Key Obama Economic Adviser: Fundamentals of the Economy Are Sound

I’m glad that we’ve found the time to concentrate on word games. How ’bout some reporting to investigate the actual question…Are the fundementals of our economy sound?
It’s worth noting as well that the purpose of the words differed greatly in context. McCain was trying to eassure everyone that there there was nothing wrong with Bush’s approach for the last 8 years.
Obama is trying to prevent further erosion of confidence.

This reminds me of the old joke: A manager was interviewing an applicant for a job that clearly was not qualified. Still, the applicant asked for a very high salary. The manager asked the applicant how he could justify asking for such a salary when he did not have the required skills. The applicant replied by saying that he should get paid more because he didn’t have the skills and would have to work harder than someone who already had them because he would have to learn them while he did the work.
Obama is no different than that applicant. He expects his incompetence to be overlooked just because he is new at the president thing. His leadership should be viewed every bit as arrogant and stupid.

Obama has no shame. He really thinks the American people are so stupid that they will believe anything.
Obama is telling us that the pain we are enduring with this economy is not real. He sits in the lap of wealth and privilege and openly mocks those of us who have to deal with the results of his failed policies. Mr. President, the American people are hurting. We need more than meaningless and false words. We need policies that will actually help our economy recover.
How can the president be so insensitive to the suffering in our country?

Concerned in OH:
Can you give me a comparative list of reasons why Obama is already the worst president ever? Here’s my list of a few Presidents that are far worse and some basic reasons why.
Grant: very corrupt administration, economic collapse in 19th C.
Harding: widely viewed as most corrupt administration in history; Tea Pot Dome Scandal
Hoover: econ policies and lack of market regulation leads to Great Depression.
Nixon: Watergate, illegal bombing/invasion of Cambodia, COINTELPRO illegal spying on US citizens, expansion of Vietnam war, nearly impeached
Bush: war in Iraq, global economic meltdown, torture

John McCain was for deregulation of Wall Street since the 1980s. Look at the mess we are in now. We already know John’s solution to the banking problem – let them fail. Sounds like doing nothing to me. When McCain spoke about Fundamentals of the Economy no one believed him.
Jake maybe you should be taken off the White House beat. Just do your political punch and Think about the Fundamentals of reporting.

Uh! oh…reallly,…What gives?
They ridiculed McCain and made a clown out of Bush for suggestion the same just 4 months ago.
Oh! I wish we, the people, could have an election this month and get every one of the politicians out of White House, Congress and Senate. All of them Republican and Democrats.
OBAMA AND HIS TEAM IS A “JOKE WE HAVE BEEN NOT WAITING FOR”

Frieda,
What policies do you think McCain would put in place instead? Do you have any other suggestions?
If not McCain, who would you vote in? What different ideas do they have to fix the economic crisis?
Or are you just complaining for the sake of complaining without having anything constructive to add?

Its also hilarious that the same people who gave Bush 8 years to screw things up, called people traitors for ever criticizing him, and were perfectly fine with the trillions of dollars in debt racked up by the Bush Admin, are suddenly 2 MONTHS into Obama’s administration calling him a complete failure, for him to resign, or be impeached.
By all means, criticize the administration – we need it for a strong democracy. But don’t be such obvious hypocrites and say such outlandish and foolish things.
Oh, and if you say something about his birth certificate, you and the Bush conspiracy theorists should go become friends.

Alicia,
OK, he’s dangerous and incompetent. What has he done so far thats dangerous? What was incompetent (and spare me if its “they didn’t pay their taxes)?
Who would be less dangerous and more competent? What are the more competent solutions?

Well anon my home value at this point is dropping faster than the presidnet’s poll numbers/yes my original thought months ago was to pass a smaller stimulus pkg that focused only on job creation to assist some of the folks who were in default due to job loss/something that would put folks to work right away not in late late 2009 or 2010/I would think those folks were quite savvy and would be able to work if opportunity knocked/as far as over reachers even with a bail out I have slim hope that they will be able to mintain the payments and the house will default at some point anyway/I believe that the CRA is somthing that should never should have been put in place/I rented for many years until I could save the down payment for my home and never felt I had to have it as part of the American Dream
On the other side of the coin I do not recall running for office under the guise that I could correct these problems so i am not sure why I would have to come up with an alternative/

A majority of people surveyed in both parties said Mr. Obama was striving to work in a bipartisan way, but most faulted Republicans for their response to the president, saying the party had objected to the $787 billion economic stimulus plan for political reasons.
This poll is telling as we can see that the Republicans in the Senate and Congress are already running for the next two elections and believe that can spin their way back into power by saying no to Obama right into 2010 and 2012.

Alicia,
Thank you for responding. I respect your critique – I simply disagree that your suggestions are any better (and personally think they are worse).
Can we at least agree that he is working in good faith to fix the economy as he thinks he best can? I would concede that about President Bush vis-a-vis his tax cuts for the wealthy – I just think they were a very poor decision.
Also – do you think we should not increase any of the regulations in the financial sector, where the complete lack of oversight (under both Clinton and Bush) helped allow this crisis to happen in the first place?

==Can we at least agree that he is working in good faith to fix the economy as he thinks he best can?==
Sure, we can. He thinks that Socialism is the best fix. It isn’t.

Here’s the problem with unbridled Capitalism:
It gives those for whom MONEY is the most important thing in life economic control over everyone else – farmers, doctors, lawyers, teachers, firefighters, etc. – people for whom LIFE is more than just money.
Society needs EVERYONE to do their part. LIFE is bigger than money.
Why build our entire social system around one aspect of life and then give control of it to a group of people who don’t care about anything else?
JUST ASKIN’.

The Chair of President Obama’s Council of Economic Advisers, Dr. Christina Romer, on Sunday said that the fundamentals of the economy are “sound,” a comment similar to one that her boss as a candidate repeatedly attacked Sen. John McCain, R-Ariz., for making during the heat of last year’s presidential campaign
IS THIS A JOKE ALL I HEARD EVERY DAY OF THE CAMPAIGN WAS MCCAIN DONT GET IT IM WAITING FOR OBUMA TO SAY THE RECESSION IS ALL IN OUR MINDS

Hope,
The subprime issue created this mess, and you have the correct perspective on the mess we’re in: Democrats are responsible cuz THEY rejected regulation of the mortgage-lending industry, thus giving license to mortgage-lenders to offer these programs just cuz Democrats said that everybody should be able to have a house. Republicans wanted regulatin, and Democrats rejected it in ’95 and, again, in ’03, when John McCain introduced legislation to regulate, Barney Frank saaying that the industry was sound and needed no regulation. Goerge Bush warned, in ’04, that this problem was fast approaching.

anon “do you think we should not increase any of the regulations in the financial sector, where the complete lack of oversight (under both Clinton and Bush) helped allow this crisis to happen in the first place?”
See, this is the problem. It was not lack of regulation that caused the mortgage melt down. If banks were left to make decisions on their own about accepting mortgages from individuals that cannot afford them, the banks would not have made the loans. Banks hate risk and would not accept high risk on their own. So, why did they accept these risky loans? Two words, government intervention. The government under the auspices of the Community Reinvestment Act told the banks that if they accepted these risky loans that the government would take a percentage of them off their hands through Fannie mae and Freddie mac. Banks would never have made these loans without the government stepping in to say that they would backup these loans. This was all done in a misguided attempt to get low income people into homes, homes that they simply cannot afford. This worked for a short time as the cost of housing went up and we had a relatively stable economy. Now it has crashed and may take our entire economy down. How have we reacted to this? Have we punished the congressmen that supported this debacle? No, not only have we not punished those that pushed big government interference, but we have given them an even stronger hand in our economy. People like Chris Dodd and Barney Frank should have been frog-marched out of the senate. Instead they are given the role of fixing the problems they created through government intervention in removing the natural risk assessments of business.
The only regulation our economy needs is to regulate the ability of government to get involved in business, an area they are truly incompetent to meddle in. That would be a truly beneficial change.

She’s correct. Essentially everything’s in place for a recovery. The Weapon of Mass Destruction in this whole fiscal meltdown was, and continues to be, the ‘mark to market’ accounting rule which forced banks to write down the value of their loan portfolios way below their true value and record life threatening losses. As a result, banks with positive cash flows became technically insolvent and either collapsed or had their ability to make loans severely reduced. This recession could be over in two months if the SEC, (or the Obama Administration) would rescind this ridiculous rule. Banks’ capital would be restored, the equity and capital markets would become unfrozen and the miracle of capitalism would bring us all another round of prosperity.

Obama will just give a speech on racism. and the Media will love him again

‘you can fool some of the people all of the time’ is really true.
Posted by: I’m With Stupid
___________________________
Most people really are greedy people and will vote for the one who promised them the moon. Hence you have Obama who is now spending like crazy to fill all them promises that the working man will pay for eventually.

First Mr. Obama tells the public repeatedly what a huge crisis there is, scares everybody over and over, and now he says,”Don’t be afraid”. Grownups want the truth with no embellishment. Was he not a part of Congress? I’m so disappointed that the President is now fingerpointing. This won’t help my neighbors who didn’t engage in mortgage deception but lost their home after 15 years. People need jobs now and not two years down the road. They don’t want handouts.

Mr. Incredible,
How do you define socialism? It seems like you’re just trying to put a scary label on him rather than actually providing any reasonable points.
Obama’s raising the top tax bracket from 35 to 39%. OOOOO SCARY.
Do you think Reagan was a socialist for raising taxes? Was Eisenhower a socialist when the top tax rate was 90%? Was Nixon a socialist when he created the EPA?
He’s a liberal – no kidding. But spare me this idiotic “socialism” talk. You sound like Joe McCarthy.

==How do you define socialism?==
How does the world define it?
== It seems like you’re just trying to put a scary label on him…==
He already has that label. I had nothing to do with it. I merely agree with it.
==… rather than actually providing any reasonable points.==
I agree with the points against him that have been made.
==Obama’s raising the top tax bracket from 35 to 39%. OOOOO SCARY.==
It would be, if you’re an investor. It should be, if you have a job investors supply.
==Do you think Reagan was a socialist for raising taxes?==
He raised them for a vey short time. Obammy wants to raise them for a longer period than that. And, now, he is open to taxing us more in order to implement his health care program.
== Was Eisenhower a socialist when the top tax rate was 90%?==
No, cuz it wasn’t a redistribution of wealth.
== Was Nixon a socialist when he created the EPA?==
No, cuz it wasn’t a redistribution of wealth.
==He’s a liberal – no kidding. But spare me this idiotic “socialism” talk.==
I gotta write the truth.
==You sound like Joe McCarthy.==
That’s what YOU hear. That’s the way you gotta defend this idiot.

Let’s have some oversight of the Federal Reserve for goodness sakes.

I’m just dissapointed in how lazy the comments are. The majority of them pretty much only say:
(1) “Thats not change we can believe in”
(2) “Obama is racist”
(3) “Obama is a socialist”
(4) “Obama is going to destroy America.”
(5) Some combination of the above.
These are the same people who got pissed when a liberal’s only comment is “No Blood for Oil” or “Bush lied so people died”.
If you’re argument is “everything is/was perfect the way Bush did it” or close to it, then say it, and explain why. If you think there are other better things he could be doing instead, then say it and explain why.
If you really think the gov’t should not touch the market or that it should be drowned in a bath tub, then have the guts to take that argument to the logical end instead of pissing and moaning about a 5% increase in the tax rate for people who make $250,000.

What Romer actually said, uninterrupted by Jake’s formatting above, was “Of course the fundamentals are sound in the sense that the American workers are sound.”
To paraphrase, sounds like she might have been saying if you define the fundamentals as the American worker, then that’s sound.
If she had put her qualification “In the sense that” at the beginning of the sentence, perhaps there wouldn’t be much of a story here.
Either way, it would have been nice if she had conveyed the subtleties here better.

Huh – the philosophy is (relatively) coherent. Its a hell of a lot more than just shouting that Obama is a socialist.
I just think the results are crazy. A return to the gold standard, eliminating the federal reserve, and other measures – I think would be very bad for the country. But agree to disagree there.
Btw – how do you feel about the earmarks Dr. Paul took for his district?

Anon – On the earmarks: Ron Paul always votes against the spending. However not many others do so the money comes to DC to spend. Paul argues that if congress does not “earmark” the money back to their respective districts, the money most likely will be passed to the executive branch to spend. Earmarks are transparent and traceable, while executive branch spending is much more secretive. Just look at TARP or money spent by Homeland Security. Thus, Paul makes the argument that all money should be earmarked for transparency’s sake. He also points out that the earmarks are sort of like a tax break where tax payers are able to recoup some of their tax dollars.
He does not advocate the Gold standard outright. He wants a competing currency that is rooted in something real in order to establish confidence in the currency’s value.
As far as the Fed goes: many of us hold the Fed and Greenspan as the major culprit in this economic collapse. The inflating of the currency over the last several decades is criminal, and the low interest rates set by the Fed got the whole crazy spending thing going.

Obama may be a combination of Ronald Reagan and Winston Churchill.
America will be safe in her hour of need!!!
Posted by: Walter | Mar 15, 2009 3:45:03 PM
===================================
…….If they were communists…….

Skip – Yes deregulation occurred, but there are plenty of regulations in place. The SEC looked into Madoff but missed the boat. Fraud laws are also there, but just look at what happens when these bankers commit acts of fraud. They are bailed out and keep their jobs. The best system is a system in which the market truly rules, contracts are honored, and the government intervenes to make sure contracts are honored. Right now when government intervenes, they distort the market place and destroy the currency that we use.

Anon – I wish the same. I sometimes get in here and tangle with folks that are mental or something. I will look for you on blogs in the future.

So glad Tapper threw this out for us to discuss. I saw Obama’s remarks earlier and immediately yelled at my screen, “Funny, you didn’t think much of that sentiment when candidate McCain had it back during the campaign.” And then I saw Romer this morning as I was watching all the shows and I just had to shake my head.
Flash, you complained that this post “was a waste of space.” You mean, because it highlighted some of the ways that candidate Obama differs from president Obama? You mean, because it reminded people that candidate McCain was excoriated for making a correct statement that is being echoed now by Obama administration representatives, including the president himself? Sorry, some of us find such a post enlightening and entertaining. Shall we have Mr. Tapper do more “Michelle Obama is on a lot of magazine covers” post instead?
Danny, you prove Tapper’s point when you suggest that if the quotes had been formatted differently, we would more clearly see what Romer was saying. But given your quote from her, she is saying EXACTLY what McCain said and got ridiculed for– that the fundamentals are strong depending on what you think the fundamentals are. I agree with McCain on what the fundamentals are, so I never had a problem with what he said. And I don’t think Obama is wrong to make the same point now. Maddeningly inconsistent, yes, but wrong, no.
What really disturbed me about Romer’s statements as I watched her this morning was that she and the administration continue to try to justify making major, expensive changes in our health care and education systems and environmental policy by claiming that will help our economy in the long run. I will not pretend that it is an original idea of mine to point out that, while all of these are connected to the economy, none of them are directly tied to the current financial problems we are having, none of them caused these problems, and none of them should be addressed in a major way until we have the current financial crisis, tied to housing and banking, under control and a clear vision of what resources we have to put toward those other changes.

Its true Obama is related to not just Winston Churchill but to Brad Pitt. Americans will not only be safe but even cool :-D
This is from google -
Clinton related to Trudeau, Obama to Churchill by CTV.ca News Staff – Updated Wed. Mar. 26 2008 9:48 PM ET
A new report from the New England Historic Genealogical Society has turned up some fascinating connections. It turns out Barack Obama, for example, is a distant cousin to Brad Pitt.
His lineage also stretches across the Atlantic, where he can count former Prime Minister Sir Winston Churchill as a cousin, though most of the ancestry from Obama’s mother’s side is from the southern and mid-Atlantic states, Child said.

they became sound when his ratings slipped…duh!!!

As I read the comments I keep forgetting one thing. Democrats are more honest, compassionate and unbiased than Republicans. It isn’t in their nature to be hypocritical.
Understanding this truth, I have to ask, why are so many Democrats will to put up with this deception and hypocrisy?
One quick example, you worried about Bush listening in on your phone calls but could care less that an official in the Obama administration wants to put a GPS in your car for the purpose of taxing your mileage. And that means they can track your location.
If you even disagree a little with the GPS plan, where is the outcry?
And now the Obama administration is open to taxing healthcare benefits. A plan he ridiculed McCain for proposing. The stock excuse is that things are worse now so he has to go back on the promise of not raising taxes on the middle class, even a nickel.
My question is whether he was more ignorant of reality on the campaign trail than was McCain? And now the fundamentals of the economy are sound? I though McCain was out of touch when he said that on the campaign. Or perhaps he a lot smarter than he was portrayed.
You can’t have it both ways. Either McCain understood the world better on the campaign trail or his ideas are wrong. Only the ignorant or cynical criticize an idea simply because it is espoused by an opponent on one day and adopt it months later.

Doug wrote: “Republicans sound like idiots when they attack Obama on the economy when they created the mess in the first place. Republicans sound foolish on the Sunday morning talk shows today attacking Obama without an alternative plan.”
How about the plan for a tax holiday for everyone, a capital gains tax cut or elimination for several months, making permanent the Bush tax cuts.
You may not like the plans put forth but they have been proposed.
This may not be in Webster’s but I define willful ignorance as the conscious avoidance of facts contrary to one’s opinions.
Thanks for the edification Doug.

From answers.yahoo:
“Go to the USSenate.gov site and find the minutes under the Thomas section and read for yourself. The bill is S.109
“John McCain and other Republicans tried to reign in Fannie and Freddy, but those organizations were lining the pockets of too many Senators and House members. (some were Republicans)
“If these people would have listened to McCain back in 2005, we wouldn’t be having this conversation right now.
“Incidentally, Obama received more money from Fannie and Freddy than any of the other 537 Congresspersons except Chris Dodd.”
(If all you Google is “S 109,” you’ll get some left-wing blog screed. Add terms like Fannie Mae and Freddie Mac if you want the whole story. Basically, as I’ve discussed before, the Republicans reported it out of committee on a party-line, 11-10 vote, but they lacked votes to cut of a Democrat filibuster so it was never voted on.)

“He inherited this mess from Bush/Cheney.”
Actually, Obama inherited this mess by bequeathing it to himself. He never raised a finger to rein in Fannie Mae and Freddie Mac. More important, he and his congressional Democrat colleagues never approved Bush’s FY 2009 budget, and instead voted for a continuing resolution. We are now operating on Obama’s deficit, and he’s making it substantially worse for FY 2010.

If the Republicans just want to say no to Obama and 70 percent of Americans who want the Republicans to work with Obama on the economy then the voters have a right to keep them in the minority in 2010 and 2012.

And after all this Freddie and Frannie weren’t the ones that triggered the collapse. Bear Stearns was the first to go down loaded with toxic loans. Lehman Bros was next and we’re still dealing with problems at AIG because of it.

Republicans who just want to say no to helping America and Obama beware -
Yanni

What’s different is the timing and context of when it was said, and the fact that currently, targeted actions are being taken to correct the dire economic situation.
Things are bad now but going to get better, with or without negative creeps, Dem or Repub, who do not pitch in and cooperate with the Executive on domestic economic policy.
I look forward to 2010 and the Senate Majority being able to prevent filibusters.
Not because the majority are Dem or Repub, but because then things will get done much faster.

Kate wrote: “If the Republicans just want to say no to Obama and 70 percent of Americans who want the Republicans to work with Obama on the economy then the voters have a right to keep them in the minority in 2010 and 2012.’
I was under the impression that dissent was the highest form of patriotism. Kate, did you ever applaud those who refused to work with Bush. Did you raise one syllable of protest when Harry Reid declared the war in Iraq to be lost?
Principled people can disagree Kate. For many Republicans and Democrats there is a little more to it than simply saying no. I realize Republicans are simplistic but I’m surprised at that type of analysis coming from an Obama supporter.

“Principled people can disagree Kate. For many Republicans and Democrats there is a little more to it than simply saying no. I realize Republicans are simplistic but I’m surprised at that type of analysis coming from an Obama supporter.”
Really? I’d expect nothing but.

Anyone know what criteria Tapper’s team uses to decide which comments to whack?

“The Fundamentals of Our Economy Are Strong” … In October 1987, when the stock market crashed, Ronald Reagan reassured the public.
Wow Obama is like Ronald Reagan. Reagan said the same thing 22 years ago.
Ok Obamacans we still need you text all your friends to support Obama! Just say no to the Republicans in Washington who don’t know that 70 percent of the voters what Republicans to work with Democrats and Obama!

Obamacans are needed true. I hope they are all invited to the White House some day. It would be great to see General Colin Powell visiting Obama. When the Republicans threw the General under the bus they lost a lot of support.
The extreme Republicans what to throw all Americans under the bus who don’t agree with them.

“All the Republicans on the Committee supported the bill, and all the Democrats voted against it.”
And there were more Republicans than Democrats so the Republicans won. Why didn’t they bring it to the floor?

We are very happy that Obama is President now. Alright you sense positive change in the air.
Our nightmare of Bush/Cheney is over in one way but the damage they created will last for years. The economy mess will be a reminder of them so in anther way they are still here today will be in 2010 and 2012.

Which is it Mr. Obama. First, the economy is going to hell and then, it’s in good shape. Political hokey-pokey!
Can’t believe a word this man says!

Obama tells everyone that we are verging on a catastrophe if the stimulus is not approved…no time left, the end of the United States— no one gets to study or read the stimulus in advance. A few days later AFTER Obama signs the stimulus package into law he now says the economy is strong.
OBAMA has produced the worst disaster in American history $800 BILLION of debt in just two months for all Americans to pay off or lose their country to the Chinese.

Obama is on course to destroy our country by taxing the workers to give to the takers.

Republican talking points rely on a misinterpretation of cause and effect. In the mortgage industry, most of the problem loans were made by institutions that were not even covered by laws requiring them to make affordable housing loans. Even then, the problem was not the loans themselves, the problem was the declining value of the mortgage-backed securities, very lightly regulated because of the commodities rules. So even while people were paying off their loans on time and the loans were making the banks money, they were losing their shirts on the securities. Then, the credit default swaps, which were totally unregulated, caused a chain reaction in the financial sector, because the big players insured [because insurance was what it really was] more than they could cover.

n22s says:
As I read the comments I keep forgetting one thing. Democrats are more honest, compassionate and unbiased than Republicans. It isn’t in their nature to be hypocritical.
—————
This might be one of my all time favorite posts by anyone, anywhere on any blog. It just oozes self-righteousness, sanctimony and elitism, not to mention a basic lack of understanding of human nature.
Neither party has a monopoly on the fairer virtues of life, nor is either party free from life’s demons. Come to Rhode Island. You will never find a more dishonest, corrupt, cynical and biased group of politicians in your life. We have the worst business climate, the highest taxes and highest unemployment in the country and the worst median income in New England. Guess which party dominates, and has dominated for more than 40 years?

“Of course, the fundamentals are sound,” Romer said…
“I really think you’re misinterpreting the president,” Romer said. “They key thing the president was saying is we have our eyes on the fundamentals.”
These guys cannot be honest even for the duration of an interview.

Bush gets a lot of blame but laws were passed at the end of the Clinton presidency that forced banks to make loans to people who couldn’t afford them. Warnings were sent about Fannie and Freddie but nothing was done. One
freshman senator from Illinois voted against reigning them in and he also received money from them for his presidential campaign. Now he is having to give them money (payback) to keep them afloat! Anyone want to guess who that IS ???? Come on liberals… I can’t hear you. Change we don’t need!
Obama and his administration are scumbags!

How many trillion dollars is Obama going to spend this week? He is talking about another stimulus. Obama is destroying our country.

Where are the 3 million jobs Obama promised? so far he saved 25.

Tell us Shamaedene, how long are you willing to wait, and what needs to happen for you to declare success?

This is an administration based on LIES AND CORRUPTION
Obama cannot be trusted

Where are the 3 million jobs Obama promised? so far he saved 25.
Posted by: CW
———————————-
lol …
we still have a few days left until his FIRST term is up …
Impatience does not look good on you …

I don’t think anyone in Washington has a clue to what is going on.

I’m never going to believe another report of Jake Tapper’s.
He spliced and diced Romer’s words in the above blog, destroying their natural order and context.
Pathetic.

Obama appears to be plagiarizing McCain. The world has gone mad.

==Mr. Incredible
Do you think derivatives and credit default swaps aren’t the issue?==
Subprime lending triggered the entire mess we’re in. It isn’t, by itself, at fault. It’s what it led to — that is, irresponsible people taking on those loads. However, had mortgage lending been regulated, as the Republicans wanted, there wouldn’t have been subprime irresponsibility.
Mortgage lenders had “license” to lend subprime because Democrats rejected regulation that Republicans wanted.
== You think that the entire economy melted down solely because of the mere existence of sub-prime mortgages?==
No. However, when, suddenly, people couldn’t afford to pay down those subprime mortgages, foreclosures began. Then, banks stopped giving credit to businesses that needed the money. Businesses had to lay off. More people foreclosed. And so on.
==Isn’t that, just maybe, an oversimplification?==
Obammy supporters would like to think so. However, it is not. Subprime mortgage lending triggered it all.

((This said it all.))
Perhaps McCain was right back then?
Statement concering Obama “I really think you’re misinterpreting the president,” Romer said. “They key thing the president was saying is we have our eyes on the fundamentals.”

Is Obama still learning this garbage from his college professors. You know what they say. If your to stupid to do andthing you become a teacher, a critic or a reporter.

Thre isw nothing sound about Obama. He is in way over his head. I cannot help but feel forry for him; and yet, he has not lost his arrogance. He does not have a clue as to what he is doing. The media elected him and now they are going to have to protect him. He cannot even talk without someone telling him what to say. He can blame Bush for so long but soon he is going to have to take the blame.How much did he pay to go to go to college and how much did his wife pay. That question needs to be answered. You cannot give education to every person in his country, regardless of their ethnicity. Some are just not smart enough to go. You figure it out.

“Thre isw nothing sound about Obama……. The media elected him and now they are going to have to protect him. He cannot even talk without someone telling him what to say.”
—————-Look out there! It’s quite early…you might be sleep walking & talking….

Our Smartest Clueless Leader was sincere both ways. First he was told how to deceive you blind followers, telling you sky was falling to tank the economy and the stockmarket. Then, he read the teleprompter pretending to sell you his medicine “hope” to cure your dizziness after his spin.
The truth is PBO really has no clue what he was reading, whether sky was falling or fundamentals were strong.
You cannot blame him for his boneheaded mistakes.He has the good intentions and he shows off trying, right? Besides, how could you blame someone clueless for doing somethings wrong?

“First he was told how to deceive you blind followers, telling you sky was falling to tank the economy and the stockmarket…”
No I remember it was George Bush who first told us the sky was falling. After 8 years of telling us that Wall Street didn’t need any supervision and that free markets should be left to run unchecked, with a dumbfound expression he went on TV and tried to explain how they would need billions of dollars to shore up the banking industry since some of the biggest players had engorged themselves on toxic loans to the point of collapse sending a wave of uncertainty through the entire market.

So where are all the liberals wwho screaming that McCain was out of touch?
Hello????????????

THIS IS BUSHES AND MCCAINS FAULT HAHAHAAAAAAAAAAAAAAAA DONT LET ME LAUGH I WISH I HAD ALL THE COMMENTS FROM THE ELECTION THOSE DEMS SAYING HOW OUT OF TOUCH THE REPUBLICANS WERE NOW THEY SAY OF HE DIDNT MEAN IT HAHAHAAAAAAAAAAAA I WISHED I COULD LAUGH IN YOUR FACE PERSON TO PERSON

If the most merciful and all knowing Messiah says the economy is strong then it must be so.He would never mislead his followers.Just take another drink of that delicious Kool-aid and all will be well.

Of all the attacks on McCain/Palin the media should be ashamed!!! This administration is a joke but it’s NOT funny!!! I’m not laughing!!! The Messiah has NOT come!

The Chair of President Obama’s Council of Economic Advisers, Dr. Christina Romer, on Sunday said that the fundamentals of the economy are “sound,” a comment similar to one that her boss as a candidate repeatedly attacked Sen. John McCain, R-Ariz., for making during the heat of last year’s presidential campaign.
>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>
NOW isnt this the biggest JOKE ever. FIRST its CRISIS FOR MONTHS now this? Can anyone say credibility gap?
Sure you can. You have all been scamed to the tune of over a Trillion dollars and you thought Madoff was bad. Bernie didnt know all you had to do is get into political office where the big payoffs happen. Obama and the democrats have sure screwed us all this time arent we proud?

what a crock of bull dookie,them dem fools will swallow anything. this clown from chitown running the us into the ground. we better get a handle on it. he kind of reminds me of the crook mayor we just booted out of detroit. just living a fantasy at the expense of john-q. I when i see whats happening to europe and how they were led astray by the leftists, well this isnt a game and this guy is dangerous, sleep well

Does this “dr-PhD” ever worked in the real world–paying payroll taxes, make a payroll, or ran a real business for profit–or does she like many democrats sit in ivory towers with her PhD telling people how things should academically go. she’s probably from Berkeley, yelled/bullied or sued her way into a professorship, never ran a business–now is on obama’s “finance” team. Let’s all have up-talk, naive good times, and happy talk, and cheerfull academic phoney attitudes that way we can suck this economy dry and give illegal immigrant leeches even more US tax payer health benefits. Like locusts look what they have done to bankrupt LA.

Only 1260 more days to go till the end of this nightmare. Hopefully the 2010 elections will throw most of the idiots out (Frank, Pelosi, Reid) so that incompetent BO can be stopped before he does any more damage.

All of you “hate-mongers” are out of control. President Obama didn’t make this mess, Bush and his group did. President Obama is not going to be able to fix the “Bush” mess in 2 months when it took Bush and all that identify with him to make this mess.
Everyone that has a problem with “President” Obama needs a reality check. It has nothing to do with the fact that we have global problems in this economy, but, it has everything to do with the fact that he is “A BLACK MAN” running this country and you hate-mongers would rather go down with “YOUR” ship than be a part of the solution. You should be ashamed. Prejudice is still alive and well!