Skip to comments.Obama aides change their rhetoric on economy (The two faces of the Obama Regime)
Posted on 03/15/2009 9:58:40 AM PDT by NormsRevenge
WASHINGTON One of President Barack Obama's economic advisers said Sunday that the economy is fundamentally sound, a striking reversal from the Democrat's campaign rhetoric as his administration now guides the nation's financial health amid dire conditions.
Obama's Democratic allies pleaded for patience for an administration hitting the two-month mark this week, while Republicans said the White House's plans ignore small business and the immediate need to fix what ails the economy.
During the fall campaign, Obama mercilessly mocked his Republican opponent, Sen. John McCain, for declaring, "The fundamentals of our economy are strong." Obama's team painted the veteran senator as out of touch and failing to grasp the challenges facing the country.
On Sunday, economic adviser Christina Romer was asked during an appearance on NBC's "Meet the Press" if the fundamentals of the economy were sound. "Of course they are sound," she replied.
(Excerpt) Read more at news.yahoo.com ...
Lie when necessary
Lie when it isn't.
i noticed this change.
their sycophant media stopped the whine and raised the praise.
Mac was entirely correct saying that fundamentals are strong - they are diverse and educated workforce, economy that is not dependent on some particular sector, etc. People tend to confuse fundamentals with ups and downs. The roof that leaks does not mean that the basement crumbles.
This is war room bullsh t. Since the bombies had egg on their faces over the stock market crash since election, they were dreaming of a rally to take credit for, and the present bounce was just the ticket.
And the MSM just went, “See? The policies are working!” The MSM are just so hip.
The Commie ‘RATS intentionally sent the U.S. economy into a flat spin and can’t pull it out. All they can do now is lie, point fingers and hope for the best. It’s not working out like they planned. DemocRAT ideas never do.
Politics is politics! The sky is falling unless the President’s spending bill is passed. Afterward it’s “Oops, my bad”.
I was surprised to hear both John King and David Gregory raise this issue today concerning the fundamentals of the economy being sound in March 2009, but not back in September 2008 when McCain made the same remark. It was fun seeing Christina Romer run around in circles attempting to defend Obama’s two-faced policy. Still, the liberal establishment remains in full cover mode for Obama’s leftist agenda and that isn’t about to change anytime soon.
The List, ping
"The power of holding two contradictory beliefs in one's mind simultaneously, and accepting both of them....To tell deliberate lies while genuinely believing in them, to forget any fact that has become inconvenient, and then, when it becomes necessary again, to draw it back from oblivion for just so long as it is needed, to deny the existence of objective reality and all the while to take account of the reality which one denies all this is indispensably necessary. Even in using the word doublethink it is necessary to exercise doublethink. For by using the word one admits that one is tampering with reality; by a fresh act of doublethink one erases this knowledge; and so on indefinitely, with the lie always one leap ahead of the truth."
I don’t think Christina Romer is gonna be around for long. She just comes across as someone’s jolly aunt who’s always about ready to burst out laughing. She looks like she’d be fun to work with, though. I can see her at five o’clock, “Who wants to go out for pizza?”
Well, Christina Romer is no Harry Von Zell. The Burns and Allen Show was great fun. What do I win?
Oh, I see.
They did; but they don’t want to pull it out.
Usually, on these abrupt “turn-arounds” on issues, one has to always follow the money trail. The Rats but the economy into a dive to further aid and abet their communist/marxist agenda. The problem was that the diving economy started affecting their big donors’ pocketbooks and the Rats kinda got the message. So now, the economic collapse has been “cancelled” this week. Nothing to see here...move along.
These clowns are something to behold.
They are correct. It's the incompetence of the Obama administration and the current crisis in leadership that will devastate our economy unless they get him out of office somehow.
And Obama's name, like Carter's will forever be a weight around the ankle of the DNC if they don't.
And they are only just beginning to realize this...
I kinda feel like that today too, lol.
An Orwell prophesy fulfilled in our time.
Republican talking point disaster, Bush and McCain. This was McCain's end.
As far as Obama goes it looks like he is calculating the public doesnt want anymore big spending while the economy is tanking, making him own the stock market was perfect, so now they talk it up a bit “Things are not so bad after all” to move onto health care and card check unionization.
Listen from 3:40 through 4:10.
Tag line reminds me if one of favorite movies from my childhood: Seven Faces of Dr. Lao, staring Tony Randall. If you have seen the movie I think you will know what I mean.
No, the economy wasn’t strong then, and it isn’t strong now. We built up far too much debt to finance a pittance of growth in the last seven years, and this level of new debt creation could not be extended forever.
In this case, it was the basement that cracked, not the roof. When the financial sector implodes, it takes the economy with it. That’s been proven true in every financial sector collapse in every country where it has happened for the last 150+ years.
He and his Fed buddies need the rest of your $$$$. Tempting people to put back the 50-60% of their 401K’s, IRA’s etc. that they didn’t lose, so they can grab that too after the next drop in the market, and you can count in it, there will be one. Not falling for it.
“Mac was entirely correct saying that fundamentals are strong”
* * * *
I did not disagree with him when he said it either, but of course the MSM and DNC used it to mock him with, and when he failed to vote against the bailout (which would have been the bold and correct move) he just compounded his credibility problems.
Also, look at the leftist agenda that they've gotten in place during “Phase I”, much of which has been and will be overlooked even more so if the market raises and the economy is said to be “fixed/fine”. We know we can expect more during Phase II.
Broadcast the new acronym:
Yes, it did. Denials to the contrary ignore mountains of evidence of unsustainable levels of debt, leverage, etc and non-performance of debt at very high levels of leverage leads to debt deflations as we have here.
Looks like they’re gonna waste a “crisis” after all.
Planning to Turn Rahm Emanuel’s Seat Red
REDSTATE.COM | March 15, 2009 | Warner Todd Huston
Posted on 03/15/2009 8:25:49 AM PDT by EternalVigilance
Yea. I have such a vague idea about what I’m talking about that if you search my postings here on FR, you can see that I was well aware of what was coming a long time before McCain was making such idiotic pronouncements as he did in the campaign. I was also largely in cash from August 2007 onwards, taking shorts on various banks on the way down.
Such is the profit of my ignorance, I suppose.
In this case partial ignorance helps indeed, I suppose. Because trying to make money on fundamentals of the economy is an extremely, extremely long-term strategy;-)
OK, so let’s talk “extremely long term fundamentals.”
On the long-term fundamentals of the US economy, I have this to say:
For the last 10 years, growth in consumer spending has been driven by easy debt. The growth of wages was stagnant, and the employment recovery from the 2002/2003 recession/bear market was really pretty mediocre by long-term standards. Consumers spent wildly, but with OPM.
Now the bill is coming due, and going forward, bankers will no longer be lending so freely to consumers. The Baby Boomers do not have the time necessary to use the compounding action of the market to recover their losses; they now must start saving cash in liquid, safe vehicles for their retirement. This will pull a bunch of money away from consumption.
Since consumption was 70% of the US GDP, and will likely be declining to no more than 66 to 65% of GDP going forward as a result of consumer savings and frugality, coupled with a decrease in easy credit... I expect some of the fundamentals of the US economy to change, long-term. For example, I don’t expect the US auto market to achieve 16+ million units per year going forward for quite some time to come. We’ve got oodles of cars available out there. The US auto companies and the US Congress keep assuming that if they could just get “by this rough patch, that Detroit will recover....”
No, they won’t. They have a lot of excess capacity for the auto market going forward in the days of tougher credit.
Same deal with housing. We have a glut of housing in the US, and absent a big burst of economic growth resulting in wage growth to support sustainable ownership of this housing, there’s not going to be a big burst of new homeowners, especially as the Boomers retire and down-size their real estate holdings.
The long-term issue in debt deflations is that prior levels of growth that were propped up with credit are not achievable again on the basis of fundamental growth for years. That’s what led me to go to cash in 2007, not some market timing signal. The #1 “red flag” I saw in 2007 was the number of people who were defaulting on mortgages from the very first payment out to the sixth month of the mortgage went off the historical charts. In other words, people were taking out debt that had no intention or ability to repay. That this was happening in real estate was classic sign of the end of a credit expansion.
We’ve been through debt deflations before, so they’re long-term cyclic patterns in western economies. Somewhere, some moron at the Harvard Business School started this idiotic assumption that we could never again experience debt deflations because a) we had them in the past, but now b) economists were oh-so-much-smarter than they were before.
When I read Fisher’s 1933 paper on debt deflations, every symptom of “the debt disease” he lays out is with us today, yet economists keep wanting to dance around these issues while quoting Fisher’s contemporary Keynes, who was writing some of the prescriptions for dealing with a debt deflation. Today this is, to say the least, at least as humorous as watching someone stalk around with a .416 Rigby in their living room at the same time the person in question refuses to admit that there’s an elephant sitting there. If there is no debt deflation, then why are we flinging so much money into the economy, which would be inflationary.... but we’re not seeing a) any inflation or b) any calls for withdrawal of the stimulus, and c) we see calls for MORE stimulus?
So going back to our safari hunter in the living room analogy, our hapless nimrods are firing hither and yon, making a riotous and glorious noise... but aiming rather closely on either side of this elephant they refuse to admit exist in the room. If there were no elephant, why keep missing so closely?
The long-term history of credit expansion is repeating. We (along with Japan and Europe) are dealing with a convergence of long-term credit cycles and demographics. Japan, Europe and the US are going to suffer the economic double-whammy of the draw-down of Boomer consumption as well as increased medical costs, pay-go/pension liabilities and reduced tax income from the rapidly aging Boomer cohort.
Going forward, we have some very long-term fundamental issues that, while not insurmountable, become steady, persistent headwinds for the economy for many years to come.
That long term enough for your consideration?
I would not even read the screed. This is ridiculous.
I say this. Russia’s economy fundamentals are weak - economy is fully dependent on one sector, decreasing population, high rate of diseases among people in the work age, low rate of investments, undeveloped law and protection, etc. However, there was a lot of money to make there just a year ago and probably will be in some future.
It’s different things.
If you are fundamentally strong - meaning your heart, lungs, kidneys and immune system are healthy, then it does not mean you never catch cold or an infection. It means you are unlikely to die from it. But at any given time you just might be sicker than a person with impaired health - just because you are under weather and the other guy is not.
And that’s it w/respect to fundamentals.