Friday, December 18, 2009, 5:52AM ET - U.S. Markets open in 3 hours and 38 minutes.

Obama Warns of 'Catastrophe:' What Happened to 'Hope' and 'Change?'

Posted Feb 05, 2009 12:07pm EST by Aaron Task in Newsmakers, Recession
Barack Obama's cap on executive pay for bailout recipients yesterday overshadowed his comments about the stimulus bill, which deserve greater scrutiny.

"A failure to act, and act now [on the bill], will turn crisis into a catastrophe," Obama said, sounding a lot more like his predecessor than the candidate of hope and change.

Meet the new boss, same as the old boss?

Even as he sees the potential for a near-term rally, Todd Harrison, CEO of Minyanville.com, says Obama is understandably worried about the risk of Congressional inaction. "He's right there's potential for this [economy] to get much worse and manifest itself not only financially, but through societal unrest," he says.

More than Obama's rhetoric or what's in the stimulus bill, Harrison is worried that protectionist policies worldwide could lead to heightened geopolitical tension and, ultimately, global war. Now that's something to really be worried about.

Go to Tech Ticker
274 votes|Recommend this

664 Comments

Yahoo! Finance User
Yahoo! Finance User - Thursday February 05, 2009 12:11PM EST

Well, even if the president doesn't, I still have hope.

Yahoo! Finance User
Yahoo! Finance User - Thursday February 05, 2009 12:13PM EST

Where is that ding bat interviewed on election day salivating over the fact that the messiah would pay her mortgage and buy her gasoline?

larry
larry - Thursday February 05, 2009 12:17PM EST

Obama, what a joke. And I voted for him,despite the admonishments of others. A stimulus bill filled with pork and Democrat filled social program give aways. Build stuff, Obama. Put people to work,rebuild our crumbling infrastructure. Sigh....new boss same as the old boss.

NeilB
NeilB - Thursday February 05, 2009 12:18PM EST

Outside of the fact that the Democrats see an opportunty to give more money to things that are not needed to spark the economy, what's the difference from the Bush administration? The press releases sound the same. Is this change?

Stephen N
Stephen N - Thursday February 05, 2009 12:19PM EST

What is ....."the point of no return"?????

ezshooter
ezshooter - Thursday February 05, 2009 12:18PM EST

Obama indicated all trade agreements will be respected. Beyond our trade agreements we should buy American, and China can keep their exploding cell phone batteries. This bill needs to pass now. Why should Iraq, which we taxpayers finance at $12 billion per month, be the only country that gets US tax dollars to build highways, road and water treatment plants. Let's build some of that stuff in America for once.

Yahoo! Finance User
Yahoo! Finance User - Thursday February 05, 2009 12:27PM EST

We are a country with a low savings rate compared to other industrial countries. We need to save more. Yet, our economy requires consumer spending to keep it afloat. Wow, what a paradox! How do we get out of this trap? I say bite the tough bullet, take tough medicine, reward savings, punish consumer spending.

JBJD
JBJD - Thursday February 05, 2009 12:28PM EST

The CEO's response to the question about whether this is like Bush was totally off. Bush's fear mongering (re: 9/11, terrorism, etc., albeit perhaps not about Iraq) was similarly grounded in reasonable fears. The issue isn’t whether there’s some basis for such fear mongering. The issue is whether appealing to people’s fear and pushing for rushed agreement on wide-reaching plans is a good approach and consistent with the hope and change message. It isn’t. It’s like 9/12/01 all over again. The bottom line is that Obama is no longer campaigning. Faced with reality, his tune is changing - from lobbyists in his administration, to nonpartisanship, to fear mongering. He's a politician like the rest of them, not the messiah the media made him out to be and some voters blinded by their emotions believed. His first two weeks have been a disaster by any measure on any issue – from foreign policy to the economy. The nominations process has been a circus (and not just the tax cheats). Hopefully he can change course and lead the country out of this quagmire the Democratic-controlled Congress seems intent on digging us deeper into with their misguided failed policies. To the anticipated leftists responders, I am not a con, neocon, or republican, so spare me your robotic personal attacks.

Bruce C
Bruce C - Thursday February 05, 2009 12:29PM EST

Most important is the "War" comment, it is very true and we should act as Americans to avoid this and fix our friggin problems. It is after all the Government people, that caused all this, lack of responsibly, fact!

Robert
Robert - Thursday February 05, 2009 12:29PM EST

the problem is bigger than obama and the government........greed crashed the financial system...........arrest the guilty ones and recover the money.........it is still a crime to steal...........

Mike
Mike - Thursday February 05, 2009 12:29PM EST

The president has hope. He is not going to sit idley by and wait for Congressional windbags to turn this thing into a circus. Time IS of the essence and the clock is counting down.

Yahoo! Finance User
Yahoo! Finance User - Thursday February 05, 2009 12:30PM EST

We screwed up. We went running down that dead-end trail of greed and materialism. This is the painful period in which we re-determine our values as Americans.

Yahoo! Finance User
Yahoo! Finance User - Thursday February 05, 2009 12:31PM EST

The CEO's response to the question about whether this is like Bush was totally off. Bush's fear mongering (re: 9/11, terrorism, etc., albeit perhaps not about Iraq) was similarly grounded in reasonable fears. The issue isn’t whether there’s some basis for such fear mongering. The issue is whether appealing to people’s fear and pushing for rushed agreement on wide-reaching plans is a good approach and consistent with the hope and change message. It isn’t. It’s like 9/12/01 all over again. The bottom line is that Obama is no longer campaigning. Faced with reality, his tune is changing - from lobbyists in his administration, to nonpartisanship, to fear mongering. He's a politician like the rest of them, not the messiah the media made him out to be and some voters blinded by their emotions believed. His first two weeks have been a disaster by any measure on any issue – from foreign policy to the economy. The nominations process has been a circus (and not just the tax cheats). Hopefully he can change course and lead the country out of this quagmire the Democratic-controlled Congress seems intent on digging us deeper into with their misguided failed policies. To the anticipated leftists responders, I am not a con, neocon, or republican, so spare me your robotic personal attacks.

Art
Art - Thursday February 05, 2009 12:32PM EST

Many of us saw from the beginning that Obama is just another conman. He has no qualifications for the presidency and was elected for his left wing philosophy. There is no hope and the only change will be toward socialism.

HENRY
HENRY - Thursday February 05, 2009 12:34PM EST

Anyone saying "same ole" comparing Obama too the bush administration is a major joke. Dude have been at work for 11 days...Change is taken place..Im still laughing at the notion Obama and Bush the same... LOL LOL LOL.....

Yahoo! Finance User
Yahoo! Finance User - Thursday February 05, 2009 12:35PM EST

Obama said if they do not pass the "stimulus" then this recession could become irreversible - AMAZING. Maybe he has not heard of something called the business cycle. Gov't is, and has been for many years, trying to cancel out the busines cycle thru legislation. It only makes matters worse - just ask Japan

Robert
Robert - Thursday February 05, 2009 12:37PM EST

I did not vote for this moron. Capping pay for executives is ridiculous. And this coming from the most overpaid bunch of idiots in America - DC politicians who, HELLO!, don't want to pay taxes because it takes a big bite out of their pockets - you know, giving useless speeches to lobbyists and such. And the lunacy continues. Wake up America! And thanks for putting the Democrats (non-tax payers) in charge! Grab your ankles and watch your 401Ks go out the window. My money is sitting pretty in secured bank accounts. That is until Obama comes a-knocking for it....

Mackus
Mackus - Thursday February 05, 2009 12:39PM EST

"Irreversible recession?" That's some flippant scaremongering. President Obama: You aren't going to be president forever. The US is going to get out of this regardless of what you do.

Mackus
Mackus - Thursday February 05, 2009 12:40PM EST

"Irreversible recession?" That's some flippant scaremongering. President Obama: You aren't going to be president forever. The US is going to get out of this regardless of what you do.

James
James - Thursday February 05, 2009 12:43PM EST

robert n, WELL SAID. Obama's "Change" was a smokescreen way to get popular. First week he was president he then "changed" alraight, he told us all to be patient, the he can't do what he stated during the election. No surprise there. He can't change it in one term, no human can. The problem is greed amongst the masses, then they're the first to bellyache. Go figure.

Yahoo! reserves the right to refuse, or remove any comment that does not comply with the Yahoo! Terms of Service. The submission of spam, hateful, or obscene messages may result in the termination of your Yahoo! ID.
About Tech Ticker - Send FeedbackDisclaimer. Copyright © 2007 Yahoo! Inc. All rights reserved.
Copyright/IP Policy - Terms of Service - Privacy Policy - Help
Quotes delayed, except where indicated otherwise. Delay times are 15 mins for NASDAQ, NYSE and Amex. See also delay times for other exchanges.

Quotes and other information supplied by independent providers identified on the Yahoo! Finance partner page. Quotes are updated automatically, but will be turned off after 25 minutes of inactivity. Quotes are delayed at least 15 minutes for NASDAQ, NYSE and Amex. See also delay times for other exchanges. Real-Time continuous streaming quotes are available through our premium service. You may turn streaming quotes on or off. Fundamental company data provided by Capital IQ. Financials data provided by Edgar Online. Historical chart data and daily updates provided by Commodity Systems, Inc. (CSI). International historical chart data, daily updates, fund summary, fund performance, dividend data and Morningstar Index data provided by Morningstar, Inc. Analyst estimates data provided by Thomson Financial Network. All data provided by Thomson Financial Network is based solely upon research information provided by third party analysts. Yahoo! has not reviewed, and in no way endorses the validity of such data. Yahoo! and ThomsonFN shall not be liable for any actions taken in reliance thereon. All information provided "as is" for informational purposes only, not intended for trading purposes or advice. Neither Yahoo! nor any of independent providers is liable for any informational errors, incompleteness, or delays, or for any actions taken in reliance on information contained herein. By accessing the Yahoo! site, you agree not to redistribute the information found therein.