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On George Stephanopoulos's show, Joe Biden said, "There is no short run other than keeping the economy from absolutely tanking. That's the only short run."
"The economy is in much worse shape than we thought it was in."
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"Every single person I've spoken to agrees with every major economist. There is going to be real significant investment, whether it's $600 billion or more, or $700 billion, the clear notion is, it's a number no one thought about a year ago," he said.
The future vice president said the struggling economy will be the number one priority for the Obama Administration next year.
"The single most important thing we have to do as a new administration, to have -- to be able to have impact on all of the other things we want to do, from foreign policy to domestic policy, is we've got to begin to stem this bleeding here and begin to stop the loss of jobs in the creation of jobs," he said.
Actually I remember Obama saying something about an $800B stimulus package. But is Joe helping by alerting us to the severity of the crisis, or is he a boob for scaring us (and the rest of the world)?
But the same economist say that 800 billion willlower the unemployment rate by 1% in this huge economny. As the congressal hearings that recently finish co0ngress was told that the federal governamnt can't come close to covering the amount of money a mortgage bailoutt will cost.The entire federal busget only amounts to what 16% of GDP;that leaves 84% in private hands and state and local government.B9iden has always liiked to hear himself talk anyway.He is in trouble for saying Obama would be tested in his first year and that he does have the experience to be presdient in the primary.
It absolutely has to tank and be rebuilt in such a way that more resources go into producing things to equal our appetite for debt and consumption. This means huge, huge numbers of people are going to have to be retrained in order to make the switch from paper pushing (i.e. FIRE jobs) and retail (i.e. selling imported goods and non essential services) to producing necessary goods and services that can be purchased at home and exported abroad.
Things started turning around in 2005 the crash was in 2007 the real influence the crash had was felt the several months before the election.
What about the 3-5 year ARMS? That's the second row of domino's. Then you have all these layoffs forcing others to default that might not have if the economy was not tanking. This will lead to even more layoffs...etc.
Our economy as a whole was a bubble sustained on credit which was planned. Once they know someone is in debt they own them. You think that understanding doesn't work on nations also? The IMF is sure to help prove that wrong as nations that would normally never enter into debt are now looking in places they wouldn't normally have to help correct this.
I think the problem is our actual GDP was inflated. With the dropping of gas prices the American dollar's value increase. At the same time it's creating a crippling effect around the world. IMF steps in saves the day all they have to do is sign on the dotted line..........
December 15, 2008 In some of the starkest language he has used since the crisis erupted, Strauss-Kahn said governments around the world have endorsed this agenda, most recently at the November meeting of the Group of 20 (G-20) industrialized and emerging market countries in Washington. "Many have begun to implement it. But the actions taken so far are not enough. We need more," he said, according to the text of remarks as prepared for delivery. The event was also attended by former IMF managing Directors Michel Camdessus and Rodrigo de Rato. According to the most recent IMF forecast, the major advanced economies are expected to contract by ¼ percent on an annual basis in 2009, marking the first annual contraction in the post-war period for this group of countries. But, with the effects of the crisis spreading rapidly, IMF First Deputy Managing Director John Lipsky has said that the Fund is likely to revise downward its global forecast when it announces new numbers next month.
The work of the IMF is of three main types. Surveillance involves the monitoring of economic and financial developments, and the provision of policy advice, aimed especially at crisis-prevention. The IMF also lends to countries with balance of payments difficulties, to provide temporary financing and to support policies aimed at correcting the underlying problems; loans to low-income countries are also aimed especially at poverty reduction. Third, the IMF provides countries with technical assistance and training in its areas of expertise. Supporting all three of these activities is IMF work in economic research and statistics.
I could not think of a creditor working his way into my pocket with any more graceful words.
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I think the IMF isn't so quick on the draw anymore, though.
