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 ...
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:
O ne
B ig
A ss
M istake
A merica!
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
http://www.freerepublic.com/focus/f-news/2207014/posts
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;-)
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