Posted on 03/13/2009 2:41:27 PM PDT by Notoriously Conservative
I was just kidding: Obama Declares: Economic crisis 'not as bad as we think'... Summers: 'Excess of fear' must be broken... Retail sales not as bad as feared...
Flashback: Obama: Stimulus needed to avoid 'catastrophe': President Barack Obama pressed Congress Monday night to urgently approve a massive economic recovery bill, using the first prime-time news conference of his presidency to warn that a failure to act "could turn a crisis into a catastrophe."
Clinton: 'Never waste a good crisis' US Secretary of State Hillary Clinton today told an audience "never waste a good crisis", as she highlighted the opportunity of rebuilding economies in a greener, less energy intensive model.
Obama urges quick passage of stimulus plan U.S. President Barack Obama urged Congress on Monday evening to quickly pass his economic stimulus plan of more than $800 billion US, saying "the federal government is the only entity left with the resources to jolt our economy back to life."
Only government "can break the vicious cycle where lost jobs lead to people spending less money, which leads to even more layoffs," Obama said during his first televised news conference in the White House since he took office Jan. 20.
Translation: Thanks for passing all our leftist pet projects; got what I wanted. Turns out it was a false alarm, everything is fine. It was bad enough that we needed to spend almost $800 billion, but not so bad that you guys should stop spending money, cause your making me look bad. Thanks folks it was nice screwing you over. Now bend over and take your stimulus.
(Excerpt) Read more at notoriouslyconservative.com ...
Kinda like “Put some ice on it”
It was so critical that the Senators couldn’t even be allowed to READ it.
Wonder if they feel stupid now? Naaaaah, they are happy they are rolling in the Stimulus bucks.
From today’s RGE Monitor’s Newsletter:
Personal consumption will continue to contract quite sharply throughout 2009 as a result of negative wealth effects from housing and equity market losses, the disappearance of home equity withdrawal starting the second half of 2008, mounting job losses, tighter credit conditions and high debt servicing ratios (the debt to income ratio went from 70% in the 1990s, to 100% in 2000 to 140% now). This structural – as opposed to cyclical – retrenchment of the U.S. consumer will result in a painful rebalancing in the economy that will raise the savings rate above 8% and a cumulative contraction of personal consumption close to US$600bn throughout the duration of the recession.
or I need the perception to be better in order to get Cap & trade, Union Card Check and Natl Health care passed....
Once those are past...he go back and be able to bash Gw some more.....
Better translation: Was it good for you, too?
It isn’t over yet. What we have here is a little bit of breathing room before the next aftershock. There are still plenty of people out of work and that is expected to start a second wave of financial losses. Apparently Citi was the only major bank to not pass the stress test, so perhaps it won’t be as bad as what we’ve seen to date, but it will have economic impact nonetheless.
One thing that I think has helped enormously is that Jamie Dimon has started on a public speaking tour of sorts, and has provided a sort of optimistic leadership for the markets. I think he finally got to the point to where he had enough of equally greedy and very opportunistic politicians taking advantage of a bad situation, and started giving some of it back to them in a way that is helpful for the public at large.
Anyway, this is just more of Obama BS that needs to be ignored because he obviously doesn’t know what he’s talking about and is just as greedy and opportunistic as the rest.
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