Defending Stimulus, Obama Preaches Patience, Seeks to Regain Credibility

Recessions linger for a long time folks. It ain't over until the fat lady sings. We are only in act II of the recession and there is a lot more damage to come.

The best stimulus that would put this economy going again would be one that would help the middle/lower wage earners, in income tax cuts,cuts in capital gains and the death tax. Tax rebates, larger than the one Bush gave, maybe $1500.00 per taxpayer, would be the shot in the arm to put more money in use on mainstreet. No economy will gain ,in any market, if mainstreet is in the doldrums. You have got to have money moving between patrons and the business owners. But, doing this is not on Obama's agenda. He does not want this country to get going. It is not in his training or tutoring that he has received the past thirty years to allow this country to remain in capitalism. He is a socialist to the bone and wants to control us through massive government and probably a police state. If we cannot change Congress next year, we may have voted in our last presidential election. If no change in Congress , we will break into a major war before the next election and Congress will declare a emergency state and forego the election, And,....Our freedom will be gone.... Everybody needs to vote next year for a REAL CHANGE.... God Bless Our Country.

Could this happen with a 9.4% jobless rate and a all-but-certain 11% rate before the year end? Could this happen with a 130 debt to income ratio? Could this happen with a $13.87 trillion net worth destruction of the US Households based on our own Fed Fund Report since Q3 2007? Could this happen with a synchronized global race to the bottom featured by the upcoming SPECTACULAR collapse of fraudulent economy of People's Republic of China (their days are numbered. You shoud not be surprised when I say their economy will collapse in less than 600 days) if you have ever come to a slight realization of their loan losses. The latest breath-taking fraud is, "New Chinese bank lending for June was 1.53 trillion yuan ($224 billion), double the lending in May. The total already for the year is an astounding 7.4 trillion yuan when the target for the entire year was 5 trillion. World Bank endorsed the modified-communist fraudster by inexplicably tagging the fraudulent GDP at $3.38 trillion. If you hold your nose tightly, it would be a 30% GDP so far! ******* One more set of numbers to crunch: the pork barrol stimulus spending of $800 billion will be very ineffcient and wasteful. Have you followed the "Big Dig" in Boston? Have you driven through that mess both literally and figuratively? Is it for a fact that the stimulus funds have been very slow to deploy and will go on for at least 2 more years? Can that win a food race with ever increasing jobless rate and a $13.87 trillion net worth destruction and counting??? Conclusion: In this case, Schiller's "BUT COULD go down a lot" should be safely revised to "Most likely will go down a lot". I would lean more toward Gary Shilling's $40 S&P EPS, although I can see it is still too generous. The best prediction is the future is unpreditable; But it does not mean conditions cannot induce the inevitable. This is a not a paradox becuase the latter requires you to simply include ALL determining variables in a specific set of relationship or relationships. If you have a 6 month to 12 month horizon, the likelihoods of successful selling at these price levels are simply overwhelming.

Shovel-ready projects... as in early graves that will save Social Security and Medicare?

Our trade deficit is improving and will continue to improve as the world slips into decline. We need to keep selling the debt off at low interest rates and invest the barrowed money on projects in America for America. It will continue be good time for people with money to buy or invest. People without money will look to government for relief as job growth will be slow for a couple of years.

don't bother to read it, don't bother to check my background, I am a proud tax and spend and will spend all of your money, plus what I haven't got yet, Michell is very proud to have a six hundred dollar pair of tennies, and a six thousad dollar handbag, of course we only paid nine hundred for it, you silly taxpayers paid the rest. Don't worry I will redistribute your money from the workers to my welfare buddies from Chicag and Acorn

According to Obama his solution is right on track...Then the media should be dismissing Biden's "missread comments, nobody knew how bad (LOL, lots of folks warned you), second stimulus, etc,." as pure Biden Speak (BS), Pelosi/Geithner trips to China/Saudi Arabia to tell our debtors that their investment in the US is safe (they are still laughing), polls don't count because US voters are stupid anyway.......So - private sector job losses, billions of payback money to ACORN, hiding bank toxic assets from their books, subsidized auto/banking industry, increasing taxes/fees on the producing sector of the US economy, fudging saved and goverment job created numbers are all normal and the ARRA program is right on track and everyone should stop asking Obama these silly questions....Wow, as an employed person I and millions of unemployed people feel better already.

Correction: foot race , NOT food race.

Our elected officials have failed us! They are leading us into the abyss. Into the valley of death. Silly pie-in-the-sky, starey eyed liberls are leading us. They have hitched their stars to underworld creeps (Chicago mobsters) and scumbag lawyers. (one and the same). We will contunue on this downward spiral until we stop electing lawyers. Anyone who thinks socialism is the answer has either never studied history, or is incapable of learning it's lessons.

Obama made us OWNERS of a BK car company, Obama made us OWNERS of an insurance company, Obama made us OWNERS of a few banks.... I do not remember Bush ever firing a CEO because they borrowed money from the government... or Telling car companies how to make cars. Obama the a dictating socialist, not Bush......... Obama Government jobs, yeah so? Do you know who pays for government jobs?? WE DO! How can people defend Obama?? Oh wait, I know.. blame Bush for Obama's increase in spending, that's an intelligent response.. The words "BUSH MADE ME DO IT" will be on Obama's grave.

I think more and more Americans are just starting to realize what this President's agenda is all about...control!! Why do we need 3 branches of Government like the framers of the Constitution installed, put it all in 1 branch, with the Executive. Hey, I think we need more Czars!! Moreover, Stimulus was/is not about jobs, its about creating more and more Government that will eventually crowd out the private sector, thereby effectively putting all control in the hands of the Prez. It's really sick to watch: Cap and Trade! Healthcare Reform!! If these two pass, kiss the country you know and love goodbye, because next stop is Cuba!!

yep, stimulus is right on track.... 4.5 billion to ACORN.... awwww, insures reelection in 2010.....only spent 6% of the stimulus (mostly to ACORN types)... saving the rest for 2010 for the libs to pass out to their districts/states to get reelected... ah, BUYING MORE VOTES.. LOLOLOL.... stimulus? what stimulus?.. shovel ready jobs? green jobs? a joke... OBAMA PRINTING MORE MONEY AND LOSING MORE JOBS THAN ANYONE IN HISTORY.....NOT EVEN CLOSE....now barry says... patience, grasshopper, patience... no job?? TFB... lolol.. wait a couple of years...... TUFF chit.. The willing state run media and the two clowns in TT are shills for obama.... carrying his water 24/7....pssst this is OBAMA'S RECESSION BOYS AND GIRLS.. OBAMA IS MAKING IT WORSE... TRY TO GET OVER YOU BUSH DERANGEMENT SYNDROME ALREADY..... DULLARDS

So, Obama's lost 2 million jobs, eh? Bush lost 4 million, but he's the good guy, right? Obama's the socialist, but Bush increased the size of government more than any other President except for Roosevelt. If you look at the private sector, Bush lost 2 million jobs in his first term, and another 5 million in his second. But if you factor in the government jobs, he CREATED jobs in his first term and only lost 4 million in his second. But OBAMA's the big government socialist??? Where were the Republicans??? I want my party back!!! ========= How do you figure BUSH lost 7 million jobs? You fricken people will make up anything to prove your point even if you couldn't ptove it with a gun against your head. You are scarey because you are so foolish.

Well at least he is addressing the issue, he is a very smart man. BUT, The administration completely set themselves up for this. All his supporters took it hook line and sinker. And preach him as faultless and defend him to the nth degree and they looked like idiots. I have to admit I dislike his blind followers more then Obama himself. Some of the crap and dribble they spew out defending him and his policies are ridiculous.

Could've changed the banking system but didn't. The stimulus is staggered to coincide with the next election.

1st and foremost Democracy is a team game, and without that it is nothing more then the tyranny of the majority. And right now only one team is on the field.

Be patient on the stimulus? Exactly why did this bill have to be passed without anyone reading it. What about the transparency of all bills being posted for 72 hours for everyone to read. The President is somewhere between delusional and naive. Good thing they passed the bill an prevented unemployment from going to 8.5% without the stimulus. These guys are nuts for thinking that spending our children's future will actually work. All it does is prolong and defer the inevitable. THE BUBBLE HAS BURST. THERE WILL BE A SERIOUS CORRECTION. Spend, spend, spend is not the answer.

The answer to the problem is raise taxes and cut spending. You can't balance a budget by getting us more in debt. That only delays the problem and passes it on to future administrations. Something that all politicians do, however he is the worst. All you ass holes who voted for him thinking that he had a clue and could solve the probelm will be fooled again. But you will all say its not his fault...Poor Obama...lets blame it on Bush. Wasn't Obama elected to solve the problem, instead of placing blame on Bush? Hes not up for the job and never has been. My predictions is that "he will not run and will not accept another 4 years" Sound familiar?

Obama's presidential career is riding on this.

Obama talked green shoots left and right. he raised expectations so it is his fault. he has wasted trillions bailing out wall street and hardly anything bailing mainstreet. He said he represented change and staffed his white house with wall steet insiders. He has let wall street manipulate the markets for their benefit. this has increased borrowing costs, increased the price of oil, and hurt the dollar. the net effect has been to hurt the american people for wall street benefits. This is why Obama does not deserve more time. He would have deserved the time if he waz woking for us, but he isn't and does not deserve more time. He has failed thse who voted for him and voted for change. he has done just about what george bush would have done.