Obama Begins To Set Eonomic Course

Obama Begins To Set Eonomic Course

www.chicagobreakingnews.com

November 24, 2008 at 12:50 PM | Comments (0)

President-elect Barack Obama officially took the wraps off his new economic team -- one of the worst-kept secrets of the incoming administration -- today as he seeks to calm jittery markets with an image of decisive fiscal management weeks before Inauguration Day.

"Our financial markets are under stress," Obama said. "If we do not act swiftly and boldly, most experts now believe we could lose millions of jobs next year."

(visit the link for the full news article)



Related AboveTopSecret.com Discussion Threads:
economics, Obama's economic team

This news should counter any allegations that Obama's administration is going to be "no change" from the Bush administration or even the Clinton one. He's proposing some very bold moves, but they are called for in today's economic crisis. Unlike the Republicans, he is ultimately advocating relief for the average person, not just the banks and the wealthy. There has not been a plan of such magnitude since the Great Depression. It worked then, can it work now?

www.chicagobreakingnews.com
(visit the link for the full news article)

Somehow Obama and the Dem's plan just reminds me of this:

www.youtube.com...

Is going to take years to undo what Bush and his corporate cronies has done to America, I wonder if anything can be done at all without stepping on the shoes of the corrupted mafia power that runs Washington.

Originally posted by marg6043
Is going to take years to undo what Bush and his corporate cronies has done to America, I wonder if anything can be done at all without stepping on the shoes of the corrupted mafia power that runs Washington.

Ah, yes here we go ... to "undo what Bush and his" administration did to America. Let's all blame the Bush administration solely for all of America's problems and not hold any of the Democrats accountable.

Spoken like a true fencepost.

Yeah, lets blame the Easter bunny, Santa Claus, baby Jesus and God, sos37 after all that is what you want to hear while living in lala land.

There is no money left to give to the average person.

Congree, both republicans and democrats, have made sure of that.

Setting an economic course is one thing, seeing how it fares out when you put it into play is another. Only time will tell how successful or unsuccessful his economic plan will be.

Being that he is a man of change, I expect his administration to take responsibility once his plan is in action. With a democrat Congress and a democrat President, to blame the previous administration would be absurb. The democrats are the ones that promised that they had the plans to fix America. Time to put up or shut up for the Democrats.

Originally posted by marg6043
Yeah, lets blame the Easter bunny, Santa Claus, baby Jesus and God, sos37 after all that is what you want to hear while living in lala land.

Hey, I'm not the one blaming the nation's economic problems solely on Bush and his administration. Talk about living in la-la land.

Any college freshman could tell you the Democrats' hands aren't even close to being clean when it comes to the the sorry state of our economy. There's enough blame to go around.

reply to post by Sestias


Let's see....."proposing some bold moves"....What? He just named his team.....He gave no specifics in today's press conference.....He and his team refused to provide any specifics, just that it will be alot of $$......Even Bush could have come up with that.......

First it was creating 250 mil jobs....a day later, create or save 250 mil jobs.......which is it?

Campaign was roll back the Bush tax cuts.....now, "possibly just let them expire"

Where will the $$ come from? The government printing press?

THIS IS CHANGE????????????????????????????

sos37, I have been a voter for the last 30 years, I don't need a college freshman to tell me what is wrong with our nation, anybody that has eyes to see and ears to hear the truth will know exactly what is wrong with this nation.

And the only ones to blame is actually us for allowing corruption and corporate greed to take over our own government.

[edit on 24-11-2008 by marg6043]

reply to post by marg6043


Well said......EXACTLY...doesn't matter what "party" was in power, We the people allowed it, because we were so focused on our own lives....

Originally posted by habu71
reply to post by Sestias

 

Let's see....."proposing some bold moves"....What? He just named his team.....He gave no specifics in today's press conference.....He and his team refused to provide any specifics, just that it will be alot of $$......Even Bush could have come up with that.......

I was referring to his statements in the past few days, as well as what was cited in the article; below is a short quote from that article:

The announcement follows Obama's declaration over the weekend that once in office he would swiftly push the Democratic Congress to enact a major economic stimulus package with a goal of creating 2.5 million jobs over two years.
  
Pressed for more details today, Obama declined to give a cost estimate but said the stimulus package would be the top priority of his new administration and he wanted to see it enacted "right away" after he took office on Jan. 20. "It is going to be of a size and scope necessary to get this economy on track," Obama said.

Obama has been talking about BOTH saving the jobs of the autoworkers in Detroit and elsewhere AND creating new ones through jobs working on the infrastructure and in green tachnology--something like the CCC was during the depression.

His proposed plans altogether add up to the biggest stimulus to the economy since the Great Depression of the 1930's. We'll see how much of this congress will let him enact, but his vision can truly be called bold.

Cant say I dislike his plan, but its too good to be true.


How will we pay for it?

reply to post by AndrewTB

Good question. The entire Iraq war has been financed by debt. It doesn't seem the country can possibly take on more debt, but the cost of not providing a huge stimulus to the economy would be a disastrous depression.

One guess: there will be no decrease in taxes. The top 5% of the population will pay increased taxes, and the rest will take no cuts. Or even more possible: tax increases for everyone. But that might not be enough to cover it all. There would have to be deep cuts elsewhere in the budget.

The U.S. is between a rock and a hard place.

Hmm maybe we could pay for it by swiftly ending Bush's ill conceived war in Iraq, whats that 10 billion a month?

Yes Bush is being blamed, for running this nation like a jackass under Cheney's direction for the last 8 years.

Of course others contributed, but Bush Co has one of the most if not THE most heinous track record ever seen.

I know it hurts the pride a bit to see the president you blindly supported getting ready to leave office and a storm of support and admiration for his replacement which just happens to be from the other team, but your going to have to get use to it guys.

Enjoy the ride, i know I will.

Originally posted by marg6043
sos37, I have been a voter for the last 30 years, I don't need a college freshman to tell me what is wrong with our nation, anybody that has eyes to see and ears to hear the truth will know exactly what is wrong with this nation.

And the only ones to blame is actually us for allowing corruption and corporate greed to take over our own government.

[edit on 24-11-2008 by marg6043]

Okay, so I'm confused then. Who exactly are you blaming? Bush and his administration or the voters? You appear to be saying two different things.

[edit on 25-11-2008 by Irish M1ck]

I blaming the corporate oil man in the white house that we allowed to get away with sinking the nation more than the ones before him did.

We elected him for 8 years, tell me, how blind can you be no to see the devastating decline that his policies written by corporate America and the war profiteers has done in those 8 years.

Yes I blame myself for giving him the vote in 2008 but by 2004 I knew where he was coming from and what his was doing, but still my fellow Americans were so blind with his propaganda that fail to see the danger that he was becoming to the nations stability and its economy.

Originally posted by marg6043
I blaming the corporate oil man in the white house that we allowed to get away with sinking the nation more than the ones before him did.

We elected him for 8 years, tell me, how blind can you be no to see the devastating decline that his policies written by corporate America and the war profiteers has done in those 8 years.

Yes I blame myself for giving him the vote in 2008 but by 2004 I knew where he was coming from and what his was doing, but still my fellow Americans were so blind with his propaganda that fail to see the danger that he was becoming to the nations stability and its economy.

Again, the president does not have absolute power. His or her power is kept in check by Congress. Anything he/she wants to pass must be approved by Congress. Anything Congress wants to pass can be vetoed by him or her and then overridden by Congress with a 2/3 vote. But you already know this. You also know that the past two years the Democrats have had the majority in Congress.

So how exactly has the current president sunk the national economy with his policies? He wasn't responsible for creating the housing bubble. Clinton did that. He wasn't responsible for $4/gallon gas - speculation was, along with increased global demand from India and China. He didn't twist the arms of these corporate banks and force them to acquire bad loans or encourage shady lending practices or tell Americans to get into homes they couldn't afford. We don't even have any solid evidence that he purposefully deceived the American public by manipulating CIA data to show that Iraq had WMDs so that we would invade that country (which is costing us billions).

I don't see Bush proposing a national health care program that will cost several trillion over 10 years; funding research for renewable energy at a cost of almost a trillion in 10 years - an investment that doesn't promise a payoff in the end; I don't see Bush wanting to raise corporate taxes which will end up pushing the unemployment rate even higher, which will force the government to end the tax breaks on middle class citizens and impose tax hikes to get the money they need; I don't see Bush waffling on free markets or jeopardizing our position in NAFTA.

So again, I'm curious as to just how the current administration has ruined the economy and how it isn't more of a product of timing.

reply to post by sos37

I agree that the present economic crisis was in many ways a disaster waiting to happen, and Bush cannot alone be blamed for it. It is largely the result of the decreasing deregulation of the banking industry which has been going on in every administration since Reagan.

Bush can be blamed for asking for a blank check, though, instead of requiring more oversight of the bailout process.

Hopefully, an Obama administration will institute some new regulations and protect the economy from future meltdowns.