What is known in the media and Obama campaign speak as The Worst Recession Since The Great Depression, or The Great Recession, is Obama’s excuse for everything.
So keep in mind, and repeat endlessly through November 6, the recession which started under George Bush ended in June 2009 just five months after Obama took office:
The National Bureau of Economic Research, the arbiter of the start and end dates of a recession, determined that the recession that began in December 2007 ended in June 2009.
The business-cycle dating committee met by phone on Sunday and came to the determination. “In determining that a trough occurred in June 2009, the committee did not conclude that economic conditions since that month have been favorable or that the economy has returned to operating at normal capacity. Rather, the committee determined only that the recession ended and a recovery began in that month,” the committee said in a statement. The 2007-2009 recession is the longest in the post-WWII period.
The risk of a double-dip recession led the NBER to warn of weakness, but that a second dip would not be part of the prior recession:
The committee decided that any future downturn of the economy would be a new recession and not a continuation of the recession that began in December 2007. The basis for this decision was the length and strength of the recovery to date.
This means two things.
First, Obama’s economic policies had nothing to do with the end of the Bush recession, since the recession ended 5 months after Obama took office and before any of his policies, including the February 2009 Stimulus Bil, had come into effect. So Obama gets zero credit for the end of the Bush Great Recession.
Second, Obama owns the failed recovery from the recession. It took place entirely on his watch, and during a time period when Obama’s policies and threatened policies were a factor.
Obama’s failed policies have created the impression in a majority of people that the recession continues, but what we need to get people to understand is that they are experiencing Obama’s Great Failed Recovery, not Bush’s Great Recession.
So repeat this endlessly. The Bush Great Recession ended June 2009.
The Obama Great Failed Recovery is the problem.
Why anyone thinks in terms of Dem vs Rep is beyond me. Both need crony capitalism to get elected because bumper stickers are expensive $ and the sheeple only read bumper stickers.
Give me Sara Palin proposing an Icelandic plan and Stiglitz as her VP and I’ll actually vote for the cheerleader. Numbers matter.
Hank Paulson The Architect.
$3 Trillion Fed Balance Sheet
$1 Trillion fiscal deficit.
GDP growth of 1%
$3 Trillion Fed Balance Sheet
$1 Trillion fiscal deficit.
GDP growth of 8%
At this point voting for Rep is institutionalizing the Architect’s plan and legitimating Boehner’s tears in favor of the TBTF. I’m against legitimizing tears screwing savers widening the gap rich and poor, very anti Christian values. So the less worse horse has to be Obama. Sara Palin here’s an idea, grab Ron Paul’s flag.
doc. I think you give to much credit to Timmmay. He's just an architect's muppet.
Obama didn't create the recession, but we've had one of the worst recoveries in recent memory. It's usually the deeper the recession, the stronger the recovery. We came out of the 70's recession with 7% growth. We came out of this recession with 1%, 2% growth and 5 trillion in debt. Obama is a failure.
Thing is, there won't be relief from lower cost of living when TSHTF either.
World oil, grain, and commodity prices aren't so much a function of US or EU economic activity anymore.
(Keep in mind supply issues given that the oil industry is increasingly taxed and regulated most everywhere)
And taxes at all levels of govt will become much more an issue for cost of living going forward.
Add in additional fees for utilities (electricity, water, sewer) etc as red tape and more regulation adds to costs of doing business.
And NG will not remain cheap!
All this, as public sector services become more eroded and infrastructure falls apart.
Call 911 for fire, ambulance, police and wait longer.
Wait longer for govt funded healthcare services as productivity falls and costs go up.
And govt won't be in a position to increase handouts because govt debt service will have increased due to higher rates AND because of a much larger debt because of Obama's irresponsible and wasteful spending.
Might not be so bad if this spending was more economically productive but that's hardly the case here.(quote Pelosi WRT welfare and unemployment spending and how great that is for the economy lol)
So it's gonna be one doozy of an adjustment period when this all comes home to roost and my guess is most Americans are totally unprepared for what is coming down the road.
(Also consider what the NDAA legislation and a more empowered DHS might mean in terms of a govt abusing it's power domestically)
Obama: "We cannot continue to rely on our military in order to achieve the national security objectives that we've set. We've got to have a civilian national security force that's just as powerful, just as strong, just as well-funded."
Think what that means.
What justifies such a police state?
Or is there a planned event to justify all this??
If reducing forces in Iraq/Afghanistan is justified, just why is this large civilian national security force needed?
The banksters with the military industrial complex as its tool own the govt and the congress and this 'security' is not in the people's interest.
Not when a govt has shown a tendancy to overreach and abuse its power like it has.
The role and legitimacy of the SCOTUS and the Constitution are continually watered down with new appointments that serve those behind the scenes, not to stand guard for what the framers intended.
And the MSM is silent on these most important issues and instead gets wrapped up in other trivialities that get blown all out of proportion.
Kicking the can for most people won't be an option unless it's to pass the time like in a third world country and the can takes the place of a soccer ball.
Can't shoot hoops or play golf with a tin can either so it's either soccer or busking on street corners.(And people had better get a big can!)
Busking strategies will become extremely important given the 88 million + and counting that will be competing for 'change'.
Change that people can no longer believe in because it won't buy doodoo once Bernanke and Obama have finished their job.
Better get a big can.
Or load up on personal items to look after yourselvves for what's coming while you can still get what you need and can afford it.
PM's obviously play a role even if things don't breakdown and get too bad from a societal POV.
For all the increased govt debt, this jobless recovery is more than pathetic.
The unemployment rate is a joke when one considers the 88 million not participating or counted as part of the labor force now.
Amazing to see that many not counted given the number of potential working age people.
Just more sleight of hand by the BLS to make everyone think things are good.
thing is, in terms of quality of jobs, things are getting worse there too.
For every job that paid 20+/hr that was lost over the last few years, they've been replaced more by jobs paying $12/hr (or less)...with fewer benefits as small business is forced to rein in expenses.
And with Bernanke's policies of zero interest rates going out to 2014 (or longer?), things won't get better for a long time for small business ...whichis were jobs are created... as capital gets hoarded on Wall Street.
The real economy (i.e. the private sector) and savers are being deliberately sacrificed in order to prop up the Govt, WS and the banks.
And the nation's pool of savings is being steadily eroded by 100's of billions/yr ( 400 B according to Jim Rickards) and this effect is cumulative so a 2 trillion robbery over 5 yrs that will have been wiped out by robbing savers.
So much for risk free rate of return!!!
Anyone thinks that what Bernanke is doing is right for the country is out of their freaking minds.
Thing is, what little good that The Bernanke (and his loyal followers) might believe is the result of his policies is only temporary and as soon as we return to more normalized interest rates, TSWHTF.
An by then, the pool of savings will have been largely wiped out and dependence on govt for more handouts increased.
And young people who now rely on cheap credit in order to subsidize consumption will be forced to face reality.
That's when consumption will fall off a cliff.
<Who cares who the Executive is, It is wall street.> Yep.
Here are excerpts from a review of Ron Suskind's book, "Suskind's "Confidence Men" is based on 746 hours of interviews with over 200 people, including former and current members of the Obama administration - including the president...Per Suskind, President Obama decided in March, 2009 to create a plan to restructure many of the large, troubled banks, starting with Citigroup - only to learn a month later that Geithner/Treasury had ignored his directive. (Perhaps motivated by Geithner loyalty to former boss and Treasury Secretary Rubin (during the Clinton administration), then a Citigroup senior adviser and board member?) Insubordination, or protecting the president from himself?
Suskind also tells us Geithner was working behind the scenes to neutralize Elizabeth Warren and prevent her being named to leadd the new Consumer Financial Protection Bureau - per bankers' demands.
Suskind sees Obama as a passive CEO sketching out guiding principles and allowing others to fill in the details. This ended up delegating the creation of ObamaCare to Congress, and fiscal reform to Geithner - losing control and momentum in both instances. Another Obama characteristic was seeking consensus among advisers, instead of considering whether one side or the other was just plain wrong.
Geithner is even described by one major bank CEO as 'our man in Washington,' undoubtedly at least partly due to Geithner having been selected by major bank CEOs to lead the Federal Reserve Bank of New York. Geithner also had underpaid his taxes by $34,000 in recent years, via erroneous deducations."
I can't believe that I hadn't heard about this book, and I have just ordered it.
To be honest, the whole thing about Geithner is beyond belief. How did a guy who cheated on his taxes get picked to lead the IRS?
And Geithner is typically of the new breed we see way to often in Washington. He steals billions (if not trillions) in taxpayer money and then parlays his government "work" into an eight figure job.
And some people have the nerve to say Timmy the Thief is doing a heckuva job.
The fact that Obama sat by twiddling his thumbs doing nothing while Geithner directly disobeyed an order from the president shows you what a complete wimp Obama truly is. He has ZERO idea what right and wrong really are.