Obama’s Status Report on the Economy: Glimmers of Hope, But the Woods Are Still Thick
ABC News’ Jake Tapper and Sunlen Miller report:
The “glimmers of hope” that are beginning to be seen in the economy, President Obama warned today, does not mean that the nation is “out of the woods just yet.”
In a 45-minute status report on the economy given before labor leaders, grassroots and advocacy groups, religious leaders, local elected and students at Georgetown University today, the president balanced painting an optimistic picture on the health of the economy — spurred by what he claims are his administration’s efforts — with the likely rocky road ahead to economic recovery.
“This is going to be prose and not poetry,” the president stated at the outset, before laying out in professorial precision a point-by point look at what his administration has done to confront the economic crisis and what is left to do.
First, what’s been done.
The president presented six pieces of the “recovery puzzle” as proof of what his administration has done so far: the Recovery Act, the bank capitalization program, the housing plan, the strengthening of the non-bank credit market, the auto plan, and the administration’s work at the G20.
Within the discussion about results was also a defense of the course that his administration chose. The president brought up specific criticisms to specific decisions he has made along the way.
On the decision to help troubled banks, Obama responded to criticism that the administration has done, on one hand, too much, and on the other hand, not enough.
“One of the most frequent questions from constituents is ‘where’s our bailout?’ they ask. … The truth is that a dollar of capital in a bank can actually result in eight or ten dollars of loans to families and businesses, that’s a multiplier effect that can ultimately lead to a faster pace of economic growth. That’s why we have to fix the banks.”
And on the argument that the administration has been too timid and soft on banks, Obama beat back: “The reason we have not taken this step has nothing to do with any ideological or political judgment we’ve made about government involvement in banks, and it’s certainly not because of any concern we have for the management and shareholders whose actions have helped cause this mess. Rather, it is because we believe that preemptive government takeovers are likely to end up costing taxpayers even more in the end, and because it is more likely to undermine than to create confidence.”
Next, what needs to be done.
The president said that while the administration has achieved progress, “hard times are not over” and he warned that “2009 will continue to be a difficult year for America’s economy” due to the “severity of the recession.”
Evoking Jesus’ Sermon on the Mount, the president said the economic foundation for the future needs to be built with rock, not sand.
Obama outlined five pillars the administration will aim to achieve in order to build a strong economic foundation: reform rules and regulations for Wall Street, reform the education system, harness renewable energy, reform the health care system, and restore fiscal disciple.
Obama again defensively pointed out specific criticisms stating that his budget blueprint creates too big a deficit.
“I know there is a criticism out there that my administration has somehow been spending with reckless abandon, pushing a liberal social agenda while mortgaging our children’s future. You’ve heard the argument.”
Obama said that the worse thing to do in a recession is try to cut government spending at the same time families are cutting back their spending, and that long-term investment can’t be sacrificed for the short-term or the economy will never grow.
He said that if people are serious about deficit reduction they have to get serious about entitlement reform.
“But let’s not kid ourselves and suggest that we can do solve this problem by trimming a few earmarks or cutting the budget for the National Endowment for the Arts. That’s just not true.”
The president saved a strong rebuke for the way Washington, D.C. runs, for the end of his speech, calling out politicians inside the beltway for the way they have addressed economic problems in the past.
“We also arrived here because of a fundamental weakness in our political system. For too long, too many in Washington put off hard decisions for some other time on some other day. There’s been a tendency to spend a lot of time scoring political points instead of rolling up sleeves to solve real problems.”
Obama also said there is an impatience in Washington characterized by “an attention span that has only grown shorter with the twenty-four hour news cycle, that insists on instant gratification in the form of immediate results or higher poll numbers,” which does not confront major challenges in a focused way.
“I know how difficult it is for members of Congress in both parties to grapple with some of the big decisions we face right now. I’d love if these problems were coming at us one at a time instead of five or six at a time. It’s more than most Congresses and most presidents have to deal with in a lifetime. But we have been called to govern in extraordinary times. And that requires an extraordinary sense of responsibility –- to ourselves, to the men and women who sent us here, and to the many generations whose lives will be affected for good or for ill because of what we do here.”
– Jake Tapper and Sunlen Miller

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As I write, the Dow is down 130 in response to his message.
He owns the economy now, and he owns all the lost jobs that have disappeared on his watch. We all know, of course, that he lacks the courage to acknowledge this fact. His entire presidency, like his entire campaign, is based on the premise that everything, including us, was really awful until he arrived.
When will he become a real man?
Posted by: Fascist Hyena | April 14, 2009, 2:05 pm 2:05 pm
FASCIST
He is a Real Man trying to Clean up the Disasters Left by the Not so real Man its going to Take time Patience!
Posted by: Angie In PA | April 14, 2009, 2:10 pm 2:10 pm
Death to ACORN
Posted by: MariaV | April 14, 2009, 2:17 pm 2:17 pm
Obama and Liberals are under the impression that everyone that voted Democrat voted for Obama and them. In fact, it was more of a vote against Bush. Americans wanted something different and spending trillions and taxing people more for working harder, bowing before misogynistic kings and grovelling for brownie points from the very people our (not his)ancestors died protecting from themselves is not what we wanted. We wanted someone who would stand up with strong solutions to present the world as an American LEADER. Not an apologist weasel. Acorn will destroy themselves from within due to the liberal need for power and control. Oh and they break the law too.
Posted by: Socrates | April 14, 2009, 2:19 pm 2:19 pm
He forgot to say “I inherited this mess” at least 10X during his speech today.
Barry is so predictable.
Posted by: nick | April 14, 2009, 2:25 pm 2:25 pm
President Obama has short-term and long-term plans. His criticizers lack these. His criticizers blame him for this inherited mess of 8 years. You, who criticize, step up to the plate, be constructive and support a president who is doing his best for everyone.
Posted by: Sandra Spargo | April 14, 2009, 2:25 pm 2:25 pm
We hope, HOPE we believe in, another $3T will change glimmer into dawn.
Posted by: two cats | April 14, 2009, 2:27 pm 2:27 pm
Its speeches like this one that have gained the people’s trust.
“In a new Public Strategies Inc./POLITICO national survey of 1,000 registered voters, Obama outdistances figures on both the left and the right in earning the public’s trust, with two-thirds of respondents saying they trust the president “to identify the right solutions to the problems we face as a nation.”
Of those who said they trust the president, 31 percent said they trust him “a great deal.” An additional 35 percent said they have “some” trust that Obama will find the correct solution. Thirty-one percent said they trust Obama either “not very much” or “not at all.”
Obama also ranked as one of the most credible voices on the economy, outdistanced only by Microsoft Chairman Bill Gates. Four in five voters find Gates credible “as a source of information on the U.S. economy,” topping the 71 percent who said the same of the president. Investor Warren Buffett ranked third, and Federal Reserve Chairman Ben Bernanke finished fourth.
Posted by: Ryan C | April 14, 2009, 2:30 pm 2:30 pm
Obamacrat,
The deficit as it stands now is $1.3 trillion. It used to be a surplus but you know (hint: Mission Accomplished) who changed that ;-)
So, if not one extra dollar is spent and everything remains the same then after 8 years, guess what? It’s over $11 trillion.
Posted by: JV | April 14, 2009, 2:30 pm 2:30 pm
Thank God we have a real statesman in the White House. Great speech today!
Posted by: linda n carolina | April 14, 2009, 2:31 pm 2:31 pm
please america give Mr. President a break.we didnot get in this mess overnight.when are you folks going to stop blaming people on welfare for all the ill’s of our country
we are 1!James Baldwin
In case you don;t get it one america
Posted by: James Baldwin | April 14, 2009, 2:34 pm 2:34 pm
The economic utopians see “glimmers” and other pretty lights. Run naked through the woods, copulate, and dance around the money tree. People need jobs to earn their own glimmer, not figments of someone elses imagination.
Posted by: Reflect08 | April 14, 2009, 2:34 pm 2:34 pm
Those who want Obama to fail may not like the results if they get their wish. Can you imagine how bad the economy would have been after four more years of Bush or Bush II (Palin/McCain?).
Posted by: Mark from atlanta | April 14, 2009, 2:39 pm 2:39 pm
You call tax cuts to corporations welfare? I’m pretty sure there is a difference between taking someone’s money and providing it to someone else (welfare) vs. not taking as much money from a corporation in return for a positive impact on the economy in the form of job creation, increased taxable revenue, etc. etc. Welfare is giving to someone with no expectations of a return on that money. As for the Obama tax cut… kudos to him for providing even more tax breaks to the 40% of americans who dont pay any income tax in the first place..Is that really a tax cut? or Welfare?
Posted by: MariaV | April 14, 2009, 2:39 pm 2:39 pm
We all need to be well armed and organized , a civil war is brewing
Posted by: George2000 | April 14, 2009, 2:40 pm 2:40 pm
I believe Obama came to us and to our
attention at just the right time and with Gods help and ours, we will pervale. What ever the problems we see
now, they were here when he arrived. JFH
Posted by: James F. Hayes | April 14, 2009, 2:43 pm 2:43 pm
Thank you Mr. President for taking the time to explain the mess our country finds itself in. You know what you are talking about…and you surrround yourself with intelligent people who also understand our crises. Unlike the last 8 yrs., I feel VERY comfortable with you leading our country. Thank you Mr. President.
Posted by: Larry | April 14, 2009, 2:45 pm 2:45 pm
When will we begin to hear the cry that by authorizing the slaughter of those three teenagers, Obama is just “creating more pirates?”
I’m waiting…
Posted by: Fascist Hyena | April 14, 2009, 2:46 pm 2:46 pm
Have you looked at the pie chart and seen how much the Defense Department is gobbling up? And a lot of it is still hidden on top of that. Why do we need nearly 1000 outposts in other countries with millions of employees? A stupid waste of money. Two wars for what? We can have a strong military without the waste.
Posted by: dale sarver | April 14, 2009, 2:47 pm 2:47 pm
“You call tax cuts to corporations welfare? I’m pretty sure there is a difference between taking someone’s money and providing it to someone else (welfare) vs. not taking as much money from a corporation in return for a positive impact on the economy in the form of job creation, increased taxable revenue, etc. etc.”
Since we are told over and over again by right wingers that corporations do not pay taxes when they are raised but that they pass on those costs, it should be considered welfare to when you cut taxes they do not pay.
Posted by: Ryan C | April 14, 2009, 2:47 pm 2:47 pm
We need to understand one thing, The Obama administration was corrupt even before it became an administration. The The Democratic Socialist Party of Chicago…started by none other than Obama and Ares to recruit innercity youth and teach radical left wing politics…don’t be surprised if the Obamadroids, Move On People, and the extreme left will be on the march both online and at the tea parties. The best thing to do is ignore them and let them call attention to themselves as the radicals they are. God Bless and save The USA
Posted by: StaninTX | April 14, 2009, 2:53 pm 2:53 pm
Obama just doesn’t understand that if he cuts taxes, people will spend more. He has this arrogant attitude that only the federal government should take money and spend it. This is the typical all powerful omnipotent thought process that permeates the white house. It is time to change the congress and stop this idiot before he does more damage to the country.
Posted by: brian | April 14, 2009, 2:54 pm 2:54 pm
I feel sorry for the people in NY and CA their tax bills are going to triple. Think about this ACORN got Stimulus money so the taxpayers of America oh excuse me the United Socialist States of America. We are paying for this disruption. What we need is to vote those people out of office in 2010 so we can make good on the promise of America.
Posted by: Socrates | April 14, 2009, 2:58 pm 2:58 pm
Man o,Man History is a ##### it comes back to haunt you. The critics of Mr.Obama, our legitimate President, can not escape the fact the he inherited this monstrous mess, the history of successive conservative and some liberal presidents that has brought the country to where it is today. Greed, injustice, and the fundamental premise of capitalism,(GRAB all you can,whenever you can, from anyone you can, does not work when your brother on the other side of the world is barely surviving. Many Americans and including The British are suddenly discovering that the world is one country and what goes around comes around.Brace yourself for more bad news.
Posted by: cecil s. | April 14, 2009, 3:01 pm 3:01 pm
Obama said it our fault because we’re not spending money….. LMAO…. Usually when people have more debt, less cash they cut back on spending…
Obama likes spending borrowed money….
What a joke this man is…
Posted by: Lumberman_63 | April 14, 2009, 3:02 pm 3:02 pm
Now the Democrats are just as blind as the Bush republicans were the last eight years. When will you folks take the blinders OFF and hold these criminals accountable for raping you? Oh well, Nevermind, American Idol is on and I gotta vote, at least there my vote WILL be counted!!! HAHAHA!!!
Posted by: hmn... | April 14, 2009, 3:03 pm 3:03 pm
All that Obama does is give speeches and that is. Talking is not going to fix anything! It would be nice to see him for once get up without a scripted press conference but I doubt that will ever happen.
Posted by: dd22 | April 14, 2009, 3:06 pm 3:06 pm
Think about this ACORN got Stimulus money so the taxpayers of America oh excuse me the United Socialist States of America. We are paying for this disruption. What we need is to vote those people out of office in 2010 so we can make good on the promise of America.
_____________________________________
The stimulus bill is on-line. Where in the bill is Acorn? (hint – it’s not)
What parts of Obama’s policies do you deem “socialist” and why?
Posted by: Paige | April 14, 2009, 3:11 pm 3:11 pm
So the stimulus money was not given DIRECTLY to ACORN. It was given to an organization that funds ACORN.
Posted by: deanbob | April 14, 2009, 3:20 pm 3:20 pm
Focus on the “glimmers” so you are all blindsided.The goal is to blot out the Constitution in an atmosphere of martial law.Chaos must be created for Supreme Court super rulings to meet the goal.
Posted by: Reflect08 | April 14, 2009, 3:20 pm 3:20 pm
Why is the Lame Stream Media covering the TEA Parties? They could get enough coverage of PROP 8; and how many people were effected by PROP 8 compared to the TEA Parties?
Posted by: deanbob | April 14, 2009, 3:21 pm 3:21 pm
Oops, my last post should have said why are they NOT covering …
Posted by: deanbob | April 14, 2009, 3:22 pm 3:22 pm
deanbob…what organization funds ACORN? The one that got our money?
Posted by: dd22 | April 14, 2009, 3:23 pm 3:23 pm
david | But so many rave about how intelligent Obama is (and I think he is)???
Posted by: deanbob | April 14, 2009, 3:24 pm 3:24 pm
Not out of the woods? We’re headed deeper into the forest, Bamy. You’re as crooked as they come and America will see it as time goes by. You paid off your campaign debt with tax payer funds to Wall St.. Our kids and their kids will mock you as the thief of the generations.
Posted by: WhatChange? | April 14, 2009, 3:25 pm 3:25 pm
His job performance is a failure.
Posted by: anonymous | April 14, 2009, 3:26 pm 3:26 pm
Stated by Sandra Spargo: “You, who criticize, step up to the plate, be constructive and support a president who is doing his best for everyone.” I love it…when the man they like is in the office, it’s “support the president.” When the man they didn’t like was in the office, they were ready to tar and feather, but forgot all about supporting our leader. It’s support the OFFICE people! I know Bush made huge mistakes, but he was our president and I didn’t bad mouth him. Obama…I didn’t vote for him, do not hold out a lot of hope for him, but support him…yes, I will, even grudgingly, because that’s what is right to do. When he starts making huge mistakes, I would love to see how many more Obama people that were heavy into Bush-bashing start talking about how we should respect him and not bad mouth him because he’s our president. Hipocracy runs rampant.
Posted by: Way I See It | April 14, 2009, 3:27 pm 3:27 pm
“Why is the Lame Stream Media covering the TEA Parties? They could get enough coverage of PROP 8; and how many people were effected by PROP 8 compared to the TEA Parties?”
Prop 8 directed affected people’s lives and the protests against them were attended a great deal better than the astroturf tea parties.
Posted by: Ryan C | April 14, 2009, 3:30 pm 3:30 pm
“So the stimulus money was not given DIRECTLY to ACORN. It was given to an organization that funds ACORN.”
Which organization funds ACORN?
Posted by: Ryan C | April 14, 2009, 3:31 pm 3:31 pm
Barry does NOT want this recession to go away any time soon. He has certainly done everything he can to make this recession appear as dire as possible to further his socialist agenda.
He knows that the best way to institute socialist government control over the economy is to essentially kill capitalism, and with the WORST POST ELECTION DROP IN THE HISTORY OF THE STOCK MARKET, I would say he is off to a pretty good start to acheiving his goal.
This over-ambitous community organzier, who was responsible for FORCING banks in chicago to lower their lending standards, should be chased out of washington today along with the rest of the inmates who are now running the asylum- barney frank, nancy pelosi, chris dodd, harry reid, and chuck shcumer.
Posted by: Dave | April 14, 2009, 3:31 pm 3:31 pm
Glimmers of hope, my *(#*&#%*. The only light at the end of the tunnel is the oncoming train of an ever-deepening recession rivaling the 1930s. That is, unless you’re one of the Wall Street bigwigs to whom Obama is forking over trillions of taxpayers’ hard-earned dollars with no strings attached. Obama is Robin Hood in reverse: stealing from the poor and impoverishing the middle class, while giving more and more to the wealthy elite who were robbing us blind already.
Posted by: Jeff | April 14, 2009, 3:41 pm 3:41 pm
I wish Obama would just keep his mouth shut. His speaches are the reason the economy is taking so long to recover.
Posted by: Keith JOhnson | April 14, 2009, 3:44 pm 3:44 pm
My favorite line in the whole fiasco was this, from early on in the platitude-fest:
“During the course of the decade, the formula for buying a house changed: instead of saving their pennies to buy their dream house, many Americans found they could take out loans that by traditional standards their incomes just could not support.”
How can the man who used Tony Rezko to buy a mansion ABSURDLY TOO EXPENSIVE for him to afford DARE to take such a condescending tone toward Americans?!
Posted by: phoneybaloney | April 14, 2009, 4:04 pm 4:04 pm
I did not bash President Bush–neither one. However, I became very disappointed, switching from the Republican to the Democratic Party. One question–how come many of you hide behind false or partial names? Shame on you boss Kimberly–whether or not you have followed through with firing those who supported President Obama, you have instilled fear in freedom of speech and vote, even on a bumper sticker. This is dictatorship, bending your employees’ wills to your own.
Posted by: Sandra Spargo | April 14, 2009, 4:06 pm 4:06 pm
Man…. just as usual the good citizens of America sounding off on anything other than the truth, and the truth is we made our bed, this world economy is due to us the consumer with our arrogance, spending 20 times more than what each one of us is worth, jumping in the housing market trying to gain all the money we could, knowing that something wasnt’ right, but no…. as long as all us children got what we wanted big dollars for nothing, there was no complaints, well… all of you whiners go home and look deep into the mirror, the reflection you see is of little children that had a temper tamtrum to get what they wanted, well…. now were paying for our own greed…. don’t blame this on anyone other that us the consumer… America the Greedy!!
Posted by: andrew king | April 14, 2009, 4:20 pm 4:20 pm
And so Obama is preaching to his constituents,the loonies who voted for him, the inexperience college kids, the illegals, the welfare leaches, the guilty feelings whites, the gays,socialists and the best of all of them ,the liberal media.The rest of us, the ones who worked our arses off and play by the rules know that he is taking this country to the lowest levels. His cabinet is full of Wall Street insiders, tax cheaters, grabbing our money and burning it like cheap paper.He has sold our children’s future to the Chinesse and continues to blame others , thanks to the media as a smoke screens for his shortcomings. I can’t wait for 2012.
Posted by: Frank | April 14, 2009, 4:33 pm 4:33 pm
ah, the Palin/Plumbers are out in force again today….Acorn, “socialist” “fascist”, “civil war threats….the GOP and its members are just totally unhinged lunatics at the moment…
We need a working oppostion party, when are you all gonna just shut up and get your party back in its right mind?
Posted by: indithinker | April 14, 2009, 4:35 pm 4:35 pm
Lipstick on a pig. 4 tillion of new debt only insures more things will be made where taxation costs are not as high. China is loving this. This kills industry and household income. Its not rocket science. Its not. All things being equal, nobody would build a house on an earthquake fault line. This is what we are doing.
Posted by: Heavenislikethis | April 14, 2009, 4:41 pm 4:41 pm
Is anyone else tired of the word “hope”.
It is getting old and lame for me.
Posted by: Jaye | April 14, 2009, 5:01 pm 5:01 pm
The market is still down, retail sales are down, GM is still dying and your budget will leave the country broke. You can pedal that baloney to your cult but the rest of us know better.
Posted by: rplat | April 14, 2009, 5:04 pm 5:04 pm
Indithinker
You have elected a communist to the presidency.
Why can the obamabots not see that, but the stock market can?
It has been the worst post-election drop in the history of the market, and yet they are still chanting change!change!change!
Yeah, change us into the next france.
Posted by: Dave | April 14, 2009, 5:07 pm 5:07 pm
“What parts of Obama’s policies do you deem ‘socialist’ and why?”
Just off the top of my head, here are a few:
–Forcing banks who do not want TARP money to take it anyway, then using that as a justification to dictate bank policy.
–Refusing to allow banks to repay TARP money, solely for the purpose of maintaingin government control of them.
–Directing the discharge and replacement of the CEO of an automaker.
–Taking money from the federal treasury and giving it to people who pay no federal income tax at all, and describing that practice as giving them “tax cuts.”
–Attempting to impose an enormous levy on businesses based upon their use of carbon.
–The health-care policy has not yet crystallized, but it will almost certainly involve at a minimum the forced purchase of insurance for government-provided care, to the great detrimient of the private health care system.
Posted by: Fascist Hyena | April 14, 2009, 5:07 pm 5:07 pm
“Howz you all’s pahty shapin’ up for t’morrow night?”
Well, we’re quite certain that no one will attend who is among the 40% of Americans who pay no federal income tax at all. That bunch will be at home drinking Sneaky Pete, watching the tube and waiting for the next government check, courtesy of the productive people of the country.
Posted by: Fascist Hyena | April 14, 2009, 5:10 pm 5:10 pm
“–Forcing banks who do not want TARP money to take it anyway, then using that as a justification to dictate bank policy.”
Name a single examples where a bank was forced to take TARP money.
And leveraging themselves into oblivion does not count as being forced.
“–Refusing to allow banks to repay TARP money, solely for the purpose of maintaingin government control of them.”
What right wing noise is this?
From today’s NYT
If successful, Goldman would become the first major bank to return funds received under the Troubled Asset Relief Program, or TARP. Such a step would probably enable Goldman — long one of the most lucrative places to work on Wall Street — to free itself from government-imposed restrictions on compensation.
“–Directing the discharge and replacement of the CEO of an automaker.”
The CEO was asked for his resignation, that part is true.
But where did you get that the government versus the board choose the COO to replace him?
“–Taking money from the federal treasury and giving it to people who pay no federal income tax at all, and describing that practice as giving them “tax cuts.”
So the only money in the federal treasury is income tax money and there is no other tax money in there?
I realize now the right wing has to lie or they would not have an argument.
Posted by: Ryan C | April 14, 2009, 5:15 pm 5:15 pm
Yet again, he blames the “past 8 years” for this debacle. This debacle was not created in 8 years, it’s been brewing much longer than that! Now the bubble’s burst and Uncle Obama is trying to shove his socialist agenda down our throats through fear mongering, and redistribution of my tax $$ to his pets (Acorn and others).
Anyone who supports his out of control spending is foolish or naive.
Posted by: sss | April 14, 2009, 5:45 pm 5:45 pm
I can’t take it anymore. I hate getting up in the morning, knowing that we are inching our way, day by day into doom, gloom and eternal hell on earth. This president has done more damage than terrorists. God help us all.
Posted by: Annette | April 14, 2009, 5:53 pm 5:53 pm
From a sergeant who was present during Obama’s visit to Iraq:
“We were pre-screened, asked by officials ‘Who voted for Obama?’, and then those who raised their hands were shuffled to the front of the receiving line. They even handed out digital cameras and asked them to hold them up.
“Take a look at the picture at AP and notice all the cameras are the same models? Coincidence? I think not.”
Posted by: Fascist Hyena | April 14, 2009, 5:58 pm 5:58 pm
If this country were pure capitalist, there would be no social security, no medicare and no medicaid. Will you, in older age, have a heart operation, diabetes or Alzheimers on a retired fixed income with limited insurance? If you think that you are entitled to medicare, medicaid and social security, then you will be taking advantage of a “socialized” agenda.
Posted by: Sandra Spargo | April 14, 2009, 6:03 pm 6:03 pm
No jobs no recovery. That simple ! As for me, if I can eat it I wont buy it. To think at one time I would look for things to spend my money on. Though I work, I don’t see a bright future so sorry no spending here.
Posted by: cptsoap | April 14, 2009, 6:10 pm 6:10 pm
“Name a single examples where a bank was forced to take TARP money.”
Signature Bank in New York is one, for openers. For the rest, you’ll have to do your own homework. And I’m sure you’re aware that Geithner is declining to accept repayment from others, thus maintaining his control.
“So the only money in the federal treasury is income tax money and there is no other tax money in there?”
Well, there’s the kind they simply print. But does any of this make a difference? If you give money from the treasury to people who pay no income tax in the first place, it is not honest to refer to the gift as a “tax cut.” Nor is it fair to the taxpayers from whom you have taken the money.
Posted by: Fascist Hyena | April 14, 2009, 6:10 pm 6:10 pm
Annette wrote: “This President has done more damage than the terrorist”. *******Only someone who’s been brainwashed by the raving right wing radio talks shows could arrive at such a conclusion. Don’t you get it? Bush was 100% clueless on most issues but you found him to be tolerable, at least.
Opposition to that extent in the first 100 days can’t be based on any objective or reasonable accessment. I don’t really expect to change your mind, but at least try to make sense rather than just slinging mud without giving any factual basis.
Posted by: Mike in Carolina | April 14, 2009, 6:10 pm 6:10 pm
sandra. social security and medicare are the single biggest fiscal problem in our country. I know it sounds fuzzy and nice to take care of everyone, I for one am 29, and thinking of taking care of myself. leave my money alone. I will take care of my own medical needs. These social programs always have the best intentions… and then the obvious happens.
Posted by: stickman | April 14, 2009, 6:15 pm 6:15 pm
“What right wing noise is this?”
Try the right-wingers at CNBC, or read the papers. If you don’t pass tax-cheat Geithnere’s “stress test,” you don’t get to repay.
Posted by: Fascist Hyena | April 14, 2009, 6:18 pm 6:18 pm
Ryan C – Thanks for answering Fascist for me. Work does call..
I think the National Secretary of the real Socialist Party in the US sums it up best by stating:
“Obama is as much a socialist as the Pope is an atheist”
David Schaich, Socialist Party Campaign Coordinator mocks the “right’s ignorance of Socialism” stating they “don’t care to learn” and use it as “an all-purpose term of derision”.
Schaich hit the nail on the head.
Posted by: Paige | April 14, 2009, 6:23 pm 6:23 pm
“From a sergeant who was present during Obama’s visit to Iraq:”
Correction as that should read “from some right wing forum poster who claims he is a sergeant in iraq”.
Which means its most likely not true.
Posted by: Ryan C | April 14, 2009, 6:23 pm 6:23 pm
Ryan -
I am former military. That is exactly what they do.
Posted by: ceeLeelee | April 14, 2009, 6:26 pm 6:26 pm
“If you don’t pass tax-cheat Geithnere’s “stress test,” you don’t get to repay”
Partially true.
Goldman said in a statement on Monday that returning the TARP money depends on the results of a stress test that federal bank examiners are in the process of evaluating for Goldman and other big banks.
Also
“Goldman indicated in early February that it would seek to repay the funds, and since then, several other banks have said they would like to do the same. Not all banks, however, are likely to bounce back as quickly as Goldman, despite expectations that other banks will report strong results for the first quarter.
While several small banks have returned TARP money, Goldman so far is alone among large institutions.”
So what is the basis of your claim that banks can’t return TARP money or that they have attempted to do so and were rebuffed?
Posted by: Ryan C | April 14, 2009, 6:32 pm 6:32 pm
“Name a single examples where a bank was forced to take TARP money.”
Signature Bank in New York is one, for openers. For the rest, you’ll have to do your own homework.
___________________________________
Yes, you should do your homework.
Signature Bank (& the other three who have since raised enough Capital to return the money) was given money out of the original TARP, under Bush and Paulson.
Posted by: Paige | April 14, 2009, 6:36 pm 6:36 pm
“Signature Bank in New York is one, for openers. For the rest, you’ll have to do your own homework.”
Only a handful of regional banks have repaid bailout funds, including Signature Bank of New York, Old National Bancorp of Indiana and Iberiabank of Louisiana.
Signature Bank is an example of a bank that has repaid TARP funds, something you claimed was not being allowed.
“Andrew Napolitano reported last week on Fox News that he had spoken to the head of a $250-billion bank the night before who said Washington forced him to take TARP funds last September.”
When in doubt FoxNews just makes it up.
Posted by: Ryan c | April 14, 2009, 6:38 pm 6:38 pm
Ryan C- My best friend has done multiple tours in Iraq and Afghanistan and they do screen the troops for a more biased crowd to their liking for press events.
Posted by: Boxcar | April 14, 2009, 6:42 pm 6:42 pm
“If you give money from the treasury to people who pay no income tax in the first place, it is not honest to refer to the gift as a “tax cut.”
The claim is not no income tax paid but rather no net income tax paid (you really should be wary of the Heritage Foundation’s fun with numbers).
That means they paid income tax but through deductions or whatever, they end up paying no net income tax.
And they still pay payroll taxes so you’re attempt at characterizing them as non taxpayers rings quite false.
Posted by: Ryan C | April 14, 2009, 6:43 pm 6:43 pm
Ryan, couldn’t live up to my challenge huh? How about this one… Is there anything you DON’T know. It seems every topic that you blog about you are a complete expert. Why don’t you run for POTUS? We wouldn’t have to worry about anything.
Posted by: stickman | April 14, 2009, 6:48 pm 6:48 pm
Ryan c and if you think other news services don’t skew or slant the news watch Diane Sawyers 20/20 report “Could being armed save you in a shooting” . That piece got so bad I was about to fall out of my chair laughing at one sided approach to the story.
Posted by: Boxcar | April 14, 2009, 6:50 pm 6:50 pm
Question: Isn’t it interesting that the President is now attempting to fix what he and his ACORN thugs contributed to, a “mortgage meltdown”, through their disgraceful Alinsky’s Rules tactics?
This administration and the Main Stream Media continue to go out of their way to have us believe that it was the Bush Administration, greedy banking institutions and irresponsible buyers that created our financial economic crisis. But was it or was it a “banking terrorist” tactic used by community organizers from the tools provided them under the federal Community Reinvestment Act (CRA), which were carried out by ACORN’s members, who were trained by the President to use Alinky’s Rules to bully banks into making bad loans, that likely contributed to the “mortgage meltdown” and triggered the worst economic crisis since the Great Depression?
“Food For Thought”
“God Bless Our USA”
Posted by: Jake Martinez | April 14, 2009, 6:57 pm 6:57 pm
“Ryan c and if you think other news services don’t skew or slant the news watch Diane Sawyers 20/20 report “Could being armed save you in a shooting” . That piece got so bad I was about to fall out of my chair laughing at one sided approach to the story.”
When someone cites Diane Sawyer as an authority, I know to ignore them but thanks for the heads up.
Posted by: Ryan C | April 14, 2009, 7:01 pm 7:01 pm
“Ryan, couldn’t live up to my challenge huh?”
No idea what you are talking about.
You have 1 rambling post on this blog and its not addressed to me.
“How about this one… Is there anything you DON’T know.”
I do not know what happened to schrodinger’s cat.
“It seems every topic that you blog about you are a complete expert.”
Not at all but I read a great deal and since I am not parroting talking points I seem alot smarter than your right wing brethren.
“Why don’t you run for POTUS?”
1 more year till eligibility.
“We wouldn’t have to worry about anything.”
Oh I doubt that.
No matter the person in charge there will always be problems and crises.
Posted by: Ryan C | April 14, 2009, 7:12 pm 7:12 pm
Posted by: Jake Martinez | Apr 14, 2009 6:57:32 PM
Jake – There is a reason the Main stream Media isn’t reporting the outrageous (I’m seriously trying not to laugh) comments you made.
Research The “Home Ownership Society”. Bush campaigned heavily on it in 2004 and sung the praises of its results…
Also, check a video, widely available on the WEB, called “Crisis of Credit” to get you started in Current Recession 101.
Ohh and turn off Hannity & Limbaugh.
Posted by: Paige | April 14, 2009, 7:25 pm 7:25 pm
Ryan, My challenge was for you to name one thing you disagree with in the democratic platform. I just don’t ubderstand how you or anyone on the right or left are so adamant about your views on policy. Go ahead, prove me wrong and disagree with Barry. By the way they seem to erase my posts so that is why you only saw my one “Rambling” post.
Posted by: stickman | April 14, 2009, 7:31 pm 7:31 pm
Is the Hannity, Limbaugh, and Beck rhetoric getting old yet? What if every time you posted a “thought” I just said “stop using the same old Maddow Olberman talking points”? Would that not be a little frustrating? I guess that is the goal…not have a real conversation…but to just iritate.
Posted by: stickman | April 14, 2009, 7:41 pm 7:41 pm
The dow is down today and up tommorrow, it means nothing, I tell you it will be 10,000 and over by the end of this year.
Posted by: reachingout2u | April 14, 2009, 7:45 pm 7:45 pm
It’s not a glimmer, the economy will recover, however it will be a different working economy.
Posted by: gman | April 14, 2009, 7:52 pm 7:52 pm
I guess that is the goal…not have a real conversation…but to just iritate.
_____________________________
Yes, stickman – when right wingers come on here and clearly can not think for themselves and post over and over the talking points from the hate twins, Limbaugh and Hannity – it gets old. This site seems to attract the extremist who are more interested in disparaging the President and spreading lies than talking real policy.
I think the Republicans should fear the Tea Parties as someone else posted. I think you are going to see a new Republican party start to form as a result and that will be good for America. The Republican party has been hijacked by the religious right and far right extremist. Hannity and Limbaugh are nothing but chewing gum for those extremist ears.
Posted by: Paige | April 14, 2009, 7:57 pm 7:57 pm
I thought not, I will ask again tomorrow. I know you will be here.
Posted by: stickman | April 14, 2009, 8:02 pm 8:02 pm
I have to go Paige, But can you not say the same for the left. You know how tired I am of reading “The last eight years of failed policies” or “He inherited” or “We went to Iraq for oil”? Same thing different view. I like Glen Beck. I think if you actually listened to, or watched his show you might not be so upset with him. I do understand the Hannity hate, he burns the left every chance he gets. Unlike Olberman, Mathews, or Maddow he atleast has another view point on… Kirsten Powers for example, and I don’t even listen to Rush. I would suggest that if you see a “talking point” beat it up, don’t mock where it came from. We chat again….Gotta run
Posted by: stickman | April 14, 2009, 8:10 pm 8:10 pm
THE BANKS TOOK THE ‘TARP’ MONEY AND IMPROVED THEIR ‘QUARTERLY’
PROFITS. AND NOW, THEY SAY, “WE DON’T WONT THE ‘BAILOUT’ MONEY; WE
WANT TO GIVE IT BACK.” I SAY, “DON’T TAKE IT BACK; LET THEM KEEP IT.”
THE BANKS KNEW, “THE PURPOSE OF ‘TARP’ WAS TO OPEN UP CREDIT LINES TO
HELP THE PEOPLE AND BUSINESSES.” INSTEAD, THEY SAT BACK AND WATCHED,
“THE PEOPLE AND BUSINESSES SUFFER.” FOR MONTHS, “THE ENTIRE WORLD WAS
HELD HOSTAGE BY THE CREDIT INDUSTRY; WE WERE AT THEIR MERCY.” THIS IS
WHY THE AMERICAN PEOPLE ARE FURIOIUS. I ASK, “WHY ARE WE ALLOWING THE
CREDIT INDUSTRY TO MANIPULATE US AND OUR GOVERNNENT?” IN 1980, I
TRAVELED TO AFRICA. I REMEMBER THINKING, “WHERE ARE THE MIDDLE-CLASS
PEOPLE?” EITHER YOU WERE POOR OR YOU WERE RICH; NO BORDERLINE.” I
SOON REALIZED, THANKS TO THE MIRACLE OF CREDIT, “AMERICA HAS A
MIDDLE-CLASS.” NO CREDIT; NO MIDDLE-CLASS. IF A PERSON IS ONLY ONE
PAY CHECK FROM THE ‘WELFARE’ LINE, ARE THEY REALLY MIDDLE-CLASS OR LOW
INCOME IN DISGUISE?” IN REGARDS TO THE CREDIT CRISIS, I WAS WONDERING,
“HOW DO WE PREVENT A ‘SINGLE’ INDUSTRY OR ‘PERSON’ FROM MANIPULATING
EVERY ASPECT OF LIFE?” THE ANSWER IS, “LEARN FROM OUR MISTAKES.” WE
MUST NOT ALLOW HISTORY TO REPEAT ITSELF.”
Posted by: Sandy Obu | April 14, 2009, 8:16 pm 8:16 pm
MariaV,
Many corporations in fact do not pay taxes. Since its an abc link, maybe thel’ll let me post it:
abcnews.go.com/Business/wireStory?id=5561455
Posted by: Flash Override | April 14, 2009, 9:04 pm 9:04 pm
awesome speech
Posted by: Omentum | April 14, 2009, 9:40 pm 9:40 pm
“US combat troops may stay in northern Iraq after a deadline for them to pull back by the end of June has passed, the top US commander in the area has said.”
Wait a minute–isn’t this insubordination? Obama set the deadline, didn’t he? Does this mean he didn’t really mean it, or is this general being mutinous? Who’s in charge here?
Posted by: Fascist Hyena | April 14, 2009, 10:06 pm 10:06 pm
Ok, I am in. If, according to President Obama, “if people are really interested in deficit reduction…entitlement reform.” I say, lets get started and start at the top with the President’s entitlements and work our way to members of Congress, and out in different directions of the hierarchy systems. For a lot of us, we have already lost entitlements and lot more. The banks can keep the money or pay it back for it will not make much difference to a lot of people, a lot of people can not afford a loan give what they are being forced to work for because of greed of others.
Posted by: Pati | April 14, 2009, 10:28 pm 10:28 pm
Is this really newsworthy? Who actually thinks Obama’s speech is comforting? This must be a continuation of the conspiracy to dumb down America. Only the ill-informed can find this somehow interesting.
Posted by: picomanning | April 15, 2009, 12:17 am 12:17 am
i think there is a light of hope that we all need to go through…..or something…..
Posted by: dakota in michigan | April 15, 2009, 8:16 am 8:16 am
Reform rules and regulations for Wall Street
Reform the education system
Harness renewable energy
Reform the health care system
Restore fiscal discipline
! Awesome ! How can even right wing nuts disagree with President Obama’s agenda?
Here’s how: For decades, the extreme Religious Right deemed income tax as “idolatry,” property tax “theft” and inheritance taxes simply not allowed in the Bible. Over the past 8 years they finally made inroads to build their version of a “Christian Nation.” Deregulation and tax cuts swept through America’s financial system, as if the free market’s “invisible hand” was the hand of God.
So of course, the Christian Taliban now objects to new Wall Street regulations and a return to earlier tax rates – these policies fly in the face of extreme religious beliefs, and jeopardize the ideals of a “Christian Nation”.
For decades, conservative talk shows have warned that evil “secular humanists” were taking control of public schools and universities, the news media, and the entertainment industry, with the aim of driving Christianity from American life and creating a “socialist” state. Sound familiar?
The Christian Taliban’s response has been to attack US national education (comparing it to Russian-style indoctrination camps) and challenge the teaching of Evolution. So of course these extremists now howl that taxes and spending on public schools are “fiscal child abuse”.
American voters, including disenfranchised moderate Republicans and centrist Christians, have clearly rejected these extremist attempts to break down the separation between Church and State.
We may not all agree on President Obama’s implementation, but the majority of Americans agree we want Wall Street reform. We want the best education for our children. We want to break free of our addiction to oil. We want affordable health care for every citizen. We want to build new jobs and restore fiscal discipline. And, we want these religious extremists OUT of our government.
Posted by: Center One | April 15, 2009, 1:14 pm 1:14 pm