Posted on 07/07/2011 11:11:19 AM PDT by mandaladon
The first questioner in the White House’s “Twitter Town Hall” asked President Barack Obama about the mistakes he had made while in office, and he promptly volunteered his government’s inability to reverse the steep decline in housing prices and to meet the public’s expectation of a quick economic recovery.
Most of the time, however, President Barack Obama used today’s event to repeat his campaign themes, debt ceiling pitch, and proposals to cut defense spending.
One thing he would have “done differently,” Obama said, “would have been to explain to the American people that it was going to take a while for us to get out of this” recession. “Even I did not realize the magnitude – because most economists didn’t realize the magnitude – of the recession … [and so] people were not prepared for how long this would take.”
“I take responsibility for that because setting people’s expectations is part of how you end up being able to respond well,” he said.
Republicans say Obama’s policies have slowed the recovery from the recession. Businesses are reluctant to expand production or to hire staff for fear that new government regulations, such as health care rules, would increase their costs faster than their revenues could rise, say Republicans and business lobbyists.
“The other area is housing,” he said. “The continuing decline in the housing market hasn’t bottomed out as quickly as we expected … that has probably been the most stubborn of problems.”
The decline in housing prices came after the massive government-driven bubble in housing prices seen during the last 10 years. That bubble was spurred by government policies dating back to the 1980s and 1990s, and it burst when many low-income people were unable to afford their large mortgages.
(Excerpt) Read more at dailycaller.com ...
"Even I " is the remark of a consummate egotistic narcissist!
"More Bush's fault than we thought."
Wait a minute! I thought this was the greatest financial crisis since the great depression! I remember hearing that a zillion times from the Zero, his loyal socialists in the White Hut and all the Media zombies!
I call bull$hit!
That he is merely a demigod or avatar rather than Divinity itself?
http://www.youtube.com/watch?v=5zTiiEGa_VU&feature=related
How humble - a real man of the people.
He apologized for possibly, maybe, perhaps being just a little, teeny, eentsy bit less than perfect - but for just a minute or two at most.
Obama and his DemocRats started this mess, (remember they won the midterms in 06)He should own up to it!
THAT’S what I thought, too! So running around like your head was on fire and your a$$e$ were catching when they declared a financial crisis was just an act until now?
Somebody’s got video of Christina Romer refuting Obama’s claim,btw.
Odumbass has never learned HOW to think- only WHAT to think.
He has one solution for every problem- more taxes and government spending.
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