Biden: U.S. Economy in Danger of 'Absolutely Tanking'

Originally posted by Muundoggie
You don't stop an aneurysm with a band-aid. That is all this bail out money is...A BIG BAND-AID forced on the people of the United States.

Has anyone noticed that we are no longer flooded with spam and snail mail offering PRE-APPROVED credit cards?


[edit on 19-12-2008 by Muundoggie]

Nice line with the credit cards. *

The bail out isn't to Bail anything. It is a red herring.

They've already dumped 2 trillion into something. They won't tell what.

A bailout is the financial equivalent of pointing behind somebody and saying "Hey ! Look at that!" to distract you.

reply to post by Muundoggie


And now we have Timothy Geithner.

It's painfully obvious that the economic crisis is out of control. It is like a black hole in space... everything falls in but nothing comes out, not even light. The trillions they are throwing into the black hole aren't really stabilizing the situation at all. What will they throw in... a trillion every financial quarter, 2 tril per quarter?

The thing that is too big to fail is the black hole of the global, outrageously leveraged debt. The more you throw at it the more it eats.

If they really want to stabilize this crisis, they would have to cancel debts by hitting the delete button and re-valuing everything while also hitting delete on personal debts (wiping clean some significant percentage of consumer loan debts). But right now, the banks seem to be more greed mongering than ever. It's like they are putting the screws on people as fast and hard as possible before they are forced to change their balance sheets in favor of the little guy (which most likely won't happen --- the recent new credit card laws are pretty weak and don't take effect until 2010 and I don't see them talking about any further helpful laws).

Congress could (don't know if they will, but they could) do a lot in conjunction with Obama's team to first of all coordinate with all financial markets globally a reset (the delete button) of debt levels and beyond that...

1. put severe banking reforms in place that would stop the greed

2. lower and cap interest rates on all consumer loans

3, send stimulus checks to every citizen to the tune of about 5 grand

4. stop overseas outsourcing of jobs

5. make any retail and medical price gouging punishable by severe laws

and so forth and so on

[edit on 20-12-2008 by switching yard]

[edit on 20-12-2008 by switching yard]

Originally posted by MatrixProphet

In a way, I see Obama, Biden and their peons coming out more regularly here soon telling us how bad the economy is so that they can lower the high expectations Obama had set. Focus because they are about to pull a major magic trick in front of your eyes.

Yes, we could see this coming!! They will have a field day blaming everything on Bush and every president before him, as to why they cannot perform the promised miracles.

That's THE HOLY TRUTH. The more blame will be thrown at the previous administration, the bigger the sign that Obama admin. economy-fixing plans don't work the way imagined.

In theory, the economy can be fixed once the principle causes that led toward the mess are identified and remedied. The economists may not agree with each on everything, but there is always some general view to go by. The problem is that the remedies may include politically unpopular steps or some very unpopular concession that the nation would have to make. That means a radical solution won't be implemented and the economy will develop a chronic illness as it happened before. Judging from the past cases, it may take up to 6 years to bring the unemployment figures down to about 5%, which is a sign of a recovering economy.

Obama magic trick is to spend us into oblivion with another trillions of dollars on more bail out money.

Because now in order to have the states working properly along with the federal government they have to keep spending and printing out more money.

Oh Joe Say it isn't so!...Please...but we all know that when Obama gets on a roll it'll get us out of this hole.

reply to post by marg6043

Because now in order to have the states working properly along with the federal government they have to keep spending and printing out more money.

Ya, and for the majority of businesses it will be too late. More and more companies (some old and very established...like Polaroid) are going down daily!

creting more money out of thin ir will not help the economy in any way. I am not an america , do notlive there etc- however i can tell that the americans are the only people that can save the US economy, not the new trillions created from nothing. The americans can save the economy only if they religiously decide to only buy US made products. As simple as that !

reply to post by MatrixProphet


I posted already this in another thread but our town already lost two major industries to outsourcing to Mexico, that was Bob Candies and Merck, now the third one lay off their workers for the holidays and is packing up, Cooper Tires.

States and towns are feeling the pain also.

Having friends, family, and neighbors who are both Democrats and Republicans, small business owners and low level blue collars, (former) bankers, very well educated and not-so-well educated, people who are well-off as well as people struggling to make ends meet on a weekly basis for their family, all agree that we're heading down fast and that all these trillions of $ are playing a futile role (as if they were intended to even have a role) in any economic "recovery". No one I know believed what the Bush, Paulson, Bernanke crew were saying to the public this entire year. We all knew it and saw it all year.

Biden's comments are meaningless, UNLESS (like some have suggested) there's something going on so far above our heads that we're totally clueless and in grave danger.

As for the laughable, hardcore, lifelong dedicated right-wing crowd who thinks that Obama is portraying himself as the messiah, they must be confusing him with Bush who has claimed to "keep up safe from terrorists" while he and the crew continue to rape what's left of our country to the last drop and day of his tenure (assuming he leaves). Kind of like the mob who sets fire to a small business and then a couple of days later approaches the store owner and offers him "protection" against further dangers. Now you get it! Knew you guys weren't toally braindead!!