Posted on 09/15/2010 2:02:21 PM PDT by Starman417
WASHINGTON (AP) - Confronting misgivings, even in his own party, President Barack Obama mounted a stout defense of his blueprint to overhaul the economy Thursday, declaring the national crisis is "not as bad as we think" and his plans will speed recovery.
Barack Obama recently named Austan Goolsbee, the wanna-be comedian, to lead the Council of Economic Advisers. Goolsbee tells America that unemployment will remain high for, well, likely as long as Obama remains President:
"I don't think the unemployment rate will be coming down significantly at any time in the near future," according to POLITICO's Mike Allen.
Obama has described Goolsbee as
"...someone who has a deep appreciation of how the economy affects everyday people,”
Sounds great, if only you could believe it. Goolsbee is just another policy wonk who has zero experience in the real business world. He is the perfect fit for the Obama administration.
But Goolsbee doesn't hold a candle to Larry Summers or Tim Geithner. Summers, a key player in the first stimulus package, is often described as a genius, but his genius seems to lie in his crystal clear hindsight.
He was all for a stimulus package in late 2008, but in 2001 argued against stimulus spending:
"The idea that a huge spending program is the way to stimulate the economy, or the idea that the way to get better at high tech is for the government to take over the technology industries, these kinds of ideas basically have become passe because they've been disproven,"
He is described as foreseeing the mortgage crisis;
“Three months ago it was reasonable to expect that the subprime credit crisis would be a financially significant event but not one that would threaten the overall pattern of economic growth. This is still a possible outcome but no longer the preponderant probability,”
Yet Summers was an architect of that crisis.
In 1998 Brooksley Born, chair of the Commodity Futures Trading Commission, decided that derivatives ought to be regulated but encountered a buzzsaw of opposition:
(Excerpt) Read more at floppingaces.net...
“declaring the national crisis is “not as bad as we think”
For once, he’s right. It worse!
This is predictable based on the failure of Cuba to have an economic recovery for 70 years under Castrati
oops, sorry, 50 years, it just seems like 70
0bummer’s promises have degenerated to things are not as bad as they seem.
There will be no recovery as long as Democrats control Washington.
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