President-elect Barack Obama officially announced his economic team today, including Timothy Geithner (in photo) as Treasury secretary and Larry Summers as head of the National Economic Council, suggesting Obama recognizes the need to signal that he’s on top of a recovery strategy.
“We’re out with the dithering. We’re in with a bang,” adviser Austan Goolsbee said on “Face the Nation.” There are competing ideas of what should come next, though.
Over the weekend, Goolsbee and other members of the Obama team signaled they think a huge stimulus package is in order, one aimed at creating or saving 2.5 million jobs over the next two years. The Bush tax cuts for the wealthiest may be allowed to expire in 2011, rather than rolled back, suggested adviser William Daley on “Meet the Press.” On the same show, former Secretary of State James Baker said he still sees a role for President George Bush in this fragile transition period, urging Bush and Obama to craft a joint proposal “to create confidence and eliminate the fear and anxiety that’s out there, particularly in the financial markets.”
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64 Comments
Bush and Obama ‘joint proposal’ ?? — a huge stimulus package is in order ?? oh hell yes — especially for folks like me who won’t work and pay no taxes — spread that wealth around mama — let me know when my check is in the mail — HAVE YOU SEEN THE PRICE OF CIGARETTES LATELY — omg !!!
gee dadman – you sound just like those Detroit Three auto executives!
Never fear bth — Santa is on his way — you know what they say bth — it’s not that communism has been tried and found wanting — it’s just that communism has never really been given it’s ful-fledged emplementation — long live Carl Marx and Joseph Stalin
Now you are beginning to sound like the CEOs at Citi and Bear Sterns.
whatever bth!!! — Obama loves me and feels my pain
At least Reaganomics has been more than fairly tested and found wanting.
Repbus hate you and are glad to give you pain to feel. Lets you know you’re alive!
Really Phantom — free market capatalism (what a foolish system) the idea that we must all work — my sugar daddy is enough for me
AIG this time dadman?
We’er in this mess now because of unfettered and unregulated free market capitalism.
thank you Phantom — I can’t wait to see the setting-up of the re-indoctrination camps for them repubs — I’m thinking ’special-forces’ like Obama suggests
AIG ?? no money out of my pocket bth — spreadn the wealth brotha — spreadn the wealth
Puy gitmo to good use.
The Bush tax cuts for the wealthiest may be allowed to expire in 2011, rather than rolled back.
============================
Surprise, surprise The election is won. Next surprise will be to lat the tax cuts expire for everyone. But he will need to wait a few more days. Not everything at once.
Another day, another bailout in the 10’s of billions at Citigroup. We just have to worry when the money runs out for the bailouts. Weeeeee!!!
Problem is dadman you and yours want to “spread MY wealth” to the corrupt CEOs who created this mess.
RA – unfortunately, Obama will inherit the unpaid bills from Bush’s spending spree.
I agree Phantom – good place to house all these execs.
Angle, — if no-one else is going to pay their taxes — how am I supposed to pay for my rent – cell phone – cigarettes-n-beer ???? I need a bail-out
dadman
Posted November 24, 2008 at 1:01 pm | Permalink
Angle, — if no-one else is going to pay their taxes — how am I supposed to pay for my rent – cell phone – cigarettes-n-beer ???? I need a bail-out
=========================
Work is a four letter word for some people.
I got mine by working, and some want part if not all of it so they can sit on their butt. To hell with them.
RA – I got mine by working too. Too bad the execs don’t believe in work.
Did you notice that the Detroit 3 execs have no business plan to use the welfare they want? They are like their brother dadman – just want it for cigs-n-beer. Or, in their case caviar and wine.
oh, how un-loving Angle — is the big-bad govmt. going to put me out in the street — at Christmas time ?? I’ll invite CNN MSMBC ABC NBC CBS to cover the story — along with my 7 barefoot children — watch-em cave — you just watch-em cave — Ha Ha Ha Ha Ha !!!!!
Detroit 3 execs have no business plan to use the welfare they want?
===============
Fuk em’!!
Bush: More rescues like Citigroup possible
http://money.cnn.com/2008/11/24/news/economy/bush_treasury_statement/index.htm?postversion=2008112411
Welfare cheats all …
RA–
“some want part if not all of it so they can sit on their butt. To hell with them.”
My feelings exactly… about hedge fund managers.
Better move fast dadman while your boy Bush is still in. The new aproach will require you to work for it.
I agree MrC. The centerpiece of Obama’s plan is public works – let people EARN their help. A 180-degree shift from Bush.
Copying form Mom
Also – for the previous 6 years the Republicans had a simple majority control.
Do you even know what that means? It means little or nothing will get done unless the Democrats would decide to do something for the country rather than themselves and their party to fix the problems.
==========================
I blame both
Liqoure-store and porn-shoppe now open on Sundays — YIPPEEEEE !!!!! — welfare ?? don’t think of it as walfare bth (how negative of you) — think of it as an ‘investment’ from the bottom up — YIPPEEEEE !!!!! Santa is on the way
It’s my money and I want it now!!- J. G, Wentworth (sp?)
mrcontroversy – agree
BTH – AGREE
—————–
But since the Republicans had only a simple majority, the Democrats could have stopped him.
ANTI, don’t you realize that we are now a ‘collective-whole’ it’s no longer just your wealth — since when did ’selfishness’ become a virtue ??
dadman
Posted November 24, 2008 at 1:22 pm | Permalink
ANTI, don’t you realize that we are now a ‘collective-whole’ it’s no longer just your wealth — since when did ’selfishness’ become a virtue ??
=============
Correction:
It’s someone else’s money and I want it now!!!
There you go ANTI — that’s the spirit (smile)
Ben, We had all better hope that Barack Obama’s wisdom is better than Franklin D. Roosevelt’s
===================================================================
FDR’s policies prolonged Depression by 7 years, UCLA economists calculate
By
Meg Sullivan
Two UCLA economists say they have figured out why the Great Depression dragged on for almost 15 years, and they blame a suspect previously thought to be beyond reproach: President Franklin D. Roosevelt.
After scrutinizing Roosevelt’s record for four years, Harold L. Cole and Lee E. Ohanian conclude in a new study that New Deal policies signed into law 71 years ago thwarted economic recovery for seven long years.
The fact that the Depression dragged on for years convinced generations of economists and policy-makers that capitalism could not be trusted to recover from depressions and that significant government intervention was required to achieve good outcomes,” Cole said. “Ironically, our work shows that the recovery would have been very rapid had the government not intervened.”
-UCLA-
LSMS368
http://newsroom.ucla.edu/portal/ucla/FDR-s-Policies-Prolonged-Depression-5409.aspx?RelNum=5409
Right Angle – there is bad in both parties but the Republicans had a real majority in Congress from 1994 to 2000 and total control of Congress and White House from 2000 to 2006.
Why are things so bad if your precious Republicans are so wonderful? Could it be that they were on drunken sailor binge of spend, spend, spend with no cares as to the massive deficit and where they were borrowing to get the money?
And let’s not forget they were doing all this in the name of God – because after all they had all Americans up in arms about gay marriage.
Republicans were in total control for many, many years and could have done some good but they were too busy with the likes of Jack Abramhoff and some Republicans were too busy with their own sex scandals, both heterosexual and homosexual.
As for Bush working with Obama during the transition – I don’t look for anything positive to come from GWB. This man has shown where his loyalty lies and it is not with the American people.
well – it’s been fun — gotta go — my soaps comin on
dadman – soaps are more important, huh? Gotta get your daily dose of soft porn?
dadman – straight from Rush to your soaps I guess?
like I said, bth, soft porn all around?
I hope you all can realize that I’ve been playn devils advocate (smile)
I rather wonder how much sustsained carnage and human suffering would have resulted from the non-interventionist approach advocated by Cole and Ohanian. I notice it didn’t work under Hoover.
It suffices to say that their work may be useful but don’t necessarily translate into realistic policy solutions. Unfortunately, there’s a schools of economic thought that only looks at how business fares, forgetting that the well-being of individuals is the whole reason for the system in the first place.
But no one believes that Obama will take his cues directly from FDR’s playbook, ignoring any mistakes, without any insight of history. Obama specifically denied that on ‘60 minutes.’ Indeed, he does, apparently, want to learn from that period:
Obama made three other administration picks Monday as the Democrat assembled a powerful brains trust to confront the nation’s biggest economic challenge since the Great Depression.
Christina Romer, an economist at the University of California, Berkeley who is a leading expert on how the nation powered out of the 1930s depression, will chair Obama’s Council of Economic Advisers.
http://www.google.com/hostednews/afp/article/ALeqM5i7592FsAVFlxdrZgAqnn9g371DPg
I don’t know dadman – you were so perfectly consistent with youe Republican buddies in the executive suites.
PS: mom — are you ready for Iran to aquire the bomb ??
the bomb — http://video.google.com/videoplay?docid=7278951069225366106&hl=en
RightAngle
Posted November 24, 2008 at 1:15 pm | Permalink
Copying form Mom
Also – for the previous 6 years the Republicans had a simple majority control.
Do you even know what that means? It means little or nothing will get done unless the Democrats would decide to do something for the country rather than themselves and their party to fix the problems
–
In case you don’t know what copying means – it does not mean that you change the wording of what I really posted under the Tiarht thread (where you lifted this).
Next time, use the correct terminology – what you need was NOT copying – you twisted the wording to fit your own agenda. Typical Republican.
correction: what you DID was not copying
dadman – your guy Bush helped them get there faster by invading Iraq – didn’t he? And wasn’t it Reagan and Daddy Bush that gave them weapons in the 80’s. What is it with the Bush family helping Iran?
dadman – or maybe just your true self?
I’m sorry mom — I forgot that you answered YES to that question — my bad !!
Simple majority isn’t too bad if you have the executive branch on your side at the same time. But a super majority will make reconstruction so much easier.
I’m sure studies would show the famines in Africa could’ve had their duration shortened if the world would just have taken a complete hands off approach, say for 6 months.
“The Bush tax cuts for the wealthiest may be allowed to expire in 2011, rather than rolled back,”
Question #1
Are the Bush tax cuts to blame for the economy or not?
Question #2a
If they are, then why just sit and wait for them to expire in 2011 instead of rolling them back ASAP?
Question #2b
If they are not the blame for the economic crisis of 2008, then what did Bush do in regards to the economy which is to blame for the current crisis?
The Bush tax cuts are not the blame for the economy. If they were, then Obama would appeal them right away. Furthermore, Bush did practically nothing for the economy other then push tax cuts.
Since the Bush tax cuts are not the reason for the economic crisis, and Bush did nothing for the economy other then tax cuts, then the economic policies that were in place up to this point have been in place since prior to Bush’s inaguration in 2000.
Which means, Clinton’s economic policies are coming home to roost and Bush and the Republicans did nothing to attempt to correct them.
Blame on all of them.
It’s partly political, with all that needs to be done it would only cause deeper division and concerted obstructionism if Obama doesn’t let them just expire. He would’ve repealed them had not the situation worsened since the campaign.
“The fact that the Depression dragged on for years convinced generations of economists and policy-makers that capitalism could not be trusted to recover from depressions and that significant government intervention was required to achieve good outcomes,” Cole said. “Ironically, our work shows that the recovery would have been very rapid had the government not intervened.””
Isn’t that the truth!
Now that is Irony!
The more Government intervenes and screws up the economy, the more people credulously believe the very people who are screwing them and grant them even more power to “fix” (i.e. screw) the economy.
Phantom apparently believes that the Bush tax cuts are killing the economy. He also apparently believes that the economy is so bad now that the tax cuts for the wealthy (the reason for the bad economy in the first place) should be allowed to expire in 2011 instead of repealed in 2009.
Explain this to me:
IF the tax cuts are killing the economy, then how does the fact that the economy is much worse since that statement was assumed to be true a few months ago, change the fact that the tax cuts are killing the economy?
Phantom apparently believes that Obama is afraid to save the economy by repealing the tax cuts because it will engender party bickering.
Obama has more political capital now then he ever will. He is the leader America has turned to to heal the economy. He should lead and let the Republicans oppose him. If he is right, then those who oppose will be rightly voted out of office next time.
What is Obama afraid of by allowing the tax cuts to expire if they are killing the economy?
I have lived through both R and D controlled admins and they are both corrupt!
You R’s think the D’s are bad and you D’s think the R’s are bad … sad to say you are both right!
“loner34
Posted November 24, 2008 at 3:30 pm | Permalink
I have lived through both R and D controlled admins and they are both corrupt!
You R’s think the D’s are bad and you D’s think the R’s are bad … sad to say you are both right!”
And independants see that they are both shades of gray.
“Peter Schiff was right.”
http://www.youtube.com/watch?v=2I0QN-FYkpw&feature=related
Peter Schiff, who forecasted the housing collapse and its dire affect on the economy, debates economists Art Laffer and Ben Stein who both play the pollyanna and refute the idea that there is anything wrong with the economy.
I’ve been reading up on Schiff’s dismal assesment of the economy since 2006. So far he is right. Click on the above link if you want to know why the economy is the way it is and determine if Obama is charting the right course for a recovery (if a recovery can be made at this point).
Obama has to some extent work with the Obstructionist party. And, he’s a Uniter, not a divider.
I know drill Phantom, ignore the issues. Refuse to discuss how the eocnomy really is the way it is, just wave that big foam finger and support your home team like a big boobed cheerleader. Go democrats Go!
eocnomy = economy
“Even so, taxpayers are now on the hook for nearly $250 billion in potential losses in the $306 billion portfolio, including commercial real estate loans, leveraged loans, and other assets, representing 15 percent of Citigroup’s $2.05 trillion balance sheet.
Fannie and Freddie who?
Drill, baby, drill!
Here are some quotes from Mr. Jefferson that seem very appropriate to repeat today):
Jefferson in some cases could be called a prophet.
When we get piled upon one another in large cities, as in Europe, we shall become as corrupt as Europe. Thomas Jefferson
The democracy will cease to exist when you take away from those who are willing to work and give to those who would not. Thomas Jefferson
It is incumbent on every generation to pay its own debts as it goes. A principle which if acted on would save one-half the wars of the world. Thomas Jefferson
I predict future happiness for Americans if they can prevent the government from wasting the labors of the people under the pretense of taking care of them. Thomas Jefferson
My reading of history convinces me that most bad government results from too much government. Thomas Jefferson
No free man shall ever be debarred the use of arms. Thomas Jefferson
The strongest reason for the people to retain the right to keep and bear arms is, as a last resort, to protect themselves against tyranny in government. Thomas Jefferson
The tree of liberty must be refreshed from time to time with the blood of patriots and tyrants. Thomas Jefferson
To compel a man to subsidize with his taxes the propagation of ideas which he disbelieves and abhors is sinful and tyrannical. Thomas Jefferson
In light of the present financial crisis, it’s interesting to read what Thomas Jefferson said in 1802:
I believe that banking institutions are more dangerous to our liberties than standing armies. If the American people ever allow private banks to control the issue of their currency, first by inflation, then by deflation, the banks and corporations that will grow up around the banks will deprive the people of all property until their children wake-up homeless on the continent their fathers conquered.
Oh Thomas Jefferson please come back!