Biden: "We Misread How Bad the Economy Was"

Misread Economy

Vice President Joe Biden said the Obama administration "misread how bad the economy was" but stands by its stimulus package and believes the plan will create more jobs as the pace of its spending picks up.

Biden said it's premature to say whether the country will need a second stimulus package.

I know people will get up in arms about this coming from Fox News, but that doesn't take away from the article. Good to know we have the nations 'best' economists and politicians trying to not work things out. Looks like they'll keep spending until they see some positive results.

My only question is how do you misread a failing economy?

If an engine fails it fails, doesn't matter what part caused the failure when it fails it just plain fails and then you have to fix it.

Sure there are signs many times to a failure and if you know what those signs are there is a chance to avoid the failure.

Problem is they just kept re-fueling the engine even though the fuel appears to be leaking. So it's losing fuel faster than we anticipated so we are going to keep adding more? Eventually that leaking fuel is going to hit a hot spot and the whole car is going to go up in flames.

They just need to hit the pause button at the moment and look for the real problem before it's too late and there is no economy left.

Mark my words :

"The Obama Administration will try to get a second stimulus package and they will succeed through manipulative propaganda and media deceptoin."

If he said that (and with it being Biden, I believe it) the folks in the White House are again scratching their heads wondering why they chose this buffoon to be second in charge. That one statement undermines two months of Obama trying to calm the populace with his own group of misleading statements. If the economy is that good why is it another two stores here in town had their windows boarded up and the business go bankrupt. One of these businesses was there for 35 years. The other was a family business of 60+ years. Ya, they 'MISREAD' the economy alright! """BS"""

Zindo

One of the problems that I see regarding the recovery of the economy is that the politicians that we have are basically 'lawyers'. The majority of them don't know jack about the economy, and don't really care about how to fix it. They will say and do whatever they need to, in order to sucker people to vote them in for more years.

These economists that they are getting, are pay to play economists. They will say what the politicians want to hear, instead of saying where the economy is headed. I like to call them 'faux-casters,' because they can't forecast worth a lick. It doesn't take a genius to see that things are getting worse, and yet, the 'smartest people in the room' politicians and MSM keep throwing us junk, so not to rile up the general public.

reply to post by IKnowNothing



If your in a room full of morons, finding the smartest person is kind of a moot point! Isn't it?


Zindo

A quick note: Biden is on ABC's This Week With George Stephanopoulo right now! This is the interview referred to in the article. Will post my thoughts after this interview.

Until then... Ciao!

Originally posted by Darthorious
My only question is how do you misread a failing economy?

By being completely out of touch with it. So focused on celebrating your victory, and your plans to quickly reform the nation, expecting that no matter how you spend trillions of dollars it will make the economy better, so why not bail out the big boys and let it trickle down to the little people?

Watching and believing your own state run news media outlets, listening to radical advisers who tell you that "it really isn't that bad" "We have bottomed out" "things are improving" etc.

Being a fool and making huge mistakes with your plans and taxpayer money left you with the need to say something as stupid as "We Misread How Bad the Economy Was" and expecting that the stupid, ignorant, apathetic and extremely gullible American people would buy that bull# excuse.

reply to post by Walkswithfish


The sad thing is, the majority of the American public will accept that excuse. People don't often like to admit that they were wrong, so they continue fighting and believing that they were right. It's like when an individual lies, and starts to get called out on it, they will continue to fight until they can prove that they are right.

When you've dug yourself in a hole and digging won't get you out, digging faster is not the answer.

reply to post by IKnowNothing


Let me tell you what that stupid comment compares to so maybe some of these blind Americans can possibly "get it"...

It amounts to having members of the Obama administration come into your homes, take as much of your cash as they can get their hands on, going to the nearest casino, losing it all, then sending you a message saying "We thought we were going to win"

reply to post by IKnowNothing


The American dream does not exist. It never did and it never will.
It was an ideology that helped create the illusion that suburbia was the way things were meant to be.

Make people slaves to the 9-5 routine, making sure their lawns are neat and tidy and that there are enough distractions to keep people from becoming involved with and educated about the true processes of governance and finance.
These smoke and mirror games have allowed the city state (watch ring of power) to take over most of the world while most everyone concerns themselves with things that are trivial like pop culture.

Wake up America, it is YOUR money they are blowing. It is YOUR freedom and liberty they plan to eliminate, it is YOURS and your future generations slavery they they plan for. It is YOU who allow them to do this.

Apparently they didn't misread the gullibility of the American people.

Originally posted by IKnowNothing
reply to post by Walkswithfish

 

The sad thing is, the majority of the American public will accept that excuse. People don't often like to admit that they were wrong, so they continue fighting and believing that they were right. It's like when an individual lies, and starts to get called out on it, they will continue to fight until they can prove that they are right.

I do agree that Americans will accept the excuse, not for being naive, but out of denial and helplessness i.e. bury your hard in the sand syndrome/excuse.

Yes... the lies will continue, our current Administration's political party has so much to lose to honest and in the end they will also fail much like our past Administration's fall from grace...

The next three and half years will be interesting, unemployment will continue to rise... government spending will rise... political leaders falling from grace will rise... I see a new political party emerging out of this!

My thoughts on the posted subject!

Well... I got off track... IKnowNothing will you accept my apology for
straying off course.

Ciao!

Originally posted by Walkswithfish
Wake up America, it is YOUR money they are blowing. It is YOUR freedom and liberty they plan to eliminate, it is YOURS and your future generations slavery they they plan for. It is YOU who allow them to do this.

Apparently they didn't misread the gullibility of the American people.

Amen... I hear ya Reverend Walkswithfish!!!

Originally posted by IKnowNothing
Looks like they'll keep spending until they see some positive results.

WHAT??? I hope to God you were being sarcastic and I missed it.

Originally posted by Darthorious
My only question is how do you misread a failing economy?

They didnt' misread anything. Obama's masters knew exactly what
they were doing putting him (an inexperienced nitwit) in as POTUS.
His NWO masters have crafted this economic failure in America brilliantly.

Someone should give Biden the number to this website...then at the least he will know to fire his economic analysts.Misread? i mean come on...without delving into the quagmire of financial mumbo jumbo all one needs to do is look at the unemployment rate plus figure out what percentages mean and you have a bad future ahead of you.

[edit on 5-7-2009 by Solomons]

The clock is ticking, when the alarm sounds how many Americans will wake up?

How many will hit the snooze button and go back to sleep?

Goodnight America.

Just watch history will repeat itself.

They will hire a bunch of businessmen to come in and see what has gone wrong, a report will be issued and swept under the rug and nothing changed. Meanwhile wall street will have a new re-born faith in the system and investments will go up as if nothing ever happened just for it all to start all over again in 6-10 years.

So my question is if they do a second stimulus and it fails - which it would, then what, a third, a forth?

The stimulous was supposed to get banks lending and consumers spending, but banks aren't lending and consumers are saving at the highest rate in 15 years. The reasons are simple:

1. There are very few good loans to make because there are not that many credit worthy borrowers(ones that are not already in debt up to their eyeballs) , or exciting lending opportunities in a down economy.

2. The credit worthy borrowers do not want to take unnecessary risks like expanding their business in a bad economy, but instead are concerned with having enough money saved to survive the recession.

3. The banks are broke and need the money to stay in business, with all of their loans, and credit card debt defaulting.

So the first stimulus has been a colossal failure, because the only thing that will fix the economy is for the excessive levels of debt to be removed. Instead of acknowledging this, they want more debt?

This is just stupid/dishonest they have to know that they are already starting to have problems selling treasuries and there is hundreds of billions still to sell just this year. How can they think there is any way we can even afford another stimulus? It's really hard to believe they are this stupid which really makes me wonder if this is an intentional destruction of the US economy.