The Arsonists Who Lit The Economic Match Complain About The Fire Department.
Republicans blaming the Obama administration for this horrendous recession is like an arsonist blaming the fire department - and yet, there's a certain usefulness to their attacks. After all, liberals complaining about the administration's economic policies got us nowhere. Maybe they'll actually listen when Republicans do it!
Growing discontent over the economy and frustration with efforts to speed its recovery boiled over Thursday on Capitol Hill in a wave of criticism and outright anger directed at the Obama administration.
Episodes in both houses of Congress exposed the raw nerves of lawmakers flooded with stories of unemployment and economic hardship back home. They also underscored the stiff headwinds that the administration faces as it pushes to enact sweeping changes to the financial regulatory system while also trying to create jobs for ordinary Americans.
President Obama's allies in the Congressional Black Caucus, exasperated by the administration's handling of the economy, unexpectedly blocked one of his top priorities, using a legislative maneuver to postpone the approval of financial reform legislation by a key House committee.
Two buildings away, at a session of the Joint Economic Committee, Republicans escalated their attacks on Treasury Secretary Timothy F. Geithner, including a call for his resignation.
"Conservatives agree that as point person, you failed. Liberals are growing in that consensus as well," said Rep. Kevin Brady (R-Tex.). "For the sake of our jobs, will you step down from your post?"
Rep. Michael C. Burgess (R-Tex.) took a different tack. "I don't think that you should be fired," he told Geithner. "I thought you should have never been hired."
The Democrats are also fed up with the president's economic policies. Rep. Pete DeFazio, progressive:
"I have had a number of people say to me, 'I feel the same way you do but I'm not going to say it.' People are worried it will rub off on the president who still enjoys popularity," he said. "I tell them I still support the president. I just think he is being poorly served by his economic team."
"The truth of the matter," DeFazio added, "is that we have not changed the way the money is being used. It is not being used for the purpose it was supposed to be used for. We are not creating jobs and we have not aggressively taken on the culture of Wall Street."
At this juncture, the notion of Obama dumping Geithner remains far-fetched. Officials at the White House say that the Treasury Secretary still has the trust of the president and argue that he has played an instrumental role in righting the nation's economy. At Treasury, meanwhile, aides are acutely aware of the frustration over small business lending. They note that they have increased caps on small business loans, cut taxes for small business and changed the structure of the TARP to make it more open for community banks. If not for the poor reputation of the program, they argue, these banks would be more willing to take the government's money.
For DeFazio, however, the issue is as much one of perception as it is about policy. One of his chief concerns was that the president appeared enamored with the lords of finance. "The administration has, thus far, not threaded the needle here," he said. "They have taken care of Wall Street but not the rest of the country."
There is, the congressman concluded, "an anger" among the working class that could be a major factor in 2010. And without a new focus on jobs and small business from the White House, DeFazio warned, "a faux populist" Republicanism will fill the void.
Makes for low hanging fruit when both sides are issuing their prognostications about what THEY might have done differently.
"I know that there are people who do not love their fellow
man, and I hate people like that! " ~ Tom Lehrer (1928 - )
Haven't y'all notice that it seems every twenty years or so we're getting mired down in the Middle East trying to undo our "solutions" from twenty years earlier?
Diabolus est Deus Inversus
Those who have not learned from history are comdemed to repeat it.
It sucks being older to witness this repetition.
My least favorite is the one I never really anticipated. Nobody ever warned me about hair growing inside my frickin' ears. It's really annoying.
"In theory theory and practice are alike. In practice they are very different."
In 2010 why don't all us asshats stop electing Rethugs AND Dems? End the 2 party process. Maybe they'll get the message when every damn last one of them is out of power.
Hey, I can dream, can't I?
> In 2010 why don't all us asshats stop electing Rethugs AND Dems?
> End the 2 party process. Maybe they'll get the message when every > damn last one of them is out of power.
It's no dream, Liberalicious. In fact, it is a darned good idea. I don't think it would hurt us at all as Progressives to flush the two parties down the toilet and look at the CANDIDATES and what their stances are on the issues, and then vote accordingly. The only way that we will get REAL change in D. C. and in the state capitol is to simply quit voting for the same old same old.
Perhaps Liberalicious and I ARE dreaming a dream, but I think it's a dream that is worth trying to bring to pass.
> In 2010 why don't all us asshats stop electing Rethugs AND Dems?
> End the 2 party process. Maybe they'll get the message when every > damn last one of them is out of power.
It's no dream, Liberalicious. In fact, it is a darned good idea. I don't think it would hurt us at all as Progressives to flush the two parties down the toilet and look at the CANDIDATES and what their stances are on the issues, and then vote accordingly. The only way that we will get REAL change in D. C. and in the state capitol is to simply quit voting for the same old same old.
Perhaps Liberalicious and I ARE dreaming a dream, but I think it's a dream that is worth trying to bring to pass.
any congressman who voted for NAFTA...
or any congressman who voted for the regulation that castrated the Glass Stegall act...
or any congressman who voted for the patriot act...
or any congressman who voted for "the bailouts"...
I could go on...
audit-prosecute-incarcerate
1) Deregulation
2) Tax breaks for the rich
3) Tax increases for the poor and middle class
4) Fighting against unions and minimum wages
Fri, 11/20/2009 - 16:27 — Milquetoast
___________________________________________
"Where was I?"
"I think you finished."
"Oh, right..."
Diabolus est Deus Inversus
Nice one Centurion...Nice one!
...did I leave the fridge open again or something?
...maybe I forgot to flush?
audit-prosecute-incarcerate
The potato salad went bad and cut the cheese.
Diabolus est Deus Inversus
Thinking to himself:
Lloyd Blankfein, CEO Government (God's Work) Sachs
statusquObama, change you can only pretend in
Conyers Derides White House Strategy on Health Care
When will government of the people, by the politicians, for the corporations perish from this Earth?
Not soon enough!
Since Reagan was elected in 1980, nominal US GDP has risen by a factor of 5 (from $2.77 Trillion to $13.86 Trillion in 2007).
Over the same period, the US national debt has gone up by a factor of more than 11 times (from $930 Billion to about $11 Trillion in 2007). Reagan tripled the debt and Bush43 doubled it - both of these periods were times of economic expansion, when the debt should have been paid down, or at least maintained. Bush41 also added to the debt. Only that socialist pinko tax-&-spend Liberal, Bill Clinton, actually reduced the debt via budget surpluses.
So the self-proclaimed 'fiscal conservatives' expanded debt at more than twice the rate of nominal GDP growth, over a period of 30 years (not including tens of $Trillions of unfunded future liabilities that are not officially counted as part of the federal debt, or $Trillions more in debts and liabilities of state agencies and pension funds).
This is the primary cause of the US fiscal crisis - this and financial deregulation, and artificially low interest rates. At least one major recession was deferred during the 90's and 00's by means of Greenspan's giveaway interest rate policy. The asset bubbles (tech, real estate) and resulting debt were allowed to accumulate, so the phony 'expansion' could keep on going.
The 'economic miracle' of Reaganomics was built on debt that piled up at more than twice the rate of macroeconomic growth. It was all an illusion.
The inevitable finally happened 2 years ago, when the housing market, derivatives markets (created by deregulation), corporate bond market, the banking system, consumer credit and consumer demand all collapsed within a few months.
And people are pissed that this fucking mess hasn't been fixed yet?!? As if it should take no more than a fucking year to fix 30 years of mismanagement?!?
Seriously - why are people so stupid?
We didn't ask Obama & Crew to fix 30 years of mismanagement in 1 year.
But now - after 31 years of mismanagement - we want a change.
When will government of the people, by the politicians, for the corporations perish from this Earth?
Not soon enough!
I mean who would ever conceive of going into such debt. It would mean borrowing slightly more on a house than you make in one year. Oops, hold it. That's not irresponsible at all. That's actually pretty meager.
Why the Chicken Little routine over debt we can afford if that debt is incurred for fruitful investment?
Corruption favors the wealthy.
This country when to hell in the previous administration under the control of republicans as it always does for working Americans.
This country went to hell in the past 8 years while the news media and others said nothing...
*****************
And what did Bush and republicans do with the gains in our economy , jobs and national debt from the previous republican administrationt!!!
President Clinton’s Record on the Economy: In 1992, 10 million Americans were unemployed, the country faced record deficits, and poverty and welfare rolls were growing. Family incomes were losing ground to inflation and jobs were being created at the slowest rate since the Great Depression.
When Clinton left office , America enjoys what may be the strongest economy ever.
Strong Economic Growth: averaged 4.0 percent per year, compared to average growth of 2.8 percent during the Reagan-Bush years. The economy had a grown for 116 consecutive months, the most in history.
Most New Jobs Ever Created Under a Single Administration:
Median Family Income Up $6,000 since 1993:
Economic gains have been made across the spectrum as family incomes increased for all Americans.
Since 1993, real median family income has increased by $6,338, from $42,612 in 1993 to $48,950 in 1999
Unemployment at Its Lowest Level in More than 30 Years:
Overall unemployment has dropped to the lowest level in more than 30 years.
The unemployment rate has been below 5 percent for 40 consecutive months.
Lowest Inflation since the 1960s: Inflation is at the lowest rate since the Kennedy Administration, averaging 2.5 percent, and it is down from 4.7 percent during the previous administration.
7 Million Fewer Americans Living in Poverty: The poverty rate has declined from 15.1 percent in 1993 to 11.8 percent last year, the largest six-year drop in poverty in nearly 30 years. There are now 7 million fewer people in poverty than there were in 1993.
http://clinton5.nara.gov/WH/Accomplishments/e...
None
The 'mismanagement' during the Reagan years was actually a long term strategy, that the Raygun administration referred to as 'starving the beast.' The idea was that by running up such a massive debt while they were in office the Repugnicants would handcuff their Democratic successors -- no dollars available for any of those damned social programs that help real people instead of the MIC and other multinationals.
Another way of looking at a policy like that is to acknowledge that Reagan and Bush Sr. were stealing from the federal treasury of the future. The bastages!!
"In theory theory and practice are alike. In practice they are very different."
Nobody expects this to be 'fixed' in one year.
What we're ticked off about is that Obama(nable) is going in the same wrong direction.
Change you can not believe in.
Of course, some of us expected exactly this - though that doesn't mean we're less angry.
The real question is how anyone could have been taken in by this right-wing, war-loving Wall Street sycophant.
bipartisan, corporate-led, inverse totalitarian
Republican Congressman Kevin Brady (TX-8) reads Geithner the riot act, quoting sources from the Left and the Right, and tells him he should resign.
You may or may not want to watch Geithner's "defense" but Brady's attack is compelling.
(YouTube): Geithner Asked to Resign "You Gave This Pres an Economy Falling Off The Cliff" Geithner responds!
When will government of the people, by the politicians, for the corporations perish from this Earth?
Not soon enough!
It is about time for the democrats to start putting the blame on the GOPers. The Democrats need to turn up the heat so Republicans will have to help or get out of the way.
"It is about time for the democrats to start putting the blame on the GOPers."
Yep, but will it ever happen as long as the guy at the top of the pyramid bawls for bipartisanship? I doubt it.
I have never thought of Bill Clinton being in the same league as Einstein in terms of intellect, but I am getting to the place where every time I look at both Clinton and Barak Obama, I am beginning to wonder.
Rep. Michael C. Burgess (R-Tex.), i completely agree with that statement.
he never should have been hired. instead his failure heading the NYFed should be investigated.
That's like the guys who complain the most about lack of customer service, are the one's who complain the most because the line is slow
Because good customer service is being offered to the guy in front of the line.
Diabolus est Deus Inversus
Fed Beaten: Bill to Audit Federal Reserve Passes Key Hurdle
That's one step in the right direction.
When will government of the people, by the politicians, for the corporations perish from this Earth?
Not soon enough!
not too sure that it was a surprise.
maybe he wants to go to work for government sachs too?
for govt Sachs.
Barney has testicles in Govt Sachs...
audit-prosecute-incarcerate
...I meant tentacles in govt sacks.
audit-prosecute-incarcerate
What's the difference between milquetoast and soggy bread pudding?
Diabolus est Deus Inversus
...content.
(milquetoast has no sugar)
Govt Sacks has tentacles that wrap around Barney's testicles.
audit-prosecute-incarcerate
"I was at first touched by the expressions of his misery; yet, when I called to mind what Frankenstein had said of his powers of eloquence and persuasion, and when I again cast my eyes on the lifeless form of my friend, indignation was rekindled within me. "Wretch!" I said, "it is well that you come here to whine over the desolation that you have made. You throw a torch into a pile of buildings; and when they are consumed you sit among the ruins and lament the fall. Hypocritical fiend! if he whom you mourn still lived, still would he be the object, again would he become the prey, of your accursed vengeance. It is not pity that you feel; you lament only because the victim of your malignity is withdrawn from your power."
Shelley, Mary GW Shelley, Frankenstein: The Modern Prometheus
Diabolus est Deus Inversus
The Big Squander
When will government of the people, by the politicians, for the corporations perish from this Earth?
Not soon enough!
yep.
This is bazzaro world. David Brooks defends an Obama Cabnet member and Paul Krugman fies the same cabnet member.
Unemployment going through the roof, traders gaming the stock market and now commodities, just as winter is coming, 25% of children on food stamps, 10 states near bankruptcy, record foreclosures, mass media controlled by secret Pentagon think tanks...
Obama's new direction of change just hasn't materialized.
Economics is a very very complex subject. It seems like everything is moving extremely slow but that is its nature. Please don't have a knee jerk opinion like a Sarah Palin reaction. Absolutely, things could be done differently but we don't know if they should until we do them. Of course that is not always true in every situation but again, economics is not a black and white proposition. I would say, "Would you rather have a Republican in charge?"
Also, the problem that Bush handed Obama is one of the worst problem ever handed off to a new president. It will be written that this is worse than what happened in 1929. We learned how to deal with such problems and we made it a bit better but by no means are we out of the problem. We are still in the middle of the fore!!!
Wouldn't a sarah palin knees-jerk be up to her chest?
Diabolus est Deus Inversus
Especialy since she was impregnated when she was not married.
i've said many times BUSH poured gas on the White House....set the place on fire and handed it to Obama. the republicans said go ahead put the fire out and rebuild the White House.....you'll never build it like it was and we're going blame you for everything. the republicans are in a hurry to smear the BUSH legacy onto Obama.
Here is my take.
We drop ether Geithner or Summers And we bring on Elizabeth Warren, Robert Reich, Paul Krugman and move Christina Romer in the head list.
Everyone thinks they are an expert. Listening to all these people sounds like watching a football game with friends. Everyone thinks they know more then the coach. They want the qb to throw the bomb on each play. When we really know that the grind of the running game is what wins games.
People who have nothing to say ,,,, say nothing...
None
Frankly, I'm sick of people on 'our' side blaming Obama because the employment picture hasn't turned around. What exactly in the post-recession employment trends of the last 25 years leads anyone to believe that we could 'bounce back' quickly? With each downturn, we've seen the true 'recovery' time for wage-earners lengthen. After the last recession, it took 55 MONTHS for employment/population to reach its pre-recession 'trough' level.
55 MONTHS. And that was a fairly mild recession.
The only thing that can 'fix' our economy and improve employment/wages is massive structural change. And how exactly is Obama going to make that happen when we live in a nation in which we're struggling to pass Health Care Reform because so many idiots see it as 'socialism'???????
You want to see the fruitcakes come out of the woodwork? Start making the changes necessary to return the 'fruits of labor' to the people who earned it, instead of enriching a small handful of international investors. COMMUNISM...SOCIALISM...PROTECTIONISM...THE END OF THE WORLD...!!!!! PALIN WAS RIGHT...!!!
Obama doesn't have the political capital to achieve one-quarter of what needs to be done to truly restore the U.S. economy.
IMO, this nation is too chock-full of idiots for saving. Eventually we'll be another 'capitalist' paradise like we've seen the world over, with millions starving and dirt-poor, while the fortunate few look down on them in comfort from their shining high-rises.
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