President Obama Anticipates Tomorrow’s GDP Numbers Will Show Further Contraction

Barack and his ballerina just spin and spin. Exactly what leads him to believe that the economic crisis has been averted? Guess he hasn’t tried to get a loan lately for his small business. No one is lending money. “…the credit system, the banking system, the financial markets generally have settled down. You’re not seeing the huge volatility or panic that you would see.” Not a clue about economics, not a clue.

“Exactly what leads him to believe that the economic crisis has been averted?”
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Usually, in the case of someone as well-placed as the President of the United States, it is top-level economists who would provide this assessment to the President.
You will remember that the Bush administration did not listen to top-level economists who predicted an imminent collapse – and instead Bush called it a ‘rough patch’. The economy then proceeded into a free-fall that has got us where we are now.

“I don’t know about anyone else, but my income would surely rebound if they would stop taking so much of it in taxes.”
Sacrifices, sacrifices are necessary. And get a 2nd job!

“Usually, in the case of someone as well-placed as the President of the United States, it is top-level economists who would provide this assessment to the President.”
Ah yes, the “Conyers Process”: Someone else bothers to do the reading. That kind of stuff isn’t important. Works for me!

Concerned in OH:”I don’t know about anyone else, but my income would surely rebound if they would stop taking so much of it in taxes.”
Amazing. Taxes have been cut to a historically low level, and as the right frequently points out, many people have fallen off the bottom of the federal income tax scale entire thanks to Reagan started Earned Income Credits! The nation has been run on a credit card for a generation. And we have JUST EXPERIENCED the abject failure of 8 years of historic tax cuts to bring job growth. Yet the Right blindly keeps repeating their mantra.
We live in the best nation on Earth, but I guess some just can’t accept paying (far less than any other first world nation of lesser stature) for it.

“The $ 800 billion stimulus passed under Obama is not stimulating.”
Don’t be so quick to judge. Goldman Sachs is very, very busy right now. As are those who outfit Madame President with fancy kicks and handbags, as well as caterers planning bruch on Martha’s Vineyard. The eggs benedict is to die for! Se you at the beach…

—And we have JUST EXPERIENCED the abject failure of 8 years of historic tax cuts to bring job growth. Yet the Right blindly keeps repeating their mantra.–
We also just experienced the continuation of such policies as well as the falure of a stimulus plan. Yet the left continues to push for more bailouts so that the gang at Goldman can get theirs. Obama = Bush’s 3rd Term.

so why would we want to emulate european socialistic styles of govt.
Urop is teh bestest!

I am noticing a modest upsurge of revenue in my own small business, and I sense a cautious, but calmer mood among my clients. I think most people recognize that President Obama is doing the right things to as great an extent as anybody could. You can’t please everyone, and sometimes in this country it seems you can’t please ANYONE. Spreading doom and gloom is simply the Republican Way, but I am not about to buy into that anymore. Reality is hard enough for all of us.

i dont have have a crystal ball…what happened to the one you used to force the stimulus bill on us with…you know the one that said if we dont due this today we will go to 8.5% unemployment. that crystal ball. this pres can no longer fool the majority of us anymore.

Broke:”We also just experienced the continuation of such policies”
Can you cite a new tax cut, or are you lying? Are you ignorant of the proposals to increase the upper tax brackets, and even reintroduce the millionaire bracket Reagan eliminated, or are you lying?

“Mistakes do get made, and this was one of the worst GLOBAL economic crashes the world has seen.”
And yet those that contributed to the housing bubble and credit crisis (which originated in the USA) and benefited from it including Alan Greenspan, George Soros, Frank Raines, Jim Johnson, Barney Frank, Chris Dodd, Maxine Waters, Jamie Gorelick, and a host of other miscreants in Washington and on Wall Street (esp. Goldman Sachs) have never been held accountable for their actions. And nobody has gone to prison for causing the collapse of Fannie Mae and Freddie Mac, which was much larger than the Enron/WorldCom debacle (where people went to prison).
Why is that?

jhw 539….TAX IS TAX to omit state taxes that europe and japan dont have would be obamanesque. the next 6 weeks while congress is on vacation we will see furter erosion of this movement that the dems are pushing. EVERY BUSINESS I know is projecting worse times ahead. the only way to make a buck is to save a buck by cutting jobs and making others do more…thats not growth but the stock market loves it.

“NOTICE how the uk kicked out the liberal party and japan is kicking out the liberal government.they have tried the socialism model….doesnt work.”
Nearly every 1st world nationa has had a nationalized healthcare system for decades.
That’s ok.
Anthony Weiner has had enough of this Republican nonsense about public options.
He has put Medicare up for being voted out of existence.
Republicans who think public options are bad can vote for Medicare to be discontinued.
Should make for an interesting 2010.

catman . ..
“NOTICE how the uk kicked out the liberal party”
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catman, you’re going to have to be a little more accurate with your ‘facts’ if you expect people to give any credit to what you’re saying.

“if payroll taxes were eliminated for one year we would have a robust economy. instead of the stimulus fiasco.”
Payroll taxes fund Social Security Medicare, and Unemployment.
What happened to the supposed mantra of fiscal responsibility?
Tell the Republican party to vote for the dissolution of Medicare, Social Security and to end unemployment insurance.
C’mon right wingers, if these programs are so bad, vote to end them.

“Socialism always fails”
ROFLMAO!
Except for every where its been tried yes.

danita….liberal equals labor. there are better solutions to this countrys mess than tax tax and spend. create jobs rather than talk about them. the lefts credibilty is gone.in 4 years we may have to learn chinese or east indian languages to buy something or pay for rent.i now know an awful lot of unemployed people that didnt exist 6 months ago and it is getting worse rather than better.

“.liberal equals labor.”
And Labor is still head of Parliament in the UK.
“there are better solutions to this countrys mess than tax tax and spend. create jobs rather than talk about them. the lefts credibilty is gone.in 4 years we may have to learn chinese or east indian languages to buy something or pay for rent.”
So the left is responsible for outsourcing not capitalism.
Interesting theory.

danita…thank you for the compliment.hah!every one i know saw the real estate bubble and the failure to rein in fannie and freddie.to allow those who helped create this mess stay in power and attempt to lead us out is tantamount to allowing someone with 3 DUIs drive my car. not a wise thing to do. i guarantee that if you or me were given a trillion dollars to spend we would have created a job or two.

danita labour finished second to conservatives…..

danita…do some research…uk consrvative party takes 17 pt lead over labor. gordon brown job on firing line…july 25 2009″
Learn to read
“Meanwhile newspapers predicted doom for the centre-left party at the next general election – which Mr Brown must call within 11 months – following the pounding in the Norwich North constituency in eastern England.
Labour was hammered into second place by the centre-right, main opposition Conservative Party, which overturned Labour’s majority of 5,549 at the last election in 2005 to take the seat by more than 7,000 votes on Friday.”
That was a vote for 1 office when the MP quit after being caught up in their expenses scandal (which is hitting both parties)
The main elections aren’t for 11 months.

danita…uk labor suffers drubbing in byelection results…that a news headline. suprise you missed these.”
Maybe because danita knows to read more than just a headline.
There was an election for 1 office that was left open by an MP resigning.
Labour still remains in control of Parliament.

ryanc…the labour party is doomed. winds of CHANGE are abound.gordon brown will go down.”
I thought they already lost.
But now I supposedly to believe the forecasts of Parliamentary elections in 11 months from someone who doesn’t read beyond a headline.

ryan and danita, socialists? just asking.

What’s missing here is Bush bashing.

So much for that “immediate impact” Obama promised from that “stimulus” hunk of junk.

Here is one way to fix our economy! Portugal made ALL drugs legal and they no lonnger have the huge rates of abuse the USA has. In fact they offer treatment to addicts instead of incarceration. The International Narcotics Control Board was initially apprehensive when Portugal changed its law in 2001 (see their annual report for that year), but after a mission to Portugal in 2004, it “noted that the acquisition, possession and abuse of drugs had remained prohibited,” and said “the practice of exempting small quantities of drugs from criminal prosecution is consistent with the international drug control treaties,” reads a footnote to the report.
The world’s ‘drug czar,’ Antonio Maria Costa, would have you believe that the legalization movement is calling for the abolition of drug control,” he said. “Quite the contrary, we are demanding that governments replace the failed policy of prohibition with a system that actually regulates and controls drugs, including their purity and prices, as well as who produces them and who they can be sold to. You can’t have effective control under prohibition, as we should have learned from our failed experiment with alcohol in the U.S. between 1920 and 1933.”
Making drugs legal would also put the mexican cartels out of business for good and put the money back into the hands of the U.S. government, its citizens and its economy.

Stacey:”They’re cutting taxes and government spending in order to achieve growth in the private sector. That’s a fiscally conservative policy, and the one we should be following. ”
Catch up to reality – something like 40% of people don’t even pay income taxes anymore. Bush with the Republican Congress has cut taxes to the point they can’t go lower (far lower than ever under Reagan for the top 1% of earners) if we wish to be a first world nation.
CUTTING TAXES TO HISTORIC LOWS DID NOT PREVENT THIS RECESSION, WHY WOULD IT CURE IT?

Stacey . ..
“But they’re not doing what we’re doing.”
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I’m afraid you’ve got it wrong….
“Chancellor Angela Merkel’s cabinet approved a $50 BILLION Euros stimulus package today . . . to tackle overcome the country’s deepest economic crisis since the second world war.
“The package will require a new borrowing level of $37 Billion Euros, more than twice the amount planned for 2009 before the impact of the global crisis on Europe’s largest economy was realised. It is also more than three times the amount forecast in the middle of last year.” (27 January 2009)
ALL of the other western industrial counties have done similar.
So, I’m afraid you’re quite wrong.

“Chancellor Angela Merkel’s cabinet approved a $50 BILLION Euros stimulus package today . . . to tackle overcome the country’s deepest economic crisis since the second world war.”
That story is ancient.
June 30, 2009: German Chancellor Angela Merkel defended her plan to cut taxes despite the country’s soaring budget deficit as she introduced her conservative alliance’s manifesto ahead of national elections in September.
Lower incomes taxes would “provide motivation” and encourage economic growth, Ms. Merkel told a conference of her party, the Christian Democratic Union, and its Bavarian sister party, the Christian Social Union.
“It would be wrong not to do what is right and necessary for growth, and so prevent ourselves emerging quickly from this crisis,” Ms. Merkel said in her conference speech.
The conservative parties’ election platform promises tax cuts worth €15 billion ($21 billion), but gives no time frame. The parties plan to cut the lowest income tax rate to 12% from 14% at present, raise the threshold for paying the top income tax rate of 42%, and reduce the degree to which a rising income leads to a progressively higher tax rate.
…Now, we’ll have to see if they follow through and what the effects are.

“That story may be ‘ancient’ as you say but it clearly indicates Germany instituted a major economic stimulus plan just like the United States and every other western industrial country.”
And things got worse there, even with stimulus. That’s why they changed their strategy.
Our politicians are apparently too stupid to realize our own stimulus bill failed. Mostly because it distributed forms of welfare rather than any stimulus. People who receive unemployment and Medicaid don’t create new jobs. I know, shocking. So instead of enacting policies that assist private sector job creation, Democrats apparently believe government-run healthcare and cap and trade are our highest priorities.
Meanwhile as the Democratic Party fights with itself over the details of the latest socialist legislation, the unemployment and foreclosure rates continue to climb. And Americans continue to suffer. Eventually they’ll say “Enough!”

Stacey:”"CUTTING TAXES TO HISTORIC LOWS DID NOT PREVENT THIS RECESSION, WHY WOULD IT CURE IT?”
The root causes of this particular recession are unique. T”
Oh come on, every recession is unique. Answer the question: The Republicans radically cut taxes every chance they got and we ended up with this recession. How much lower than Reagan do taxes on the top 1% have to be cut?

“Every action taken by this administration and congress–every single one–has forseeably worked against economic expansion”
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Economic expansion! Are you out of your mind? The entire economy just went into virtual collapse under the watch of the Bush administration.
There was an economic meltdown. We’re not in an ‘economic expansion’, get real – we’re attempting to level off in one of the worst GLOBAL recessions in history.
Pay attention to what has happened and quit attempting to rewrite history to fit your personal political propaganda.

Hey, my stocks have finally quit losing money and are now showing gains. I’m pretty happy with the signs of recovery so far.

The blame game is all the Obama team likes to play. Yes, money was spent, we were on a freakin war ! duhhh. Right or wrong, everyone cry out loud for more money for the troops so money was poured down. Obama has been on the job for a while now and things don’t look for him, his numbers are dropping and fast.He can’t articulate his healtplan, he has more czars than a mafia boss which by the way are dictating new policies and they are not even elected by the people.Obama has many ideas in his head since he is an expert on socialists ideas, change as he calls it. I call it something else as we say in this part of the country. If anyone of you were part of the 1% you won’t be talking all that garbage neither about the tax cuts. Is ok to point the finger to anyone but is hard to blame ourselves , isn’t it ?

To get elected Obama was out in front of the camera every single minute fear mongering. The stock market pumbeted because of it. When he started being held accountable for the failed stimulus, his dog and pony show filled with all of his liberal buddies started saying the recession is over. Basically they want Americans to believe it is over they just have no proof that it is over. The markets are improving because the President is not yelling fire! Obama is like the boy that cried wolfe.

–There was an economic meltdown. We’re not in an ‘economic expansion’, get real – we’re attempting to level off in one of the worst GLOBAL recessions in history.–
“We” are making sure the Goldman Sachs can pay the biggest bonuses in their history.

I remember the Carter years…and Obama is carter on steroids. No duh, we are doing worse. Socialist over the planet cause the same chit in their countries.

Charlie Foxtrot.
Foxtrot’n Alpha, Rush.
Roger that.

The President said “job loss is still a huge problem.”
It is really good of him to finally get his eye on the ball. The next thing we are going to hear from the faithful is ‘ its a jobless recovery.’ Tell that to the people in Ohio, Michigan, Oregon, Pennsylvania. They want to go back to work, they want to prosper and not be wards of the State. The issue is real simple: structure the economy to create jobs or get out of the way.
His stimulus plan is not working and will continue not to work because it simply will not create jobs. They spin and they spin but the truth is “they underestimated how bad it really is.” In short, they came to the gun fight with a dinner knife.