Originally stated by Prez. Obama for the beg. of the end of the recession… before he signed the Stimulus Bill Ya right… I bet my money that in the long term, that this will be one of the worst decisions ever made in Washington.
Agreed, stupid comment. He could have used a little Winston Churchill here and said that this was simply the end of the beginning. Willy
Nope, it is the end of the beginning.
Obama only keeps talking about how bad things are because it’s a way for him to pass the blame/responsibilities on to the previous administration, while also setting the bar a little lower for himself and thus easier for him to clear. It’s all about managing expectations…pure politics and gamesmanship. Sadly, only those people of above average intelligence (such as most participants on this forum) seem to be catching on to these hi-junks, and those who are the best at scheming are already on his cabinet…sigh
Yeah but Numi, let’s be realistic here. He was GIVEN the Presidency because he was the man who best epitomize change we need. He knew months & months ago that he was up for a tough job and I don’t think he’s endearing himself to the American public by playing the blame game or the expectations game. Willy
Obama hasn’t even been in office a full month, and already he’s the cause of the problem? You mean it’s not plausible that the present economy is bad because of actions (or inactions) of the previous administration? Sure the stock market has gone down, but I don’t think he hasn’t even had enough time for his policies to fail. Even if the proposals were genuinely destructive, I don’t think they could have had any real effect yet. It’s easy to sit on the sidelines and pick apart any proposal; what are realistic options open to policymakers? I don’t expect this plan to work magic, and we’ll presumably we will ultimately find a whole bunch of things that didn’t work and will appear to be wasted money, but I don’t think it’s too bad, given how well any of us really understand how to get through the crisis. The most problematic part so far was that Geitner didn’t express his ideas very well. This is clearly going to be a staged process, in which stage one is to stop the bleeding, stage two is to try to stabilize the sources of panic by dealing with the most immediate sources of uncertainty, and stage 3 is to return the economy to producing things that actually bring value to US consumers, business, or foreign buyers. This part of the stimulus needs to get out fast to handle phase 1, even though it tries to grapple with stage 2 and 3 too. The political issue is that congressional actors know that stage 1 will appear most politically urgent, stage 2, less so, and stage 3, even less so. Therefore, if you want to get pork-barrel spending in the bill, you have the best chance of doing it at stage 1, when the consequences of delay appear the most dire. That’s why there is so much fighting and haggling at this stage. At later stages in the process, it’s harder to do the same. Also, in many cases, pork and stimulus are more or less the same thing. For example, the bridge to nowhere was a pork project, but it’s also infrastructure. Infrastructure is exactly the kind of spending that is typically categorized as pork. But in this case, the goal of this spending is to get spending money into the hands of consumers so that businesses can profit from it; we want this spending to lead to as much genuinely productive capital creation (e.g. useful infrastructure), but if we keep people employed and therefore out of the poorhouse as well as cycle that money to private business through their spending, that’s good enough for trying to stop the downturn. Personally, so much of the trading and investing community is based on a libertarian worldview that any kind of intervention other than a government handout to banks is likely to be greeted with market panic and accusations of socialism. So, stay short while they panic. Then, once panic has subsided, it’s time to bet on stimulus having some effect.
Its not Obama’s fault but he should be careful what he says. he shouldnt say things like this is the beginning of the end. also, i have started to feel that obama will be a one-term president.
Who the hell knows what is going to happen. Even Obama’s advisors don’t know sh**. They are all just “hoping” this move or for that matter any move they make will play out well. In this sort of an environment, all decisions made are a gamble – be it made by the President or Joe the Plumber. I do agree, however, that there is no need to make such smart ass statements. It all sounds histrionic, from a hollywood movie. The big O is playing the “sad times” card a lot. We all know these are tough times. I’d give the Big O another year before I get judgemental.
Very poor comment to make… I have a feeling this will haunt him for some time.
you kidding me!?! this stimulus package equals = MISSION ACCOMPLISHED!!! opps wait wrong president…
More like “Beginning of Mission Accomplished!”
needhelp Wrote: ------------------------------------------------------- > Its not Obama’s fault but he should be careful > what he says. he shouldnt say things like this is > the beginning of the end. > > also, i have started to feel that obama will be a > one-term president. Many say this is a confidence crisis at this point. I guess he is trying to get confidence back in the markets. When you have guys like Buffett and Volcker advising you, I would listen to them.
bchadwick Wrote: ------------------------------------------------------- > More like “Beginning of Mission Accomplished!” bchadwick, That is the exact thing I was thinking about. Strange! Now Bush looks like a smart fellow, he mad mission accomplished statement after 1 year of fight. Messiah declares victory after 1 month !!
I mean he’s gotta stop being O’Bama the great orrator and start becoming O’Bama the great President. Then may-be he’ll get two terms. Willy
Bush had a horrible first four years and he got re-elected. I think O’bama can have a mediocre 4 years and still get re-elected, mainly because… who’s the next contender? Although I really don’t think these next 4 years can be mediocre, they will either make or break his presidency.
have you seen the news bits about all the people traveling to Ottawa tomorrow. My gosh some people even made a song about him calling him “Superman”. Why do Canadians think this guy is magically going to help us? We have one of the most stable economies but not spending crazy, and so far all I have heard from Obama is he wants to spend like crazy…
Maybe I’m just naive, but why aren’t we just pouring stimulus/bailout money into stemming foreclosures? If this is where the problem started, shouldnt it be where it ends? I think I read somewhere 10% of all mortgages are currently deliquent. That’s about $1T. If we backstop those losses, wouldn’t that pretty much fix everything? CDOs would no longer be toxic. CDS obligations would be minimized. Banks become recapitalized and start lending again. Credit spreads narrow. Corporations are able to access capital markets. Growth resumes.
Populist agenda, redistribution of wealth, control of the media, cult of personality, nationalization of industry. Which world leaders am I describing? Hugo Chavez and. . . .
Dermot81 Wrote: ------------------------------------------------------- > Maybe I’m just naive, but why aren’t we just > pouring stimulus/bailout money into stemming > foreclosures? If this is where the problem > started, shouldnt it be where it ends? > > I think I read somewhere 10% of all mortgages are > currently deliquent. That’s about $1T. If we > backstop those losses, wouldn’t that pretty much > fix everything? CDOs would no longer be toxic. CDS > obligations would be minimized. Banks become > recapitalized and start lending again. Credit > spreads narrow. Corporations are able to access > capital markets. Growth resumes. Do your homework again. The problem didn’t start with the drop in home equity. The problem started with the RISE in home equity. If you want to end the problem by fixing the cause, you don’t have to do anything. The free market is already doing it and the only thing that’s ticking people off is that it’s PAINFUL. So was my hangover last Sunday but it was the only way to fix the problem created by all the drinking the night before.