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worse than a lie , i think he actually believed spending 1.5 trillion dollar deficits per year would make things better.
i do not see why we should complain when he takes vacations , on vacation he cant screw the economy up. take a vacation till 2012
Well most of that 1.5 trillion dollars ended up in the account of some American business . How do you think Uncle Sam gets things done. Our GNP is about 15 trilion dollars in size. So that deficit is about 10% of the earnings of America's business and keeps as many as 10 million people on the payroll. So if you are so insistent on not spending the money are you willing to make life easy on the management by going down to HR and tending your resignation before they have to make it an involentary separation due to poor business conditions? Remember unemployment is just like an unpaid vacation that never ends.
Record foreclosures which was suppose to be stopped with the stimulus creating jobs and helping those in trouble. DID NOT WORK!
Record bankruptcy filings, which the stimulus was suppose to create all those good paying jobs so people would have money to pay their bills. DID NOT WORK!
Record empty homes in many cities. Cities now bulldozing empty homes in record numbers. Thanks Obama and his economic genius team of gurus.
Wait, the dems will find a way to get all those losers who wont work/welfare types into those homes because they deserve to own a home and that number will get all better.
Record homeless people.
All brought to you by a demoratic dunce in the WH and a demoratic controlled and corrupt congress.by the way the word is "democratic" who is the dunce?
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Yet another blame the present for the sins of the past thread.
Obama didn't cause the housing issue but was in fact left a mess in the economy. If anyone thinks that disaster can be fixed in a couple of years then they are a fool. It took at least 8 years to create such a mess. Obama is using what by most economist are sound methods to lessen the hurt and attempt to resuscitate a dead economy.
You say... various actions didn't work. I say you have no idea what you are talking about. A stimulus doesn't work in the means of i spend a dollar and I get to see the results of it the next day. it takes years to fully benefit that that sort of program.
Look at the process - I get 100,000 in the purchase of a home, who benefits? the bank and all the employees, a title company, a realtor, a home inspector, possibly some repairmen. and so forth. Now each of these goes and spends this money, on rent, on shoes, on food, on gas and so on. and each of those can spend those sums on similar things. so the impact of $100,000 in the economy is more like a 10,000,000 impact.
This is the basics to a stimulus in the economy and they do work, they have no choice in having an impact. You say, but it didn't fix the problem, ok no it won't be the only solution to a fix, but also it could have kept the problem from being much much worse. so when one says it didn't work they have no means to actually measure the course without it, undoubtedly it would have meant fewer jobs in banking, real estate and various other services.
I can tell you from a front row seat in the housing market the stimulus had a huge impact., just as the stimulus did for the auto industry.
People like to think oh let them fail, if they can't compete they deserve to fail. again this is an ill informed position not recognizing the interconnections. If you let a GM fail you would have sunk the US and the world into a massive depression , while some that avoids the impact, may shrug it off those of your citizens impacted may have a different view.
1 car plant keeps thousands of other companies a float, not unlike the connections when Lehman was allowed to fail. One reckless decision almost crashed the entire economy and it forced the shoring up of all the other companies impacted. We can directly trace Lehman failure to the issue with AIG and most every other financial institution. a few billion would have saved a nations fortune.
Likewise, a few Billion saved an auto industry and 10's of thousands of jobs. We wasted $700,000,000,000 in 2009 on interest paid to the banks that own the Federal reserve, for printing our money. You worry about a $10B bailout when this goes on? aim your sites on the big money, not the chump change. the increase in military spending from 2009 - 2010 was greater than the entire Dept of education budget, $50B increase vs $46B dept ed budget. The 2011 military budget is projected to be $718 B
In 2 pen strokes one could save $1T annually. ( and no I didn't eradicate defense spending)
Now you have had a brief education in economics, vs hearsay and conjecture from the ignorant masses.
So tell me again how it didn't work.
BTW.... I just found this ....
The Obama administration's economic stimulus package has added as many as 3.3 million jobs in the second quarter of this year, the nonpartisan Congressional Budget Office (CBO) reported on Tuesday.dated Aug 24, 2010....
Home sales crashed because the homebuyer's bribe program ended (thank God!)
We have over-invested in residential real estate for many years. Tax breaks, government policies, tax-payer subsidies for mortgage finance...all went to feed this insanity.
We are no richer because hundreds of thousands of giant homes were built. In fact, that capital could have been more wisely invested in more productive ways that would have made us wealthier as a country.
Now our capital can go to more productive purposes. The temporary shock to sales, a result of prior government intervention, should not be used in a panic to encourage more of the same wrong-headed policies that got us into the mess.
It's going to take a few months for these luckless souls to realize that in order to sell, they have to massively cut their prices. After the principal reductions take hold for some on HAMP, "homeowners" (using the term loosely because these particular folks are just tenants IMO) will be more flexible in lowering the price massively without being underwater by much.
I'm with SUmmers. I think Obama should buy everyone a house, too, like every other president before him has done. Free mortgages for those who can't afford them. ZERO OUT Fannie and freddie. Just write it off, like a bad debt. And to get this magical money this will require, please, take all mine and his...via taxes. We won't even need a paycheck, once the government does everything for us. I'm with him. Pure socialism, baby. Lets do it.
I'm quitting my job tomorrow. Now, who's buying my house for me. That's what I need to know. Oh yeah, I need some newshoes, too. I got a wife and kids. Prob with all this free time, I'll make some more kids. Obama needs to take care of those, too.
I'm with SUmmers. I think Obama should buy everyone a house, too, like every other preisdent before him has done. Free mortgages for those who can't afford them. ZERO OUT Fannie and freddie. Just write it off, like a bad debt. And to get this magical money this will require, please, take all mine and his...via taxes. We won't even need a paycheck, once the government does everything for us. I'm with him. Pure socialism, baby. Lets do it.
I'm quitting my job tomorrow. Now, who's buying my house for me. That's what I need to know. Oh yeah, I need some newshoes, too. I got a wife and kids. Prob with all this free time, I'll make some more kids. Obama needs to take care of those, too.
HOPE AND CHANGE.
P.S.
Ridiculous thread is ridiculous.
Don't get too sarcastic. My Kindle came from Obamabucks.
Supply and demand - the housing bubble was about building houses that were not needed, entire subdivisions were going up overnight throughout the country. The housing developers got rich quick, the government helped with that and that's all that matter to them.
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Look at the big picture...
