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Biden Acknowledges Administration 'Misread' The Economy

By Scott Wilson
Vice President Biden acknowledged today that the administration underestimated the depth of the economic recession months ago as it prepared a recovery package that is only now beginning to take effect.

"We misread how bad the economy was, but we are now only about 120 days into the recovery package," Biden said on ABC's "This Week." "The truth of the matter was, no one anticipated, no one expected that that recovery package would in fact be in a position at this point of having distributed the bulk of the money."

Figures released last week showed that the national unemployment rate has reached 9.5 percent, and that the economy is still shedding nearly half a million jobs a month.

President Obama pushed through a $787 billion stimulus package within his first month in office to slow the economic slide by replacing retreating private-sector demand, in part, with government spending.

But criticism has been mounting from the left and right, albeit for different reasons, that the plan was misconceived.

Administration officials have argued for weeks that the economic projections made before Obama took office presented an overly optimistic view of the economy, a case Biden reiterated in blunt terms today.

Conservative critics have used the mounting job losses to argue that the stimulus package - a mix of government spending and tax cuts - should have been titled more toward the latter than it was.

Meanwhile, liberal economists such as Paul Krugman have argued for more public spending, just as the stimulus money begins trickling into the economy.

After acknowledging the economic "misreading," Biden said "the second question becomes, did the economic package we put in place, including the Recovery Act, is it the right package given the circumstances we're in?"

"And we believe it is the right package given the circumstances we're in," he said.

Asked if a second stimulus package is needed, Biden said it is "premature to make that judgment."

Instead, he said, the administration will monitor the effect of the government spending in the coming months, as the public-works projects financed by federal funds move from the planning stage to the hiring and construction phase.

"And so this is just starting," Biden said. "The pace of the ball is now going to increase."

By Patricia E. Gaston  |  July 5, 2009; 12:01 PM ET
Categories:  Economy , Issues  
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Comments

The Demorats did not misread the economy but they did not fully understand the damage they did to it befor the elections. All of their media outlets and projectionest talked down the economy on a daily basis when on the radio, Tv or in the print media. Their constants attack on Bush and his Presidency made it sound as thoug we we sinking fast. No seems to remember that for two year prior to the elecion the democratrs in congress, which were numerous, all said the economy was failing and going down hill. They blamed the Republican party and Bush for these problems. But if you go and check the voting records during the time before the election you will find that deomocrats blocked every bill that might have helped stave off the problems we now have. Oblable and his minions knew that they had to destroy the economy and feed pablum to the followers of the Oblable minions. The Kool Aid was mixed and they drank it as fast as they could. The overseas markets saw what was happening and that our markets were declining. With the promises made by Oblable to bankruupt the power companies and impose all the new restriction it scared foreign investors and many of them here at home. Now as a result we have a recession with a depression in the making. The last Democrat that came in with these grandiosi plans was FDR and with him we went to depression and then WW II. We are not as far from that as we shold be. We have massive debt and bailout insured by the Goverement. Our Auto manfacturers and banks are being taken over by the goverment and as a result our freedom of choice is being limited with more to come in loss of freedoms. WHERE IS THE BIRTH CERTIFICATE?

Posted by: jmsmaxwell | July 6, 2009 10:21 PM | Report abuse

True, the oil wars did help create this recession so did those deep tax cuts for the rich. Encouraging corporations to relocate by giving them tax breaks for doing so was also a huge Bush mistake.
Lack of regulation in the financial sector and the bailout of the companies that benefited from unregulated greed can also be laid at Bush's door.
So unless you were heavily invested in Haliburton in 2003 you are like the rest of us BUUUSHED.
And if you voted for the idiot shut the fk
up.

Posted by: seemstome | July 6, 2009 10:02 PM | Report abuse

This is the same administration, that ran around this country saying this is the worst economy since the great depression.
But now they calm they didn't have a clue!!

Both Obama and Biden were sitting U.S. senators, when this economy was going sideways.
But they didn't have a clue!!

The recent cometary now coming from the executive office is a litmus test and/ or a "preemptive strike" to test the political waters, for a second stimulus bill.
Mark my words its coming!!!!!!!!!

"Yes We Can"

Posted by: dashriprock | July 6, 2009 9:17 PM | Report abuse

Joe Biden, the human gaffe machine, strikes again with the most profound UNDERSTATEMENT of the year! This administration is totally bonkers!!

Posted by: priley8104 | July 6, 2009 7:03 PM | Report abuse

If people don't have money to spend, there's only one entity that does -- government. Therefore, to close up the gap between what people were spending and what needs to be spent government has to fill that need. Hence a "stimulus."
-------------------------------------
Now that's the dumbest statement yet!! Are you related to Biden?

How does the government have money?..... think hard....... do they produce anything? do they make a profit from service or goods?

I'll help remind you,

It comes from the people... you know the ones that don't have money to spend. They force the people who work hard for their paycheck to pay them, so they can, as Obama said, spread the wealth.

Posted by: KareninIndy | July 6, 2009 3:41 PM | Report abuse

There's an adage, "he who feels it, knows it." And that is true for those of us who are feeling the pangs of this economy, -- its wide and deep. The trickle down effects from the stimulus must be shifted into something much more rapid to save those of us on the edge.

Wont use this opportunity to attack the VP; this economic melt down although now owned by the President, did not start with his team. I'm looking to a solution. Now that we have the 'reading' let the economic team move, and fast to fix it. Short of that, I fear to think of what's likely to become of America's poor and middle class.
I call for action now!
http://www.youtube.com/watch?v=u1VTurPPwaE

Posted by: Victoria5 | July 6, 2009 3:37 PM | Report abuse

If it's Joe Biden making blunderous comments it's considered Oh that Joe, how funny. But if it's Palin the attack dogs are out full force. I don't think it's especially 100% sexist though, but it is 100% Ivy League elite snobbery.

The fact is this stimulus was supposed to be hurried because the "sky was falling", and all it is full of is government spending and payoffs to supporters. How can they say the misread the economy? They were the ones saying it was a "crisis" several times a day, I heard them with my own two ears. Crisis, crisis, crisis. ....

Maybe they should consider being open to other points of view , since they "misread the economy" and got it wrong. But I will bet my money in the bank that they will just want to spend more of the same non-job and bigger government so called "stimulus", because they are never wrong about anything in their view, it just means we didn't spend enough tax payer money

Posted by: KareninIndy | July 6, 2009 3:29 PM | Report abuse

Underestimated!!! Obama/Beiden didn't estimate or underestimate anything! They never had any intention of stimulating the economy in the first place. If they did they would have created incentives for the over 5 million small businesses that unfortunately employs some of you boneheads out there that is blaming our faltering economy on the "failed economic policies" of Regan and Bush. Our reasons for going south starts and ends with liberal government and too many RINOs that thought behaving like liberals would be their ticket. W problem was that he did not use his veto stamp when he should have and he created new entitlements. Yes, I blame him too!

Posted by: Bjorn3 | July 6, 2009 3:21 PM | Report abuse

The down fall of our economy was the war and that Bush and Rumsfeld said would last 3 days or 3 weeks at the most. {WHAT IDIOTS} Then we were robbed as a nation when gasoline was $3.49 a gallon and Exxon Mobile was making $14,000.00 per second profit. But don't forget Bush said everyone has a right to make a profit. No sane working person should ever vote republican ever again unless of course you are one of the elite.

Posted by: SWAMPYPD | July 6, 2009 2:41 PM | Report abuse

This is what happens when the rich man does not listen to the poor man. Obama read the Bush lies for 8 years and did not listen to the thousands of people losing their jobs monthly. Obama should have paid off everyone's mortgage and the banks would have their money back and the people would have a home. Instead the banks have squandered the money and the people still have no homes. Try hiring a few people with no college education but some common sense.

Posted by: SWAMPYPD | July 6, 2009 2:22 PM | Report abuse

Obama read correctly BEFORE the economic "crisis" that fundamentals were not strong; he also ran AGAINST gimmicky short-term fixes. Many of us workers in the true private sector agreed with him seeing our companies struggle under the increasing overheads, esp. healthcare, dumped on our labor costs, and good jobs like mine (s/w developer) going overseas.
Obama still recognizes this, but congress, the media and other special interests are fighting it. He has made many sensible suggests, including cutting unproductive areas of goverment, moving from war to diplomacy, providing loan guarantees to get BIG infrastructure such as power plants and high speeed train done. This is what we need, not temp. stimulus that is being pushed on him by the short-term thinking status quo. The ABC host said this week "Obama has to come up with 2 million jobs". That is a ludicrous statement. This is not a dictatorship; Obama cannot simply create 2 million jobs. That will require constructive thinking by the Administration, Congress, the Media, the Private Sector to stop whining about Obama and being stuck on short-term stimulus and start looking in the mirror at what THEY ARE DOING to improve our economic competitiveness (including our labor) and make government at all levels more efficient and productive.

Posted by: cmnsns | July 6, 2009 2:14 PM | Report abuse

For those of you who are still stuck on which party caused this, I have news for you...Both parties Democrat and Republican are to blame. This economic meltdown has been brewing for a very long time. The party is over, welcome to the "Hangover"!!

Posted by: sarasota1 | July 6, 2009 10:01 AM
===========================
Yep both parties have significant involvement. They both were protecting different sides of the bubble and neither acknowledged addressing the whole problem.

Before the housing bubble it was the dot com and tech bubble.

Posted by: Cryos | July 6, 2009 1:53 PM | Report abuse

Don't recall the democRATS trying to restrict Fannie/Freddie. I do recall Sen. Dodd and Obama getting alot of financial support from them to reject plans for government regulation. Ooops, must have forgotten that, eh lib?

Posted by: trippermeow | July 5, 2009 10:26 PM

You're grasping hard at a straw called Fannie/Freddie, in a desperate attempt to dump the blame on it for the Bushed economy. Keep trying... futilely.

Posted by: TalkingHead1 | July 5, 2009 10:32 PM
====================================
Pretty big straw. $400 BILLION dollar straw. Yeah that means nothing it isn't a trillion right? Just a bigger bailout that all private companies combined.

Oh you know FF is giving out bigger bonuses than AIG right? You must be angry with your pitchfork ready. Oh that's right democrats said its not a problem so you are content to shut your eyes.

Simple fact is Fannie/Freddie enabled the greed in the private market.

-- Democrats are on record saying bad loans were worth the risk for the ideal of low income home ownership.

-- FF bought bad mortgages willingly and repackaged them.

-- Democrats in February 2008 wanted to expand their mortgage security packaging, capital to loan ratio and all the other deregulations they rail on republicans about.

-- Fannie/Freddie are costing us $400 billion and rising and guess what? We likely won't see a dime back.

But just shut your eyes, click your heels 3 times and tell yourself Fannie/Freddie is not a problem. Being a liberal I'm sure that will cover it.

Posted by: Cryos | July 6, 2009 1:50 PM | Report abuse

Well Joe, you should keep your head out of those dark places.

Posted by: sam51 | July 6, 2009 1:20 PM | Report abuse

Hey Washington Post, this is the Obama economy, not Bush's. This Biden is a silly man and no one listens or believes him anyway. By the way, where is all that stimulis money? Where has it all gone to?However, this sick economy and high unemployment is all about creating more government control for the left, it is what Obama wants in order to have hugh amounts of people depending on the federal government for assistance. It is an old totalitarian ploy.

Posted by: walterndebby | July 6, 2009 10:21 AM | Report abuse

For those of you who are still stuck on which party caused this, I have news for you...Both parties Democrat and Republican are to blame. This economic meltdown has been brewing for a very long time. The party is over, welcome to the "Hangover"!!

Posted by: sarasota1 | July 6, 2009 10:01 AM | Report abuse

Obama and Co rely on consensus not only with respect to economics, but in all other areas. Consensus politics may provide some short term political gains for it's practitioners, but the net effect is disastrous since consensus is really nothing but a hypothetical construct that may or may not be of value when positive concrete results are needed. Triangulators or consensus politicians who seek popularity rather than progress have brought this country to it's knees. Obama failed to mention in his campaign that he would average out all opinions to determine his course of action. In the end he will lose what support he currently holds and open the way for someone close to Palin's viewpoint to become president. I can't think of one single thing Obama has attempted that represents the change that many wanted. Mr Nothing!

Posted by: saintpeterii | July 6, 2009 9:36 AM | Report abuse

All this gaggle of incompetent clowns has done since Obozzo was elected by the most ignorant of the ignorant in this country is to throw sh^t on the wall to see what will stick; pure uneducated guess work, nothing more.

Where is all the p^ssing and moaning about the deficit from the libtards? The same place NOW was as Monica was getting her tonsil exams I suppose.

Oh BTW - brace your wallet since we are now about to be the recipients of the LARGEST tax increase in history - the previous two; compliments of Hillbilly Clinton.

Posted by: Bcamp55 | July 6, 2009 9:20 AM | Report abuse

Let's all try to remember this next time our candidates start making ridiculous pronouncements regarding the future of an economy in turmoil. During the first few weeks of the financial crisis, the best economists in the world couldn't have told you what the next week would bring but a community organizer and a fighter pilot told everyone how to fix it and, like foolish mice, millions upon millions allowed themselves to be influenced by this empty rhetoric.

Next time, vote based on foreign affairs. Therein lies the President's primary powers and responsibilities. DON'T vote based on nonsense that is laughable on its face!

If we don't start using our minds, we will never have a good government. We will not deserve one.

Posted by: andrew23boyle | July 6, 2009 5:51 AM | Report abuse

[QUOTE]
I like to [sic] Republican plan of guaranteeing 10 million new jobs in the first eight weeks of their taking control of Congress. They said if they don't do it they will resign from office at the end of eight weeks.

Posted by: Maddogg | July 5, 2009 1:42 PM
[/QUOTE]

Lots of freshmen Republican Representatives elected under the 1994 Contract with America promised to term limit themselves to 12 years. Plenty of them are still in Congress. One of those who overstayed his welcome was Mark Foley, by the way. (http://www.dailykos.com/story/2006/4/27/193528/108) You REALLY think a fresh batch of Cheney-Rove acolytes would fall on their swords a mere eight weeks in? If you're that big a sucker, I have a Weapon of Mass Destruction to sell you. Payment up front.

Posted by: hayesap8 | July 6, 2009 12:01 AM | Report abuse

More spending. More regulations. More printing money. More debt. More taxes. More protectionism. More socialism. Whoops...misread the economy. Let's double down on the 'more' part.

Q. How do you explain the cosmos?
Ans: "Bush did it"

Posted by: NoWeCant | July 5, 2009 10:50 PM | Report abuse

You're grasping hard at a straw called Fannie/Freddie, in a desperate attempt to dump the blame on it for the Bushed economy. Keep trying... futilely.

Posted by: TalkingHead1 | July 5, 2009 10:32 PM

What's wrong lib, was Fannie just a bump in the road? No, more like the catalyst, and I can't help but wonder who forced Fannie into the subprime market, could it be Clinton and the democRATS, who are always trying to give a bone to the black voters? Find it funny how the economy started to go south once Pelosi took office. But I know it's hard to face reality lib. Looks like your failed community organizer is making Jimmy Carter look like a genious!

LIBERALISM.....The gutless choice!

Posted by: trippermeow | July 5, 2009 10:45 PM | Report abuse

Don't recall the democRATS trying to restrict Fannie/Freddie. I do recall Sen. Dodd and Obama getting alot of financial support from them to reject plans for government regulation. Ooops, must have forgotten that, eh lib?

Posted by: trippermeow | July 5, 2009 10:26 PM

You're grasping hard at a straw called Fannie/Freddie, in a desperate attempt to dump the blame on it for the Bushed economy. Keep trying... futilely.

Posted by: TalkingHead1 | July 5, 2009 10:32 PM | Report abuse

America misread the situation when voting last November. President Obamuppet and friends have taken a bad situation and made it worse in attempting to complete a Government take over of a free society. This is what happens when the Idoctrinated,Idolizing and Indigent flock to the voting booth. Good Luck to our country we're gonna need it with this puppet in control.

Posted by: spmackin | July 5, 2009 10:31 PM | Report abuse

did you ever know anybody who shot their friend in the face? would you respect a man that lied straight faced to you? would torture and sexual humilation be the right way to win hearts and minds? Dick Cheney doesn't deserve cheap high school mockery. Wingnuts you got yourself a bonifided war criminal. take a look in the mirror wingnuts. you just put Sara "Oh my God" Palin on your ticket last time I'm sure you think she'd be doing much better...but would of quit by now.
Answer me one question wing nutters. Where were you when gdub ran us off the cliff?
were you writing silly little critiques about him? time for your hubris to end, your making fools out of your selves

Posted by: destonecipher | July 5, 2009 10:30 PM | Report abuse

Bush misread both Iraq and the domestic economy. As a matter of fact, he didn't read the economy, at all, because he was too busy with Iraq.

Posted by: TalkingHead1 | July 5, 2009 10:14 PM

Don't recall the democRATS trying to restrict Fannie/Freddie. I do recall Sen. Dodd and Obama getting alot of financial support from them to reject plans for government regulation. Ooops, must have forgotten that, eh lib?

Posted by: trippermeow | July 5, 2009 10:26 PM | Report abuse

Well well....out of the mouth of Joe....thanks for the HOPE AND CHANGE....candid, blunt and real....this guy is a gem.....a true gem.

Posted by: markone | July 5, 2009 10:26 PM | Report abuse

"If people don't have money to spend, there's only one entity that does -- government. Therefore, to close up the gap between what people were spending and what needs to be spent government has to fill that need. Hence a 'stimulus.'"

Someone please save this poor brainwashed person, must have been read a bedtime story by our buddy Joe. Why not try to think of ways to put more money in people's pockets instead of looking for the government to "fill that need"? Are there really people who still think that government can fix anything?

How about the government cut, or better yet do away with, taxes so that people and businesses have money to invest and spend, which is the only thing that is going to get us out of this hole. Let's call it "trickle up economics."

Let the people keep their hard-earned money. They will then buy things like cars, houses, necessities, and luxuries, which will create demand for those products, which will create a need for more jobs, which will mean more people with money, which they will spend. Oh yes, and maybe then companies, who will set up shop in the U.S. because of the low taxes, will earn a profit, which will make people think it is a good idea to invest in the stock market, which will pay them dividends and increase their retirement accounts, which will make them want to buy a second vacation home and will also reduce the "need" for Social Security. The government can then stop wasting taxpayer's money by throwing it into failing corporations, which won't need the help anymore because they are now profitable. The government can then get its greedy hands out of everyone's pockets and dismantle the IRS because the national sales tax will take care of funding what government we might actually need.

The government is a large part of the problem. We don't need more. We need less. And maybe it would be best if Joe didn't try to fix something that he doesn't understand. This is no time to break out Hooked on Phonics.

Posted by: lashadow | July 5, 2009 10:17 PM | Report abuse

'Bush "misreading" Iraq war intelligence didn't destroy the US economy. The Obama administration "misreading" the economy despite advise from the best economists will destroy the economy.'

Bush misread both Iraq and the domestic economy. As a matter of fact, he didn't read the economy, at all, because he was too busy with Iraq.

Posted by: TalkingHead1 | July 5, 2009 10:14 PM | Report abuse

The question in my mind is what are YOU doing to help?

Posted by: michael4 | July 5, 2009 10:03 PM

Ship all liberals to France!

Posted by: trippermeow | July 5, 2009 10:12 PM | Report abuse

We seem to have a bunch of maroons posting. Biden is simply being honest about the mess we are in. For those who expect the miraculous to occur over night, forget it. Ain't gonna happen. Obama, and Biden, have said from day 1 that it's going to be a long process. And it will be. The question in my mind is what are YOU doing to help?

Posted by: michael4 | July 5, 2009 10:03 PM | Report abuse

This is just great, a republican made recession and the Democrats have no idea how to stop the hemmoraging.

Posted by: shipfreakbo214 | July 5, 2009 9:56 PM | Report abuse

Obama 2012 campaign slogan.............Dumb and Dumber..Change Back To The Way Things Were Before We Screwed America.

Posted by: nobama2012 | July 5, 2009 9:56 PM | Report abuse

Hey Joe....which way did he go ? which way did he go ? Meathead. Sit down and shut up you.

Posted by: nobama2012 | July 5, 2009 9:50 PM | Report abuse

One thing that WOULD help immensely would be a return to accelerated depreciation of real estate, the old ACRS system that was in effect pre-1986. That would help clear out real estate inventory, by making depreciation deductions occur more quickly for investors on both residential and commercial properties, making them more valuable.

Posted by: michael4 | July 5, 2009 9:48 PM | Report abuse

Here's a way for the Government to save some money. Get rid of Secret Service protection for Barack. Nobody would dare attempt to take him out knowing Joe "Chucklehead" Biden was waiting in the wings. The best thing about Joe Biden is he makes Barack look like a genius. Maybe that was the goal when they picked him. Was Homer Simpson not available ?

Posted by: nobama2012 | July 5, 2009 9:45 PM | Report abuse

Posted by: losthorizon10 | July 5, 2009 7:32 PM

You can't blame him-- who could know the extent to which the Great Republican Depression was going to decimate America?

Given the lag time in the economy, it's clear that George Bush's policies continue to do damage to America.

Let the wingnuts now rant about this, but sane people know that the economy runs in cycles, and none of this is President Obama's fault- he's only been in office five months!

It's going to take a long time to undo the damage of the GOP's fiscal policies- we all knew that. I trust my president to be a lot smarter than the greedheaded morons who ran things between 2001 and 2008!

Thank you, President Obama, for doing a great job repairing America from the harm that conservatives have done.

*************************************

And let's not forget that Obama has stuck with most of the previous administrations policies. So I guess YOU we're wrong and now betrayed. LOL will the stup1d ever wake up.


Posted by: askgees | July 5, 2009 8:03 PM

===========================================

Totally agree. So I have a question for the original poster, so how long exactly do a President's policies take to make an impact on the country? I ask because based on your logic, Clinton then road the wave of the economic policies that were set up by the original Bush. And that the second Bush had to deal with the eventual disasterous policies put in place by Clinton (i.e. deregulation of banks). So lets do hope the economic policies of Rep do kick in soon so the economy can recover. But based on Binden's response it sounds like the Dems dont really have a clue to what is going on. I wonder when the Dems will begin to take ownership of this country and stop playing the blame game everytime one of their ideas fails.

Posted by: sanmateo1850 | July 5, 2009 9:41 PM | Report abuse

Joe Biden you mental incompetent. You "misread" the directions on a cake box. You don't misread the economy. You were elected to the second highest position in the country. You should make a guest appearance on "Are You Smarter Than a Fifth Grader". With your reasoning I would assume that all Democrats would now excuse George Bush because he "misread" Iraq. Oops.

Posted by: nobama2012 | July 5, 2009 9:39 PM | Report abuse

I think some of the Obama voters must have misoverestimated Joe "the Wookie" Biden.

He never runs out of new material for the late-night comics. Today he said that Israel is "entitled" to attack Iran.

"Entitled". Hmmm.

Is this change you can believe in, or more of the same old same old "Israel can do no wrong" policy that has caused so much hostility between the US and the Muslim world for decades?

-Wexler

PS I'm not Jewish, but my wife is.

Posted by: WWWexler | July 5, 2009 9:35 PM | Report abuse

So what the VeeP is telling us is that while the Obama administration and the Democratic Congress was rushing through this oversized spending package over howls of protest from the masses and telling us that the haste was necessary to save us from impending doom due to the worst economy since the Great Depression, the reality was much worse? And, on top of that, the plan never was to spend the money right away?

Am I the only one that sees a problem with this logic? If the money wasn't going to get spent until next year, or the year after, why did it need to be part of a spending bill rushed through 4 months ago? Why not just wait until next year to see if the money really needed to be spent at all?

I smell a rat!

Posted by: stonepigs_com | July 5, 2009 9:30 PM | Report abuse

Bush "misreading" Iraq war intelligence didn't destroy the US economy. The Obama administration "misreading" the economy despite advise from the best economists will destroy the economy.

Posted by: bob59 | July 5, 2009 9:26 PM | Report abuse

What did you think would happen when you let that Cabal of Crooks,the U.S. Congress write the Stimulus Bill? Anything for Main Street?,of course not,a few crumbs. More Tax Cuts,Corporate Welfare,Wall Street Rescues,Big Fat Rewards for the authors of the very Ponzi Rackets that continue to destroy the U.S. Economy.
Who said Crime does not pay?,it pays rather well,any Bankers going to jail?
Did you ever thing of resolving the Real Estate Meltdown with a National"Re-Set" like you gave to Detroit?, Of course not,no poor Goverment Owned Zombie Bank would ever take a "Haircut" on all those bad loans for underwater borrowers. Continue to help deadbeats,while the entire economy circles the drain. Or your Baloney "Stress Test" that somehow finds Banks now "Solvent",just in time for this years Christmas Bonus Season.Only a few short months ago Hank Paulson was running around claiming the sky was falling,now no one needs TARP Money,an overnight recovery. Keep up the good work;"Champ",mean while Sec Treasury,Tommy Turbo Tax,and "Sleepy" Larry Summers can feather their next nest,a return to even a bigger and better Wall Street Gig,in a few short years.

Posted by: jeromejmarkiewicz | July 5, 2009 9:24 PM | Report abuse

Joe,
Whenever you want to know how the economy is doing
feel free to email and I'll be more than happy to let
you two know how bad it is.

http://mysiliconvalleystartup.blogspot.com/

Blake Southwood

Posted by: blakesouthwood | July 5, 2009 9:22 PM | Report abuse

I blame the founding fathers who allowed the provision , that only land owners should have the right to vote ,to be stricken .

Posted by: borntoraisehogs | July 5, 2009 9:19 PM | Report abuse

Making a miscalculation of the economy is hardly a serious crime, especialy if your administration is not yet in office. But waging an unnecessary war against a country because they threatened your daddy is THE worst decision ever made by any president. That is deserving of an appearance in court for crimes against humanity.

Posted by: cy31b | July 5, 2009 8:36 PM
+++++++++++++++++++++++++++++++++++++++
Gee Columbo -- missed the Obama admisitration release last week of Saddam coffessing he propgated the ficticious misnomer of Hillary's "nuclear weapons" over New York or Kerry's "mushroom clouds"

WELL BACK TO DEMOCRATS AND THE ECONOMY or with 1000 monkeys you could type the bible.

Posted by: ayrescayo | July 5, 2009 9:10 PM | Report abuse

The only problem about complaining about GM being given to the UAW is.....it is not worth ANYTHING! Contracts w/ GM aren't worth the paper they are printed on - hopefully just one sided so you can use the other side for something useful.

Posted by: cyberfool | July 5, 2009 9:09 PM | Report abuse

I think instead of dittoheads the new name for the wingnuts should be lunkheads. The American public will NEVER again support the economic practices of Reagan, who built an economy of the few on the backs of the many. You understand that, bub? Good, then lets move on.

If people don't have money to spend, there's only one entity that does -- government. Therefore, to close up the gap between what people were spending and what needs to be spent government has to fill that need. Hence a "stimulus."

Bush TRIED the failed policies of Reagan, and predictably they failed. Remember the $600 stimulus? Like shoveling dirt into a black hole.

We're in a lot of this mess because the housing bubble burst and some whacko practices on Wall Street. It's going to take a while to return the economy to normalcy, but government with the public's interest as the goal, not business with the interest of its shareholders as the goal is the only way to go.

Posted by: ethanquern | July 5, 2009 9:08 PM | Report abuse

Stupid Biden and his foot in mouth disease. Apart from his economy comment his Israeli attack on Iran was immediately repudiated by Joint Chief Mullen.

Posted by: qualquan | July 5, 2009 9:06 PM | Report abuse

Biden and Obama need to take responsibility for the continued erosion of the job market and the tepid recovery. They promised that Obama was a magician and would create a panacea, a social program for every ill and a free ride for all citizens. Now the debt has quadrupled and the inflation and interest rates of the Carter years are imminent. California tried unsuccessfully to provide social and educational programs for the illegals and the state is reaping what it sowed. As California goes, so goes the nation.

Posted by: tsapp77 | July 5, 2009 9:06 PM | Report abuse

Economists have been saying, right along, that the stimulus package is too small and too slow getting to where its effects are needed. The right wing has a universal nostrum for all ills: tax cuts for the wealthy. Now I have nothing against tax cuts. But they must be accompanied by corresponding spending cuts. How about cutting some favorite right wing programs like war, and welfare and subsidy payments to the rich? Whole government agencies could be hacked in half and the remaining half hacked in half. Toss out 3/4 and you still have a government agency that spends money like a drunken sailor and accomplishes nothing for the vast majority of citizens. Congress could, if it were disposed to, implement monitoring boards that would seek out and destory waste, fraud, and abuse. How about those relentless computerization programs that routinely cost a lot and fail only years into development without producing anything useful?

Posted by: BlueTwo1 | July 5, 2009 8:54 PM | Report abuse

Joe Biden
From Wikipedia, the free encyclopedia
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"Biden" redirects here. For other uses, see Biden (disambiguation).

Joseph Robinette "Joe" Biden, Jr. (pronounced /ˈdʒoʊzɨf rɒbɨˈnɛt ˈbaɪdən/; born November 20, 1942)
- to pull a Biden - offend a minority group or to let out the real Obama anti-taxpayer plan
- to get a Biden - lame looking hair plugs

Posted by: ayrescayo | July 5, 2009 8:52 PM | Report abuse

Oh for christ sake! W had 8 years to dig the deepest hole he could and throw the economy in it and the republicans expect Obama to pull us out in 120 days?

Posted by: WPL22 | July 5, 2009 8:51 PM | Report abuse

WHO KNEW THEY WERE ATTEMPTING TO READ THE ECONOMY::
- We all assumed you were just paying back the UAW and giving them GM
- Giving kickbacks for support to Murtha, Pelosi, and Feistein
- Allowing Dodd and Schumer to get more "donations" from AIG
- Letting bathhouse Barney to be Barney
- Stimulus - 85% to Union at $40 an hour vs standard $25
- No E-Verify - so 300,000 illegals in stimulus
- passing money to buddies with Cap and trade - trading money to people with trees? (people with squirrels didn't want to trade?)
- Sending $6 Billion to ACRON?

DEMOCRATS WERE ACTUALLY trying to stimulate the economy ... Mmm ...

-- nobody told them about lowering payroll tax so companies hire more people
-- lowering corporate tax so American companies are more efficient on the world stage
-- Not taxing us unmercifully with phantom untested "carbon capture" technology

Posted by: ayrescayo | July 5, 2009 8:49 PM | Report abuse

cy31b:
Your last two comments are are so vacuous that they don't deserve replies, but someone needs to point out that the majority of the democrats with the same intelligense President Bush had, voted to permit use of force in Iraq.
As for your claim that it's just the other side blaming the incompetent in the White House, I don't think that former Presidents took over multiple companies, selected winners and losers in the private sector, or rewarded their supporters with massive pork, like the current leftist in the White House has done.
Profligate spending(along with democrat party corruption) got us into this mess, and the nitwit in the White House is doing the same thing. He thinks it will solve the problem, but he still doesn't have a clue.
Go back to yor crayons.

Posted by: LarryG62 | July 5, 2009 8:48 PM | Report abuse

"Underestimated the Recession"?

What's this?
A prelude to an admission that Bush, Rove, Wolfowitz, Rice, Cheney, Gonzales, Pauson, Bernanke, Rumsfeld, Powell and Adolf Hitler were RIGHT ???

Now just you be very careful what you say next, Mr. Biden. Some of us are paying very close attention...

Posted by: wardropper | July 5, 2009 8:39 PM | Report abuse

They didn't misread it, the dumba$_e$ didn't have a clue...and they still don't.
These amateurs are destroying our economy and the private sector with the help of the so called mainstream media..which has turned into pimps for the incompetents in the White House.
What embarrassing disgraces Obama and Biden are. Real incompetent slugs.

Posted by: LarryG62 | July 5, 2009 8:38 PM | Report abuse

Making a miscalculation of the economy is hardly a serious crime, especialy if your administration is not yet in office. But waging an unnecessary war against a country because they threatened your daddy is THE worst decision ever made by any president. That is deserving of an appearance in court for crimes against humanity.

Posted by: cy31b | July 5, 2009 8:36 PM | Report abuse

The Obama administration has the advice from the world's best economists. The economists didn't misread the economy, they predicted what's happening. They even advised against the $787 stimulus plan, saying it'll only create hyperinflation and devalue the purchasing power of the dollar. There was no "mis-reading" of the economy by the Obama administration, Reid or Pelosi. They were focused on passing a $787 billion payoff bill to unions and supporters. Want evidence? Look what they did for the two failing car manufacturers, GM and Chrysler. Pumping over $80 billion into two union run companies not worth $1 billion combined. Both of those companies should've been allowed to fail, get bought out, then restructure to become profitable.

If the $787 billion was a stimulus bill it would stimulate businesses to grow, not government. Businesses create profits, then expand to hire more workers. Also, what happened to the urgency? I thought we were doomed without it. The vast amount of the money won't be spent until just before the 2010 and 2012 elections...and only on short-term, temporary jobs.

Posted by: bob59 | July 5, 2009 8:34 PM | Report abuse

Sigh.

What Joe meant to say is that when running for office, Barack and Obama promised pie in the sky solutions to tough economic problems. Now they have to backtrack and cover themselves for not making the problems go away.

There's no more convenient scapegoat than the previous administration.

Posted by: enaughton27 | July 5, 2009 8:32 PM | Report abuse

Immanurse:

You are so right. Whys is it in politics that we take people who we would never hire for our own businesses and put them in charge of a $14 trillion company called the United States? Reid, Pelosi, Obama, Gingrich, Armey, Cheney, the whole motley bunch. Are they what the Founding Fathers had in mind?

To paraphrase a once-popular humorist, we take the janitor and make him CEO.

We need someone in charge who can keep his/her pants on, a proven business leader without a history of smarmy and offensive conduct that would shame Caligula, who understands that soliciting the love and support of radio talk show hosts is unnecessary and a waste of time, and who don't feel that God himself put America on the map to overhaul and tutor the rest of his creation.

I just eliminated almost every elected official on the planet.

Posted by: sheehanjc | July 5, 2009 8:31 PM | Report abuse

It is an old Republican ploy to blame Democrats for anything bad. Ronald Reagan blamed Jimmy Carter even when Carter had been out of office for seven years. Today some lunkhead claims that Obama has been in office for years, not five months. I suppose Republicans will somehow say that Obama was in office when 9/11/01 happened. Oh, wait, they already blamed Clinton for that. These same characters love to pin the socialist label on anybody but themselves. They forget that the U.S. has had socialism ever since we introduced Social Security, the GI Bill, Medicare, Medicaid, guaranteed prices for farm products, corporate welfare, and bailouts of big businesses like Chrysler under Reagan. Every president since Franklin Roosevelt has employed some form of Socialism, so it's tiem these people stop using that as a pejorative.

Posted by: cy31b | July 5, 2009 8:26 PM | Report abuse

Now is the time for all good men to come to the aid of their country...vote this administration OUT and make sure their shadow never gets near a political position again ...now that's a change we the people can believe in!!!

Posted by: Immanurse | July 5, 2009 8:21 PM | Report abuse

You probably don't know anyone over the age of 12! lol!!!!

Posted by: trippermeow | July 5, 2009 8:11 PM

+++++++++++++++++++++++++++++++++++++

Gosh, it's so hard to explain things to some people. Follow me carefully.

1. I don't know any adults who use those foolish abbreviations.
2. If I don't know any adults who use them, then everyone I know must be over the age of 12.
3. So, if I don't know anyone over the age of 12 who uses those abbreviations, as pointed out above, how could I not know anyone over the age of 12?

Your biting wit would put Voltaire to shame

Posted by: sheehanjc | July 5, 2009 8:20 PM | Report abuse

Sure... more guaranteed lifetime employment with guaranteed lifetime COLAs and guaranteed lifetime pensions (are they all tax-free or just some of them?) and guaranteed lifetime health insurance. One to dig the hole, two to fill the hole back in, three to supervise and four to assess the effectiveness of the hole digging program.

Fed gov is spending about $10 billion a day(!). Something well north of $3 billion each day(!) of that is borrowed money. It's been spending $8-9 billion a day(!) for years -- including hundreds of billions(!) on imaginary enemies with imaginary weapons. As consumers we are sending $2 billion a day(!) out of the country. "W" and BO just handed out a trillion(!) or so like it was Halloween candy to bail out apparently everyone except us.

The country is on the verge of bankruptcy. Only China, Japan, Saudi Arabia, Kuwait and other nations which actually have some strange, magic economic elixir called "cash" can keep it afloat. And they may be starting to feel a little uneasy at this point.

And the best part: Peeps are still arguing whether it was the Hatfields or the McCoys who broke it... It was the Hatfields AND the McCoys who broke it...

Posted by: srb2 | July 5, 2009 8:18 PM | Report abuse

Remember when Biden was like, "Even if we do everything right, there's still a 30% chance we'd get it wrong," and everyone else was like, "Hahahaha, that Joe Biden, what is he talking about?"

He totally called it. Can't fault him for being straight-up honest.

Posted by: dkp01 | July 5, 2009 8:12 PM | Report abuse

"Looks like Biden was enjoying the freedom in Iraq, thanks to Bush. How are you enjoying the Messiah's economy?
Bush removed a current/future threat to the Middle East, no thanks to coward liberals, including Obama and Biden. LMAO!!"

================================

I'm not, but being an independent, I am an equal opportunity critic. Both sides deserve scorn, in heaping quantities.

Incidentally, I don't know anyone over the age of 12 who still uses LMAO, ROLF, or any of that other juvenile cyber shorthand. TTFN!

Posted by: sheehanjc | July 5, 2009 8:03 PM

You probably don't know anyone over the age of 12! lol!!!!

Posted by: trippermeow | July 5, 2009 8:11 PM | Report abuse

THE STOCK MARKET WILL GO DOWN OVER THE NEXT 4 MONTHS !!!!

ACORN is working over the holiday weekend to make sure it happens!!! George Soros is behind this all.

Posted by: sheehanjc | July 5, 2009 8:09 PM | Report abuse

The problem with chia pet head admitting what so many on the right were screaming about - and whatever scenario the left wants to compare to is this:

Everybody KNEW that Bush and company were idiots and wrong - whereas, everybody KNEW how preternaturally gifted the immaculate one and all he graced were.

So, is the gifted one like, wrong? Oh my. The whole crack infested Chicago house of cards comes crashing down.

This is almost a funny as the narrative that the first Klingon is bringing "glamour" to Russia.

That works with Kenya, or Somalia, or some other butscratch level of sophistication.

But don't bore us with either Barry's intelligence or the horse face's glamour.

Posted by: VirginiaConservative | July 5, 2009 8:09 PM | Report abuse

"Looks like Biden was enjoying the freedom in Iraq, thanks to Bush. How are you enjoying the Messiah's economy?
Bush removed a current/future threat to the Middle East, no thanks to coward liberals, including Obama and Biden. LMAO!!"

================================

I'm not, but being an independent, I am an equal opportunity critic. Both sides deserve scorn, in heaping quantities.

Incidentally, I don't know anyone over the age of 12 who still uses LMAO, ROLF, or any of that other juvenile cyber shorthand. TTFN!

Posted by: sheehanjc | July 5, 2009 8:03 PM | Report abuse

Posted by: losthorizon10 | July 5, 2009 7:32 PM

You can't blame him-- who could know the extent to which the Great Republican Depression was going to decimate America?

Given the lag time in the economy, it's clear that George Bush's policies continue to do damage to America.

Let the wingnuts now rant about this, but sane people know that the economy runs in cycles, and none of this is President Obama's fault- he's only been in office five months!

It's going to take a long time to undo the damage of the GOP's fiscal policies- we all knew that. I trust my president to be a lot smarter than the greedheaded morons who ran things between 2001 and 2008!

Thank you, President Obama, for doing a great job repairing America from the harm that conservatives have done.

*************************************

And let's not forget that Obama has stuck with most of the previous administrations policies. So I guess YOU we're wrong and now betrayed. LOL will the stup1d ever wake up.

Posted by: askgees | July 5, 2009 8:03 PM | Report abuse

THE STOCK MARKET WILL GO DOWN OVER THE NEXT 4 MONTHS !!!!

Posted by: FutureJumps | July 5, 2009 8:02 PM | Report abuse

I take everything Joe Biden says with a grain of salt.

Posted by: douglaslbarber | July 5, 2009 8:01 PM | Report abuse

I suggest we take an audit, and any politician who took kickbacks from these companies should be put in prison for life.

Posted by: billisnice | July 5, 2009 7:59 PM | Report abuse

Let's get some facts straight:

- Obama has been in office for YEARS, not just five months. He WAS a Senator, remember?
- Senator Obama, along with Reid, Pelosci and Franks, BLOCKED regulation attempts several times on Fannie/Freddie, stating that any regulation would be a disadvantage to lower class Americans wanting to "live the dream" and own a home.
- The mortgage bubble burst last year in 2008, after repeated warnings by various members of Congress, Alan Greenspan (former FRB Chairman) and others, again all ignored by Obama, Pelosci, Reid and Franks.
- Banks became insolvent due to bad investments in Fannie/Freddie mortgages, and the rest of the landslide, is history
- A few poor families managed to keep their homes, while most never stayed in them more than a couple of years.

Nice job, Obama! NOT!

Posted by: BrianK299 | July 5, 2009 7:48 PM


Obama hired the guys from these corps. to serve on his cabinet. So it would appear he's in bed with the ones who killed the economy.

Posted by: askgees | July 5, 2009 7:58 PM | Report abuse

"When a liberal politician say "misread", what he/she is trying to say is "we don't know what we are doing".

++++++++++++++++++++++++++++++++++++++

Kind of like when someone else says "We thought Iraq had weapons of mass destruction" Like that?

Posted by: sheehanjc | July 5, 2009 7:49 PM

Looks like Biden was enjoying the freedom in Iraq, thanks to Bush. How are you enjoying the Messiah's economy?
Bush removed a current/future threat to the Middle East, no thanks to coward liberals, including Obama and Biden. LMAO!!

Posted by: trippermeow | July 5, 2009 7:58 PM | Report abuse

Maybe you should apply for a job with the Osama regime. Out sourcing is NOT ILLEGAL and if the Gov. some how decided to attempt to end it, it wouldn't create a single job in the US
---------
Problem is those corporations use US resources while establishing their businesses, everything from state schooling used to educate the American workers (who help establish the business) to perhaps loans from the US government.

And on and on...All paid for by the American taxpayer...

As such, they owe.

ROTFLMAO.


What country do you think you live in??? are you really this stup1d??? We all pay taxes for the services we're afforded. So no one owes the Gov. a thing.

Taxes are a fee YOU PAY for roads, bridges, police, fire fighters etc. Idi0ts like you act as if it's still you're money. LOL With out businesses you wouldn't have a job but I guess you just don't understand that. A company is in business to make money It's that simple. The plus side is you too have the opportunity to make money. It's the basis of capitalism. You sound like some sort of unemployed jaded socialist.

Posted by: askgees | July 5, 2009 7:55 PM | Report abuse

Reviving the economy in 4 easy steps, the Obama way:

1. Raise taxes on industry. Stimulate low industrial output (aka crap-on-trade). Increase price of goods and/or outsource production.

2. Protectionism. Stop 60,000 legal foreigners (annual) from taking jobs to stop half a million unrelated jobs being lost (every month). Put 12 million illegals on a unionized path to citizenship.

3. Consumer stimulus. Expand govt spending to artificially generate demand. Take money from one side of the economy and pour it on the other. Call a press conference and call it economic growth.

4. Bailout UAW. Let American tax payers subsidize a unions jobs to displace American autoworkers working for foreign companies (and FORD).

Let's give a big round of applause for the smartest man in the free world. President Barack H. Obama.

Posted by: NoWeCant | July 5, 2009 7:55 PM | Report abuse

A real piece of work, that Vice President Biden!

Posted by: samsausage | July 5, 2009 7:53 PM | Report abuse

Trilliums of $ giving to the folks who cause the mess and what do you expect? The same...more foreclosures. Where is the relief to the ones who will have to pay $? Americans!

sudo apt-get remove language-support-en language-support-translations-en openoffice.org-help-en-gb openoffice.org-l10n-en-gb openoffice.org-l10n-en-za thunderbird-locale-en-gb

And, millions more unemployed.

Crooked politicians and big businesses have failed us. Fire them...Vote them out!

Posted by: billisnice | July 5, 2009 7:53 PM | Report abuse

They "misread" it because they are incompetent.
Everybody else read it correctly.

The economy did not say what they wanted it to say, and they passed what they wanted anyway which made it WORSE.
The economy is reacting to their poor performance, new legislation, and what that means for the future of the US.

The Obama Admin. can't blame this on anybody but themselves.
They broke it, it's theirs.

Posted by: parkbench | July 5, 2009 7:51 PM | Report abuse

"When a liberal politician say "misread", what he/she is trying to say is "we don't know what we are doing".

++++++++++++++++++++++++++++++++++++++

Kind of like when someone else says "We thought Iraq had weapons of mass destruction" Like that?

Posted by: sheehanjc | July 5, 2009 7:49 PM | Report abuse

Posted by: losthorizon10 | July 5, 2009 7:32 PM

You can't blame him-- who could know the extent to which the Great Republican Depression was going to decimate America?

Given the lag time in the economy, it's clear that George Bush's policies continue to do damage to America.

Let the wingnuts now rant about this, but sane people know that the economy runs in cycles, and none of this is President Obama's fault- he's only been in office five months!

It's going to take a long time to undo the damage of the GOP's fiscal policies- we all knew that. I trust my president to be a lot smarter than the greedheaded morons who ran things between 2001 and 2008!

Thank you, President Obama, for doing a great job repairing America from the harm that conservatives have done.

*************************************

Let's get some facts straight:

- Obama has been in office for YEARS, not just five months. He WAS a Senator, remember?
- Senator Obama, along with Reid, Pelosci and Franks, BLOCKED regulation attempts several times on Fannie/Freddie, stating that any regulation would be a disadvantage to lower class Americans wanting to "live the dream" and own a home.
- The mortgage bubble burst last year in 2008, after repeated warnings by various members of Congress, Alan Greenspan (former FRB Chairman) and others, again all ignored by Obama, Pelosci, Reid and Franks.
- Banks became insolvent due to bad investments in Fannie/Freddie mortgages, and the rest of the landslide, is history
- A few poor families managed to keep their homes, while most never stayed in them more than a couple of years.

Nice job, Obama! NOT!

Posted by: BrianK299 | July 5, 2009 7:48 PM | Report abuse

When a liberal politician say "misread", what he/she is trying to say is "we don't know what we are doing".

Posted by: cschotta1 | July 5, 2009 7:46 PM | Report abuse

I blame ACORN, personally. I also blame ACORN for the rain showers we had yesterday morning and the fact that the french fries were overdone at the barbeque. ACORN, in their role as the all-powerful, onmnipresent octopus-like organization with unlimited financial resources, also has to answer for the fact that there is nothing good on TV tonight

Posted by: sheehanjc | July 5, 2009 7:43 PM | Report abuse

Maybe you should apply for a job with the Osama regime. Out sourcing is NOT ILLEGAL and if the Gov. some how decided to attempt to end it, it wouldn't create a single job in the US
---------
Problem is those corporations use US resources while establishing their businesses, everything from state schooling used to educate the American workers (who help establish the business) to perhaps loans from the US government.

And on and on...All paid for by the American taxpayer...

As such, they owe.

ROTFLMAO.

Posted by: thegreatpotatospamof2003 | July 5, 2009 7:42 PM | Report abuse

The lessons of the past depression mandated a swift financial response by the federal government. Unfortunately, the industries and jobs that would have benefited from such infusions departed this country for Asia long ago.

Thus, there is no traction from which a federal stimulus plan can gain momentum for a recovery. It is like shooting morphine in to a severed limb.

Posted by: bushieisa | July 5, 2009 7:41 PM | Report abuse

No one would argue that we need to get money into the economy. The debate: is the government or private individuals/industry the most efficient vehicle for delivering it? (If you picked the government you're either blind or serving some hidden agenda.)

Cutting taxes gets the inefficient government out of the way and frees up money for businesses and individuals to provide their OWN stimulus programs. Could it be any simpler?

Posted by: aceroinox | July 5, 2009 7:37 PM | Report abuse

Dems haven't learnt _one_ thing since 2006. They've been trying to revive the economy for 3 years now, even got Bush to sign everything they took to him. How many more trillions do the Democrats need to satisfy the unions and ACORN in the name of fixing the economy before which they will just stop trying. That's the best thing they can do right now.

P.S: Number of Democrats who resigned for their role in creating his crisis = 0. The NEW era of accountability.

Posted by: NoWeCant | July 5, 2009 7:36 PM | Report abuse

Obama is destroying America. Socialism has failed everywhere else in the world and it will fail here. Obama's desire to own the Auto's healtcare and banks combined with printing funny money has sealed America's fate.

Bush was bad but Obama has done more to hurt America in 6 months than Bush and every other President combined!

Posted by: targa47 | July 5, 2009 7:36 PM | Report abuse

DEPRESSION OBAMA.........

maybe the White House can "read" that correctly????

Posted by: JaxMax | July 5, 2009 7:35 PM | Report abuse

The Obama administration need to push through emergency policies with severe penalities to all US based firms that are outsourcing jobs and revise the tax codes and loopholes that allow it. Suspend HB1 Visa and ensure that Americans are given fitrst choice at all jobs.

Posted by: 1April | July 5, 2009 3:23 PM

Maybe you should apply for a job with the Osama regime. Out sourcing is NOT ILLEGAL and if the Gov. some how decided to attempt to end it, it wouldn't create a single job in the US. It also makes do difference if you cancel HB1 visa's you would simply cut off your food supply simplet0n. I hope you don't think Americans will take the jobs. The reason the HB1 visa's we're created was because Americans wouldn't do the work. I cannot even remember the last time I went to a fast food chain and saw two white or black kids working. I think you put to much faith in the LAZY US.

Posted by: askgees | July 5, 2009 7:35 PM | Report abuse

OBAMA "MISREADS" UNEMPLOYMENT CRISIS

Obama thought if he gave a speech the unemployment crisis would be healed.

And then Obama was surprised, shocked and dismayed that the Private Sector STILL hires most Americans--even after Obama socialism.

Posted by: JaxMax | July 5, 2009 7:34 PM | Report abuse

You can't blame him-- who could know the extent to which the Great Republican Depression was going to decimate America?

Given the lag time in the economy, it's clear that George Bush's policies continue to do damage to America.

Let the wingnuts now rant about this, but sane people know that the economy runs in cycles, and none of this is President Obama's fault- he's only been in office five months!

It's going to take a long time to undo the damage of the GOP's fiscal policies- we all knew that. I trust my president to be a lot smarter than the greedheaded morons who ran things between 2001 and 2008!

Thank you, President Obama, for doing a great job repairing America from the harm that conservatives have done.

Posted by: losthorizon10 | July 5, 2009 7:32 PM | Report abuse

OBAMA HEADBANGERS

ALL the Obama economic policies WORK........

the minute the Obama policies STOP.

Just like beating your head against the wall feels so good--when you STOP.

Posted by: JaxMax | July 5, 2009 7:32 PM | Report abuse

Perhaps he could say they "misunderestimated" the recession. Ahhh, politicians. They tear up their opponents for every little mistake, but beg for mercy when they turn out to be equally flawed. Clinton's lies led to Bush's miscalculations, led to Obama's "misreading." Sheesh.

Posted by: mwcob | July 5, 2009 7:31 PM | Report abuse

OBAMA IS NOT INHERENTLY STUPID..........

he just has a socialistic Worldview that will FAIL every time.

And Obama will never be able to determine why......

Posted by: JaxMax | July 5, 2009 7:29 PM | Report abuse

Honey, I shrunk the economy.

Posted by: NoWeCant | July 5, 2009 7:28 PM | Report abuse

OBAMA HAS HEADACHE, SO HE BEATS HIS HEAD AGAINST THE WALL.............

then, surprised and shocked that his condition is getting worse, Obama calls for faster and more severe beating of head against wall.

Obama--Clueless.

Posted by: JaxMax | July 5, 2009 7:27 PM | Report abuse

So they can't read proper...don't have common sense (raising taxes in the middle of a recession) and believing using Czars are an efficient management style. Can we have a national day of prayer and sacrifice a goat at the Obama alter? Let the gods instill some wisdom in our mortal lords while there is still some time.

Posted by: NoWeCant | July 5, 2009 7:26 PM | Report abuse

And you continue to misread the economy by continuing to spend and tax and accumulating debt. And what are the signs that the stimulus is just now working? BS.

Posted by: hz9604 | July 5, 2009 7:26 PM | Report abuse

7.8 Trillion dollars

LOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOLOL

Posted by: askgees | July 5, 2009 7:26 PM | Report abuse

It sounds to me that Biden's claim that the administration underestimated the economic crisis is but an excuse for asking for even more spending and stimulus programs.

Posted by: ravitchn | July 5, 2009 7:21 PM | Report abuse

OBAMA "MISREADS" ECONOMY......

unaware that socialism FAILS every time it is tried.

OBAMA-clueless

Posted by: JaxMax | July 5, 2009 7:21 PM | Report abuse

He can "read"?!

Posted by: NoWeCant | July 5, 2009 7:20 PM | Report abuse

Joe and Obama think "jobs" is a three letter word.

Posted by: c_e_daniel | July 5, 2009 7:18 PM | Report abuse

The Vice President's statement saying that we did not realize how bad the economy really was is just another subtle version of the overused blame it on Bush tactic. They have to get past that at some point.

I don't blame the President for being wrong on his projections of the rate of unemployment because those numbers are hard to predict but he does bear some blame for the unrealistic rates of economic growth that he uses in his budget projections when he offers nothing that is going to produce four percent annual growth.

Another problem is the Obama policies don't offer much hope. During the Great Depression under FDR there were a lot of public works projects under WPA and other programs so the dirt was flying. There is little of that under the Obama stimulus program.

The economy during 1981-2 was slow under Ronald Reagan but you. at least knew, that large tax cuts were on the way. TH
he top marginal rate went from seventy to twenty-five percent in three years.

Reagan and FDR employed different methods but they both offered some hope. What can we hope for under the current administration: another stimulus program where the money just disappears down a rathole and runs up the deficits to an even higher level?

Posted by: danielhancock | July 5, 2009 6:51 PM | Report abuse

The only people that benefit from almost $1TRILLION stimulus are people that lend money to our government, regardless if this stimulus failes or succeed, because our governmnet has to pay it back with interest by taking money from our pockets and raising taxes. It is guaranteed money and that is why bankers and elite men forced Obama to take money. Thye did same thing to Bush and gave him money to start the wars and of course we are paying it as we speak........I mean type. Federal Reserve (whatever is federal of it) is getting over $30M in interests from us and our governement every, get this............................every hour. Don't blame Obama and don't blame Bush, there are other guys behind the curtains who are calling shots on deffence and economy. Regardless what happens we have to pay and work for it. Now, it's up to you, what you really think is our government and what is really bad economy and what are really terrorists.

Posted by: BOBSTERII | July 5, 2009 5:47 PM | Report abuse

"America needs jobs, but its businesses can't create them as long as they remain under the thumb of a high-taxing, runaway-spending, overregulating, entrepreneur-smothering Big Government."
Posted by: mock1ngb1rd | July 5, 2009 1:47 PM

The problem is not at this time creating new jobs but retaining the ones created years ago, one that were viable under existing taxes and regulations until the crisis in finance and housing.

And the reason these jobs are disappearing is that consumer spending has fallen off tremendously. So employers shed employees, who then cut back on spending, causing more falling sales and job cuts.

You have the same diagnosis for all problems - which means it is ideology, not analysis. Yes, big government can be a problem - but when you compare industrialized leading economies, the US has less goverment regulation than most.

Posted by: j2hess | July 5, 2009 4:35 PM | Report abuse

If we have a health care plan that includes a government option and a mandate on business that will in fact be a stimulus package for companies already providing health care. No it won't stimulate the economy in one year as much as a direct stimulus but it will be less of a drain on the deficit and will not be a source of inflation in the future. Obama is rather even handed and we should put our trust in him.

He offers change that will last for years. We have a good economy and too much debt. We have a tax policy that is slanted toward the rich. We need to change things but not destroy our strengths. A second stimulus may be needed but it is at least nine months too early to conclude that. Krugman may turn out to be right but now is not the time to decide. Lets see what happens to savings and spending over the coming months. To me it seems silly to talk about 1937 in Depression era reference when we have not even arrived at 1934.(The economy had improved then but times were very hard for many).

Posted by: Gator-ron | July 5, 2009 4:06 PM | Report abuse

The new administration will count "saved" jobs when the 2010 election come around. How do you calculate "saved jobs"? Simple: it's a job you could have lost.

Each trip every week Obama takes on Air Force One to yet another town to campaign costs over $600,000, not counting the local cost for his security. How many jobs could that fund on a yearly basis if he quit leaving Washington and remained in his office, say, 7 our of 8 weeks?

Biden is credible. They "misread". That's a step closer to "I screwed up". But it's of little comfort when every working American sees income tax increases to pay for these mistakes.

Posted by: cibor | July 5, 2009 3:55 PM | Report abuse

I do believe our Vice-President may have underestimated the depth and breadth of the recession, but I do not believe for a moment the rest of the Obama Administration did. The $787 Billion dollar stimulus plan is enormous and anything larger may not have passed so easily. If the multiplier is not large enough and does not have the desired affect of increasing aggregate demand it is only, because the banks are not lending the money, not because there is not enough money to affect demand. Furthermore, anyone witnessing the lack of public fear and the calm and efficient movement of the capital markets and the general economy knows that the capital injections are working. I personally do not know how the economy could be responding better, except the obvious weakness in the jobs markets, however I believe this will improve once inventories are cleared and new products begin to replace the old, Shumpeter's creative destruction

Posted by: RobtAlan | July 5, 2009 3:51 PM | Report abuse

They will stab you in the back no matter what you do, win or lose -- sometimes, they only thing left is to do the right thing -- I sure wish those Wall Street and Ivy League criminals would be investigated and put into prison.

Krugman predicts without more spending, Obama will repeat Roosevelt's 1937 failure.

I hope not.

But didn't we all know the bailout as it was structured, involving the SAME WALL STREET criminals and bubble creation, was a load of BS?

If they keep greening, and at least start a trend toward reestablishing the American manufacturing base, they might have something.

Meaningful health care reform helps, too, but again, it's the same corporate kook interests calling the shots there, too, the same kooks who failed the first and second and the third time now telling Washington how to "reform" the system -- as long as THEIR profit margin is left intact. It's almost like big tobacco, isn't it?

Doesn't inspire much confidence.

I mean, what's our corruption tax rate now anyway?

But it does take time...

As you have less disposable income for whatever reason, even higher healthcare costs and premiums, and/or as the economy fails, you make different choices just to make that dollar stretch, until you find yourself somewhat able to operate outside (what was) the mainstream -- alternatives will develop outside any failed, artificial system -- in, healthcare, the press, Washington, kooks.

And I think that is very interesting, true of any corrupt system where the bosses no longer matter, are stupid, aren't as smart as the employees and/or can no longer administrate -- the smarter people will just work around them, and leave them to fail.

Which they will.

Everyone and everything is carrying the healthcare industry in America -- they HAVE to take control of it.

And they will, eventually, given the inability of the corporations to understand where their actions are leading them.

For people able to find new, similar career employment -- are the same jobs paying less, without other costs declining?

Posted by: thegreatpotatospamof2003 | July 5, 2009 3:25 PM | Report abuse

The Obama administration need to push through emergency policies with severe penalities to all US based firms that are outsourcing jobs and revise the tax codes and loopholes that allow it. Suspend HB1 Visa and ensure that Americans are given fitrst choice at all jobs.

Posted by: 1April | July 5, 2009 3:23 PM | Report abuse

let's see......how long have we waited for the BORROWED $2 trillion in tax cuts to millionaires TO CREATE JOBS. HOW LONG HAVE WE WAITED? SUPPLY-SIDE FAILED, THAT'S WHY WE ARE WHERE WE ARE. to blame obama because he hasn't solved bush's economic catastrophy in just 5 months is unrealistic. REMEMBER, REAGAN suffered for 2 years after his tax cuts and jobs came back SLOWLY - VERY SLOWLY. GET REAL REPUBS - 'STAY THE COURSE'

Posted by: disillisioned | July 5, 2009 2:41 PM | Report abuse

we elect for results, not blaming and not failing...
if the current administration after 6 months and trillions of dollars can't get the job done then the citizens should relieve the dems of their burden and vote them out...

Posted by: DwightCollins | July 5, 2009 2:34 PM | Report abuse

"Conservative critics have used the mounting job losses to argue that the stimulus package - a mix of government spending and tax cuts - should have been titled more toward the latter than it was."

Actually, the most severe criticism of the stimulus package was that it was back loaded and that criticism has proven to be correct. Dems were more interested in funding their pet projects and ensuring the long term growth of guvament than addressing the fact that this recession was predicted to be a long slog, which the President has acknowledged since day one (despite Biden's apparent ignorance).

But, hey, as Nancy Pelosi says "We won". The Dems get to do what they want, when they want. After all, they own it now.

Posted by: magellan1 | July 5, 2009 1:54 PM | Report abuse

Obama's camp should have been using these billions / trillions to create jobs for middle and lower class workers, instead of giving it to billionaires at banks and making union payoffs for political reasons. Big mistake of "misreading" which is political spin for "it's not our fault."

Posted by: Socialistic | July 5, 2009 1:52 PM | Report abuse

America needs jobs, but its businesses can't create them as long as they remain under the thumb of a high-taxing, runaway-spending, overregulating, entrepreneur-smothering Big Government.

With 467,000 jobs lost in June and unemployment hitting a 26-year high of 9.5%, some people are starting to wonder, where's that stimulus we were promised?

Posted by: mock1ngb1rd | July 5, 2009 1:47 PM | Report abuse

The principle source of investigative journalism in this country has been Gretchen Morganson of the New York Times. I have no objection to the conclusions of Vanity Fair but as a News Source I would be suspicious that they were more interested in sensationalism than in journalism. Journalism like medicine, law and accounting is under attack by the unscrupulous. I would not put it past Vanity Fair to be as Unscrupulous as the publisher of the Washington post was.

Posted by: Gator-ron | July 5, 2009 1:45 PM | Report abuse

When will the politicians grow up and accept that we can't keep heeping debt on our grandchildren?

Americans should stop expecting the government to cure all ills. Printing any more money will lead to inflation and more crushing loss of jobs.

Obama and Biden should be focused on creating jobs, not passing their progressive, job-killing agenda.

Posted by: jdcw | July 5, 2009 1:44 PM | Report abuse

There needs to be an immediate halt to importation of cheap labor and the exportation of jobs, both of which are going strong.

I like to Republican plan of guaranteeing 10 million new jobs in the first eight weeks of their taking control of Congress. They said if they don't do it they will resign from office at the end of eight weeks.

Posted by: Maddogg | July 5, 2009 1:42 PM | Report abuse


How confident are you that the Obama administration's economic policies will work?


http://www.youpolls.com/details.asp?pid=5674


.

Posted by: usadblake | July 5, 2009 1:41 PM | Report abuse

Misread is an understatement. Writers need to go after this incompetent, scattershot, shoot from the hip O'bama and Clintonite administration. To watch Axelrod continue for months to stammer and stutter while he avoids direct questions, real issues and sticks to his and O'bama's political end game is just a shame.

When it bacame clear that O'bama was the front runner last August/September and the strong possibility of his socialist agenda becoming mainstream in elections against the weak Republican ticket, MARKETS voted ''no confidence'' by the 45% market drop in light and face of continual political dogma and implementation of a socialistic, apologetic economic (and military) system....

The destruction of the American auto industry is a good example, the spinoff of its best assets to foreign competitors... ...the crescendo of job losses to come of the entire supply chain...closing of 1000s of companies and dealerships....and PERMANENT loss of those jobs...

While gas prices rise and alternative energy sources are pursued...misplaced priorities...

Someone save us!

Atleast, "free press'', go after the sources of misguidance...the O'bama/Clintonite administration. Question the path, the vision...ask what the long term strategy and vision is. Please stay on them relentlessly.

Posted by: Accuracy | July 5, 2009 1:39 PM | Report abuse

The administration did not want to level with the country back in January because stating the truth would have cause people to panic more than they did and and retract further precipitating a Japan-like recession. Now that the economy is nearing bottom they can be more truthful without causing panic. The fact that they are not talking more stimulus shows fiscal responsibility.

tara47 Mismanagement is after eight years more than one million jobs were lost. In the same time period the stock market went down 40%. Over eight years we went from a surplus to the greatest deficit ever. When Bush left office the financial markets were frozen which in turn caused the greatest recession in the post WW II era. Dude, that is mismanagement.

It is too soon to say whether Obama has been good or bad. My guess is the GDP will be up by greater than 3% next year but that the unemployment rate will unfortunately be this high. America has too much debt. We are not going to have real prosperity until we lower it. It takes a functioning economy for several years to reduce that debt. The mismanagement of George Bush, Bill Clinton, Republican Congress and Alan Greenspan as well as the irresponsibility of the American people to create this debt level so it will take quite some time to undo it.

Obama has a level head and can think beyond here and now. You will benefit from his steadiness and will go through your whole life never recognizing it because you are unable to think beyond this minute and Fox News wants to keep you dumbed down that way.

Posted by: Gator-ron | July 5, 2009 1:37 PM | Report abuse

The stimulus money has barely started to flow at this point. republicons and their leaders on the limbow and haniti show are far more interested in America failing on the off chance that voters have less than a two year memory span. They are pushing this phony narrative of "the stimulus didn't work" when it has barely started to happen because they think they can gin up anger and fear, the only reasons anyone seems to vote republicon. For them, convincing people that the nation is failing and trying to make it fail is part of their election strategy. Some patriots they are.

Posted by: John1263 | July 5, 2009 1:10 PM | Report abuse

"There is a swell of populist anger ;

" ' when are they going to get these guys that caused the financial system to fail?' ".. Winthrop Smith,former Chairman of Merrill Lynch Pierce Fenner and Smith , Int. to the University of Florida Graduate School of Business , on Bloomberg TV yesterday.

There was also another first class piece in Vanity Fair by "Liars Poker " author Michael Lewis on AIG.....America ought to be asking themselves ; "Why is all the in depth investigative journalism on the financial melt down coming out of "Vanity Fair" and "Rolling Stone" ? Why is Americas' financial press and our "representative" government, the Congress, an active participant in the cover up of the largest financial crime in history ?

Why hasn't Congress held formal investigations and open hearings on CDS, CDO's & fraudently securitized toxic mortgage backed securities ?

The leader that carries the torch against the GSA Bankster driven Oligarchy will be the next President of the USA

http://www.scribd.com/doc/17017708/Michael-Lewis-The-Man-Who-Crashed-the-World
Highly recommended


Posted by: bruiserND | July 5, 2009 12:38 PM | Report abuse

Hey Joe, you clowns have mismanaged the economy not misread. Stand up Chuck!

Posted by: targa47 | July 5, 2009 12:21 PM | Report abuse

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