Obama Economy - Nothing but excuses

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    Jun 04, 2012 11:20 PM GMT
    http://www.nypost.com/p/news/opinion/opedcolumnists/nothing_but_excuses_Ggvp7jlCuTqEODdpcAEQpO

    New York Post, Charles Gasparino

    04.1o021.gasparinoc--300x300.jpg
    Barely even pretending to have a clue: Without real
    solutions, Obama offers distractions.


    President Obama greeted last week’s rotten news on unemployment by saying the economy is facing “serious headwinds.” It took him three-plus years to figure that out?

    Last Friday’s crummy jobs report followed the grim news that economic growth is below 2 percent. We’re slowing down again, after not speeding up very much — and the storm clouds over Europe threaten to toss the whole world back into full recession. What has this president ever done to help the economy heal?

    Fine, Obama took office in the teeth of the Great Recession, with businesses shedding jobs in the wake of the 2008 financial crisis. But that was three-plus years ago.

    As the new president, and with the help of a solidly Democratic Congress, he gave us a bunch of stuff he said would turn things around: Nearly $1 trillion in stimulus spending, which was supposed to kick the economy back into gear; ObamaCare, which allegedly fixes long-term problems; the Dodd-Frank financial-reform law, which claimed to tackle the roots of the 2008 meltdown.

    Then his party lost big in 2010 — and he apparently gave up on doing anything to help the economy. He even ignored the recommendations of his bipartisan deficit-reduction panel — including its push for tax reform, probably the best economic-growth idea to ever come near this White House.

    De facto, he’s standing on the “achievements” of his first two years. But we all know how those turned out.

    Dodd-Frank almost assures that taxpayers will have to bail out the “too big to fail” banks in the next blowup, while heaping so many regulations on them that they aren’t lending to small business. For all the handouts given to people with underwater mortgages, housing prices remain depressed. And the twin culprits of the housing bubble, Fannie Mae and Freddie Mac, remain largely intact, still running up new taxpayer-backed debt.

    Meanwhile, the “shovel ready” construction jobs his stimulus package was supposed to create never happened — and the president actually jokes about it. The promised “green jobs” drowned in oceans of red ink at government-backed losers like Solyndra.

    They told us the stimulus would bring unemployment down to less than 6 percent by now; it’s 8.2 percent — and rising.

    And only Democratic Kool-aid drinkers think ObamaCare’s going to be anything but a growing hit on the economy.


    So what does Obama have to say for himself now that his economic plan has so obviously failed?

    Well, that Mitt Romney is a greedy fat cat — otherwise, the president’s pretty flummoxed.

    Consider what Obama said on Friday after the lousy jobs report: “We knew the road to recovery would not be easy, we knew it would take time, we knew there would be ups and downs along the way . . . We do have better days ahead.”

    Great. How exactly are we going to get there, again?

    The president’s plan seems to go something like this:

    * Washington should pick the winners (and the losers), like Solyndra. These businesses fit his ideological goals, so someday they won’t be miserable failures.

    * The government should pick who gets tax breaks; such conglomerates as GE (run by Obama pal Jeffrey Immelt) should pay little if any taxes, while small businesses and families earning $250,000 (not that much in expensive places like in New York) pay much higher tax rates, because they’re somehow “millionaires and billionaires.”

    * Hit real millionaires and billionaires with the “Buffett tax” so they can pay for more stimulus spending — no matter that the tax would only cover a few days of added federal spending, or that most of the jobs “saved or created” by the stimulus were pure imagination.

    In 2008, Obama seemed like a serious man at a time when the country needed to deal with a serious situation. But he’s proved to be anything but serious when it comes to dealing with the nation’s economic woes.

    Reporters in the Obama camp still parrot his line about how President George W. Bush left him with such a mess, or (as one told me on Friday) that Americans just have to get used to a “new normal” of low growth and high unemployment.

    I doubt it because he barely even pretends to have a clue. He could be offering something bold and different as voters decide whether to give him four more years; instead, he’s offering the same excuses, the same “solutions” and whatever distractions he can come up with.

    “Serious headwinds,” indeed.

    Charles Gasparino is a Fox Business Network senior correspondent.
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    Jun 04, 2012 11:23 PM GMT
    Really? A correspondent of the Fox Business Network writing for the NY Post?

    At some point, John, it just becomes farce.
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    Jun 04, 2012 11:25 PM GMT
    And the twin culprits of the housing bubble, Fannie Mae and Freddie Mac, remain largely intact, still running up new taxpayer-backed debt.

    To those who point out Fannie and Freddie were a small part of the housing market, the point is the practices they engaged in motivated the others to follow suit to compete, and it was a domino effect.
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    Jun 04, 2012 11:38 PM GMT
    socalfitness saidAnd the twin culprits of the housing bubble, Fannie Mae and Freddie Mac, remain largely intact, still running up new taxpayer-backed debt.

    To those who point out Fannie and Freddie were a small part of the housing market, the point is the practices they engaged in motivated the others to follow suit to compete, and it was a domino effect.


    Except the timeline is the exact opposite of what you're suggesting, but when you get your information from NY Post and Faux News, not surprising.
  • GQjock

    Posts: 11649

    Jun 04, 2012 11:43 PM GMT
    Fannie and Freddie Freddie and Fannie Freddie and Fannie Fannie and Freddie

    Seems to me you done found the republican excuse trough
    Now if YOU think that Freddie Mac and Fannie Mac were the WHOLE reason that more than TWO TRILLION dollars went up in smoke and that Wall Street
    and the deregulation of the banking and financial industries did not nearly cayuse the collapse of the world markets

    ....either you are so partisan that it makes you LOOK like a fool or you ARE ONE

    Take your pick my man

    oh and BTW?... a present fer ya

    bikini-graph-Dec-20111.jpg
  • CuriousJockAZ

    Posts: 19128

    Jun 05, 2012 12:12 AM GMT
    southbeach1500 saidObama Economy - Nothing but excuses

    Interesting piece. Gasparino spent many years on CNBC - I always wondered where he went!



    Thing about Gasparino is that he pulls no punches and knows how to cut to the chase. The guy is blunt. I like him! He calls "The Obama Economy" like he sees it icon_lol.gif
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    Jun 05, 2012 12:52 AM GMT
    CuriousJockAZ said
    southbeach1500 saidObama Economy - Nothing but excuses

    Interesting piece. Gasparino spent many years on CNBC - I always wondered where he went!



    Thing about Gasparino is that he pulls no punches and knows how to cut to the chase. The guy is blunt. I like him! He calls "The Obama Economy" like he sees it icon_lol.gif

    Precisely - no BS and presents a clear picture of The Obama Economy in all its glory.
  • CuriousJockAZ

    Posts: 19128

    Jun 05, 2012 1:17 AM GMT
    southbeach1500 saidThe results of the Obama economy...

    Closedfactory.jpg




    "The Change That Broke Us"
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    Jun 05, 2012 1:33 AM GMT
    CuriousJockAZ said
    southbeach1500 saidThe results of the Obama economy...

    Closedfactory.jpg




    "The Change That Broke Us"


    Well gentlemen, it's about gym time and hour or so of Fox News so I remain 'fair and balanced'
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    Jun 05, 2012 12:25 PM GMT
    Wow. I am quite happy that someone else has a precise read on the situation... now if only the rest of america could see how this is exactly the socialist kind of theory that got Europe tanked. I long for the day when history will finally be seen as way to guide our future. Great article. Thanks for sharing.
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    Jun 05, 2012 1:20 PM GMT
    Sfdubleu saidWow. I am quite happy that someone else has a precise read on the situation... now if only the rest of america could see how this is exactly the socialist kind of theory that got Europe tanked. I long for the day when history will finally be seen as way to guide our future. Great article. Thanks for sharing.

    You're quite welcome, and welcome to RJ. There are many of us here who have the same opinions, and in many cases quite passionately. Many of these guys do not post often, but read and send messages.

    Just so you'll be prepared, there are a group of very opinionated, intolerant guys here who are not capable of understanding that there are some who don't buy into the socialist garbage. In fact, they become incensed at the use of the term. They will claim even though you have several photos, because you are new you must be a fake account, which is called a sock account. They will also make disparaging comments about your age. But don't worry, they make age related comments if you are 21 or 60. Fact is there are guys of all ages who think as we do. The intolerant guys here get particularly upset when younger guys can think for themselves because they do not want examples for others.

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    Again, welcome, and prepare for the attacks. Enjoy them.
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    Jun 06, 2012 1:33 PM GMT
    southbeach1500 said
    Sfdubleu saidWow. I am quite happy that someone else has a precise read on the situation... now if only the rest of america could see how this is exactly the socialist kind of theory that got Europe tanked. I long for the day when history will finally be seen as way to guide our future. Great article. Thanks for sharing.


    How refreshing - a new RJ member who isn't one of those liberal / Democrat / socialist drones! icon_razz.gif

    Good to see you here and don't let the inevitable attacks by the liberal hens bother you. icon_wink.gif

    Agree, and Wisconsin will be a further motivation and more people will see the light.
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    Jun 06, 2012 10:34 PM GMT
    socalfitness said
    southbeach1500 said
    Sfdubleu saidWow. I am quite happy that someone else has a precise read on the situation... now if only the rest of america could see how this is exactly the socialist kind of theory that got Europe tanked. I long for the day when history will finally be seen as way to guide our future. Great article. Thanks for sharing.


    How refreshing - a new RJ member who isn't one of those liberal / Democrat / socialist drones! icon_razz.gif

    Good to see you here and don't let the inevitable attacks by the liberal hens bother you. icon_wink.gif

    Agree, and Wisconsin will be a further motivation and more people will see the light.


    Thanks for the advice, i'll keep my eyes open icon_smile.gif. I look forward to many more intellectual reads.