Obama Issues Dire Warning On Economy

Obama Issues Dire Warning On Economy

news.aol.com

WASHINGTON (Jan. 8) - President-elect Barack Obama said Thursday the recession could "linger for years" unless Congress pumps unprecedented sums from Washington into the economy.
"I don't believe it's too late to change course, but it will be if we don't take dramatic action as soon as possible," Obama said in a speech set to be delivered at George Mason University in Fairfax, Va., outside Washington. Excerpts from his prepared text were released in advance by his transition team.

(visit the link for the full news article)

Another bailout? Stimulus package? Its coming folks and this is just going to dig a deeper hole for us. The person who they should have listened to all along was Ron Paul. The President is now talking about 10% unemployment. This is going to be a historic year for America. This has been planned for a long time and everything is coming into place. How many of these bailouts/stimulus packages are going to be pushed through congress??? When will it stop???

news.aol.com
(visit the link for the full news article)

goood ... the faster USA collapses and disintegrates , the better it is for the world

reply to post by gabriel5578


Its all good. Afterall, he's just spending other people's money. I especially love the following line:

"At this particular moment, only government can provide the short-term boost necessary to lift us from a recession this deep and severe," he said.

The government IS the problem, you moron. It has been for decades.

reply to post by sadchild01


Oh yes. Especially when the rest of the worlds economy goes down with us.

Real sharp!

When are they going to learn you cant fix inflation with more inflation.

the more money they throw at this problem the worse its going to get.
(but they already know that)


goodbye dollar, hello amero

reply to post by nyk537


As long as the country has investments in China they'll be fine

Down here in Australia we're doing fine, sitting back having a beer while we watch your corrupt empire crumble....

Originally posted by Kryties
Down here in Australia we're doing fine, sitting back having a beer while we watch your corrupt empire crumble....

Funny…that's what I'm doing too while my "corrupt empire crumbles". Things are going great!

I guess it really isn't as bad as the media makes it sound huh?

All this stimulus packages of borrowing money at the expenses of our unborn for years to come, will only prop the Wall street as usual, while the nation falls more into decay and people into desperation.

Throwing bread crumbs to the hard working Americans with stimulus checks will only benefit China and all those companies that outsource American jobs oversea and to keep the people from rioting.

Brace yourself people because this nation is going to hit bottom after Obama borrow more on what we don't have.

Well, I gotta tell you, I'm not very pleased with the people Obama has tapped for economic positions in the cabinet so far. I could really see Bush appointing Gietner and a couple of the others. That's one part of the cabinet that really needs a radical.

Obama's speech today sounds pretty bad about the economy. I'm mildly pleased that his depiction isn't quite as rosy as certain members of the press and .gov have presented over the past year.

Originally posted by nyk537

Originally posted by Kryties
Down here in Australia we're doing fine, sitting back having a beer while we watch your corrupt empire crumble....

Funny…that's what I'm doing too while my "corrupt empire crumbles". Things are going great!

I guess it really isn't as bad as the media makes it sound huh?

Not to get off topic but Australia is stronger when it comes to key economic indicators. It is not in a recession, the housing market hasn't crashed, sales were up over christmas compared to last, reserve bank interest rate is 4.25% and unemployment is low. Many countries will go down with the US, however it's unlikely everyone will and many opportunities are sure to be created if the US continues it's downward economic spiral. Many dangers from such a situation as well and not only economic.

[edit on 8-1-2009 by Jacob08]

You know what makes me angry. This guy runs his freaking campaign claiming to have a plan to fix our economy and people bought it hook, line, and sinker. And now that he has been elected, he issues a dire warning. What the hell happened to the plan? Pretty sad when even Obama don't have faith in his own plan. If he did he wouldn't be issuing his dire warning. Guess it was another opportunity for him to be in front of the mic.

I actually liked the speech it seems that he have a mind on business and on bringing the People in the front over government, but will he be truth to its world?

Mr Obama being extremely generous with money that isn't even his. Where's this money going, same place that the Goldman Sachs money went? On payrises and not on rescuing a failing business at all. Are the govt being duped? Or are they complicit, and the American public are being duped.

Edit:

Btw I'm not an economist, or an economy watcher, or even old enough to remember the last recession well. Can anyone tell me, is the usual method of surviving a recession this bailout type approach?

[edit on 8-1-2009 by Lazyninja]

reply to post by Lazyninja


No, the large-scale 'bailouts' that we're seeing are not normal. It has happened before, but it is unusual. Normally, the government will adjust fiscal and monetary policy to affect the overall economic environment. That usually involves cutting taxes (including granting tax rebates) and lowering interest rates in the face of a recession.

[edit on 8-1-2009 by vor78]

Originally posted by Lazyninja
Edit:
Btw I'm not an economist, or an economy watcher, or even old enough to remember the last recession well. Can anyone tell me, is the usual method of surviving a recession this bailout type approach?

No, it's not the usual method, not to this degree. See my signature.

Japan illustrates how bailouts and other measures the US is taking work in practice. Japan's stock market, the Nikkei, reached its historic high point in 1989 at 38,957; it's 19 years later and they've never recovered. They closed today at 8876.

Am I missing something? I watched the speech Obama gave today, and heard nothing more, than the same words he spoke, when he was running for President. He could have read it off his website..It was everything we all have already heard..Its NOT a plan..where's the plan???

This is making me sick. Lord Obama is going to drive us into a Depression - not a 'long recession'. This next 'bailout' will lead to the total collapse of our economy and the dollar. Time to crank up the printing presses again

Originally posted by sadchild01
goood ... the faster USA collapses and disintegrates , the better it is for the world

Yeah, MAYBE BUT not until 5+ of hardship.

i thought the whole thing sounded quite well thought out, he talked a lot about creating jobs by investing in capital works, to create employment.

if you read the link, the stimulus package is outlined

The package is expected to include tax cuts for businesses and middle-class workers, money to help cash-starved states with Medicaid programs and other operating costs, and a huge share for infrastructure building, investments in energy efficiency and a rebuilding of the information technology system for health care. Much of the latter portions of the plan are aimed at what Obama likes to talk about as the need for "reinvestment" and not just "recovery."

it doesn't look entirely like the bail-out you guys are imagining, sounds like the basis of a good plan to me.

EDIT: and this doesn't look to bad an idea either, it's in the last two paragraphs

Obama also promised action to address the economy's ills beyond the package, such as tackling the massive wave of home foreclosures many experts expect, preventing the failure of financial institutions, rewriting financial regulations and keeping accountable the "Wall Street wrongdoers" who engage in risky investing

[edit on 8/1/09 by pieman]