Biggest mistake Obama, Biden made on economy and stimulus plan

The American economy is now in recovery. but jobs are being lost and Obama too is losing popularity. George W Bush created the economic mess that US is now. Americans lost their jobs and were unable to pay their bills. The funding for the elections was in millions. It was the same old establishment money that got Obama elected.

The biggest mistake Obama, Biden made on economy and stimulus plan, interestingly is nothing to do with economy or the stimulus plan. They did not point a finger at the Republicans and George Bush who created this big mess!

Sadly, the neo cons in the Fox News are talking big again, shamelessly nevertheless. The real culprits who dragged US economy into deep depression are eager to come back to power and collapse the economy to a third world category!

When Obama spent $170 million on his inauguration while the US economy was sliding into recession; he implanted the seed of his disaster

Source: www.indiadaily.com...


[edit on 11-6-2009 by sunny_2008ny]

"I inherited this mess..." x100,...

no second line needed..

[edit on 6/11/2009 by blind.face]

Originally posted by sunny_2008ny
The American economy is now in recovery. but jobs are being lost and Obama too is losing popularity. George W Bush created the economic mess that US is now. Americans lost their jobs and were unable to pay their bills. The funding for the elections was in millions. It was the same old establishment money that got Obama elected.

I dont know what planet your living on... but when an ENTIRE STATE is about to implode the economy is not in recovery at all.
Don't believe me?
California nears financial "meltdown" as revenues tumble

Bush didnt create this mess. This mess is older than Bush. Older than his father. It's called: The Federal Reserve Act

What does election funding have to do with this at all?



I'm sorry but that article is completely bias and wrong whomever wrote it needs a reality check.



[edit on 6/11/2009 by Tentickles]

reply to post by Tentickles

What does election funding have to do with this at all?

The article says that Obama spent 170 million on his inauguration

When Obama spent $170 million on his inauguration while the US economy was sliding into recession

I feel that 170 million when the economy is in recession is a mistake

It's only been 6 months since the inauguration, so it's difficult to tell not being a psychic (and that would be another Forum altogether). However, I'll say not doing enough to determine the people responsible, not demanding enough accountability from the people responsible, and not doing enough to bring about ethical reforms in the Financial sector.

reply to post by War Otter

and not doing enough to bring about ethical reforms in the Financial sector.

What are the ethical reforms needed in the Financial sector? Madoff, Enron, etc ? The US financial sector is wants a bailout.

The US financial sector has already entered bankruptcy

The list of the top-ten subprime mortgage originators shows that big names such as Wells Fargo, HSBC Finance, Ameriquest or Option One run risks of bankruptcy or colossal losses at any time, just like Ownit, #11 on this list. But it is also the case of major investment banks, as shown by the bond rating agency Moody’s concern about Lehman Brothers’ subprime mortgage bonds

Source: www.leap2020.eu...

I feel that 170 million when the economy is in recession is a mistake

Most of that cost was for security. Every high profile political and business entity was there, along with all the living US Presidents. The actual cost of the event was mostly covered by sponsors/donors but security is something the taxpayer always has to foot the bill for.

I do agree that he hasn't made it clear enough that this mess happened on the Republican watch. Judging by the threads and comments on this site, most people are blaming Obama for the bailouts and huge budget deficits. George Bush and Hank Paulson were responsible for bailing out all the banks and auto companies, and THEY set this year's budget that's already a trillion dollars in the red. Obama's first budget is for the 2010 financial year. The money that Obama has set aside for the stimulus ($800B) hasn't even been raised yet - it's not the cause of this deficit.

Originally posted by sunny_2008ny
What are the ethical reforms needed in the Financial sector? Madoff, Enron, etc ? The US financial sector is wants a bailout.

I'm not an ethicist, but some some balance needs to be found between greed, fiduciary responsibilty, and the need to not game the system until it is ready to collapse.

[edit on 6/11/09 by War Otter]

reply to post by sunny_2008ny



I don't know how uninformed you might be, but every time President Obama talks about the economy he points the finger at President Bush.

I think another poster said it best when he posted "I inherited this mess" x100"

To point and say that it is only one administrations fault is nothing more than a deflection of his inability to lasso in the problem he said he was going to fix.

Granted its only been 6 months but I see the damage control already being put into place.

Let's be real here it was the policy of repeated deregulation of the financial sector that brought us down. It made it easier and easier to manipulate and abuse the markets and banks until something had to give way.

You can't go on creating wealth indefinitely if there is nothing real to support it. Did we all forget the DotCom bust? Huge sums of money were invested in computer start-ups that had nothing to show except ideas. Some worked, most didn't, the market tanked.

So then someone created an instrument called credit default swaps and suddenly banks were able to issue bonds that had specious value. Money was pouring out the doors into the Housing market, I mean 'safe as houses', right?

Of course all that money overvalued the Housing market, and there was more money than qualified borrowers, so they started lending money to anyone. Lots of wealth created and nothing to support it. Crash.

Now who was in charge of the legislature since the DotCom bust? Hint: It wasn't the Democrats.

Both Bush and Obama did exactly the opposite of what they should've done. Bush spent what, 350Billion on bailouts? Should not have bailed anyone out, maybe loans, but that is gone. Obama has spent what, 8Trillion in bailouts? The effect is the opposite of their intent.

They both screwed up, Obama screwed up way worse than Bush.

Originally posted by Dbriefed
Both Bush and Obama did exactly the opposite of what they should've done. Bush spent what, 350Billion on bailouts? Should not have bailed anyone out, maybe loans, but that is gone. Obama has spent what, 8Trillion in bailouts? The effect is the opposite of their intent.

They both screwed up, Obama screwed up way worse than Bush.

Please get your numbers straight. The Bush "bailout" was @700 billion, and the Obama "stimulus" package was @780 billion.

You claim to be "Libertarian", but your numbers sound "Bushy" to me.

Originally posted by Dbriefed
Bush spent what, 350Billion on bailouts? Should not have bailed anyone out, maybe loans, but that is gone. Obama has spent what, 8Trillion in bailouts?

It's the HUGE lies like this that are causing all the division in this country right now.
The only 'bailouts' have come from the Bush/Paulson $700 Billion TARP fund and they spent $350B on the banks and finance companies. The second half of TARP is Obama/Geithner's baby and they've got $134B left and will get back $58B from the banks starting next week.

The '$8 Trillion' number is the total possible liabilities taken on by purchasing the toxic assets and guaranteeing the bank's debt DURING THE BUSH ADMINISTRATION.

Please stop spreading disinformation. There's no excuse for not knowing or not remembering what happened just 9 months ago.