Barack Obama Succeeded In Getting HIs Stimulus Plan Through Congress. Now America Fails.


Double-digit unemployment, negative growth, and stagnation sure is change from the Bush administration.

On January 10, 2009, Barack Obama delivered his Weekly Address to the Nation as the then President-Elect.

He said

We start this new year in the midst of an economic crisis unlike any we have seen in our lifetime. We learned yesterday that in the past month alone, we lost more than half a million jobs – a total of nearly 2.6 million in the year 2008. Another 3.4 million Americans who want and need full-time work have had to settle for part-time jobs. And families across America are feeling the pinch as they watch debts mount, bills pile up and savings disappear.

Then he went on to say

It’s not too late to change course – but only if we take immediate and dramatic action. Our first job is to put people back to work and get our economy working again. This is an extraordinary challenge, which is why I’ve taken the extraordinary step of working – even before I take office – with my economic team and leaders of both parties on an American Recovery and Reinvestment Plan that will call for major investments to revive our economy, create jobs, and lay a solid foundation for future growth.

Eight days later, Larry Summers, Barack Obama’s head of the National Economic Council, told the world that Barack Obama would keep unemployment below ten percent.

Incumbent on keeping unemployment below ten percent was Obama’s stimulus plan.

Summers said that Obama has received a “terrific response” from Congress on his plan for a massive stimulus to pump money into the economy mainly by investing in infrastructure, alternative energy, education and healthcare.

The rest is history. Barack Obama got his stimulus plan. He got everything he wanted. He did so without a single Republican vote in the House and only three in the United States Senate.

Rush Limbaugh, me, and others have said all along that if Barack Obama were successful, America would fail. We were savaged. We were criticized. We even saw some Republicans and alleged conservatives try to marginalize us. “No, no, we want Barack Obama to succeed,” they said.

Well, Barack Obama succeeded. He got what he wanted. And the results speak for themselves. It’s just another example of Rush being right:

The U.S. economy will continue to contract “for some time to come,” said Lawrence Summers, director of the White House National Economic Council.

I expect the economy will continue to decline,” with “sharp declines in employment for quite some time this year,” Summers said today on “Fox News Sunday.”

The International Monetary Fund, which held meetings last week in Washington, cut its forecast for each of the Group of Seven economies for this year and next. The IMF, established in 1944 to aid countries in financial crisis, said the U.S. economy would shrink 2.8 percent this year and have no growth in 2010, with unemployment rising to 10.1 percent.

Because Barack Obama succeeded, our economy will collapse this year, be stagnant next year, and see double-digit unemployment. Way to go, Barry!


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18 Comments Leave a comment

But Erick, he 'inherited' the situation,

USNJIMRET (Diary) Sunday, April 26th at 11:57PM EST (link)

and certainly can’t be held to account for the fact that things are/were much worse then that evil Republican predecessor led on, can he?
Just because he was himself a Senator for two plus years before his elevation to the Oval Office, AND he has surrounded himself with a wide array of political operatives with vast government experience, that’s no reason to believe that he fully understood the magnitude of the deception that the evil Bush had perpetrated, is it?
Finally, the FACT that the entire Congress was in Democrat control for two years before his election to the office he now defames…..hardly a reason to think he should have known what the hell was going on, is it?
Or we can see it for what it is, the biggest con job in American History, executed by machine that has plotted it for decades.
And to think that there are actually some people in this country who believe it’s going to work.
That is, NOT destroy the country.

Record showed that Obama was one of those community organizing lawyers in Chicago fighting for UN-fairness in mortgage loans, specifically with CITI. Such action was the root cause of the current crisis. In effect, he didn't inherit the "situation". Obama "worked" for this crisis to happen. nt

Rod_Patrick (Diary) Monday, April 27th at 12:24AM EST (link)

Um...

Jim Monday, April 27th at 12:34AM EST (link)

Yes, Obama clearly was pushing for these crap mortgages that would never be repaid. Yes, he is exacerbating the situation right now with all these ridiculous bailouts and deficit spending.

But this is NOT a crisis brought on simply by bad mortgages being pushed by the Community Reinvestment Act. Were it not for the loose money coming from the Fed and the existence of Fannie and Freddie (giving a de facto guarantee of every mortgage by the government), the money to lend would not have been there in the first place. Alan Greenspan was the one who slashed interest rates to rock bottom in 2001-2002, which jump started this whole housing bubble.

There is plenty of blame to place on Obama and the Democrats (they don’t have a clue about what to do), but I don’t think it is a wise strategy for conservatives to attempt to paint this crisis as exclusively the fault of Obama and the Democrat party.

“If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.”
F.A. Hayek

“Laws are no longer made by a rational process of public discussion; they are made by a process of blackmail and intimidation, and they are executed in the same manner. The typical lawmaker of today is a man wholly devoid of principle — a mere counter in a grotesque and knavish game. If the right pressure could be applied to him, he would be cheerfully in favor of polygamy, astrology or cannibalism.”
H.L. Mencken

I disagree.

Rod_Patrick (Diary) Monday, April 27th at 3:27AM EST (link)

Yes, there have been so many underlying factors that caused the mortgage crisis.

But I stand with the findings of many economists and institutions including Heritage Foundation, Ayn Rand Center, and von Mises that it was really the Bad Mortgage Loans that mainly caused the Market Crash in September 2008.

Besides internal corruption and inefficiencies, Fannie Mae and the Freddie Mac were destroyed by their own modus operandi: Securing Loans of Credit-unworthy Borrowers.

As for Greenspan, I’ve always been DOUBTFUL OF THE FEDERAL RESERVE BANK.

Not so fast.

skorrent1 (Diary) Monday, April 27th at 10:51AM EST (link)

The housing bubble was created as much by artificially low interest rates as by the push to get everyone in a house. Usually, an increase in demand, as was the CRA, pushes up prices to achieve a balance. But as prices were rising, interest rates were going down to make John and Jane Doe think they could afford a more expensive house. (Same “monthly payment”.) This added gas to the bubble, as it were. When interest rates stopped going down, and in fact started back up, the Doe’s found that nobody wanted to buy their house at the price they paid. Their equity went down, even negative, and that helped pop the bubble. The Fed is not without an input to this crisis.

From another angle, what happens to lenders when the interest rate is pushed below true market rates? Lenders have to get a reasonable return, so they turn to bundling and (even higher) leveraging to increase their return, and we’re off to the races. Encouraged, of course, by the knowledge that Fannie and Freddie (and Uncle Sugar) will absorb the risk.

A Long Summation: Fed + SEC+ Fannie + Freddie + ....+ POLITICAL CORRECTNESS IN LENDING >>> SEP 2008 CRASH.

Rod_Patrick (Diary) Monday, April 27th at 8:56PM EST (link)

Fed + SEC, by the way, is a creation of Democratic blah blah blah in early 20th century.

and that deregulation they like to mis-represent....

JLenardDetroit (Diary) Monday, April 27th at 9:25PM EST (link)

Glass/Steagall(aka:Steigal [sic]) repeal of Bank limitations/separation of Standard Banking regulated/limited operations versus being allowed to also engage in other “Investment” Banking operations/opportunities… was signed by BILL CLINTON and supported by Democrats as yet another HAMMER (trade-off, forced deal) to lend yet more and more under the
CRA – Community Redevelopment Act fiasco to those who would not otherwise qualify…. Again, deregulation support by DEMOCRATS was agreed to as a quid-pro-quo that Banks gaining new authorities/opportunities they were previously restricted/regulated from engaging in was yet more of the Democrat boondoggle that led us to the Mortgage Meltdown they are now misrepresenting as all REPUBLICAN deregulation as the blame/cause…. And, of course, most MORONS are DEMOCRATS and buy into the complete and purposeful distortion of the truth/facts and are too lazy to go review the facts for themselves…. stay asleep… and pull the JackAss lever every-time!

Regards from NoMoTown (the MOTORlessCITY)
“Liberals, looking to do for? America what they’ve done for? Detroit! which is DESTROY IT!”
“I think, therefore I am Conservative”
“Conservative by choice, Republican by necessity”
“You can lead a Liberal to the Truth/Facts, but you cannot make them THINK!”
“Romney [No, not my first choice] does NOT have a MORMON problem. He has a, far too many Americans; these days; are MORONS problem!”


(RS:Help) (JLD) (Hollyweird) (Brain-deads) (SPIN-cycle) (Obamaocare) (Party of kNOw) (Conservatism) (TEApeats) (respectful) (message) (Warning: Children Will Die!!)
Heil “O” Hell No Obamao is NOT MY PRESIDENT! “No U won’t”
I want “O” to FAIL (here, here, & whole Diary (Ofail) here, is why)
The first Liberal was Satan” – a Rush caller (other Quotes)

55555! nt

Rod_Patrick (Diary) Monday, April 27th at 9:37PM EST (link)
 
 
 
 
 

So THAT's what a 'Community Organizer' is...

Britcom (Diary) Monday, April 27th at 1:03AM EST (link)

While we were preoccupied with the terrorists, Chicago took it upon themselves to build an empire of corruption and export it to Washington.

Are we now a mafiocracy just like Russia?

“The opposite of courage in our society is not cowardice, it is conformity.” – Rollo May

Is America a Democracy or a Republic?

Click here to check out my Blog.

Exactly. nt

Rod_Patrick (Diary) Monday, April 27th at 3:28AM EST (link)
 
 
 

Central planning fails once again.

Jim Monday, April 27th at 12:25AM EST (link)

The Obama-Bush-Paulson-Geithner-Bernacke attempt to “lead” the economy is going down in flames. I do take issue with characterizing (or at least inferring) this as a purely Democrat downturn brought on by Democrat policies. The blueprint in Washington over the past decade of staving off economic downturns by borrowing, spending, and inflating is not working this time. This groupthink mentality has been bipartisan, just executed in different ways (remember Bush’s stimulus checks payed for with borrowed/printed money?) But indeed Obama is at the helm just pushing the throttle even higher, driving us into the ditch at ever increasing speeds.

“If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.”
F.A. Hayek

“Laws are no longer made by a rational process of public discussion; they are made by a process of blackmail and intimidation, and they are executed in the same manner. The typical lawmaker of today is a man wholly devoid of principle — a mere counter in a grotesque and knavish game. If the right pressure could be applied to him, he would be cheerfully in favor of polygamy, astrology or cannibalism.”
H.L. Mencken

I don't recall anyone here saying Bush was for fiscal

antisocial (Diary) Monday, April 27th at 1:45AM EST (link)

discipline.

Bush increased deficit. We needed to fix the problem. So majority of Americans opt for change. Now the change agent comes in. Ho to fix it? Triple the debt.

And then he decides that it is the “job” of government to create “jobs”. And ONLY government is the answer to the problems.

And then he decides that government needs to get into car making.

And then “preferred stock” in the banks is converted into common stock. That means voting rights. Nationalization of Banking System.

This is Obama’s economy now. Obama’s job losses. Obama’s foreign policy disasters. Obama’s “Overseas Contingency Operations” (formerly Global war on terror). Obama’s debt. Obama’s fight against piracy.

When your head of the National Economic Council is sleeping on the job that’s the change Obama has brought.

Obama Doctrine – Boot On The Throat
—————————–
What is to be done?
——————————
No. You can’t – Moe Lane
——————————
The Emperor has no clothes!!!

Both 85 MPH & 115 MPH will get you a ticket...

6eorge Jetson (Diary) Monday, April 27th at 6:15AM EST (link)

One of the two is a little dangerous. The other is downright reckless.

You seem to be paying to much attention to Robert Gibbs and his analogies...

antisocial (Diary) Monday, April 27th at 7:09AM EST (link)

That classifies as torture.

Obama Doctrine – Boot On The Throat
—————————–
What is to be done?
——————————
No. You can’t – Moe Lane
——————————
The Emperor has no clothes!!!

 
 
 
 

It's part of the plan.

Michael DeWeese (Diary) Monday, April 27th at 12:28AM EST (link)

Georg Soros will be making money. He has no doubt placed mone where it will grow nicely during a US prolonged recession.

Yeah, shorting the dollar. - nt

Husker (Diary) Monday, April 27th at 6:19AM EST (link)

Shorting the dollar...

Jim Monday, April 27th at 7:19AM EST (link)

…is not a bad idea. Our currency is on a long term trajectory downward. It is not backed by gold or any other real asset and Ben Bernacke can print as much of them as he wants.

The sad thing is that the insane inflation that has been going on the past year is going to hurt a lot of people when their purchasing power vanishes due to a continuing watering down of the dollar.

“If we wish to preserve a free society, it is essential that we recognize that the desirability of a particular object is not sufficient justification for the use of coercion.”
F.A. Hayek

“Laws are no longer made by a rational process of public discussion; they are made by a process of blackmail and intimidation, and they are executed in the same manner. The typical lawmaker of today is a man wholly devoid of principle — a mere counter in a grotesque and knavish game. If the right pressure could be applied to him, he would be cheerfully in favor of polygamy, astrology or cannibalism.”
H.L. Mencken

Shorting dollars isn't a slam-dunk

Next93 (Diary) Monday, April 27th at 9:24AM EST (link)

You make money in commodities markets by betting against the market and being right. In order to short-sell anything, you need to find someone who thinks your commodity is going up, or at least thinks it’s not going to go down as much as you do.

The problem with short-selling dollars in the current market is that, anyone who thinks the dollar is going to get stronger will have to sign the agreement in crayon; they don’t allow anything with a sharp point inside the mental asylums.

Not to say Markos hasn’t figured out a way to profit from the expected plunge, but it’s probably not something as simple or obvious as shorting the dollar.

Obama was The One in 2008.
He’ll be a BIGGER one in 2012.