On Early Show, Economist Rips ‘Poorly-Structured’ Obama Plan [Flying Porkulus Alert]

FinkelBlog ^ | Mark Finkelstein

[governsleastgovernsbest]

Man, am I glad to be wrong. When economist Peter Morici, appearing on the Early Show in December, placed much of the blame for the automakers’ woes on the UAW, I imagined that we might have seen the last of him on CBS. I’m happy to report that my fears were unfounded.

Morici was back with a vengeance this morning, absolutely shredding Pres. Obama’s plans for the economy. Highlights:

* There’s no end in sight to bailout billions, given the wrong-headed policies the Obama admin is pursuing. * Until a “bad bank” of bad assets is created, the “one-off” bailouts of individual institutions will fail. * There’s no light at end of tunnel because stimulus package is “poorly structured.” * Obama’s plans to raise taxes is “very wrong-headed at this time.” * Geithner’s financial stability plan, Obama’s stimulus plan and Obama’s budget all scared the market. The Obama admin should learn to listen to the market.

View video.

[governsleastgovernsbest]

[governsleastgovernsbest]

Flying porkulus ping to Today show list.

[screaminsunshine]

I think Obama wants to destroy capitalism and its capital. He is a communist. Duhhh!

[Ditter]

You mean the Today show actually let him say this? Wow!

[TCats]

I posted this on an other thread and I think is is apt here about the Bailout process:

Not to worry. The gigantic Ponzi Scheme, where the Treasury issues Debt and the Fed buys it will come to the rescue. Imagine, we are literally lending money to ourselves!

Maddoff would be impressed. The only difference between this and what Maddoff did was that he had to keep getting new investors into the scheme to pay off old one. Our Gov’t just prints the money, via Fed purchases!

Actually, Maddoff is jealous I'm sure.

[allmost]

It is encouraging. It is ultimately ineffectual as well though.
Mornings. The beauty of the sunrise and the sun itself often escape me. Listen to something else in the morning, unless you're planning on a heart attack. That stream 2 blocks down? Still running...

[stayathomemom]

I predict the Obamites will discredit him because of his bow tie and glasses.

[governsleastgovernsbest]

It was the Early Show, but yes, and equally surprising!

[governsleastgovernsbest]

I hear you, but watching and criticizing the liberal media is what I do. Hopefully it serves a purpose. As for that stream two blocks down from me, Fall Creek, it is frozen solid on this 11-degree morning!

[bricklayer]

“I predict the Obamites will discredit him because of his bow tie and glasses.”

Then they run the risk of dissing the majority of the members of the nation of islam...doncha think?

[2harddrive]

Giving MORE money to failing enterprises is saying “You did the RIGHT thing!” Bad message!

[allmost]

Then get 'er done!
:)

[Ditter]

LOL I can’t stand to watch either of them anymore. I let you do the dirty work for me and I appreciate all you do.

[mikelets456]

“You mean the Today show actually let him say this? Wow!”

They will rescind his statement stating he had a nervous breakdown before the program and was brainwashed by by far right radicals during his recent hospitalization....the the bow tie

[Neverforget01]

Great to hear! Underlying problem: BAD MORTGAGES!

It needs to be said over and over and over. It had nothing to do with Bush tax cuts!

Obama using this "crisis" to support socialism is a crock.

I heard Brit Hume say it yesterday in response to polls showing Obama's "popularity" Investors (anyone with money left) are voting with their feet and buying gold.

[governsleastgovernsbest]

Thanks: I plan to keep punching!

[palmer]

As for that stream two blocks down from me, Fall Creek, it is frozen solid on this 11-degree morning!

You need to call Algore to get over there and melt it for you.

[PSYCHO-FREEP]

Forget the Bailout!

The thing that will kill this nation even quicker is Crap & Trash. (Cap & Trade)

I even believe he knows it will not pass the Legislature, so he will sign it by Executive Order and bypass Congress. (Of course, Congress would pass it, but the Senate will probably not.)

He is also now scheming on how to give it passage with only 50% of the vote instead of the usual 60%.

[allmost]

The problem with ‘the plan’ is that it cannot be justified beforehand. At all. The deficits run into the twenty teens though. Good morning. Welcome to your world, %22 is just a guideline. If you join the greencorp you pay nothing. No we’ve taken care of them...

[IrishMike]

It began as a sub-prime surprise, then became a credit crunch and is now a global financial crisis. At last month's World Economic Forum at Davos there was much finger-pointing - Russia and China blamed the US, everyone blamed the bankers, the bankers blamed everyone - but little in the way of forward-looking ideas.

Then along cones Zero Obama and the Liberal delusion with the theory that a crisis of excess debt can be solved by creating more debt.
A theory that has never worked before in any part of the world it was tried, and a quick look at Zero's stock market shows it's not working now. Despite the fawning media adoration hoisted on Zero, world markets have other ideas.