“Back from the Abyss”: Obama Adviser Touts Economic Rescue
EmailABCNews' Matthew Jaffe reports: The nation’s economy has been rescued from the brink of collapse, President Obama’s top economic adviser believes. In excerpts released by the White House, National Economic Council director Larry Summers touts the progress made by the administration in averting a financial meltdown. “We were at the brink of catastrophe at the beginning of the year, but we have walked some substantial distance back from the abyss,” Summers plans to say this morning at the Peterson Institute in Washington. “Substantial progress has been made in rescuing the economy from the risk of economic collapse that looked all too real six months ago.” When the administration entered office back in January, Summers recalls, “the economy was in free-fall at the start of the year with no apparent limit on how much worse things could get…fear was widespread and confidence was scarce.” But thanks to President Obama’s two-tiered approach of addressing the immediate crisis and building for long-term growth, Summers says, “the distance we have traveled these past six months is remarkable.” “First, the most immediate priority was to rescue the economy by restoring confidence and breaking the vicious cycle of economic contraction and financial failure,” outlines Summers. “Second, the recovery from this crisis would be built not on the flimsy foundation of asset bubbles but on the firm foundation of productive investment and long-term growth.” In recent weeks, the administration has sent their sweeping financial regulatory reform proposals down Pennsylvania Avenue to Congress. Going forward, Summers calls for an economy that is more export-oriented and more balanced in terms of income distribution. While acknowledging that the administration’s agenda is “ambitious”, Summers believes it will “lay a foundation for future prosperity and for the confidence on which the current recovery depends.” -Matthew Jaffe
Sen. DeMint: GOP Race Could Go Until Convention 
Obama Avoids Questions on Contraception Rule
“the distance we have traveled these past six months is remarkable.”
Yes, it truly is remarkable…and not in a “good” way…
The American public was told that if the “stimulus” package was not passed immediately, unemployment would approach 9%. We are at 9.5% and 10% unemployment by year-end is not out of the question.
We were told 85%+ of new jobs would be created in the private sector, yet we are seeing at this point we are not seeing it (despite what Biden may claim).
The jobs that are being “created” are at considerable expense (NH received $416,000,000 in “stimulus” funding, only 50 jobs “created” – $8,320,000/job).
Yes, truly remarkable. Remarkably bad.
More White House spin of the epic failure that is (and will continue to be) the “stimulus” package.
Posted by: tjp612 | July 17, 2009, 11:30 am 11:30 am
“First, the most immediate priority was to rescue the economy by restoring confidence and breaking the vicious cycle of economic contraction and financial failure,” outlines Summers.
________________________________
If by “breaking the vicious cycle of … financial failure” he means using TARP, let’s not forget that was Bush’s bailout. Credit where credit is due, no?
Posted by: Traffic Cop Timmy | July 17, 2009, 11:38 am 11:38 am
Imagine that.
Obama’s economic adviser thinks Obama’s done a swell job with the economy.
Posted by: MayBee | July 17, 2009, 11:46 am 11:46 am
What will Barney Frank do with the phrase “Back from the Abyss”?
Frank said he disagrees with the “message experts” in Washington who want Democrats to call the “stimulus package” a “recovery package.”
Explained Frank: “Most people would rather be stimulated than recover.”
Elected officials.
Posted by: FannyMay? | July 17, 2009, 11:52 am 11:52 am
About time the White House fought back against anti-Obama media lies.
Ha Ha, you’re funny.
Yes the media lies, it actually tries to tell the American public that Obama is doing a good job. But thinking people need only look around. High unemployment, huge unsustainable debt, complete power grab by a totalitarian regime, a government that wants everyone dependent on them to maintain that power.
Why do liberals always think that the American people can’t make the appropriate decisions regarding their lives.
We’re heading down not up. Inflation is on the way.
Posted by: betsy | July 17, 2009, 11:53 am 11:53 am
ABC news brings us yet another
worth piece of fluff from the Obama team.
That artcl had to be the most meaningless
pro-Obama fluff seen.
Obama Team “We’re doing great”
hmmm, NEW unemployment still at 50+k per week
0 growth
Dollar weak
Gas back at $2.60+
Taxes up
Dont see it personally.
Posted by: smartamrcn | July 17, 2009, 12:07 pm 12:07 pm
Just suckering in all of those who have anything left to lose it to the bailed out bankers on Wall St. Citizens of America… Who lobbys for you??? Surely not this guy or his administration… Who raises taxes in a recession? Who thinks an inflationary depression helps the working poor and the evaporating middle class. Harvard scum like Larry Summers and Barack Obama…. that’s who!!! Bush, Clinton and especially Greenspan created this mess. And now Obama’s lobbyist special financal interest cronies like Bernanke are here to finish the job… and the rest of us OFF!!! Please do NOT cheer those who wish to enslave YOU and your family in perpetual debt and left to the devices of the all powerful and corrupt state.
Posted by: hmn | July 17, 2009, 12:09 pm 12:09 pm
If this is rescued, I’d really hate to see the Abyss
Posted by: DJ | July 17, 2009, 12:12 pm 12:12 pm
ABC news brings us yet another worth piece of fluff from the Obama team. That artcl had to be the most meaningless pro-Obama fluff seen.Posted by: smartamrcn | Jul 17, 2009 12:07:49 PM
_____________________________________
You’re missing the point of Jake’s blog completely. Jake is putting this stuff out there so that we can stay informed about Obama’s fluff. He’s not promoting it. What we do with it is up to us. He reports – you decide – so to speak.
If he was a shill for Obama do you think “right-wing shills” like HotAir and “fear-mongers” like Rush would refer to “Jake Tappers blog.” Jake is pulling a Karl Rove, IMO.
Posted by: Traffic Cop Timmy | July 17, 2009, 12:25 pm 12:25 pm
from my world things are getting better.
My employer of 450 went down to 200 at the beginning of the year. I was on reduced 32 hours for 7 months.
I recently went back to full time & the company is hired 6-8 monthly since april & projecting more for the height of the construction season.
Posted by: seethelight | July 17, 2009, 12:33 pm 12:33 pm
Your stimulus money at work for “infrastructure jobs.” No word on how many jobs – temporary or otherwise – will be created.
“Joggers, bicyclists and others who enjoy the tranquility of Mesa’s canal banks are about to get a $750,000 gift from Uncle Sam: Federal stimulus money will pay for a lighted, 10-foot-wide multiuse path along the Consolidated Canal in west-central Mesa.
“The section, about a mile long… The new pavement will connect with about two miles of paved canal bank… Chandler recently received its own $750,000 federal stimulus grant for a portion of the trail…”
Posted by: Traffic Cop Timmy | July 17, 2009, 12:33 pm 12:33 pm
from my world things are getting better. Posted by: seethelight | Jul 17, 2009 12:33:18 PM
Are they able to do this from reduced costs or increased sales? Makes a big difference. Maybe your employer just cut too hard and had to compensate. Maybe your hours went back up because of all the layoffs leveling things off.
Posted by: Traffic Cop Timmy | July 17, 2009, 12:38 pm 12:38 pm
“If by “breaking the vicious cycle of … financial failure” he means using TARP, let’s not forget that was Bush’s bailout. Credit where credit is due, no?”
ROFLMAO!
After what months of saddling Obama with TARP…NOW its a Bush success?
Bush certainly deserves some credit for TARP after all he was President even thought the right wing claims some lame duck status since 2007 and he certainly got beat up for some of TARPs short comings.
But dishonest right wingers wanted to blame Obama while it was considered a failure. They screamed about the debt lumping in TARP as Obamas. Now that there has been some measure of success? They demand Bush get credit.
The lesson as always? Right wingers lie.
Posted by: Ryan C | July 17, 2009, 12:52 pm 12:52 pm
“Joggers, bicyclists and others who enjoy the tranquility of Mesa’s canal banks are about to get a $750,000 gift from Uncle Sam: Federal stimulus money will pay for a lighted, 10-foot-wide multiuse path along the Consolidated Canal in west-central Mesa.”
So who in Arizona requested this?
Gotta be Kyl.
Posted by: Ryan C | July 17, 2009, 12:53 pm 12:53 pm
When the administration entered office back in January, Summers recalls, “the economy was in free-fall at the start of the year with no apparent limit on how much worse things could get…fear was widespread and confidence was scarce.”
But thanks to President Obama’s two-tiered approach of addressing the immediate crisis and building for long-term growth, Summers says, “the distance we have traveled these past six months is remarkable.”
These comments are from the land
of OZ!
Pay no attention to those millions of
people who have lost their jobs since
this administration took office.
Look at all of the jobs the
stimulus bill has created!
Sorry, the number of jobs created by
the stimulus bill is miniscule.
What else can Summers say?
He can’t admit that the stimulus bill
has been an abysmal failure to date.
He can’t tell the truth because his boss
is a liar.
The Banks have Not eased the credit
crunch and credit card companies
continue to gouge consumers with
high rates and a ton of fees.
Mr Summers show us some proof to back
up your claims or come when you can
back up your Spin!
Posted by: reaganfan | July 17, 2009, 12:59 pm 12:59 pm
Which ‘brink of collapse’ is Summers talking about? Paulsen also said we were at the brink, begged Congress tom immediately pony up 3/4 of a trillion dollars, and does what with it? nothing.
It is the biggest heist in American history…a massive transfer of wealth to international financiers.
Mr. Soros, Goldman, JP Morgan and others are doing very well on the misery of millions.
Posted by: J House | July 17, 2009, 1:00 pm 1:00 pm
RynaC, if Sen. Kyle or other Republicans requested it, I’m with you on this one.
Earmarks are but a pittance, but still…they are pretty close to bribes and should be stopped (not that the process for the rest of the budget isn’t corrupted).
Mr. Murtha is the poster boy, but they all do it.
Posted by: J House | July 17, 2009, 1:03 pm 1:03 pm
If Jake is putting the stories out there for us to decide, maybe he should cover the fact that CIT is GE’s biggest competitor, the largest lender for small businesses, much healthier on paper than GE,and the government is refusing to bail them out. WHY????? Heaven forbid that this government would help out the SMALL people.
Posted by: wheresmymoney | July 17, 2009, 1:05 pm 1:05 pm
“RynaC, if Sen. Kyle or other Republicans requested it, I’m with you on this one.”
It could very well be a Democractic House member.
“Earmarks are but a pittance, but still…they are pretty close to bribes and should be stopped (not that the process for the rest of the budget isn’t corrupted).”
The problem I have with earmarks is the way they are added which is still too under the radar. But I do not see them as inherently wasteful.
I think there needs to be more transparency and more time for people to weigh in on bills.
Obama has done some things in this direction but we need more.
Posted by: Ryan C | July 17, 2009, 1:11 pm 1:11 pm
“NEW unemployment still at 50+k per week
0 growth
Dollar weak
Gas back at $2.60+
Taxes up”
“Larry, you’re doing a heck of a job.”
Posted by: Barry | July 17, 2009, 1:19 pm 1:19 pm
He also repeatedly told us that things might well get worse before they get better. He addressed us and told us these things a number of times.
Posted by: danita | Jul 16, 2009 10:17:30 PM
____________________________________
Goodness, what will we do now that the administration is saying we’re back from the abyss? Does this mean that Obama repeatedly telling us that things might well get worse before they get better wasn’t true? Or did he just “misread the economy” – again. Oh, wait that was Joe. Obama said “we didn’t have complete information.” We’re gonna need a chart…
Posted by: Traffic Cop Timmy | July 17, 2009, 2:03 pm 2:03 pm
After what months of saddling Obama with TARP…NOW its a Bush success?
Posted by: Ryan C | Jul 17, 2009 12:52:57 PM
_________________________________
Actually, this comment was for Danita’s eye only. After months of insisting that $800 billion of the budget deficit was on Bush’s head (every time the deficit was mentioned), I would think that he should at least get credit that – according to the Obama administration – it worked.
So ROFLMAO yourself!
Posted by: Traffic Cop Timmy | July 17, 2009, 2:09 pm 2:09 pm
“Goodness, what will we do now that the administration is saying we’re back from the abyss?” Posted by: Traffic Cop Timmy | Jul 17, 2009 2:03:43 PM
__________________________________
“The nation’s economy has been rescued from the brink of collapse, President Obama’s top economic adviser believes.”
Resued from the “brink of collapse”, “back from the abyss” . . . if only your grasp of english and your comprehension levels were better Timmy, you’d have a chance of making sense yourself.
Posted by: danita | July 17, 2009, 2:13 pm 2:13 pm
“Actually, this comment was for Danita’s eye only.”
Difficult on a pubglic board no.
“After months of insisting that $800 billion of the budget deficit was on Bush’s head (every time the deficit was mentioned), I would think that he should at least get credit that – according to the Obama administration – it worked.”
I never saw danita argue against TARP.
In fact she argued for TARP as an unpleasant necessity.
What she did argue against was dishonest right wingers like you lumping in TARP money as Obama’s responsibility towards the debt.
Now that is has had a modicum of success you dishonestly demand credit.
Posted by: Ryan C | July 17, 2009, 2:16 pm 2:16 pm
Absolutely TARP funds were put in place under the Bush administration – and Republicans on here distanced themselves from that every chance they got, and attributed the money to the Obama administration over and over again! I’m looking for accuracy from your side Timmy, not nonsense.
Posted by: danita | July 17, 2009, 2:16 pm 2:16 pm
“What she did argue against was dishonest right wingers like you lumping in TARP money as Obama’s responsibility towards the debt.” Posted by: Ryan C | Jul 17, 2009 2:16:00 PM
____________________________________
Thank you Ryan – that is precisely so.
Regrettably, we can’t expect facts or honesty to get in the way of some people’s attempts to smear the President or his supporters.
Posted by: danita | July 17, 2009, 2:21 pm 2:21 pm
any more help from Obama will anybody be working
Posted by: spanner | July 17, 2009, 2:29 pm 2:29 pm
What she did argue against was dishonest right wingers like you lumping in TARP money as Obama’s responsibility towards the debt.
Posted by: Ryan C | Jul 17, 2009 2:16:00 PM
__________________________________
Exactly… she argued it was Bush’s burden. So she should now argue against the Obama administration trying to take credit for it working. She should be saying “this is wrong! Bush should get the credit! It was his bailout!”
Posted by: Traffic Cop Timmy | July 17, 2009, 2:37 pm 2:37 pm
“Regrettably, we can’t expect facts or honesty to get in the way of some people’s attempts to smear the President or his supporters.”
Regrettably, we can’t expect those who worship politicians to free themselves from blind ideology to form their own opinions and question their dear leaders.
Posted by: tjp612 | July 17, 2009, 2:41 pm 2:41 pm
And absolutely, over and over again the ‘right’ on here tried to lump all of the TARP funds in with President Obama’s spending – in order to smear the President.
This is appallingly dishonest and it was attacked at every opportunity.
It is also appalling how easy it is for you to gloss this over, and try to change the subject.
Posted by: danita | July 17, 2009, 2:53 pm 2:53 pm
Posted by: danita | Jul 17, 2009 2:53:13 PM
Ahh, danita. Now you know I’m not talking about what the right said on here. I’m talking about what YOU said. YOU said it was Bush’s burden. Now Obama’s minions are trying to take credit for a bailout they did not pass (but happily spent the second half). And now YOU just won’t stand up for Mr. Bush. I know he would appreciate it…
Posted by: Traffic Cop Timmy | July 17, 2009, 2:59 pm 2:59 pm
“And absolutely, over and over again the ‘right’ on here tried to lump all of the TARP funds in with President Obama’s spending – in order to smear the President.”
Absolutely? This is incorrect. There are many (including me) who do not agree with Bush & Co. kicking off “Bailout Nation” last Fall. I have stated in prior posts my personal opinion is it was the worst thing that he did as president. But Obama is not absolved of responsibility – He voted for TARP and has overseen disbursement of much (50%?) of TARP funds.
I think you are being dishonest to support your own views – Could also be stated as “left wingers lie” if I was speaking of the entire “left wing” population, which is not the case :^)
Posted by: tjp612 | July 17, 2009, 3:04 pm 3:04 pm
“YOU said it was Bush’s burden.” Posted by: Traffic Cop Timmy | Jul 17, 2009 2:59:06 PM
__________________________________
You’re again ducking the lies posted here by the right, and again that’s not surprising . .. the truth matters little to those out to smear the President.
By the way, I never said the TARP funds were Bush’s ‘burden”, I would have correctly said those funds were put in place under the Bush administration.
Those funds are the taxpayer’s burden.
Posted by: danita | July 17, 2009, 3:06 pm 3:06 pm
tjp . …
Yes, tjp it is actually ‘absolutely’ true, over and over again the ‘right’ on here tried to lump all of the TARP funs in with President Obama’s spending – in order to smear the President.
That you disagreed with TARP funding does not alter that truth.
Posted by: danita | July 17, 2009, 3:10 pm 3:10 pm
“This loser Summers is part of the problem. At least we got a check in the mail from Bushie”
You just got the same thing via the change in withholding.
But you’re a birther so I guess I should not expect too much.
Posted by: Ryan C | July 17, 2009, 3:48 pm 3:48 pm
So, defending President Bush – that’s a no then?
Posted by: Traffic Cop Timmy | July 17, 2009, 4:00 pm 4:00 pm
“So, defending President Bush – that’s a no then?” Posted by: Traffic Cop Timmy | Jul 17, 2009 4:00:07 PM
_______________________________________
What is a ‘no’ is over and over again trying to lump all of the TARP funs in with President Obama’s spending – in order to smear the President.
Perhaps you believe that little bit of lying and dishonesty should just be shrugged off as not important.
Sorry .. . lies and dishonesty to smear the President are appalling, whether you have the moral character to recognize it or not.
Posted by: danita | July 17, 2009, 4:26 pm 4:26 pm
tjp . …
Yes, tjp it is actually ‘absolutely’ true, over and over again the ‘right’ on here tried to lump all of the TARP funs in with President Obama’s spending – in order to smear the President.
That you disagreed with TARP funding does not alter that truth.
===============
Danita,
I’m not lumping in ALL of TARP funding on Obama’s plate of spending and goodies. But, as previously stated, Obama voted for TARP and has disbursed (if I remember correctly) roughly half of it (~350 billion?).
The point you are missing is that much of the criticism is as follows:
1. Bush & Congress (both parties, including Obama) approved TARP and kicked off Bail-Out Nation
2. Obama continued Bush’s (and prior Congress’s) policies through distribution of remaining TARP funds
3. Obama approved pork-laden $410 billion Omni-Bus Spending Bill
4. Obama approved $787B ($1T+ with interest) “stimulus” package
5. Obama now proposes massive healthcare “reform” whose cost is measured (by the non-partisan CBO) in the trillions
So, Obama is taking what was admittedly a bad situation and making it MUCH WORSE. This is crux of the criticism. It’s not about “smearing” Obama – It’s about institution of some degree of sound and responsible fiscal policy.
Posted by: tjp612 | July 17, 2009, 4:36 pm 4:36 pm
Sorry .. . lies and dishonesty to smear the President are appalling, whether you have the moral character to recognize it or not. Posted by: danita | Jul 17, 2009 4:26:09 PM
__________________________________
Two words: Dan Rather
Posted by: Traffic Cop Timmy | July 17, 2009, 4:50 pm 4:50 pm
tjp . . .
You are missing my point – your interpretation of TARP and later funding is your own – no problem there.
What I have been pointing to is that on this blog, over and over again the ‘right’ have tried to lump all of the TARP funs in with President Obama’s spending – in order to smear the President.
This dishonestly to smear the President is appalling and it’s gone on over and over again here.
Posted by: danita | July 17, 2009, 4:53 pm 4:53 pm
This president has inherited a mess
Posted by: rightbehind | July 17, 2009, 6:11 pm 6:11 pm
He inherited a mess, but he knew that when he ran for President. Now it is HIS responsibility to reform the financial system, which he refuses to do.
According to Paul Krugman, a Nobel Prize winner in economics, no real recovery can take place until the financial system is regulated the way it used to be, and companies can no longer legally gamble with our money expecting to be bailed out by the taxpayers when they screw up.
The stimulus is just a band aid, and not a very good one.
Posted by: bubbles | July 17, 2009, 7:22 pm 7:22 pm
Resued from the “brink of collapse”, “back from the abyss” . . . if only your grasp of english and your comprehension levels were better Timmy, you’d have a chance of making sense yourself.
Posted by: danita | Jul 17, 2009 2:13:01 PM
_______________________________
This is from the OTHER Summers article:
“The administration, stated Summers, has already made a great deal of progress in these rescue efforts.
““If we were at the brink of catastrophe at the beginning of the year, we have walked some substantial distance back from the abyss,” he stated.”
“GREAT DEAL OF PROGRESS”
“WE HAVE WALKED SOME SUBSTANTIAL DISTANCE BACK FROM THE ABYSS”
So what is YOUR comprehension level on these statements? Maybe you should actually start reading instead of jumping all over a couple of words that suit your argument. I’ll stick with my original comment.
================================
He also repeatedly told us that things might well get worse before they get better. He addressed us and told us these things a number of times.
Posted by: danita | Jul 16, 2009 10:17:30 PM
____________________________________
Goodness, what will we do now that the administration is saying we’re back from the abyss? Does this mean that Obama repeatedly telling us that things might well get worse before they get better wasn’t true? Or did he just “misread the economy” – again. Oh, wait that was Joe. Obama said “we didn’t have complete information.” We’re gonna need a chart…
Posted by: Traffic Cop Timmy | Jul 17, 2009 2:03:43 PM
Posted by: Traffic Cop Timmy | July 17, 2009, 9:12 pm 9:12 pm
“The nation’s economy has been rescued from the brink of collapse, President Obama’s top economic adviser believes.”
Belief- “confidence in the truth or existence of something not immediately susceptible to rigorous proof”
Let’s see. Unemployment up to 9.5% and rising. Foreclosures up 15%. GDP down. There is a new revised report coming out at the end of this month, that will update the projected GDP figures, but it won’t be pretty. The people that do have jobs, are working less and less hours. People without jobs are staying unemployed longer and longer. States are cutting jobs and programs. When might this administration look for a business solution to our problems instead of a political one? We are sinking lower and lower while they stand back and watch.
Posted by: George | July 17, 2009, 11:23 pm 11:23 pm
“The nation’s economy has been rescued from the brink of collapse, President Obama’s top economic adviser believes.”
____________________________________
In this case ‘believes’ means that there are no guarantees – and no easy fixes.
This is a global economic crisis. Many countries are experienced rising unemployment rates, budget crises and rising deficits. This was a major economic collapse – if we’re lucky that collapse has been halted.
“When might this administration look for a business solution to our problems instead of a political one? We are sinking lower and lower while they stand back and watch.”
Would that such a simplistic explanation held water, but it doesn’t and the description of ‘stand back and watch’ is hardly accurate.
Strange that some people seem to think this is just an American problem and that the answers are obvious and simple – strangely shallow that is.
You might as easily say, “when is the world going to pull out of this massive recession”.
Posted by: danita | July 18, 2009, 3:41 am 3:41 am
This president has inherited a messed up family. He has eight half-siblings — seven of them living — by four other marriages or relationships of his parents.
He ran for president. He won. This is the job he wanted. It is his to scr-w up or not. So far, it appears he is leaning towards the former.
Posted by: Danilo | July 18, 2009, 11:50 am 11:50 am
I think Obama is doing a nasty job. Most people seem to think so too,
Posted by: Craig | July 18, 2009, 6:24 pm 6:24 pm
A few questions for the president’s critics:
1) What would you have done differently to restore confidence in the banking system?
2) Could you have predicted the bankruptcy of GM and Chrysler?
3) Could you have predicted that they’d already be out of bankruptcy?
4) What of value did we get from Bush’s $5 trillion in deficit spending that culminated in the economic collapse?
5) Don’t you think it a bit disingenuous for Republicans to complain about Obama when, prior to the current economic crisis, of the $10 trillion deficit, $8 trillion came under Republican presidents?
Come on, people. Don’t mistake criticism for leadership. Where are the good Republican ideas?
Posted by: Michael | July 20, 2009, 11:04 pm 11:04 pm
When you are on the left criticism equals “smear”. Have the “one” call Gov Palin to understand what “smear” means.
Posted by: Ralph | July 20, 2009, 11:48 pm 11:48 pm
A few questions for the president’s critics:
1) What would you have done differently to restore confidence in the banking system?
Exactly what was done – recapitalize the banks – it tooke the Fed 5 years during the Great Depression (1934) to do this and this created 2 years of >10% GDP growth before the 2nd leg of the depression hit when Roosevelt raised taxes.
2) Could you have predicted the bankruptcy of GM and Chrysler?
I did and none of my clients owned debt or equity in those firms – predicted it in 2005 – but thought the solution was a real bankruptcy (like the airlines) that would break the unions, not a faux bankruptcy that served as a Union and Obama takeover.
3) Could you have predicted that they’d already be out of bankruptcy?
It was not a real bankruptcy – it was a Union and Obama takeover. In a real bankruptcy, the unions would have been broken and recieved nothing for their unsecured claims.
4) What of value did we get from Bush’s $5 trillion in deficit spending that culminated in the economic collapse?
The collapse came from housing due to artificially low rates by Greenspan for too long, bank’s not duing due dilegence and simply refusing credit to people that could not repay it (because of political pressures to lend to poor people). Most of Bush’s deficit was due to the two wars.
5) Don’t you think it a bit disingenuous for Republicans to complain about Obama when, prior to the current economic crisis, of the $10 trillion deficit, $8 trillion came under Republican presidents?
Conservatives complain about Obama because our values are the same as the founding father’s and Obamas values and direction are crap.
Posted by: Richard Elliot | July 22, 2009, 12:00 pm 12:00 pm
People, this is the fault of both parties because they allow the Federal Reserve control of the money…. Obama is Bush on Steroids! We will see a total collapse of our financial system within Obaba’s term…
The real questions is, are they purposely trying to destroy the middle class? You have to wonder…..
Posted by: Himself | August 6, 2009, 10:25 am 10:25 am