Biden: 'We misread how bad the economy was'

Biden: 'We misread how bad the economy was'

rawstory.com

The Obama administration warned earlier this year that unemployment would climb to 8% if the recovery plan was not passed in Congress. New reports now show a 9.5% unemployment rate in June.

ABC’s George Stephanopoulos asked Vice President Joe Biden to explain why the Obama administration prediction was wrong.

“The truth is, we and everyone else misread the economy,” confessed Biden.

(visit the link for the full news article)

Oh really Mr Biden? Did we all misread the current state of the economy. I'm not so sure. I, along with many others who have more knowledge about the matter than I have, have been predicting another great depression since many years. Officially speaking, at a 10% unemployment rate is among the factors defining a depression. The US unemployment rate is far beyond 9,5% as the official figure for instance doesn't include prisoners, accounting for 2 million unemployed people.

Biden and others mislead the people, they didn't misread the dangerous state the economy is in. Next time you watch TV, watch very carefully when politicians speak about the economy. You'll most likely see them saying something like 'perhaps there might be an improvement next year. Normally, politicians want to reduce the risk of chaos and hence, they will not say what Biden has now said.

The fact that Biden speaks about the severity of the situation should make you think of what is about to come. It doesn't look good; you better prepare for the worst. Due to globalization, this crisis is going to be worse than last great depression.

rawstory.com
(visit the link for the full news article)

[edit on 5-7-2009 by Mdv2]

It would seem that the current regime no longer feels it necessary to even pretend to be truthful. these government officials stare at the camera and tell blatant lies. they didn't misread the economy, they didn't even misjudge the effect their measures would have. These measures were to prop up certain groups who support the current US regime and hurt others in a demonstration of how important to have close government ties. Biden is reciting the party line and the media, those who are in a position to question him, will not bother because they might not get called on at the next press conference, might not get that next interview, that next fashion occasion with michelle. government is now conducted like a reality show with no more credibility.

Who cares what Biden said? I'm suprised they took his collar off and let him roam around the world.

My god this man has been non-existant since the elections finished. And yes he's an idiot just like all the rest of them. At least he's willing to admit they had some failings in their planning.

~Keeper

It is only a matter of time until Obama and Biden pull a Gorbachev and step down.

These were the career politician who brought you the promise of improvement. They forced the improvement by threatening economic doom.

This was the political party system that postures itself as representing the will of every American.

This is the private banking system that convinced the people's representatives that abdicating their legally mandated authority to oversee the national economic monetary policy was the right thing to do...

These are the intellectual elites, college graduates all, who engineered the world we are living in, and of course...,

now they tell us 'we all' misread the economic signs..... you would think that at least one of them would read ATS once in a while.... we could have saved a lot of misery and suffering....

Sack the lot. Throw the bums out. With them, it will never be about us, or anyone other than themselves and whatever they've been convinced is their agenda. These people will realize the only way they can have it all is to prod us into state of unrest, then clamp down.

Sack the lot.

Even assuming that they misread how bad the economy was, as a way to pass the buck and play the blame game...

That calls into play then two very real questions...

(1) If you didn't know how bad it was how on earth do you know the urgent steps you insisted had to be taken at great cost to the tax payers and the citizens were the appropriate or correct ones?

(2) How come nothing that has been done has made the economy any better?

The reality is not one real job that produces anything of value has been created by all these trillions of dollars of bailouts.

One could argue some jobs have been saved at an exceedingly high cost.

The bailouts and all there tacked on associated pork creates government jobs, but government jobs do not strengthen or add to the economy but in fact drain the economy while the government is added to and goes stronger.

Things like fixing more roads and public work projects create some 'temporary' jobs, but create no 'future revenue' in the process.

The Administration and all the politicians are simply lying on behalf of the Federal Reserve, the Banksters and the Powers that Be.

Fixing the economy would have been simple had they simply made all that money available as low interest small business loans to qualified entrepenuers who could create 'real' jobs, and 'real' products, long term.

The bailouts have been nothing but the last act of a desperate government looting the treasury for the sake of the rich at the expense of the poor.

I say it's just about time to start oiling up and polishing up the guillotine...

I suspect soon in this economy it will be the only thing 'working'!

reply to post by Mdv2


The thing of it is, the economy is doing exactly what they wanted it to do. Unemployment is exactly where they want it to be.

These people aren't stupid.

Just look at the amount of people (2 million plus) that are on unemployment versus last year at this time.
Obama is raising his army. He is paying them with our tax dollars. The more that he has to take care of, the happier he is. Watch unemployment rise to over 10% in the next quarter.
He doesn't have to lift a finger to raise his army, because the enlistees will be lining up to come to him.

-I need a beer-



[edit on 5-7-2009 by mikerussellus]

Oh Joe, how foolish you and your brethren must feel now. Misread the economy? Maybe Joe should have another cup of Joe, because if he misread how bad the economy is doing; he is really living in a bubble. Maybe he and his minions need to step down from their ivory towers and walk among the rest of us?

Again, I will see as I have before, stop spending so much money!!! Lets take the budget back to the drawing board immediately! Time to cut waste and I mean that! No new stimulus packages, and that means if a large corporation is on the ropes; let it fail! Put Obamacare back in the closet and forget about it for the time being! Lets cut the salaries of congress, the senate, and the President's cabinet! By cutting salaries and making their quality of life as difficult as everyone else they will get off their rear-ends and make the proper prudent adjustments to fix the economy! If significant progress is achieved; then by all means give them a raise. Lets scale back the loans from China while we are at it, because they are going to bleed the US dry! Any deals made by the Fed should be under congressional oversight until further notice! That means legislatures get on the floor and form a bill to get the Fed under congressional oversight. If Ben wants to he and haw about it, so be it, seize the Federal Reserve!

Those are just some ideas and I know many of you have some of you own. However, if President Obama advocates "change," then what I mentioned earlier is the change that is needed. Essentially, business as usual in DC is not working and the economy is worsening by the day. Drastic adjustments need to be made and a conservative fiscal policy is needed or we are headed for oblivion. The very future and prosperity of the country is on life support.


[edit on 5-7-2009 by Jakes51]

Originally posted by mikerussellus
reply to post by Mdv2

 

The thing of it is, the economy is doing exactly what they wanted it to do. Unemployment is exactly where they want it to be.

These people aren't stupid.

Just look at the amount of people (2 million plus) that are on unemployment versus last year at this time.
Obama is raising his army. He is paying them with our tax dollars. The more that he has to take care of, the happier he is. Watch unemployment rise to over 10% in the next quarter.
He doesn't have to lift a finger to raise his army, because the enlistees will be lining up to come to him.

-I need a beer-



[edit on 5-7-2009 by mikerussellus]

There's no doubt on my mind that this crisis has been directed from the very beginning. Bilderberg is involved, so is the Fed and the elite group of people we never hear of. Sooner or later this Deficit bubble had to burst. It seems they find the moment right for it to happen. The masses will suffer and revolts will start to occur (for which they have implemented legislation and various other policies to tighten the control over people) - imagine states like Texas declaring independence - they ain't gonna let that happen, but attempts will be there.

Eventually, the economy can be build from scratch and a new economical system be implemented - the current system is rotten to the bone, close to collapsing and they have been working behind closed doors for many decades constructing a new model to keep control of the world economy and hence, world power.

We will suffer, but emerging powers such as China will suffer more. They lack the resources to feed the hungry mouths as imports will start to decline. The hope for a more prosperous future will be taken away and huge revolts will start to appear in mainland China.

I've often said that I believe this crisis will result in more power for Western elites while destroying potential enemies.

reply to post by Jakes51


Jake, you raise an interesting notion. Could this be all a part of some social-engineering scheme to create a class of citizen who will be disposed to 'be' whatever it the plan calls for them to 'be?' Like a hungry mob, a semi-organized body of people to be 'represented' by them a certain way?

Perhaps 'special' legislation will be needed? Perhaps special 'programs' developed.... how depressing.

reply to post by Maxmars


I am really ticked off at the naivety of these buffoons! Maybe they are having a social engineering experiment as you postulate? To what end will this experiment lead to? Possible civil disruptions, class warfare, insurrection, and more forms of social disruption? If they have sworn to defend the Constitution, as they do before taking office; would purposely causing civil strife and economic catastrophe be treason in its' very essence? If they are intent on causing disruption in how the country is run; then the government leaders would be insurgents and insurrectionists?

Sometimes I shake my head in disbelief that others have not seen what we are seeing with the likes of our merry monarch and nobles in Washington and their hair-brain ideas that are in the realm of lunacy. All I can see is that they better stop spending money and make some drastic cuts to the budget or hell is in our future.

[edit on 5-7-2009 by Jakes51]

reply to post by Maxmars


Well, it's either that or they really are THAT stupid.

C'mon, if the good folks at ATS could see through it several months ago do you honestly think these ivory tower elitists couldn't have imagined it?

They have always been about misdirection with this administration. Focus on the rightt so you don't see the left. . .

And unfortunately, we the good little people in our happy little lives are playing it perfectly.

-I'm gonna barf-

You should at least post what he really said...

"We misread how bad the economy is, I mean, with the day in day out of shoveling wheel barrels of money to our banker buddies at the cost of the American Tax Payer of all brackets and the strength of the dollar, we could hardly get a read of how dire the situation was. We're still not sure as to why or how it got so bad! Here, Barack, your turn with the shovel my arms are getting tired."

How come I picture him slapping his head, Homer Simpson style, and saying, "Dohhh!!"

The same old story..."...but, we inherited it."

The unemployment figures have been increasing since the porkulus package was passed... how, I ask, is that any kind of an inheritance? Not to mention GM and Chrysler bail and buy outs...

Is this guy/ those people totally in the dark about how they spend OUR money? Rhetorical question. Because I already know the answer...Kids in a candy shop, overspend and expect CHANGE.

If it weren't so blatant they are screwing us over, it would be laughable.

reply to post by Maxmars


It is in the design of Michelle's garden...grow more government. A green government, as Spain did, and found that for every job that "green" produced, two others were lost.

And we "ain't seen nuttin', yet"...

reply to post by jerico65


Honestly, I think that mentality has a lot to do with it. Nothing is "DOH!" with these people. They know exactly what they're doing, and as we saw with Bush Jr almost anything goes by the wayside as long as it's pinned on absentmindedness, when in all actuality, these people are the most calculated on earth.

Originally posted by DeadFlagBlues
Honestly, I think that mentality has a lot to do with it. Nothing is "DOH!" with these people. They know exactly what they're doing, and as we saw with Bush Jr almost anything goes by the wayside as long as it's pinned on absentmindedness, when in all actuality, these people are the most calculated on earth.

That's true. I figure that they think the average Joe Public guy is actually going to believe them when they say, "Hey, we didn't figure it would get this bad!"

Even tho most Joe Public's saw what was coming.

reply to post by Mdv2


Wow, thats the best they could come up with?

After all the doom talk out of the silly administartion before it, and all the doom talk when the dems took over, you woulda thunk they over estimated the downturn.

just a very lame excuse to cover up even lamer policies.