Posted on 03/07/2009 11:52:10 AM PST by topfile
After a week of rough economic news, President Obama on Saturday gave a pep talk to America, using his weekly radio address to tell them he understands their hardships and to tick off the steps he's prodded government to take.
"We will continue to face difficult days in the months ahead," Mr. Obama said. "But I also believe that we will get through this — that if we act swiftly and boldly and responsibly, the United States of America will emerge stronger and more prosperous than it was before."
Mr. Obama also bragged about what he said were the brakes he's applying to spending, saying that within 10 years non-defense discretionary spending will be a smaller part of the economy than any time in nearly half a century.
The Dow Jones Industrial Average dropped 436 points during the week, and the number of jobs lost since the recession began in December 2007 rose to 4.4 million, putting unemployment at more than 8 percent.
The president said he looks beyond those statistics to the people who have lost those jobs, and listed off a series of government actions he's pushed for in his less than two months in office:
• New rules to allow for easier refinancing and to push lenders to lower mortgage payments for those who are facing foreclosure.
• The $787 billion stimulus bill, which he said will meet his goal of creating or saving 3.5 million jobs in two years.
• A health care summit that, the president said, will spur the ideas that will lead to coverage for all Americans.
(Excerpt) Read more at washingtontimes.com ...
he must mean discretionary spending by you and me,(cause we'll be tax poor) not government
I have my conservative response to you Mr Zero!
PPPHHHLLLBBBTTT!
SOCIALISM IS WHAT WILL GIVE OBAMA THE BOOT IN 2012!
ONLY SOCIALIALT AND LAZY LEFTIES LIKE THE MAN. KEEP IT UP, NOBAMA...THE NATION IS WATCHING YOU AND YOUR BIG GOVERNEMENT LIES. YOU WILL FAIL US ALL AND WILL BE UNSEATED IN 2012.
He has no credibility with the producer-investor class on economic matters. And he hates people who are prudent with their money and prosperous—he wants to punish them with extraordinarily high personal income and capital gains taxes. The only idiots who buy the crap he’s selling are the non-taxpayers that he encourages at every opportunity to despise and shake down the producer-investor class.
Using his criterion, yes!
And furthermore, all 3.6 mil will be employed by....the government!!! Surprise! Surprise!!!
CA....
Thanks for the explanation!
I understand the thinking behind this, but of course there are those pesky unintended consequences. :)
So it sounds like as housing prices rose during this time, 50% (50%!!) of loans were still allocated to “low income” individuals. I’m guessing income didn’t rise at the same rate as housing, so the number of people in that low income bracket were buying homes that were increasinging out of their price range. Right?
He is going to boost it right into socialism.
Indeed, Obama is trying to boost the Nation like my Palesinian neighbors try to boost my car.
One anecdote that comes to mind is a $500,000 mortgage loaned by Washington Mutual. What did this couple do? Was one of them a doctor? A business owner? Nope. Both of them worked at McDonalds. A sad, sad case of extremely poor judgement by both borrower and lender, but the lender’s hands may have been tied because of CRA restrictions.
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