 to Blagojevich on July 25, 2003, and gave a total of $2,000 to Obama on different dates. After he was appointed, Dr Imad Almanaseer contributed a total of $3,000 to Obama. Almanaseer did not give money to Blagojevich.
When the first pay-to-play scheme was put in play, and the application for approval of a new hospital was submitted, the Department of Human Services, along with four other Illinois agencies, sent recommendations that the project should be approved even though experts said the hospital was not needed.
During the trial, Rezko’s attorney presented an email exchange to the jury that hinted at Obama’s role in setting up the scheme. The exchange showed that Obama and seven other top Illinois politicians consulted on the legislation passed in 2003 and were involved in recommending the members for the board.
Matthew Pickering wrote the memo to Blagojevich’s general counsel, Susan Lichtenstein, on behalf of David Wilhelm, a former chairman of the Democratic National Committee, who headed Blagojevich’s 2002 campaign for governor.
Pickering said he and Wilhelm had “worked closely” over six months with state legislators. The memo recommended the appointees listed above and stated, “our attached recommendations reflect that involvement” with the political leaders.
The persons appointed to rig the votes, including those who contributed to Blagojevich and Obama, are cooperating in exchange for immunity or lighter prison sentences.
Feds shut down pay-to-play schemes
Only two pay-to-play schemes succeeded before the Feds swooped in and shut them all down. Blagojevich did not receive the $1.5 million from the Planning Board deal because the hospital was never built.
But Obama received $20,000 from the first kickback paid in the pension fund scheme and the straw donors used to funnel the $10,000 payments, Elie Maloof and Joseph Aramanda, also made $1,000 contributions to Obama’s failed run for Congress in 2000.
In addition, Aramanda gave $500 to Obama’s senate campaign on June 30, 2003. In the summer of 2005, Aramanda’s son landed an intern position in Obama’s Washington office.
Obama also received contributions for his senate campaign from the two persons appointed to rig the vote on the pension fund board. On June 30, 2003, Jack Carriglio contributed $1,000, and the other appointee, Anthony Abboud, donated $500 on June 30, 2003, $250 on March 5, 2004, and $1,000 on June 25, 2004.
The person chosen to funnel the kickback in a future scheme, Michael Winter, donated $3,000 to Obama on June 30, 2003.
All these people are also cooperating in exchange for immunity or lesser prison sentences but prosecutors pointed out during closing arguments that people who entered into agreements with the government are required to tell the truth or all deals are off. “
Posted by: AsianGOP | March 4, 2009, 12:35 pm 12:35 pm
“Monroe, I don’t see a good place to invest money right now”
Narcotics and Tiger Woods winning the Grand Slam.
Posted by: silky | March 4, 2009, 12:36 pm 12:36 pm
Karen-my guess is that your generation is….Octo-Mom…hows that helping…adding 1 million to the natioal debt…one child at a time…
Posted by: cowgirl | March 4, 2009, 12:36 pm 12:36 pm
Posted by: Jessica | Mar 4, 2009 12:22:13 PM
You said; “This is why the housing market failed!!! Bush administration tried to push the worthless Congress into tightening the reins on Fannie Mae, but what did they do NOTHING. If you all have forgotten it was the most inactive Congress in history and was lead by Democrats. You all were the first to blame Bush and the Republicans for this mess when your savior Clinton is the one who started it!!! “…..
_________________________________
In the event You’re REALLY UNAWARE, You’re In Fact Rewriting History!!! (Much like saying; “Night has the characteristics of Day!”)
Posted by: bobj72 | March 4, 2009, 12:36 pm 12:36 pm
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
Posted by: AsianGOP | March 4, 2009, 12:37 pm 12:37 pm
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
Posted by: AsianGOP | March 4, 2009, 12:37 pm 12:37 pm
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
IMPEACH boneheaded OBAMA BEFORE IT’S TOO LATE!!!
Posted by: AsianGOP | March 4, 2009, 12:38 pm 12:38 pm
Right on Silky!!!Auto parts stores are up on the Dow…maybe i could start a car jacking business…tip for the day…park your cars in your garage and lock it…
Posted by: cowgirl | March 4, 2009, 12:39 pm 12:39 pm
How to kill an economy in less than 60 days.
Become president with lies and smooth talks.
Say Crisis more than 24 times in one speech
http://ktar.com/?sid=1087479&nid=17
Go for as many progams as possible that would be anti buisness.
Tax EVERYONE more than 2000 a year indirectly keeping them poor that used electricty. Cap and Trade as I found out this AM will increase the cost of electricity more than 1400 dollars a year. Thats a regressive tax. POOR on a Fixed Income you are in deep deep trouble.
Oh and since cap and trade will increase any product made thats shipped or manufactured here you are going to pay higher prices. That is how you get hidden taxes that will empty your pockets and how you KILL an economy.
Welcome to the Carter doh I mean Obama years. Double digit unemployment inflation out of control and interest rates will go through the roof as the government makes banks take on more risk..
Posted by: ChicagoBob | March 4, 2009, 12:39 pm 12:39 pm
Asian GOP and Silky:
It’s not hard to google a subject, copy and paste the content on the comments section of a news site.
And, Asian GOP, you need to relax with all the revolutionary nonsense.
Posted by: Azzurri11 | March 4, 2009, 12:41 pm 12:41 pm
The line item veto’s time has come. Obama wants power, let him have it. It will place responsibility for the recovery clearly on his shoulders. If pork sinks us, so be it. At least he cannot say “it’s last year’s bill”.
Posted by: Tom Beebe | March 4, 2009, 12:41 pm 12:41 pm
jessica “This is why the housing market failed!!!”
Not true!!!
It’s a favorite talking point of the rightwing, but it is simply not true. Rightwingers want it to be true, because it fits in with their ideology, but the facts speak differently.
Here is the truth: Freddie Mac and Fannie Mae got in trouble by buying bad loans bundled with good from other mortgage companies. At the time Freddie and Fannie felt pressured to participate in this market because it was highly profitable. Where did the bad loans come from? Private mortgage companies were paying brokers to sign up everybody and anybody for a home loan. They pushed people to refinance, getting loans from the equity in their houses, they sold mortgages for rates that were not fixed, ie.e. payments designed to go up over time. This has nothing to do with Democrats encouraging low income people to buy homes in their neighborhoods. This has to do with private companies making profits off predatory loans and gullible
buyers not understanding what they were signing up for.
Posted by: Amy in Maine | March 4, 2009, 12:42 pm 12:42 pm
Cowgirl; Canada has a stable economy, the only one in the world. Their production will grow as ours deteriorates. Just a thought, but I’m convinced the mattress investment is among the best right now. Money sitting still does lose value to inflation, but it retains most of its value for a long time and you don’t have to pay any taxes on it.
Posted by: mmonroeliveson | March 4, 2009, 12:43 pm 12:43 pm
OMG..Asian GOP…is about to JUMP…he has written his manafesto, and the bomb is in the mail….some one call the FBI…
Posted by: cowgirl | March 4, 2009, 12:44 pm 12:44 pm
Amy in Maine,
You’re wrong. This is the truth and it’s well-documented:
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
The Washington Times Fails To Research The Administration’s Efforts To Reform Fannie Mae And Freddie Mac
White House News
In Focus: Setting the Record Straight
In Focus: Economy
Today, the Washington Times incorrectly accused the White House of ignoring warnings of trouble ahead for government-sponsored enterprises (GSEs) and neglecting to “adopt any reform until this summer,” when it was too late. “Neither the White House nor Congress heeded the warnings, Fannie and Freddie retained strong bipartisan support during the 1990s and early part of this decade.” (Editorial, “Hear, See And Speak No Evil About Fannie And Freddie,” The Washington Times, 10/9/08)
Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. In fact, it was Congress that flatly rejected President Bush’s call more than five years ago to reform the GSEs. Over the years, the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.
2001
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.” (2002 Budget Analytic Perspectives, pg. 142)
2002
May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President’s 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.
September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration’s assessment, saying “these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” (Stephen Labaton, “New Agency Proposed To Oversee Freddie Mac And Fannie Mae,” The New York Times, 9/11/03)
October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying “if it ain’t broke, don’t fix it.” (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)
November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004
February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)
February: Then-CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)
April: Rep. Frank ignores the warnings, accusing the Administration of creating an “artificial issue.” At a speech to the Mortgage Bankers Association conference, Rep. Frank said “people tend to pay their mortgages. I don’t think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren’t there.” (“Frank: GSE Failure A Phony Issue,” American Banker, 4/21/04)
June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005
April: Then-Secretary Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, “while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process.” (“Dems Rip New Fannie Mae Regulatory Measure,” United Press International, 7/28/05)
2007
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, the White House, 8/9/07)
August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President’s warnings and calls on him to “immediately reconsider his ill-advised” position. (Eric Dash, “Fannie Mae’s Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism,” The New York Times, 8/11/07)
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, the White House, 12/6/07)
2008
February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions “why weren’t we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years.” (Dawn Kopecki, “Fannie Mae, Freddie ‘House Of Cards’ Prompts Takeover,” Bloomberg, 9/9/08)
Posted by: AsianGOP | March 4, 2009, 12:47 pm 12:47 pm
Amy in Maine,
You’re wrong. This is the truth and it’s well-documented:
Setting the Record Straight: Six Years of Unheeded Warnings for GSE Reform
The Washington Times Fails To Research The Administration’s Efforts To Reform Fannie Mae And Freddie Mac
White House News
In Focus: Setting the Record Straight
In Focus: Economy
Today, the Washington Times incorrectly accused the White House of ignoring warnings of trouble ahead for government-sponsored enterprises (GSEs) and neglecting to “adopt any reform until this summer,” when it was too late. “Neither the White House nor Congress heeded the warnings, Fannie and Freddie retained strong bipartisan support during the 1990s and early part of this decade.” (Editorial, “Hear, See And Speak No Evil About Fannie And Freddie,” The Washington Times, 10/9/08)
Over the past six years, the President and his Administration have not only warned of the systemic consequences of failure to reform GSEs but also put forward thoughtful plans to reduce the risk that either Fannie Mae or Freddie Mac would encounter such difficulties. In fact, it was Congress that flatly rejected President Bush’s call more than five years ago to reform the GSEs. Over the years, the President’s repeated attempts to reform the supervision of these entities were thwarted by the legislative maneuvering of those who emphatically denied there were problems with the GSEs.
2001
April: The Administration’s FY02 budget declares that the size of Fannie Mae and Freddie Mac is “a potential problem,” because “financial trouble of a large GSE could cause strong repercussions in financial markets, affecting Federally insured entities and economic activity.” (2002 Budget Analytic Perspectives, pg. 142)
2002
May: The Office of Management and Budget (OMB) calls for the disclosure and corporate governance principles contained in the President’s 10-point plan for corporate responsibility to apply to Fannie Mae and Freddie Mac. (OMB Prompt Letter to OFHEO, 5/29/02)
2003
February: The Office of Federal Housing Enterprise Oversight (OFHEO) releases a report explaining that unexpected problems at a GSE could immediately spread into financial sectors beyond the housing market.
September: Then-Treasury Secretary John Snow testifies before the House Financial Services Committee to recommend that Congress enact “legislation to create a new Federal agency to regulate and supervise the financial activities of our housing-related government sponsored enterprises” and set prudent and appropriate minimum capital adequacy requirements.
September: Then-House Financial Services Committee Ranking Member Barney Frank (D-MA) strongly disagrees with the Administration’s assessment, saying “these two entities – Fannie Mae and Freddie Mac – are not facing any kind of financial crisis … The more people exaggerate these problems, the more pressure there is on these companies, the less we will see in terms of affordable housing.” (Stephen Labaton, “New Agency Proposed To Oversee Freddie Mac And Fannie Mae,” The New York Times, 9/11/03)
October: Senator Thomas Carper (D-DE) refuses to acknowledge any necessity for GSE reforms, saying “if it ain’t broke, don’t fix it.” (Sen. Carper, Hearing of Senate Committee on Banking, Housing, and Urban Affairs, 10/16/03)
November: Then-Council of the Economic Advisers (CEA) Chairman Greg Mankiw explains that any “legislation to reform GSE regulation should empower the new regulator with sufficient strength and credibility to reduce systemic risk.” To reduce the potential for systemic instability, the regulator would have “broad authority to set both risk-based and minimum capital standards” and “receivership powers necessary to wind down the affairs of a troubled GSE.” (N. Gregory Mankiw, Remarks At The Conference Of State Bank Supervisors State Banking Summit And Leadership, 11/6/03)
2004
February: The President’s FY05 Budget again highlights the risk posed by the explosive growth of the GSEs and their low levels of required capital and calls for creation of a new, world-class regulator: “The Administration has determined that the safety and soundness regulators of the housing GSEs lack sufficient power and stature to meet their responsibilities, and therefore … should be replaced with a new strengthened regulator.” (2005 Budget Analytic Perspectives, pg. 83)
February: Then-CEA Chairman Mankiw cautions Congress to “not take [the financial market's] strength for granted.” Again, the call from the Administration was to reduce this risk by “ensuring that the housing GSEs are overseen by an effective regulator.” (N. Gregory Mankiw, Op-Ed, “Keeping Fannie And Freddie’s House In Order,” Financial Times, 2/24/04)
April: Rep. Frank ignores the warnings, accusing the Administration of creating an “artificial issue.” At a speech to the Mortgage Bankers Association conference, Rep. Frank said “people tend to pay their mortgages. I don’t think we are in any remote danger here. This focus on receivership, I think, is intended to create fears that aren’t there.” (“Frank: GSE Failure A Phony Issue,” American Banker, 4/21/04)
June: Then-Treasury Deputy Secretary Samuel Bodman spotlights the risk posed by the GSEs and calls for reform, saying “We do not have a world-class system of supervision of the housing government sponsored enterprises (GSEs), even though the importance of the housing financial system that the GSEs serve demands the best in supervision to ensure the long-term vitality of that system. Therefore, the Administration has called for a new, first class, regulatory supervisor for the three housing GSEs: Fannie Mae, Freddie Mac, and the Federal Home Loan Banking System.” (Samuel Bodman, House Financial Services Subcommittee on Oversight and Investigations Testimony, 6/16/04)
2005
April: Then-Secretary Snow repeats his call for GSE reform, saying “Events that have transpired since I testified before this Committee in 2003 reinforce concerns over the systemic risks posed by the GSEs and further highlight the need for real GSE reform to ensure that our housing finance system remains a strong and vibrant source of funding for expanding homeownership opportunities in America … Half-measures will only exacerbate the risks to our financial system.” (Secretary John W. Snow, “Testimony Before The U.S. House Financial Services Committee,” 4/13/05)
July: Then-Minority Leader Harry Reid rejects legislation reforming GSEs, “while I favor improving oversight by our federal housing regulators to ensure safety and soundness, we cannot pass legislation that could limit Americans from owning homes and potentially harm our economy in the process.” (“Dems Rip New Fannie Mae Regulatory Measure,” United Press International, 7/28/05)
2007
August: President Bush emphatically calls on Congress to pass a reform package for Fannie Mae and Freddie Mac, saying “first things first when it comes to those two institutions. Congress needs to get them reformed, get them streamlined, get them focused, and then I will consider other options.” (President George W. Bush, Press Conference, the White House, 8/9/07)
August: Senate Committee on Banking, Housing and Urban Affairs Chairman Christopher Dodd ignores the President’s warnings and calls on him to “immediately reconsider his ill-advised” position. (Eric Dash, “Fannie Mae’s Offer To Help Ease Credit Squeeze Is Rejected, As Critics Complain Of Opportunism,” The New York Times, 8/11/07)
December: President Bush again warns Congress of the need to pass legislation reforming GSEs, saying “These institutions provide liquidity in the mortgage market that benefits millions of homeowners, and it is vital they operate safely and operate soundly. So I’ve called on Congress to pass legislation that strengthens independent regulation of the GSEs – and ensures they focus on their important housing mission. The GSE reform bill passed by the House earlier this year is a good start. But the Senate has not acted. And the United States Senate needs to pass this legislation soon.” (President George W. Bush, Discusses Housing, the White House, 12/6/07)
2008
February: Assistant Treasury Secretary David Nason reiterates the urgency of reforms, saying “A new regulatory structure for the housing GSEs is essential if these entities are to continue to perform their public mission successfully.” (David Nason, Testimony On Reforming GSE Regulation, Senate Committee On Banking, Housing And Urban Affairs, 2/7/08)
March: President Bush calls on Congress to take action and “move forward with reforms on Fannie Mae and Freddie Mac. They need to continue to modernize the FHA, as well as allow State housing agencies to issue tax-free bonds to homeowners to refinance their mortgages.” (President George W. Bush, Remarks To The Economic Club Of New York, New York, NY, 3/14/08)
April: President Bush urges Congress to pass the much needed legislation and “modernize Fannie Mae and Freddie Mac. [There are] constructive things Congress can do that will encourage the housing market to correct quickly by … helping people stay in their homes.” (President George W. Bush, Meeting With Cabinet, the White House, 4/14/08)
May: President Bush issues several pleas to Congress to pass legislation reforming Fannie Mae and Freddie Mac before the situation deteriorates further.
“Americans are concerned about making their mortgage payments and keeping their homes. Yet Congress has failed to pass legislation I have repeatedly requested to modernize the Federal Housing Administration that will help more families stay in their homes, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow state housing agencies to issue tax-free bonds to refinance sub-prime loans.” (President George W. Bush, Radio Address, 5/3/08)
“[T]he government ought to be helping creditworthy people stay in their homes. And one way we can do that – and Congress is making progress on this – is the reform of Fannie Mae and Freddie Mac. That reform will come with a strong, independent regulator.” (President George W. Bush, Meeting With The Secretary Of The Treasury, the White House, 5/19/08)
“Congress needs to pass legislation to modernize the Federal Housing Administration, reform Fannie Mae and Freddie Mac to ensure they focus on their housing mission, and allow State housing agencies to issue tax-free bonds to refinance subprime loans.” (President George W. Bush, Radio Address, 5/31/08)
June: As foreclosure rates continued to rise in the first quarter, the President once again asks Congress to take the necessary measures to address this challenge, saying “we need to pass legislation to reform Fannie Mae and Freddie Mac.” (President George W. Bush, Remarks At Swearing In Ceremony For Secretary Of Housing And Urban Development, Washington, D.C., 6/6/08)
July: Congress heeds the President’s call for action and passes reform legislation for Fannie Mae and Freddie Mac as it becomes clear that the institutions are failing.
September: Democrats in Congress forget their previous objections to GSE reforms, as Senator Dodd questions “why weren’t we doing more, why did we wait almost a year before there were any significant steps taken to try to deal with this problem? … I have a lot of questions about where was the administration over the last eight years.” (Dawn Kopecki, “Fannie Mae, Freddie ‘House Of Cards’ Prompts Takeover,” Bloomberg, 9/9/08)
Posted by: AsianGOP | March 4, 2009, 12:47 pm 12:47 pm
“Asian GOP and Silky:
It’s not hard to google a subject, copy and paste the content on the comments section of a news site.”
Where did I do that? If you’re telling me that I sound like I know what I’m talking about…well…I’ll take it!
You know what else would be good for consumer confidence? Watching R. Kelley’s Trapped in the Closet. It was on IFC last light and I have been inspired.
Posted by: silky | March 4, 2009, 12:48 pm 12:48 pm
Monroe….thats depressing..now i will have to listen to all my canadian friends tell me they are solvent because they have that nasty socialist health care for everyone…and high…high consumption taxes..every try to buy a six pack there…you have to take out a loan..they come to the US just to drink and buy cigs…
Posted by: cowgirl | March 4, 2009, 12:49 pm 12:49 pm
“How to kill an economy in less than 60 days.”
Seriously, you can’t possibly be this mentally-challenged and still manage to get the computer turned on.
Posted by: silky | March 4, 2009, 12:49 pm 12:49 pm
cowgirl,
I do have evidenciary support to what I say…do you understand what evidenciary support means? It’s a legal term…you don’t have any….
Posted by: AsianGOP | March 4, 2009, 12:49 pm 12:49 pm
Did anyone actually bother to READ the stimulus package? There is NO money for ACORN or any other PAC. Reading the package, from the Congressional Register which printed the WHOLE bill after it was passed might actually allow people to become INFORMED citizens.
Posted by: Cindy Bird | March 4, 2009, 12:50 pm 12:50 pm
“I do have evidenciary support to what I say…do you understand what evidenciary support means? It’s a legal term…you don’t have any….”
You have some other things, too…
Posted by: silky | March 4, 2009, 12:51 pm 12:51 pm
To; Granny Cares:
Add to your list the Barney Frank/Herb Moses affair. Barney’s heading Fannie Mae congressional oversight. Guess who Herb worked for. Guess who’s bedded down with whom.
Posted by: Tom Beebe | March 4, 2009, 12:51 pm 12:51 pm
silky,
sounds like you’re not a wide reader. people like you are not used to reading novels and transcripts…I understand…that’s why you have rush and unsound judgement…just like your messiah….
Posted by: AsianGOP | March 4, 2009, 12:52 pm 12:52 pm
silky,
sounds like you’re not a wide reader. people like you are not used to reading novels and transcripts…I understand…that’s why you have rush and unsound judgement…just like your messiah….
Posted by: AsianGOP | March 4, 2009, 12:52 pm 12:52 pm
Cindy Bird,
it won’t be explicitly stipulated there because it’s hidden behind $4B for non-profit oraganizations….
Posted by: AsianGOP | March 4, 2009, 12:54 pm 12:54 pm
Cindy Bird,
it won’t be explicitly stipulated there because it’s hidden behind $4B for non-profit oraganizations….
Posted by: AsianGOP | March 4, 2009, 12:54 pm 12:54 pm
Chicago Bob..our biggest concern is De-flation not inflation..neither of which is good…however perhaps the cap and trade will encourage us to buy less from china since it will be more expensive…as they have or will overtake us as the worlds greatest polluter…I don’t see anything wrong in encouraging the growth of industry in this country that is built on clean energy..if you have a good job..you can afford a higher electric bill..and hey, replace those bulbs..it makes a difference..everyone looks more attractive in candle light
Posted by: cowgirl | March 4, 2009, 12:56 pm 12:56 pm
“silky,
sounds like you’re not a wide reader. people like you are not used to reading novels and transcripts…I understand…that’s why you have rush and unsound judgement…just like your messiah….”
AsianGOP, sounds like you’re not a sane human being. People like you are not used to interacting with civilized culture…that’s why you sound like an insane human being. Just like your putrid, disgusting pillcRUSHer.
Now go ask Drudge for you sippy cup and animal crackers. And go easy on that copy/paste function. We get it…you can copy and paste. Gold star for you.
Posted by: silky | March 4, 2009, 12:56 pm 12:56 pm
my $13 is going to Rush. If he’s bothering Liberals this much then he must be doing something right!
Posted by: D | March 4, 2009, 12:56 pm 12:56 pm
Is there a moderator available to help Asian GOP out????? job cuts i guess..too bad, never one when you really need one..Asian don’t you need a potty break or something???
Posted by: cowgirl | March 4, 2009, 1:01 pm 1:01 pm
silky, I do pity you a lot. Unless you change your drastic ways of informing yourself, you will forever remain misguided adn misinformed resulting yourself to irresponsible decision-making including your voting decisions.
Posted by: AsianGOP | March 4, 2009, 1:01 pm 1:01 pm
silky, I do pity you a lot. Unless you change your drastic ways of informing yourself, you will forever remain misguided adn misinformed resulting yourself to irresponsible decision-making including your voting decisions.
Posted by: AsianGOP | March 4, 2009, 1:01 pm 1:01 pm
D…don’t be a PUSHER..he’ll just use it to buy drugs…
Posted by: cowgirl | March 4, 2009, 1:02 pm 1:02 pm
cowgirl,
Getting too personal will not help. I pity both of you. Read up so you’ll be able to educate yourselves or you’ll end up self-destructive.
Posted by: AsianGOP | March 4, 2009, 1:03 pm 1:03 pm
cowgirl,
Getting too personal will not help. I pity both of you. Read up so you’ll be able to educate yourselves or you’ll end up self-destructive.
Posted by: AsianGOP | March 4, 2009, 1:03 pm 1:03 pm
Honest to god…if they make Asian GOP the next bachelor…I will watch it…LOL…women jumping off the 10th floor, FBI running around guns drawn..come on FOX-this one would be really good for the ratings..
Posted by: cowgirl | March 4, 2009, 1:07 pm 1:07 pm
AsianGOP…sippy cup…animal crackers…naptime.
Posted by: silky | March 4, 2009, 1:07 pm 1:07 pm
Silky – sorry, i thought one of AsianGOP’s cut and pasted, madman posts was yours. My bad.
AsianGOP, please seek medical help.
Posted by: Azzurri11 | March 4, 2009, 1:11 pm 1:11 pm
Posted by: DJ | Mar 4, 2009 12:32:31 PM
You said; “We are now stuck, (everyone of us) with paying $1400 to AIG, an insurance company that I have never used. I am paying for someone else’s insurance!! That makes me mad! I am paying on loans to CitiBank and Bank of America, and a bunch of mortgage places that I have never heard of. Why should I do that??!?” ………
_______________________________
Mainly because the core of our Modern Society (the Financial System) is ‘tied into’ the largest financial industries, namely the Insurance and Banking institutions; commercial banks, S & L’s, Credit Unions and Mortgage Banks.
Posted by: bobj72 | March 4, 2009, 1:14 pm 1:14 pm
Asian GOP…look out your window-through the bars and around the tin foil…see those guys in dark glasses and suits with microphones in their ears-those are your Friends…do not be afraid they are there to help you…go quietly and do not resist…
Posted by: cowgirl | March 4, 2009, 1:14 pm 1:14 pm
Adam,
Why can’t we all look at our brothers and sisters as human beings? I did not vote for Obama, but he was elected by the people and we have to give him a chance and accept him as our President.
My main conern is the FOCA act he has promised to sign. We cannot put money before the lives of the unborn. See an aborted baby and listen to your heart.
Could it be when we started taking God out of our lives that our country has gone downward?
Posted by: pat | March 4, 2009, 1:16 pm 1:16 pm
Azzurri11, Silky, cowgirls — welcome to obama’s peoples temple…Kool-aid drinkers….
Posted by: AsianGOP | March 4, 2009, 1:17 pm 1:17 pm
Why are the financial institutes not willing to reveal their real balance sheets? Is it like something what Tom Cruise once said that “You dont want to know the truth because you cant not handle the truth!”?
Posted by: grouper88 | March 4, 2009, 1:17 pm 1:17 pm
NO CHANCE FOR BONEHEADS!!!
Posted by: AsianGOP | March 4, 2009, 1:18 pm 1:18 pm
NO CHANCE FOR BONEHEADS!!!
Posted by: AsianGOP | March 4, 2009, 1:18 pm 1:18 pm
The Obama administration must not be taking their meds regularly. They spent all fall telling us how bad it was so they could blame Bush. Then they spend all winter telling us how bad it is so they can blame Bush. Then they spent 7 weeks after they took over telling us it was going to get worse and may not get better for years.
What now the green light goes on and they now realize that they have screwed up the economy and no one is spending money.
Talk it down and then they realize that people actually listened to these losers, why I will never figure out, and now they need to reverse course.
It will be a long, long 4 years with these bozo’s ruining the country.
Posted by: Steve | March 4, 2009, 1:19 pm 1:19 pm
Silky; Are you losing your aversion to going to the joint? Dealing will be easier in the future for two reasons. Obama wants to legalize marijuana. This is one of few ideas we agree on. Secondly, law enforcement will be more on the take, if that’s possible, as our economy deteriorates. At least they’ll become more brazen. Always happens.
Posted by: mmonroeliveson | March 4, 2009, 1:20 pm 1:20 pm
SILKY DOESN’T EVEN KNOW WHAT MEETING PAYROLL MEANS. He thinks that he met payroll when he worked for a company using their money.
Posted by: BUSINESS OWNER | March 4, 2009, 1:21 pm 1:21 pm
cowgirl Cap and trade is a TAX FOR EVERYONE. Costing every poor and middle class person who is already hurting after tax money. This is putting the yoke of Obama’s completely irresponsible spending on every American. Yeah I know NO way I am a democrat and there is nothing we are responsible for. Democrats all walk around with their hands in everyone’s pockets claiming no knowledge of what they got paid to do. Yeah democrats are stupid or irresponsible or they wanted to destroy this wealth.
Posted by: ChicagBob | March 4, 2009, 1:22 pm 1:22 pm
684 billion energy tax on energy used by poeple earning less than 250,000 sounds like a tax on the poor to me.
Posted by: BUSINESS OWNER | March 4, 2009, 1:24 pm 1:24 pm
AsianGOP wrote: Azzurri11, Silky, cowgirls — welcome to obama’s peoples temple…Kool-aid drinkers….
Um…AsianGOP, welcome to the twilight zone.
I live in Texas where I am surrounded by right-wing nuttiness, but you seem to be the gold standard.
Let me ask you one question, AsianGOP: To what do you attribute the massive increase in the wealth gap and the massive increase in executive compensation over the last 28 years, and do you believe that it 1) is healthy for our country 2) sustainable 3) a function of right wing ideology or merely a coincidence?
Amidst all the insane back and forth, I simply wonder if those who are SO QUICK to incorrectly label and bash Obama and his policies (IN HIS ONE MONTH IN OFFICE)have any idea how we arrived where we are. As much as I was disappointed with our last president and the hell he unloosed on the USA and the world, I realize he was a symptom of the disease, not the disease. itself.
Posted by: Azzurri11 | March 4, 2009, 1:28 pm 1:28 pm
BUSINESS OWNER , I get your point…
You have to speak in laymen’s term in order for Azzurri11, Silky and cowgirl to understand the macro and micro of economy.
Posted by: AsianGOP | March 4, 2009, 1:28 pm 1:28 pm
BUSINESS OWNER , I get your point…
You have to speak in laymen’s term in order for Azzurri11, Silky and cowgirl to understand the macro and micro of economy.
Posted by: AsianGOP | March 4, 2009, 1:28 pm 1:28 pm
Cowgirl; Some of my customer sites are bars. Bar business is on the rise. If you have money to invest, opening a friendly bar is a good way to go. In times of recession and unemployment bar business always increases.
Posted by: mmonroeliveson | March 4, 2009, 1:35 pm 1:35 pm
Azzurri11,
I bet you failed to read the well-documented cngress minutes of meeting of what actually transpired on Fannie Mae and Freddie Mac, Citicorp, etc…. I posted in this blog…my guess? you didn’t understand a single thing…because if you did, you must be getting turned off with obama by now….need translation? I might be able to help if you don’t get too personal….
Posted by: AsianGOP | March 4, 2009, 1:37 pm 1:37 pm
Azzurri11,
I bet you failed to read the well-documented cngress minutes of meeting of what actually transpired on Fannie Mae and Freddie Mac, Citicorp, etc…. I posted in this blog…my guess? you didn’t understand a single thing…because if you did, you must be getting turned off with obama by now….need translation? I might be able to help if you don’t get too personal….
Posted by: AsianGOP | March 4, 2009, 1:37 pm 1:37 pm
Azzurri11,
I bet you failed to read the well-documented cngress minutes of meeting of what actually transpired on Fannie Mae and Freddie Mac, Citicorp, etc…. I posted in this blog…my guess? you didn’t understand a single thing…because if you did, you must be getting turned off with obama by now….need translation? I might be able to help if you don’t get too personal….
Posted by: AsianGOP | March 4, 2009, 1:38 pm 1:38 pm
Azzurri11,
I bet you failed to read the well-documented cngress minutes of meeting of what actually transpired on Fannie Mae and Freddie Mac, Citicorp, etc…. I posted in this blog…my guess? you didn’t understand a single thing…because if you did, you must be getting turned off with obama by now….need translation? I might be able to help if you don’t get too personal….
Posted by: AsianGOP | March 4, 2009, 1:38 pm 1:38 pm
Azzurri11,
I bet you failed to read the well-documented cngress minutes of meeting of what actually transpired on Fannie Mae and Freddie Mac, Citicorp, etc…. I posted in this blog…my guess? you didn’t understand a single thing…because if you did, you must be getting turned off with obama by now….need translation? I might be able to help if you don’t get too personal….
Posted by: AsianGOP | March 4, 2009, 1:39 pm 1:39 pm
ChicagBob: Pres Obama said, there will be a reduction in tax for people who make under 100,000,150,000,200,000 or 250,000 i forgot which, he changed his mind so often. But he neglected to tell that the $1.00 Gas tax is for everyone who drives. So maybe cowgirl, silky and Azzurri11 don’t drive.
If you blog for a living, you have a list to follow.
Posted by: Lizzie | March 4, 2009, 1:41 pm 1:41 pm
So, if I’m following some of this, taxing energy companies is bad b/c they will simply pass along those taxes to the people, right? And cap and trade is bad for the same reason, right?
So is the answer to not tax these industries, under the assumption that will keep their product and services affordable?
Folks – go check out the 2007 Treasury Report which shows US Companies pay the second lowest “effective tax rates” in the world. There’s a difference between “corporate tax rates” – which are 2nd highest in the world – and “effective tax rates” – which is what you actually collect. If I sell you a bottle of wine priced at $50, but give you a $45 off coupon, how much did you pay and hoew much did I collect.
Corporate America has (and possibly will continue) to run this country, but if the President can effect change by holding companies to account and doing the bidding of working Americans, I support that.
Of, and before you can respond, I am a self-employed business owner who WILL pay more when the tax cuts expire and are returned to the levels of the Clinton adm. I just happen to believe that the status quo is no longer acceptable and don’t believe that socio-economic darwinism is in the best interest of the common good.
Posted by: Azzurri11 | March 4, 2009, 1:42 pm 1:42 pm
Please Azzurri111 leave TEXAS you give us a bad name.
Posted by: Lizzie | March 4, 2009, 1:44 pm 1:44 pm
Taxes are going to go sky high for everyone,that’s the only way you can raise revenue. The rich don’t have to make alot of money for a while they can live on their assets and let this mess ride out. but remember the rich won’t buy anything either. We have a boat plant near by and they closed for awhile when Carter put the Luxury tax on in the late 70′s. They reopened under Reagan. people who could afford boats started buying as soon as the tax went away.
Posted by: BUSINESS OWNER | March 4, 2009, 1:46 pm 1:46 pm
Asian GOP
I don’t really want to engage with you, but I’m taking a moment out of my work day (I have a ton of other stuff I need to be doing) to try and explain to you, that while the CEOs of Fannnie and Freddie made a boneheaded move by buying up bad mortgages, and Congress should have passed legislation to prevent them from taking that gamble, it is incorrect to say that Feddie and Frannie’s collapse caused the mortgage crisis, or that loans to low income people caused the mortgage crisis, or that Democrats are responsible for either Frannie/Freddi’es collapse or for encouraging loans to low income people in the first place (those loans with Frannie and Freddie were actually the healthiest.) You need to inform yourself regarding predetary loan practices, the role of the fed in lowering interest rate and bad decisions by greedy mortgage brokers. I know its a complicated topic, but try to look beyond what your ideology for the facts.
Posted by: Amy in Maine | March 4, 2009, 1:46 pm 1:46 pm
AsianGOP – Are you such a spaz that you have to post the same comment 6 times on a row?
Posted by: Azzurri11 | March 4, 2009, 1:47 pm 1:47 pm
Taxes are going to go sky high for everyone,that’s the only way you can raise revenue. The rich don’t have to make alot of money for a while they can live on their assets and let this mess ride out. but remember the rich won’t buy anything either. We have a boat plant near by and they closed for awhile when Carter put the Luxury tax on in the late 70′s. They reopened under Reagan. people who could afford boats started buying as soon as the tax went away.
Posted by: BUSINESS OWNER | March 4, 2009, 1:47 pm 1:47 pm
AsianGOP – Are you such a spaz that you have to post the same comment 6 times on a row?
Posted by: Azzurri11 | March 4, 2009, 1:47 pm 1:47 pm
Buy stuff? Are you kidding me?
I’m clinging to my remaining money (along with my guns and religion) to help ride out this socialism-induced economic tsunami.
With capital gains and most other taxes about to go up (which will drive up prices and drive down stocks), now is the absolute wrong time to buy more stock.
Posted by: Open-Mind | March 4, 2009, 1:48 pm 1:48 pm
Asian GOP
I don’t really want to engage with you, but I’m taking a moment out of my work day (I have a ton of other stuff I need to be doing) to try and explain to you, that while the CEOs of Fannnie and Freddie made a boneheaded move by buying up bad mortgages, and Congress should have passed legislation to prevent them from taking that gamble, it is incorrect to say that Feddie and Frannie’s collapse caused the mortgage crisis, or that loans to low income people caused the mortgage crisis, or that Democrats are responsible for either Frannie/Freddi’es collapse or for encouraging loans to low income people in the first place (those loans with Frannie and Freddie were actually the healthiest.) You need to inform yourself regarding predetary loan practices, the role of the fed in lowering interest rate and bad decisions by greedy mortgage brokers. I know its a complicated topic, but try to look beyond what your ideology for the facts.
Posted by: Amy in Maine | March 4, 2009, 1:48 pm 1:48 pm
Cowgirl; Canada is solvent in spite of nationalized healthcare and high tax rates. Canada is solvent because Canada is fiscally conservative. They don’t spend money betting on the come. If they don’t have it they don’t spend it. Balance sheets really aren’t all that complicated unless they’ve been complicated to disquise their flaws.
Posted by: mmonroeliveson | March 4, 2009, 1:50 pm 1:50 pm
In my opinion, the economy belonged to President Obama the second he signed his “Stimulus Bill”. AKA … the largest spending bill in US history that was passed by a congress that didn’t read it, then signed into law by President Obama who didn’t read it.
Posted by: Open-Mind | March 4, 2009, 1:50 pm 1:50 pm
“Is it like something what Tom Cruise once said that “You dont want to know the truth because you cant not handle the truth!”?”
Like I told you before, that was Jack Nicholson.
“SILKY DOESN’T EVEN KNOW WHAT MEETING PAYROLL MEANS. He thinks that he met payroll when he worked for a company using their money.”
Whoa…wow…clever…you almost got me. Only I never said anything remotely close to that. YOu asked if I’d ever had to meet payroll and I said no, but I was payroll manager for a dotcom in my first job out of school, so I’m familiar with the cash crunch that a business experiences with payroll.
Posted by: silky | March 4, 2009, 1:53 pm 1:53 pm
“Cowgirl; Some of my customer sites are bars. Bar business is on the rise. If you have money to invest, opening a friendly bar is a good way to go. In times of recession and unemployment bar business always increases.”
I’m seriously considering opening a bar in the next 6-8 months.
And you said Obama has talked legalization??? Where and when did that happen? I think it’s a brilliant idea on many levels.
Posted by: silky | March 4, 2009, 1:56 pm 1:56 pm
Obama has no credibility after accepting individuals whom did not pay their taxes; also after pushing his liberal left wing agenda which is to socialize America. Obama needs a boot as he hasn’t changed America’s financial system to match that of the much superior Canadian system.
Posted by: Brent | March 4, 2009, 1:57 pm 1:57 pm
Lizzie wrote: Please Azzurri111 leave TEXAS you give us a bad name.
That makes total sense. A deeply red state like Texas gets its bad name from someone who voted for Obama, despite the fact Texas is known for being a Republican state and McCain won it by i think about a dozen points. Yes, Texas is full of lefties who are tarnishing the state’s image. I love Texas – despite the great many hoppleheads with whom I share the state – and I’m not leaving
Actually, Texas gets a bad name because of thoughtless, intolerant idealogues like yourself, who can’t exist outside the echo-chamber of their own belief system.
Sheesh.
Posted by: Azzurri11 | March 4, 2009, 1:59 pm 1:59 pm
Azzurri11, Boy your good, if the US has the lowest or second lowest rate how come US companies are going overseas were the TAXES are lower??? If you own a company or business you would like to make a profit, RIGHT, but apparently your one who works for nothing.
Don’t fear Pres. Obama will take your business off your hands.
Posted by: Lizzie | March 4, 2009, 1:59 pm 1:59 pm
The Rabbit Hole presents:
Job growth = Highway projects,
Revenue = Carbon tax,
Consumer price relief = Cap and Trade,
Price regulation to consumer = Taxcredit to Industry, please explain how this is supposed break us froma carbon based economy?
Was Pres. Obama mis quoted?? Could he have said ” Short Sell!!!”
Posted by: tirekicker | March 4, 2009, 2:01 pm 2:01 pm
“Please Azzurri111 leave TEXAS you give us a bad name.”
Ha! Sorry to be the bearer of bad news, but that ship sailed loooooooooong ago.
Posted by: silky | March 4, 2009, 2:05 pm 2:05 pm
Azzurri11, Boy your good, if the US has the lowest or second lowest rate how come US companies are going overseas were the TAXES are lower??? If you own a company or business you would like to make a profit, RIGHT, but apparently your one who works for nothing.
Don’t fear Pres. Obama will take your business off your hands.
ANSWER: GREED. If a business can increase its profitablity by paying dirt cheap wages overseas, they will, while still reaping the benefits of low taxes here in the states.
And, as I said, don’t trust me, look it up for yourslef. 2nd LOWEST EFFECTIVE TAX RATEin the world.
Posted by: Azzurri11 | March 4, 2009, 2:06 pm 2:06 pm
Posted by: Lizzie | Mar 4, 2009 1:41:36 PM
Lizzie You said; “under 100,000,150,000,200,000 or 250,000 i forgot which, he changed his mind so often. ….. ”
___________________________
WHAT’S THAT? 100 Zillion, 150 Trillion, 200 Thousand or 250 Thousand??? And you have the nerve to say; “Azzurri11 makes Texas look bad?” Halarious!!!”
Posted by: bobj72 | March 4, 2009, 2:13 pm 2:13 pm
Azzurri11: Greed as you call it, has nothing to do with it. Is’nt that what business is all about to make money, why should I work my b… off and take all the risks and have nothing to show for. Socialism is what your talking about, good we are getting there, I’m all for it. No more WELFARE, everyone will have a job, healthcare is paid for, you just have to wait for hours to see a doctor (maybe), you stand in line for everything food, necessities, you won’t need a car (good luck in Texas) you walk everywhere.
Posted by: Lizzie | March 4, 2009, 2:18 pm 2:18 pm
Yellow Flag Azzurri11- Free kick Lizzie
http://en.wikipedia.org/wiki/File:Income_Taxes_By_Country.svg
Posted by: tirekicker | March 4, 2009, 2:18 pm 2:18 pm
I’m going to go quit my job and live off the government. Barack wants me too.
Posted by: lazy bum | March 4, 2009, 2:18 pm 2:18 pm
Lizzie…dear….you need to pay closer attention to detail. He never, ever, not even once, changed his tune on the tax bracket breakdown during the campaign. Not once. You just have trouble comprehending detail.
Posted by: silky | March 4, 2009, 2:21 pm 2:21 pm
I hope Braack gets his way because now everything will be givin to me and I deserve it!! I worked hard for 4 years and now it’s time for the companies to pay for my health care and my morgage
Posted by: lazy bum | March 4, 2009, 2:23 pm 2:23 pm
But don’t worry lizzie, you just did as you and many others were supposed to do…exactly what Rush and Hannity expect you guys to do…eat what they feed you, regardless of accuracy. See, they KNOW that he never changed his tune…but they also know that throwing a bunch of numbers out and then saying “WHICH IS IT” is all it takes with people like you. And then you’ll go to your grave with that as gospel. It’s mind-blowing.
Posted by: silky | March 4, 2009, 2:25 pm 2:25 pm
chicago bob-thats funny because i don’t happen to be a democrat…and this is the first time i have used the name “obama” on one of my posts…so another “dead” end for you…guess you better take your crystal ball in for a tune up….
Posted by: cowgirl | March 4, 2009, 2:28 pm 2:28 pm
Don’t worry silky, I don’t believe everything I hear or see, just the things I’m familiar with. To set your mind at ease I don’t listen to Rush or Hannity.
Posted by: Lizzie | March 4, 2009, 2:31 pm 2:31 pm
Lizzie – Rather than just mindlessly pecking away at your keyboard, why don’t you offer a reasoned argument or defense of your position(s)?
Greed has quite a lot to do with what is occuring right now. Take Dell, a one-time powerhouse from our home state. It outsourced its once best-in-class customer svc. division overseas in an effort to (and due to pressure from Wallstreet) increase profitablity. It has failed and what was once their core point of difference – great customer svc. – in an industry that has been commoditized, is gone. So yes, I would suggest that greed to maximize profit can be destructive.
All western economies – including ours -are a mix of capitalism, socialism and protectionism. What do you think social security, medicare, medicaid, postal service, firefighters, police, the FDIC, public schools, highways, the military all are? They are government owned / run entities.
Many nations have very good health care systems which are partially or completely socialized. In fact, we are the only industrialized nation that does not, yet we spend more on healthcare and get less than any other nation.
Your blanket, unsupported generalizations do nothing to bolster your positions.
Posted by: Azzurri11 | March 4, 2009, 2:33 pm 2:33 pm
Well, then you heard wrong. And it’s strictly a coincidence that you thought that and that the right also launched a misinformation campaign regarding Obama’s tax proposal during the ramp-up to election day.
Posted by: silky | March 4, 2009, 2:34 pm 2:34 pm
Azzurrii, please run for a political office in Texas…they need smart people in office there…up to this point…i was all for giving the state back to mexico…sure miss Anne Richards, now that was some cowgirl from texas!!!
Posted by: cowgirl | March 4, 2009, 2:40 pm 2:40 pm
Tirekicker – your wiki page shows “Tax Rates”, not “Effective Tax Rates”. It’s the difference between what percentage you are taxed at, and what you actually pay in taxes. Our tax rates are high compared to some other countries, but we have too many loopholes, corporate welfare and others ways in which companies can avoid paying them. As a result, we don’t collect what we should.
I do appreciate the soccer reference though. ;)
Posted by: Azzurri11 | March 4, 2009, 2:41 pm 2:41 pm
“i was all for giving the state back to mexico”
GIVE? I at least want a couple cases of Modelo. And a time share in Playa.
Posted by: silky | March 4, 2009, 2:44 pm 2:44 pm
Lizzie, there is a whole lot of ground in between ” working for nothing” and “raping the country” in business..sorry, but you have no credibility when you address the problem from an extremest posistion.
Posted by: cowgirl | March 4, 2009, 2:47 pm 2:47 pm
Silky…yeah I was hoping for visiting rights…as soon as they quit beheading people…headless is not the look i was going for…
Posted by: cowgirl | March 4, 2009, 2:49 pm 2:49 pm
Whining Lazy Bum…everyone needs three names…you earned yours
Posted by: cowgirl | March 4, 2009, 2:54 pm 2:54 pm
Posted by: Lizzie | Mar 4, 2009 2:31:41 PM
Lizzie, you couldn’t possibly be a Native Texan. Native Texans would rarely “waste their time, with such bantering.” So you must be a “Transplant that got here, as soon as you could” AND brought your biases here with you!
Posted by: bobj72 | March 4, 2009, 2:56 pm 2:56 pm
I’m so sorry silky, I’m just a plain little old country hick, who loves guns and goes to church. Really, I did not know what I was talking about.
I for one have hope for the US, that it will come tru this time of despair and cooler head will prevail.
Posted by: Lizzie | March 4, 2009, 2:59 pm 2:59 pm
“Silky…yeah I was hoping for visiting rights…as soon as they quit beheading people…headless is not the look i was going for…”
That’s west coast! I love Baja, Zihuat, and Puerta Vallarta and all, but with the cartel madness, they can keep it. The time share will be a glorious, cheap and brief little hourish flight from FLA to Cancun and a smooth little 45 minute jaunt in a cabbie cab. Mayan Riveria, sister!
Posted by: silky | March 4, 2009, 3:00 pm 3:00 pm
“I’m so sorry silky, I’m just a plain little old country hick, who loves guns and goes to church. Really, I did not know what I was talking about.
I for one have hope for the US, that it will come tru this time of despair and cooler head will prevail.”
I hate guns and think organized religion has done more harm than good, but I dig the sentiment.
Posted by: silky | March 4, 2009, 3:02 pm 3:02 pm
Silky, I have opened and closed many a bar….hence the name cowgirl..litterly danced on the bar on more than 1 occassion, didn’t shoot the lights out, but some of the cowboys did do some target practice…and drank plenty of shots of tequila…nowdays its tequila rose…i have become less spirited…
Posted by: cowgirl | March 4, 2009, 3:05 pm 3:05 pm
silky if your daughter ,wife or what ever you have was being raped and you had a gun what would you do?
Posted by: lazy bum | March 4, 2009, 3:10 pm 3:10 pm
“silky if your daughter ,wife or what ever you have was being raped and you had a gun what would you do?”
The same thing I’d do if I didn’t have a gun. Kill the mf’er. And the cases where innocent people are killed far outweigh the cases where guns are used to protect. In fact, the innocent casualties should be evidence enough to ban them, but the Bill of Rights is the Bill of Rights.
Posted by: silky | March 4, 2009, 3:14 pm 3:14 pm
Actually, I doubt I’d kill them either way. I would certainly beat them senseless.
Posted by: silky | March 4, 2009, 3:16 pm 3:16 pm
Azzurri11 said “Tirekicker – your wiki page shows “Tax Rates”, not “Effective Tax Rates” “ It’s the difference between what percentage you are taxed at, and what you actually pay in taxes ”
What a silly line considering that Pres. Obama’s Appointments have not paid taxes for many years? Suggesting that raising corporate tax rates either through policy or a base tax would still require price protection for the consumer, the companies will get relief from their “cost to comply”, it will be a tax break. Silly Silly Rabbit, maybe you should do some reasearch on how buying Indonesian forestland can make you a bundle in the carbon offset market. You can choose to be informed or you can blindly defend a flawed agenda.
Posted by: tirekicker | March 4, 2009, 3:16 pm 3:16 pm
Hung upside down in the ” giggling marlin” in Cabo..and puked all day marlin fishin…i am a good american tourista
Posted by: cowgirl | March 4, 2009, 3:17 pm 3:17 pm
I don’t htink your facts are correct but I don’t have that info right now. But as a typical lib you would beat or kill them with what a baseball bat? Maybe we should outlaw baseball bats too. A gun is just a more effective weapon than a knife or bat. You are right that the bill of rights is just that. Thanks for putting that to rest.
Posted by: lazy bum | March 4, 2009, 3:19 pm 3:19 pm
” Pres. Obama’s Appointments have not paid taxes for many years” , come on Tirekicker, non of his appointments fit your description….can i take a peak at your returns and see if there are any “mistakes”????
Posted by: cowgirl | March 4, 2009, 3:22 pm 3:22 pm
I want free health care. I want free housing. I want free dental and I want big corps to pay for it. And I don’t want them to raise their prices I want them to have less profits. I want a job but I don’t want to work hard. I will pay union dues.
Posted by: lazy bum | March 4, 2009, 3:23 pm 3:23 pm
when government takes more money from the rich I feel way better.
Posted by: lazy bum | March 4, 2009, 3:25 pm 3:25 pm
Lazy Bum, I guess that makes you the party of “I”???? Not “WE” the people
Posted by: cowgirl | March 4, 2009, 3:26 pm 3:26 pm
silky: do you work in a cubicle in new york? Are you a telemarketer?
Posted by: Someonewhocares | March 4, 2009, 3:27 pm 3:27 pm
“A gun is just a more effective weapon than a knife or bat.”
It’s also a more dangerous weapon. And more FAR more misused weapon. And one that too many brain-damaged people use to achieve a sense of power with. There is no excuse for guns. There just isn’t. But the Bill of Rights is the Bill of Rights and I wouldn’t appreciate somebody coming for my right to be a wiseass.
Posted by: silky | March 4, 2009, 3:29 pm 3:29 pm
“silky: do you work in a cubicle in new york? Are you a telemarketer?”
Cubicle in Florida. And no.
And when I worked in NY, I had a corner office in the 1500 Broadway building with a view down on Times Square. Those were the days.
Posted by: silky | March 4, 2009, 3:35 pm 3:35 pm
Cowgirl bemused “come on Tirekicker, non of his appointments fit your description..” If you ignore Geithner and Shear it’s possible you could believe that.
Then in the spirit of restoring the invasion of privacy over the last 8 years she queried “can I take a peak at your returns and see if there are any “mistakes”????” I think they tried that in Italy and it was a failure, people not in public office can keep things private. Perhaps you could allow people to listen in on all your phone conversations, as an effort to foster good faith.
Posted by: tirekicker | March 4, 2009, 3:35 pm 3:35 pm
Lets put this argument to rest, if you use a gun for self defense, you are going to go to jail until YOU prove it was self defense…now when was the last time you heard of someone using a gun to defend his family…most of the time -when you are attacked-your gun isn’t near you…I speak from experience…it was in a dresser drawer where i couldn’t get to it…I had to use my whits…
Posted by: cowgirl | March 4, 2009, 3:38 pm 3:38 pm
Tirekicker…you must have short and long term memory loss..you said-his appointments NEVER PAID ANY TAXES…which is a total miss statement…i rest my case..and ask for a dismissal your honor
Posted by: cowgirl | March 4, 2009, 3:42 pm 3:42 pm
Tirekicker – um, I’m not sure how Obama’s cabinet appts. have anything to do with the difference between “Tax Rates” and “Effective Tax Rates”, but I’m glad you were able to shoe-horn in another partisan throwaway line, and I’m sure you’ll connect the dots for me.
There is a balance in being pro-business. I own a business, a staffing firm actually, and it’s terribly disappointing to get dozens of phone calls a day from hard working folks who have lost their jobs by no fault of their own. The current economic crisis isn’t like a weather pattern or some other natural phenomenon.It can be explained and it could have been prevented. Our current crisis is the result of failed policies (from both parties although Rs have been in control far more than Ds)that included a lack of regulation, a thirty year adddiction to tax cuts and policies that served coroporate america and not americans. The mantra has been what’s good for business is good for America. That meme has been thoroughly discredited. Now, if you do in fact support America, maybe you should start supporting American people as well.
I am advocating that US companies pay more taxes than they currently do becuase, again, the current system allows them to pay less than virtually every other nation in on the planet.
Explain why corporate profits have grown while wages have stagnated?
Explain the explosion in the wealth gap over the last 3 decades?
Justify the massive increase in executive compensation?
Explain why Reagan, a fiscal conservative, tripled the deficit and grew the debt, while simultaneously claiming to be a small government conservative?
Explain why in 2001 it was smart to finance (through China) tax cuts for the wealthiest Americans when we were finally paying down the national debt and had a surplus?
This is the problem with debating idealogues, you simply have no answers that are grounded in reality, so you rely on boilerplate talking points and snark.
Posted by: Azzurri11 | March 4, 2009, 3:46 pm 3:46 pm
Cowgirl pleaded “i rest my case..and ask for a dismissal your honor
” After failing the reading comprehension standard required to be considered a viable biped. The statement “ not paid taxes in many years is valid” in regard the case of the tax code, you can avoid taxes, offset them or pay them later as you feel necessary, as in the case of his appointees. HHS anyone??
Posted by: tirekicker | March 4, 2009, 3:53 pm 3:53 pm
Ha Ha tirekicker..i worked for the assistant US Attorneys office in CA…and i am going to lessons from YOU…thinking maybe not..as free and loose as you are with your facts..you’d have no standing in a court of law>>>LOL
Posted by: cowgirl | March 4, 2009, 4:02 pm 4:02 pm
Silky; Formerly on Broadway? Must have been a big adaptation learning to say dadgummit. Concerning guns, everyone is missing the point of 2nd Amendment rights. Bears are an endangered species. We must continue to arm bears. No, seriously. We have the right to bear arms so when the government tries to take our guns away their efforts won’t be in vain. It would be silly for them to try to disarm unarmed people. No, seriously. We the people though not organized in any way do own guns. As such we are the universal militia that is prepared to 1) Make a last ditch effort to defend our country against anyone who might try to invade or take over this nation 2) Defend ourselves against our own government should it become unjust and/or intolerable. These are two good reasons to arm the general public. Reason 2 accounts for the existence of the U.S. as a sovereign nation. Also, there’s a lot of truth to the adage “If guns are outlawed only outlaws will have guns.” There will always be outlaws and ways for outlaws to have guns. I want one too. It’s only fair.
Posted by: mmonroeliveson | March 4, 2009, 4:09 pm 4:09 pm
cowgirl; How much bolder would criminals be if they knew they didn’t have to operate within an armed nation?
Posted by: mmonroeliveson | March 4, 2009, 4:12 pm 4:12 pm
Azzurri11.. Really don’t be so juvenile
Explain why corporate profits have grown while wages have stagnated?
Technology and allowance to HQ in: Friendly zones” i.e. your beloved Dell moving production to Indonesia or Oil companies HQing in the Middle East. Maximization of return
Explain the explosion in the wealth gap over the last 3 decades?
Money managers and short sells help, so does educational requirements for higher paid positions, look at what Pres. Obama’s Grandmothers position was at the bank, hardly think that would be an option currently, do you?
Justify the massive increase in executive compensation? Lazy shareholders
Explain why Reagan, a fiscal conservative, tripled the deficit and grew the debt, while simultaneously claiming to be a small government conservative? You could read about that in the library, and then explain why the cap and trade will not adversely effect a working class steel town like Pittsburgh.
Explain why in 2001 it was smart to finance (through China) tax cuts for the wealthiest Americans when we were finally paying down the national debt and had a surplus? It helps to end “GLOBAL” poverty and unify markets, UST borrowed at a lower rate than what it paid, that’s why the market soared, with a straight face say you were buying bonds.
If you expand your view you may find that these are not boilerplate talking points but instead the facts.
Posted by: tirekicker | March 4, 2009, 4:20 pm 4:20 pm
Whow, cowgirl, been a busy little girl, dancing in bars and working for the us attorney in CA
Posted by: Lizzie | March 4, 2009, 4:23 pm 4:23 pm
Look i own guns, I seriously doubt i will ever have to defend myself…although there were a couple of times in the last 8 years when i felt my country needed defending from its out of control government.Criminals don’t use the same logic you and i would..they rob banks with armed gaurds..I don’t see any government taking our ability to have a gun away…I think a certain segment of the political right uses fear in any form-to incite the public…i happen to be immune from fear…I have faith in myself and my ability to take care of myself-i figure i will be more likely robbed in cyberspace than in my home
Posted by: cowgirl | March 4, 2009, 4:24 pm 4:24 pm
Silky; Yes he talked legalization but didn’t hear anything more after that one time. The tack he was using was for the intent of getting brothers out of prison. May have been, think it was, on the Daily Show so how much credibility it has remains up for grabs.
Posted by: mmonroeliveson | March 4, 2009, 4:24 pm 4:24 pm
A ridiculous poser said “Ha Ha tirekicker..i worked for the assistant US Attorneys office in CA” OK LOL I’m sure you are a billionaire and a size 7 also. I would thin you should capitalize eye before you capitalize “Attorneys “
Posted by: tirekicker | March 4, 2009, 4:30 pm 4:30 pm
Good, all caught up on my correspondence. Let’s go home. See ya.
Posted by: mmonroeliveson | March 4, 2009, 4:33 pm 4:33 pm
PORRRRRRRRRRRRK!!!!!!!
Posted by: silky | March 4, 2009, 4:34 pm 4:34 pm
actually tirekicker..its size 4, we cowgirls are very active..no i am not a billionare..but i do own my own ranch ..and most importantly…if i ever wanted to impress someone…it wouldn’t be the likes of you…i am picky…
Posted by: cowgirl | March 4, 2009, 4:37 pm 4:37 pm
Cowgirl I am confident that you are telling the truth when you say “actually tirekicker..its size 4 “ …It’s your hat size.
Posted by: tirekicker | March 4, 2009, 4:47 pm 4:47 pm
Bush was right! To stimulate the economy, go shopping so that stores stayed open, businesses were open, and the American public could survive. Obama has cut America at her knees. His tax increases for small businesses will close them and create another thousands of unemployed. Obama just doesn’t understand economics. Also, I an I’m sure you did understand this, Bush was telling the American people that in spite of the horrific events that just occurred, we needed to get back to normal. Go shopping. Kiss your kids. Go to work. Don’t let terrorists win by staying home in a panic. The best revenge is a good life. That is what Bush was saying – as you well know. Obama is doing his best to prevent us from having a good life. If you are not working, you will have no idea of the dangers he has placed un in.
Posted by: Linda Mae | March 4, 2009, 6:48 pm 6:48 pm
Posted by: Linda Mae | Mar 4, 2009 6:48:28 PM
LINDA MAE, You are a Grossly Ill-Informed, Ignorant ALARMIST! (You DARE to assume you have sufficient intelligence, to interpret what President Bush “was saying” – for others!) Re: President Barack Obama; MANY FOLKS 66% + far superior to you (intellectually) Happen to Disagree with your Interpretation of how President Obama is performing his job!!! (Giving the President 8 Hours of Sleep each day, he’s been On The Job a Total of 1,056 “Waking Hours”; or 29 Days in total.)
Disliking your President is your option, you can still
‘call yourself patriotic’….. I guess. Your 1st Amendment rights allow you to “shout it from the rooftops, if you wish.” But making ‘Factually Incorrect’ assertions is immoral and intellectually dishonest.
Posted by: bobj72 | March 4, 2009, 9:33 pm 9:33 pm
Hey 2% interest and 40 years to pay on an over their head mortgages. Very similar to the perks of Saddam Hussein Republican guards. Now if only there were a way to quiet those ill informed alarmists.
Posted by: tirekicker | March 5, 2009, 9:51 am 9:51 am
ALARMIST are ONLY a threat as they can influence the Ill-informed. Acts of Misrepresentation and/or Ignorance MUST BE Challenged!
Posted by: bobj72 | March 5, 2009, 10:22 am 10:22 am
A stalwart supporter of the new repressive regime proclaimed “ALARMIST are ONLY a threat as they can influence the Ill-informed. Acts of Misrepresentation and/or Ignorance MUST BE Challenged!” Perhaps re- education for the “new deals” complete with the “new symbols” are in order.
Posted by: tirekicker | March 5, 2009, 10:42 am 10:42 am
You “Back-Room Republicans” have cognitive dissonance and “real short memory!” My statement is “Accurate” and it “Stands!” (Despite your subtle “Fearmongering.”)
Posted by: bobj72 | March 5, 2009, 12:59 pm 12:59 pm
I was thinking that Obama’s words are directed to people who are already experienced in investing, right? I’m in my 20s and I have never invested before in my life. Like most of my friends, who just graduated, I also want to be included in the “recovery plan” and get a piece of the pie. I went straight online to see what my options are. I know I could buy some stocks, especially because many of them can be bought cheaply now. But without any knowledge about the stock market, it would be like walking in the dark. If I bought any stocks, I would like to buy good stocks, so that in a future I could profit from them. I found an awesome site, WeSeed, which teaches regular people about the stock market. You can choose whatever stocks you want, buy them with fake money, and then follow how they do on WeSeed’s website. So the money is fake, but (and this is important) the stocks are real. WeSeed is new, exciting and I have a lot of fun with it. So, to all young people who would like to try their investing skills, check it out.
Posted by: EmiC | March 5, 2009, 2:57 pm 2:57 pm
Current Administration/Congress -
It’s time to tighten your belt & do as the rest of America is forced to do. Don’t be gluttons and spend, spend, spend. Work on trimming the waistline.
Don’t decide on decisions (i.e. – healtcare) in the fast-food lane. Instead, take time to sit down & work things out over time. Haste makes waste really makes sense.
Show us a fat free plan (that came by consensus & not political pressure) to
resolve are economic problems. Map things out & show America where we are at, were we are going and how we are going to get there.
It makes me wish we had Tim Russert & his mighty poster board mapping out the plan.
Posted by: Mark | March 6, 2009, 9:43 pm 9:43 pm
Please excuse the type o’s/spelling errors on the above comment — haste also makes a person a bad typist.
Posted by: Mark | March 6, 2009, 9:56 pm 9:56 pm
The President’s Vocabulary Does Not Inspire Confidence
At his news conference with the British Prime Minister, President Obama responded to a question about the plummeting stock market by saying, “What I am looking for is not the day-to-day gyrations of the stock market… but the long-term.”
As a gifted writer and speaker, Mr. President, you should know that a gyration is a rotation around a central point. Since Americans elected you for hope and change, the market has been on a steady downward trend that has wiped out over 30% of the retirement savings plans of millions of Americans and the pension funds of unions and churches, and the endowments of colleges and universities and charitable foundations.
We suppose that a steady downward spiral could be a form of gyration, but it’s one that is worth a president’s attention. Yes, this trend is recorded on the Wall Street that the President has criticized, but it’s a trend that reflects the entire economy. Paying attention is part of staying in touch with the people.
Mr. President, we know you do not have an MBA like the former president, so it is unfair for the press or critics to laugh at you for saying, “On the other hand, what you’re now seeing is profit and earnings ratios are starting to get to the point where buying stocks is potentially a good deal, if you have a long-term perspective on it.”
We appreciate the confident investment advice, Mr. President, and while we understand you studied International Relations and law, but it’s important to know that a ratio is not X ‘and’ Y but X ‘to’ Y, and the correct term is not “profit to earnings” but “price to earnings ratio.” Price means the price of the stock, something very very different than profit.
As millions of homeowners and pensioners know, all the profit in a price can disappear very quickly. Profit and price, of course, both begin with a P and the tongue does slip occasionally as you probably noticed when the press guffawed about your predecessor’s slips.
It’s forgivable in the heat of a campaign to slip up and say, “I’ve now been in 57 states,” or that they speak Arabic in Afghanistan, or to declare 10,000 dead in a tornado that killed only 12, or to speak of “the bomb” that fell on Pearl Harbor (even if you are a native Hawaiian).
However, a president who understands that confidence moves markets and the economy needs to convince citizens that he knows the difference between a gyration and a trend, between a profit and a price. In politics ignorance and confusion can come with a very high price and no profit.
Posted by: Wallace Kaufman | March 8, 2009, 2:34 pm 2:34 pm
Back in the 70′s the price of oil more than doubled in about 6 months time in the US. Due to the hatred of the US by middle middle eastern oil producing countries (the oil embargo). This is what started the 70′s recession…. fast forward to the middle of 2008 and see the “oil speculators on Wall Street” were able to manipulate the price of oil from around $55 a barrel to almost $160 a barrel in less than six months. This humongous price increase in the cost of energy caused a repeat of the 70′s except this time the price of oil almost tripled in 6 months for the whole world. The artificial increase in the cost of energy was so great it eliminated profit margins of huge numbers of businesses around the the world.
Recovery: In the late 70′s and early 80′s something very significant happened that spearheaded our economic recovery that was and still is hardly noticed by even our renowned economists. It was the invention of the small computer. The resultant desire and need for the computer by almost every country, business, and individual around the world to own a computer was huge. This led to the globalization of the computer market.., in turn led to entire new idustries…, computer storage devices, monitors, printers, the Internet, etc, etc. The computer virtually wiped out the recession of the 70′s.
It will take something similar to drag us out of the present malaise of “guessing what to do” to fix our economic problems. A new form of energy, a new automobile that doesn’t use oil, or something else that has global application is what is needed. All this US Government bailout business is doing is complicating and preventing a real recovery fro happening. Increasing taxes on anybody during a down-turn has nothing to do with a recovery other than feed a government bureaucracy more cash to do what it does. We need true economists to take over our economic problems, not politicians who have allowed this mess to fester and grow because of their lack of knowledge and understanding of what to do to fix or reverse this now “DEPRESSION”. Banks do not create an economy, they only exist in one.
Posted by: Bob Retired | March 11, 2009, 10:24 am 10:24 am